River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-29


| shall be Cancelled. and shall then amount
10 reduction of the capital stock; pro-
| vided. 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 re-
quired by law as provided herein.
Section q. II shall not be lawful for
! any bank to loan to any of its officers.
| directors. clerks or employees. any Of the
funds of the bank. unless the same shall
have been authorized, both as 10 amount
and security, by a resolution OF the board
| of directors, to be recorded
Section %. No bank shall lend an
amount exceeding twenty per cent of its
| capital stock upon mortgages, or any
other form OF real estate security EXCEPT
on the adoption OF resolution by two
| thirds vote of the board of directors,
! specifying some larger amount which its
officers may loan upon real estate securi-
tyi provided, that in no event shall any
| twenty-five per cent of the aggregate of
its capital, surplus and deposits; and pro-
vided, that banks doing business in
villages or cities having less than six
thousand inhabitants. under the last
| official census, may loan a sum not TO
| exceed thirty-three and one-third per
/ cent of the aggregate of its capital sur
plus and deposits, upon real estate securi-
| ~. 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
| estate security for such debts so pre-
| viously 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 col
lection, reduce its real estate loans to
| the amount hereinbefore limited.
Section 30. No bank shall demand or
receive for loans or discounts a rate of
/ interest exceeding that allowed by law
| to be taken and received by individuals,
/ excepting that ii shall be lawful for any
| bank TO receive interest in advance ac-
! CDrlInR to the ordinary n hank
| ing institutions, and to charge for col
! lecting foreign or domestic bills, or other
evidences OF debt the usual current rate
OF exchange. In the computation 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 UNI
paid for period of twelve months, un-
| less the same are well secured and in
bad debts, and shall be charged off to
| the profit and loss account at the eX-
| piration of one year.
| bank may declare a dividend from so
much of its net profits, after providing
! 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 preceding 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 dividend
! shall be declared before the capital stock
| is fully paid
Section g. Every president, director.
cashier, officer, teller, clerk or agent of
| any bank or savings association, who
! embezzles, abstracts or wilfully misap-
! plies any of the moneys, funds credits,
| or property of the bank or savings as
| ISOLATION, whether owned by 1t or held
| in trust, or who, without authority of the
| directors, issues or puts forth any certiti-
cate of deposit. draws any order or bill
of exchange makes any acceptance, as
| signs 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 fnjure or de-
| fraud the bank or savings association, or
| any person or corporation, or to deceive
any officer of the bank or savings as
| ISOLATION, or any agent appointed to eX-
| anime the affairs of such bank or savings
| association; or any person who, with like
! intent. aids or abets 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 ex-
| coed twenty years.
Section 81. If the board of directors.
or a quorum thereof, of any bank shall
| knowingly violate or knowingly permit
any of the officers, agents or employees
! of the bank, to violate any or the pro-
visions of this act; and after a warning
| from the bank commissioner shall fail to
! make good any loss or damage resulting
| from such acts, or continue such conduct,
! it shall constitute a ground for forfeiture
| of the charter of such bank. 1t shall be
| the duty of the bank commissioner. with
| the consent of the attorney-general, to
| institute proceedings to enforce such for
| fixture. and to secure a dissolution and
! winding up of the affairs of such bank
! Section So 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 their stock at the par
| value thereof in addition to the amount
| invested in said stock. But persons hold
| ing stock as executors administrators
| guardians or trustees, and persons hold
| ing stock as collateral security, shall not
/ be personally liable as stockholders, but
| the assets or funds in their hands con-
| stituting the trust shall be liable to the
| same extent as the testator, intestate
| ward or person interested in such trust
| fund would be If living, or competent to
! act and the person pledging such stock
| shall be deemed the stockholder and
! liable under this section. Such liability
| shall continue for sixty days after any
| transfer of stock
! be made in any bank and in the name
! of any minor or female being or there
| after becoming married woman, the
same shall be held for the exclusive right
| free from the Control or lien of all per-
! sons whatever. except creditors, and
! shall be paid, with any interest due there
| on, to the person in whose name 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
| 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 in
/ terest due thereon, may be paid to the
person for whom the said deposit was
| made.
Section 81. All real estate 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
hIIt fln CHI soc
| of capital stock shall be taxed to the
shareholders of such stock where the
! bank IS located. The value of the shares
| to be determined the same proportionalIy
| 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 to the county may be
paid by the bank, and such payment shall
! constitute first lien upon the shares so
taxed, Any bank may pay the taxes. up
| on 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 bust
! ness office is located.
Section 80. In the event that the con-
gress of the United States shall here
| after provide for the establishment of
, circulation by banks organized under
| state laws, any bank organized or doing
power to issue circulating notes or
| currency, in accordance with any such
| act of congress- and 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 per-
| nit any savings association 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 govern, all banks or
| ganized and now existing within this
| state. and the powers privileges. duties
| and restrictions conferred and imposed
| upon any bank, existing and doing bust
| ness under the laws of this state, are
! hereby abridged, enlarged, or modified
| as each particular case may require, to
| conform to the provisions of this act.
| Nothing in this act shall be construed to
| affect the legality of investments hereto
| fore made, or to transactions heretofore
! had, pursuant to any provisions of law
| made or transactions 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
| ments of this act, except where such re-
! quirement is expressly waived herein.
CHAPTER III.
| Private Banks.
Section /. Every person, co-partner-
| ship or corporation doing business in this
| state or that may hereafter be doing
| business in this state, which shall adj
vertise as a bank or doing a banking
| business, either by signs, circulars. letter
/ heads or printed matter of any descrip-
! ton or any such person. cO-partnership
ton l1n "a