Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-29


hat in 20 CROW ehaIl ar- ~ So raan m
t5mnuAt to exceed t.vani 81: =. --r cent Of tho
! s-rr@.-a.e .f II c+fiF:t*. ~.i- .'5- nd ec@ltS
ami t.OT es.. cha, stf.ts= - BUSINESS IN
viii ci:5o- la, ING les han six tInu<:l nj
imiia citai.t-. f ~ t l;lt .j;,l Il census RAY
! loan sum r."t - ezcHesl r3a.-sr-three and one
thlEu Fer cent. sf rt-. aggregate ~ its capital.
surplus and DEPOSITS. 3.fc5l rPj! state Spc1rifv
The limitation IN this section shall not DTeciude
/ any bank from takinC. real eStat. security, upon
any Indebtedness previously contracted in good
J faith upon personal security: and provided, fur
/ tuer, that any bank having taken real estate Sc
/ curity f6T such debts so previously contracted,
which snail have carried Its percentage OF loans
/ on real estate abQVe the amount hereinbefore
limited. such bank shall. within six months
! thereafter, either By sale or collection, reduce
! ITS real estate loans TO the amount hereinbefore
! limited.
/ SECTION 30. No bank shall demand or receive
! for loans or discounts rate of interest exceed
! ing that allowed by law to be taken and received
ny individuals, excepting that it shall be lawful
/ for any bank TO receive interest in advance &C.
COrtluc To the ordinary uSaECS of banking insti-
5"tln'S: ana i To cHar%e i"F COLLECTING foreign or
J domestic nItS, or other evidences OF debt the
/ uSuai current ratio Of exchange. In the cOmpu-
tatian OF time, thirty DAYS shall be considered a
/ Mouth and twelve months year
| SECTION n. All debts due 10 any bank on
which interest Is past due and unpaid for a
/ prrlod Of twelve months, unless the same are
! sell secured and in process of collection shall
be considered bad debts and shall be charged off
/ to tie profit and loss account al the expiration
! Of 0un year.
SacTIox y. The board OF directors of a bank
/ mag deciare dividend from so much OF its net
profits. after providing for all expenses losses
! Interest and taxes accrued or due from said
! bank they shall deem ezpadiaut: but before
such dividend Is declared, not less than one
tenth OF the profits of the bank for the pre-
codinG half year or for such period as is covered
| by rha dividend. shall BE- carried 10 a surplus
| fuGd. until sue! surplus fund shall amount to
| twpssJ% per cent "i iii" capital stock. No divi-
! 3"ni shall be declared before the capital stock
! i ful3,r maj
| SEuricN -. Every president, director, cash
| Ter, officer teller, clerk or of any bank or
| savings asSnciatLon who EN- nz2ies abstracts or
| willully misa pDlies, any Of the moneys, funds,
credits, or properly 1.-THE bark or savings asso-
citation. whether owned by it or held in trust or
who. without authority of the directors, issues
| Or puts forth my certificate Of deposit, draws
any order or bill of exchange ma as any ACCEPT
ancP, assigns any note. bond draft, bill of ex-
change, mortgage, Judgment or decree; or who
makes any false entry in any book, report or
statement of the bank. with intent in either
case to injure Gefraud the bank or savings as
! ISOLATION, any person corporation, or TO
deceive any officer of thc bank or 81 wings associ-
alton, OF any agent appointed to c=amine the
affairs of such bank or savings association; or
any person who with like Intent, aids or abats
any officer. clerk AGENT IN the violation of this
section, upon conviction thereof, shall be i'm
prisoned i'll the state prison not to exceed twenty
years.
SECTION 81. It the board of directors. or a
quorum thereof. Of any bank shall knowingly
violate, or knowingly permit any OF the officers,
agents u 6uIpIC9GSS Oi t4e DGuk5 10 NiOIdIe any
of the provisions of this act and after a warning
from the bank commissions shall fail to IN ~
good any loss or damage resulting from such
acts, continue such conduct it shall consti.
tute ground for the forfeitura of fine charter of
such bank 1t shall be the duty of the bank com
missioner with the consent of the attorncy-sgen-
eral, to institute proceedings to enforce such
forfeiture, and to secure a dissolution and a
winding up Of the affairs Of such bank.
