Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-22

Dank or savings association who embezZles,
abstracts or wilfully misspplies, any Of the
moneys, FUNDS. credits or property OF the
bank or savings association, whether own
ed oy II or held in trust, or who, without
athority OF the directors, issues or puts
lorth any certificate OF deposit, draws any
order or bill of exchange makes any &C
Septance, assigns any note, bond, draft
bill or exchange, mortgage, judgment or
decree; or who makes any false entry IN
am book. report or statement of the bank
WITH inteb. In either case TO iujure or de-
fraud the bank or savings association, or
any person or corporation, or to deceive
any officer OF the bank or savings associa-
ton, or any agent appointed TO examine
the AFFAIRS OF such bank or savings aSSoCla-
tlCni or any person who, with like intent,
alds or abets any officer, clerk or agent in
the violation of this section, upon convic-
ton thereof, shall be imprisoned in the
state prison not to exceed twenty years
Section "a. If the board of directors, or
a quorum thereof. of any bank shall know
lnSly violate, or knowingly permit any OF
the officers, agents or employees of the
bank TO violate any of the provisions of
TINS act; and after warning from the
bank commissioner shall fail TO make good
any loss or damage resulting from such
acts, or continue such conduct. II shall
constitute a ground for the forfeiture of
the charter of such bank 1t shall be the
duty of the bank commissioner, with the
consent of the attorney general, to insd-
tute proceedings to enforce such forfeiture,
and to secure a dissolution and a winding
up OF the affairs of such bank.
Section 80. The stockholders of every
bank shall be individually liable, equally
and ratably, not one for another for the
benefit of the depositors in said bank, TO
the amount of then stock at the par value
thereof In addition 70 the amount invested
In said stock. But persons holding stock
as executors. administrators guardians or
trustees. and persons holding stock as col
lateral security, shall not be personally la
BILE as stockholders but the assets or
funds IN
shall be liable to the same extent as the
testator, lntestate, ward or person inter
ested in such trust fund would be " Nv
ing, or competent TO act, and the person
pledging sucn stock shall be deemed the
stakeholder and liable under this section.
Such liability shall continue for sixty days
after any transfer of stock.
Section 49, 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 beneht
of such minor or female, and free from
the control or lien of all persons whatso-
ever, except creditors, and shall be PAID,
with 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 a sufficient release Or
discharge for such deposit to the bank.
Whenever any deposit shall 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 thereof and any interest due
thereon, may be paid to the person for
whom the said deposit was made,
Section g. All real estate owned by any
bank shall be taxed the same as other real
estate i'm the town, village or city where
such real estate is situated, The capital,
surplus and undivided profits OF n bank
shall not be taxed, but the shares OF capt-
tai stock shall he taxed to the SharehOlu-
pr gf ctteb stock bpra the hank lg lOCa ed
The value of the shares to be determined
the same proprtionately as that Of other
property, after deducting therefrom the
real estate owned by the bank. The tax OF
any shareholder not residing in the taxing
district Of the bank, If unpaid at the time
for returning the unpaid tax list 70 the
county, may he paid by the bank, and such
payment shall constitute first lien upon
the shares 50 taxed. Any bank may pay
the taxes upon all of the shares Of its
shareholders. and deduct such tax from its
earnings.
Section So 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 con-
gress of the United States shall hereafter
provide for the establishment of circulation
by banks organized under state laws any
hank organized or doing business under
this act shall have the power to issue cir
culating notes or currency, in accordance
with any such act of congress- and shall
have the power to avail itself of the pro
visions of any such act of congress. The
provisions of this section shall not he con-
strued to permit any savings associat ton.
or private bank or banker, or any loan or
trust company, or any other corporation,
TO issue circulating notes.
Section 40. The provisions of this act
shall apply to- and goven. all banks organ
lied and now existing within this state,
and the powers, privileges duties and re-
strictions conferred and imposed upon any
no oyic nd 1piOp hnGipqGe l1n1aI'
the laws of this state are hereby abridged.
enlarged, or modified as each particular
case may require to conform TO the pro
visions of this act Nothing In this act
shall be construed to affect the legality OF
investments heretofore made. or to transac-
lions heretofore had pursuant 10 any pro-
visions Of law In force when such invest
ments were made or transaction had. All
banks now existing and doing business
within this state shall, on or before the first
day of July next following the time when
this act becomes operative, alter or amend
its articles of organization, If necessary TO
comply with the provisions of this act. and
shall by said time make its business con-
form in all respects TO the requirements of
this act except whore such requirement is
expressly waived herein.
CHAPTER III.
PRIVATE BANKS.
Section l. Every person co-partnership
or corporation doing business in this state,
or that may hereafter be doing business In
this state, which shall advertise as bank
or as doing a banking business, either by
signs, circulars, letter heads, or printed
matter Of any description; or any such per-
SON co-partnership or corpora iOn. who
shall receive money or funds for deposit or
safe keeping as a regular business, or who
shall buy or sell exchange as a regular
business shall be deemed to be doing a
banking business, and shall be known as a
private bank and as such shall be subject
to the provisions Of this act so far as the
same shall be applicable. And every such
person, co-partnership or corporation shall
make reports and be subject to eNamina-
ton. the same as banks under this act
And every such person, co-partnership or
CORPORATION shall maintain the reserve re-
quired OF any bank under similar cOndi-
ton and shall keep a separate set OF books
OF account relating to such banking busi-
ness. and no entries shall be made upon
said books relating to any other class OF
business. Such set Of books shall be sub
iect at all times 10 examination by the
hank commissioner his deputy. or person
apupinted By him. Upon the refusal or
any such person co-pa"tnership or corpor-
alton 10 keep the reserve required under
this act or upon the refusal TO keep the
separate hooks OF account as required here
under or upon the refusal 20 make the re-
ports required by this act or upon the re-
fusal to submit the hooks Of account. pa
nars securities and cash 10 the eNamina-
tion herein required shall forfeit not less
than TWENTY-FIVE dollars and not more
than one hundred dollars FOR each day Of
lsH4 rllrf rTfr g "a o.