Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-08

That IN -, evcr. shall mr. bank 50 loan m
! rt;oEHt to >ceel. tw-nt y-t.vC per cont. of the
d,2.r.-3te ut 1T capital. @,i-;IuS au0 DEPOSITS
! AMI peo*It!Sj. F-.,3t banks doing business IN
vi! as or cities having less than six thousand
sEhI sit;tu-. s!nt!- the last Official census may
i9au = sUm not - exceed tbirty-three and one
| 'hiTd per cent. OF the aggregate of its capital.
surplus and deposits, upon real estate security.
HE limitation IL his section shall not preclude
/ any bank from taking real estate security, upon
| any Indebtedness preTiOusIy contracted IN good
} faith upon personal security: ana provided, fur
ther, 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
| 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
/ by Individuals excepting that it shall be lawful
~ any bank TO receive interest In advance ac-
cortil:& To the ordinary uSaCeS of banking inSti-
;"tinnS: and to charge for collecting foreign or
domestic hIlls, or other evidences of debt the
uSrai current rate OF exchange. In the compu-
tati0u OF Cime thirty days shall be considered a
Month aud twelve months year.
SECTION 81. All debts due to any bank, on
which interest is past due and unpaid for a
period OF twelve months, unless the same are
we'll secured and in process of collection, shall
be considered bad debts, and shall be charged off
to the profit and loss account at the expiration
of one year.
| SECTION 81. The board of directors OF a bank
mag declare dividend from much of its net
profits, after providing for all expenses losses,
| interest and taxes accrued or due from said
| bank, as they shall deem ezpedient: but before
| any such dividend Is declared, not less than one
tenth OF the net profits of the bank for the pre-
cednG half year, or for such period as is covered
by the dividend, shall be carried to 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.
SECrIoN 81. Every president, director, cash
Ter, officer. teller, clerk or agent of any bank or
savings association who cmbeZzles, abstracts or
| wIltulIy mIsappics, any of the moneys, funds,
credits, or properly o 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 any certificate of deposit, draws
any order or bill of exchange. makes any accept
arce, 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 injuTe or defraud the bank or savings as
Soclatlonr or any person or corporation, or to
deceive any officer of the bank savings associ-
alton, or any agent appointed to examine the
affairs of such bank or savings association; or
any person who, with like intent, aids or abets
any officer, clerk agent in the violation of this
section, upon conviction thereof, shall be i'm
prlSOncd In the state prison not to exceed twenty
years.
SECTION 81. II the board of directors, or a
quorum thereof. of any bank shall knowingly
violate, or knowingly permit any of the officers.
of the provisions of this act; and after warning
from the bank commissioner shall fail to make
good amy loss or damage resulting from such
acts, or continue such conduct, it shall consti
tute ground for the forfeiture of the charter OF
such bank. 1t shall be the duty of the bank com
missioner, with the consent OF the attorney-gen
eEaf, TO institute procedures, to enforce s9ch
forfeiture, and to secure a dissolution and i
winding Up Of the affairs of such bank.
SECTION -. The STOCKHOLDERS of every bank
shall be Individually liable, equally and ratably
another. q CpDOS
itors in said bank, to the amount of their stock
at the par value thereof III 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 personally
liable as stockholders, but the assets Orfunds in
their hands constituting he trust, shall be liza bic
to the same extent rs the testator intestate
ward or person Interested in such trust fund
would be if living, OF competent to act and tho
person Dledging such stock shall be deemed the
stakeholder and liable under this section. Such
liability shall continue fer sixty days after any
transfer of stock.
SECTION IS. Whenever any deposit shall be
made in any bank by and in the name Of any
minor or female, haing or thereafter becoming a
married woman, the same shall be held for the
exclusive right and benefit of such minor or fe
male, and free from the control or lien of all per
sons whatsoever, except creditors, and shall be
paid, with any interest due thereon. to the per
son il chose name the deposit shall have beer
made, and the receipt of such minor female
shall be sutiic cent release Or discharge for such
deposit to the bank. Whenever any deposit shall
be made by any person in trust for another, auC
no other or further notice Of the existence and
terms of legal and valid trust shall have beer
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 due thereon, NAV be paid &c
the person nrwhOm the said deposit was made
SECTION 81. All real esta to owned by any bank
shall be taxed the same as other real estate in
the town, village or city where such real estate
is situated. The capital, surplus and undivided
profits of a bank shall not be taxed, but the
shares Of capital stock shall be taxed to the
Shareholders of such stock W here the bank is
located. The value Of the shares to be deter
mined the same prOpOrtiOnally that of other
property, after deducting therefrom the real
estate owned by the bank. The tax of any share
holder not residing in the taxing district of the
bank, if unpaid at the time for returning the
unpaid tax list to the county, may be paid by
the bank, and such payment shall constitute a
first lien upon the shares so taxed. Any bank
may pay the taxes upon all of the shares of its
shareholders, and deduct such tax from its
earnings.
SECTION IS. Legal process against any bank
may be served upon any officer of said bank in
the county where its business office is located.
SECTION 80. IN the event that the congress of
the United States shall hereafter provide for the
esta biiShment of circulation by banks organized
under state laws. any bank organized or doing
business under this act, shall have the power to
issue circulating notes or currency, in accord
ance with any such act Of congress, aud shall
have the power to avail itself OF the provisions
Of any such act of congress. The provisions of
this section shall not be construed to permit
any savings association, or private bank or
banker, or any loan or trust company, any
other corporation, to issue circulating notes.
SECTION 40. The provisions of this act shall
apply to, and govern, all banks organized and
now existing within this state, and the powers,
privileges, duties and restrictions conferred and
imposed upon any bank, existing and doing
business under the laws of this state, are hereby
bridged, enlarged, or modified as each partic-
ular case may require, to conform to the pro-
visions of this act. Nothing in this act shall
be construed to affect the legality of invest
.mnnts heretofore made, or to transactions here
tOEOrn II TD Of n "
IN force when such investments We're made or
transaction had. All banks existing and
before the fir. day of July next following the
time when this act becomes operative, alter or
amend lis articles of organization, if necessary,
to comply with the provisions of this act and
shall by said time make its business conform in
all respects to the requirements of this act. ex
cept where such requirement is expressly waived
| hercln
CHAPTER III.
| PRIVATE BANKS.
| SECTION l.. Every person, co-partnership or
corporation doing business in this state. or that
may hereafter be doing business III this state,
| which shall advertise a bank doing
| banking business, either by signs, circulars
letter heads, or printed matter of any descrip-
| ton; or any such person, co-partnorShip or cor
poration, who shall receive money or funds for
deposit or safe keeping as regular bus mess. or
who shall buy ors sell exchange as regular bust
ness, shall be deemed to be doing a banking
business, and shall be known private bank
| and as such shall be subject to the provisions
of this act SO far as the same shall be apple
able. And every such person, co-partnerShip or
corporation shall make reports and be subject
| to examination, the same as banks under this
act. And every such person, co-partnership
corporation shall maintain the reserve required
of any bank under similar condition, and shall
keep separate set OF books CT account relating
TO such banking business, and no entries shall
be made upon said books relating to any other
class of business. Such set of books shall be
SUBJECT at all times to examination by The bank
commissioner, his deputy, or person appointed
by him. Upon the refusal OF any such person,