SECTION -. The stockholders of every bank
shall be individually Liable, equally and rata bly,,
! +l,y,v l., l.
tiers III said bank, to the amount of their stock
at the par value thereof, in addition to tho
amount invested III SAID stock but persons
holding stock as executors. administrators,
guardians or trustees, and persons holding stock
as collateral security, shall not be personally
liable "a stockholders, but the assets orfunds in
their hands constituting the trust shall be liable
to the same extent as the testator intestatc
ward or person Interested in such trust fund
would be # living, OF competent to act. and tho
person p1edglhS SuCn STOCK sha!I De deemed the
StochhOlder and liable under this section. Such
liability shall continue for sixty days after any
transfer OF stock.
SECTION 80 MheneFer any deposit shall be
maze IN any oahk py anu IN the name OF any
minor or female, being or thereafter becoming a
married woman. the same shall be held for the
exclusive right and benefit of such minor fe-
male and free from the control or lien of all per-
sons whatsoever, except creditors, and shall be
paid, wit any interest due thereon, to the per-
son in whose name the deposit shall have been
made, and the receipt of such minor or female
shall be sufficient release or discharge for such
deDOSlt to the bank. Whenever any deDOSit Sha II
be made by any person in trust for another, and
no other or further notice of the existence and
terms of a legal and valid trust shall have been
given in writing to such bank in the event of the
death of the trustee. the same or any part there
OF, and any interest dine thereon, may be paid to
the person for whom the said deposit was made.
SrcTTON ~ All roaI ns+a+ 70 owned b, .n,-b,r,,
shall he IA Tnd he same M ntIar oI e3 TO IA
the town village or civ whore srch rnaI osto 70
is situafnd Tho canirai snr,,lns and nTdiriIaJ
nrofits of q banI; lhaji NOT he "a TaI b1t thn
g, 10 l.,
shareholders of sucl stool, y-bara flo hanl- -
located The yalue Of the sharos to he datar.
mined the same nr0rortionaIlv ~ that of other
nroTortT Fer iJo5mctiDt- 80 u,,t' ~ 'ro i
aStaJ n5 b. ti ~ TIL oi! Ce resl
holder not rasitIinr in the ta[in is+rinf Of The
banL, if 1nDaid a. tha +io,a foI. ro+Trn;nr H.
uni]aid tax LIST to the c0nntv NAV he maid nv
the bank, and such payment shall constitute ,
first lien IlD0n the shares so taxed Anv bank
NAV nav the axes nnon ali Of the shares Of its
eS 9li0 go d a. ~ 10 80 rs
SEEI7o>- oQ To-,l ,roooe, or-oi,,s+ ,-,, borl-
49, - - $3.50. - I5 - " - - - ~ - -;
% | - LG -; LS @ ~ iI go az III
0iS CourS MAeIe rs BUSINESS otlltS ~ doodleu'
the ITnited States sha hnroa Trovia for the
CO. ~ cini. +i,,, ~ ~ ~ oylied
nnder stata laws any hank ors-anized or doing
business nndar +is act shall have tha mower RI
issue circnIa+inr notes or c1rrnncy in accord
ancn with anv srch act of cnrrrnSG and shall
49, L, ,,,.or ~ a-,a;I itsolf ~ 30 ro,iS;[rre
Of sny encf act Of conrress The Dr66vie;onS Of
tbis 5000, SLoIj no+ h. corE+rIad 70 IIorro;t
any savings assocjation. or Driyate hank or
hanLnr or anv loan or f11Is+ conponv or anv
other corDoration to issue Circulating notes
SECTIoE "a The nrovisions of thiS act shall
apnlv to, and govern. iii banks ORGANIZED and
nov existinr within his state and the Dovrers
Drivilarns d1ties and restrictions Onfnrred and
imp0scC nnonc anv bank, existing and doing
business under thp laws of tis state arc hereby
ABRIDGED pnIarGnd or modified as each nsrtic-
Mar case NAV rnorirn to conforr, to fha nro-
visions of +b;s ~ Iothing ~ +biS ,n+ sboiI
bn cnnstrnod r. 'frect Ike Iaait IF nTnst
ments horntorore made or =, fra ns;,ctions here