Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-08-25

abstracts or Wilfully m1Sappl1eS any y. us
bank or savings association, whether own.
ed by it or held in trust, or who, Wltnoul
athority of the directors, issues or puts
forth any certificate of deposit, draws any
order az bill Of exchange, makes any &C
ceptanc3. assigns any note, bond, draIt
bill Of exchange, mortgage, judgment o.
decree; or who makes any false entry II
any book, report or statement of the bank
with intent in either case TO injure or de-
fraud the bank or savings association, Oh
any person or corporation, or TO deceive
any officer of the bank or savings assocla.
ton, or any agent appointed to examine
the affairs of such bank or savings aSSocla'
tion; or any person who, with like ntene
aids or abets any officer, clerk or agent IL
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, OF
a quorum thereof, of any bank shall know.
tngly violate, or knowingly permit any OF
the officers, agents or employees OF the
bank, to violate any OF the provislo ,1 az y.
this act; and after a warming from tns
bank commissioner shall fali 10 make gool
any loss or damage resulting from sucE
acts or continue such c9 } farfoi - l 81
the charter of such bank. 1t SNAIL pc t tlS
duty OF the bank commissioner, VAIN ttS
consent of the attorney-generai, 10 lilsti
tute proceedings to enforce such lot1elt1re
and to secure q dissolution and winding
up Of the affairs Of such bank.
Section 35, The stockholders of every
bank shall be individually liable, equally
and ratably, not one for another, tor the
benefit OF the depositors In said bank, Ic
the amount of their stock at the par value
thereof, in addition to the amount tnvesteG
IN said stock. But persons holding stocs
as executors, administrators, guardians o.
trustees, and persons holding stock as col
lateral secssrity, shall not be personally LA a,
funds in TIER hands constituting the trust.
shall be liable to the same extent as the
testator, intestate, ward or person inter
ested in such trust fund would be II Nv
ing, 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.
Section Sc. 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 female, and free from
the control or lien Of all persons Whatso'
ever, except creditors, and shall be pald
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 OF
discharge for such deposit to the bank
Whenever any deposit shall be made by
any person in trust for another and nc
other or fur her notice OF the existence and
terms of a legal and valid trust snail nave
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 toi
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 q banh
shall not be taxed, but the shares OF CAPT.
tai stock shall be taxed to the sharehold-
ers Of such stock where the bank is located
The value of the shares to be determined
the same proprtionately as that OF other
property, after deducting therefrom the
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 upon all Of the shares of ita
shareholders. and deduct such tax from its
Section 3S Legal process against any
bank may be served upon any officer OF
said bank in the county where its business
office is located.
Section SO. 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
bank 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 shah
have the power to avail itself of the pro
visions of any such act Of congress. The
provisions of this section shall not be con-
strued to permit any savings association;
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
bank, existing and doing business under
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 aci
no 70 off 70 n
investments heretofore made, or to transact
tons heretofore had, pursuant to 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, IT, necessary, tG
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 where such requirement is
expressly waived herein.
CHAPTER ny.
PRIVATE BANKS.
Section ]. Every person, co-partnership
or corporation doing business in this state,
or that may hereafter be doing business III
this state, which shall advertise as bank
or as doing a. banking business, either by
signs, circulars, letter heads, or printeu
matter Of any description; or any such per
son co-partnership or corporation, who
shall receive money or funds for deposit or
safe keeping as a regular business, or who
shall buy or sell exchange as q regular
business, shall be deemed, to be doing
banking business, and shall be known as
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 lh,
person, co-partnership or corporation shaH
make reports and be subject to eXanllna-
ton, the same as banks under this act
And every such person, co-partnership OF
corporation shall maintain the reserve re-
ouired of any bank under similar condI-
ton and shall keep a separate set OF DOCKS
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 SUP
ject at all times to examination by the
bank commissioner, his deputy. OF. person,
appointed by him Upon the refusal usal,o OF
alton to keep the reserve required under
this act, or upon the refusal to keep the
SEPARATE books of account as required here
under, or upon the refusal to make the the re-
ports required by this act or upon the re-
fusaI to submit the books of account, pa
pers, securities and cash to the EXAMINE ma.
ton herein required, shall forfeit not less
than twenty-five dollars and o net n, more re-
any such refusal The banking business