Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-17

seal or the DauK Dy pC9S1QefE ana CaSnl9f
! TO the bank commissioners, and publication
thereof notifying the creditors to present their
/ claims gg9inst the bank for payn9ont, shall be
made oaoe In each week for eighs successive
weeks in the official state paper, and also in a
newspaper published in the village city or
county in which the bank is located and If no
newspaper is there published, then III the news
paper published at the nearest county seat.
SECTION 81. Every bank shall keep Onhand at
all times, at least fifteen per cent. OF its total
deposits, at least six ffteenthsof which shall be
| in lawful money, and the balance of s9gch per-
/ centage mayb on deposit in banks approved by
! the bank commissioner asreserye banks; except
! Ia the case of banks which shall be approved by
/ the bank commissioner as reserve banks, which
! banks shall at all times keep on hand at least
twenty-f five per cent. of 5heir total deposits, at
/ least tWo-ffthS Of whffl shall ho ia las fal
,oo5 .rg Il. ;.a1 .tftf.s IlRy &c on Gg5osi, "a
/ banks approved ~ the Bank commissioner as
reserve banks.
| shall fall below the amount required herein to
be kept, such bank shall not increase its loans or
discounts otherwise than by discounting or pur-
chasing bills of exchange, payable at sight or on
demand, and the bank commissioner shall notify
! any bank whose reserve may be kseEow the
amount herein required, to make good such re-
serve, and In case the bank fails for thirty days
thereafter to make goQsf such reserve, the bank
/ commissioner may, with the approval or the at
torney-general, institute proceedings for the
| appointment of receiver, and to wind up the
| business of the bank.
! SECTION rs. The total liabilities of any per-
/ son, CO. partnership or corporation, to any bank
for money borrowed, including in the liabilities
of the co-partnership the liabilities of the sew
eral members thereof, except special partners
/ shall at no time exceed fifteen per cent. of the
amount of capital and surplus of such bank but
/ the discounting OF bills of exchange, drawn in
! good faith against actually existing values, and
the dlecOuntlng OF commercial or business pa per
/ actually owned by the person negotiating the
| same, shall not be considered as money Dor
/ rowed provided, that by two-thirds vote of the
directors, the liabilities of any person, cOpart-
nership corporation, may be increased to
total sum not exceeding twenty five per cent. of
! the capital and surplus of such bank.
SECTION 27. No bank shall take for security
| for any loan discount lien upon any part of
its capital stock. No bank shall be the holder
OF or purchaser, OF any portion OF its capital
stock, unless such purchase shall be necessary to
/ prevent loss upon debt previously o"tracted
| in good faith. Stocks SO purchased shall ID no
cass be held by tne bank for longer time than
six months, i the ,stock gap, pc sold for the
amount OF ths claim Of the bank against the
same and it must be sold for the best price OBJ
tainable within one year, or it shall be Cancelled,
| and shall then amount to reduction OF the cap
ital stock provided, that II such reduction shall
reduce the capital stock below the minimum
required by law, such capital stock shall be
again increased to the amount required by law,
as provided herein.
SEoTIoN 2& It shall not be lawful fer AM
bank to loan to any of it's officers, directors,
clerks or employees, any of the funds OF the
bank, unless the same shall have been author
lied, both as to amount and security, by resolu
ton of the board of directors, to be recorded.
SECTION 49, No bank shall lend amount
exceeding twenty per cent. of its capital stock
upon mortgages, or any other form of real estate
security, except on the adoption of a resolution
by two-thirds vote of the board of directors,
specifying some larger amount which It's officers
may loan upon real estate security provided,
that in event shall any bank SO loan an
amount to exceed twenty-five per cent. of the
aggregate of its capital, surplus and deposits;
and provided, that banks doing business IN
villages or cities having less than six thousand
Inhabitants. under the last official census, may
loan sum not to exceed thirty three and one
third per cent. OF the aggregate OF It's capital
Inc III
The limitation IN this section shall not preclude
any bank from taking real estate security, upon
any Indebtedness previously contracted ! IN good
faith upon personal security and provided, fur
Their, that any bank having taken real estate Sc
curity for such debts so previously contracted
which shall have carried its percentage of loans
on real estate above the amount hereinbefore
limited, such bank shall, within six months
thereafter, either by sale or collection, reduce
its real estate loans to the amount here1nbefore
limited.
SECTION 30. No bank shall demand or receive
for loans or discounts rate of interest exceed,
ing that allowed by law to be ia ken and received
by individuals, excepting that it shall be lawful
for any bank to receive interest ~ advance ac-
cofdlng 20 the ordinary usa9es OF banking 1nstl-
tutions, and to charge for collecting foreign or
domestic bills or other evidences OF debt the
usual current rate of exchange. In the compu-
tation of time, thirty days shall be considered
month and twelve months a year.
SECTION 81. All debts due to any bank on
which interest is past due and nnpaid for
period of twelve months, unless the Same are
be considered bad debts, and shall be charged off
to the profit and loss account at the expiration
or one year.
SECTION 80. The board of directors of a bank
may declare dividend from SO much of its net
profits, after providing for all expenses losses,
interest and taxes accrued or due from said
bank, as they shall deem expedient; but before
any such dividend is declared, not less than one
tenth Of the net profits of the bank for the pre-
ceding half year, for such period as is covered
by the dividend, shall be carried to a surplus
fund, until such surplus fund shall amount to
twenty per cent of the capital stock. No diVi-
dend shall be declared before the capital stock
is fully paid.
SECTION 80. Every president, director, cash
Ter, officer teller, clerk or agent of any bank
savings association who embezzles abstracts or
wilfully mlsapplies, any of the moneys, funds,
credits, or property 1.-THE bank or savings asso-
citation, whether owned by it or held in trust, or
who, without authority of the directors, issues
or puts forth any certificate of deposit, draws
any order or bill of exchange, makes any accept
ance, assigns any note, bond, draft bill OF eX-
change, mortgage, judgment or decree; or VINO
makes any false entry in any book, report or
statement of the bank, with intent in either
case to injure or defraud the bank or savings as
ISOLATION, or any person or corporation, or to
deceive any officer ofthe bank or savings ascot
alton, or any agent appointed to examine the
affairs OF such bank or savings association; or
any person who, with like INTENT aids or a bets
any officer clerk or agent In the violation OF this
section, upon conviction thereof, shall be I'M
prisoned In the state prison not TO exceed twenty
years.
SECTION a. If the board of directors, or
quorum LnGreOT. OF any Dank snail knowingly
violate. or knowingly permit any of the officers,
agents or employees Of the bank, to violate any
Of the provisions Of this act; and after warning
from the bank commissioner snail fail to make
good any loss or damage resulting from such
acts, or continue such conduct, it shall constl-
tut9 ground for the forfeiture of the charter OF
Such bank Itshau be the duty of the bank COM
missioner, with the consent Of the attCrney-Gen,
eral TO Institute proceedings to enforce such
forfeiture, and to secure a dissolution and @
winding up OF the affairs Of such bank
SECrIoN 0S The stockholders of every bank
shall be Individually liable, equally and ratably,
not one for another, for the benefit OF the depoS-
itors IN said bank to the amount OF their stock
at the par value thereof, in addition to the
amount invested in said stock. But persons
holding stock executors, administrators,
guardians or trustees. and persons holding stock
as collateral security, shall not be personality
liable as stockholders, but the assets OF funds IN
their hands constituting the trust shall be liable
20 the same extent as the testator, intestate,
ward Or person interested in such trust fund
would be If living, OF competent to act. and the
person pledging such stock shall be deemed the
stakeholder and liable under this section. Such
liability shall continue for sixty days otter any
transfer of stock.
SECTION So. Whenever any deposit shall be
made in any bank by and in the name of any
minor or female, being or thereafter becoming
married woman, the same shall be held for the
exclusive right and benefit of such minor or fe-
male, and free from the control orlien o&au per
4 IL L.