Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-01

stock. No dividend .ssta1 be deelars1 i
fore the capital stock Is fully pald.
Section So. Every president, directed
cashier, officer, teller, clerk or agent OF an
bank or savings association ETho etahez3ie
abstracts or wilfully n1isapplies, any Of q
bank or savings association, whether owr
ed by it or held in trust, or who, Wltnol
athority of the directors, issues or put
forth any certificate OF deposit, draws an
order AZ bill of exchange, makes any az
ceptancs. assigns any note, BOND, oraf
bill of exchange, mortgasI. gudgment
decree; or who makes any Iaise entry
any book, report or statement OF the banA
with intent in either case TO 1n1ure or de
fraud the bank or savings ASSOCIATION,
any person or corporation, or TO deceiV
any officer of the bank or savings assoclaS
ton or any agent appointed to eXamlnS
the affairs of such bank or savings assocN
ticn; or any person who, with IKE lnleH
aids or abets any officer, clerk or agent
the violation of this section, upon conVlc
ton thereof, shall be imprisoned IN ths
state prison not to exceed twenty years
Section 81. If the board OF directors, o
a Quorum thereof, of any bank shall know
ingly violate, or knowingly permit any q
the officers, agents or employees VI lLS
bank, to violate any Of the PROVISIONS u
this act; and after warning from ths
bank commissioner shall fail to make soos
any loss or damage resulting from sue
acts, or continue such conduct. It shal
constitute a ground for the forfeiture OF
the charter of such bank 1t shall be tnS
duty of the bank commissioner, with lns
consent of the attorney~genefal 10 ms.
tute proceedings to enforce such forfelture#
and to secure a dissolution and windlns
up of the affairs of such bank.
Section IS. The stockholders OF ever
bank shall be Individually liable, eQually
and ratably not one for another, Tor tns
benefit of the depositors in said bank,
the amount of their stock at me par Naius
in said stock But persons holding stocA
as executors, administrators, guardians OF
lateral security, shall not be personally liza.
bic as stockholders, but the assets oi
funds in their 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 pc IL NV
ing, or competent to act, ana the person
pledging such stock snail De qeeli le+; ere
stockholder and liable under this section
Such liability shall continue for sixty Gays
after any transfer Of stock. ~,
Section &c. Whenever any deposit shali
Of any minor or female, being or Thereafter
becoming a married woman, the same shal;
be held for the exclusive right ana oe zen
the control lien of all persons Whatso'
ever, except creditors, and snail De pslu
with any interest due thereon. to the per.
been made, and the receipt OF sucn 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 ana nc
other or fur her notice of the existence ano
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 loi
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 Xage or Tb city ca Whe
surplus and undivided profits of panh
shall not be taxed, but the shares OF cap app
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
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 a first lien upoL
the shares so taxed. Any bank may, pay
the taxes upon all Of the shares of its
shareholders. and deduct SUCH tax from lts
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 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 CT 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 be con-,
strued to permit any savings association.
or private bank or banker, or any loan OF
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.
strictions conferred and imposed upon any
bank existing and doing business under
the LAYS of this state, are hereby abridged,
enlar ged, 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 to any pro-
visions of law in force when such invest.
ments We're 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, otter or amend
It's articles Of organ,zat;5o II 4ScessaFY t9
shall by said time make its business con
form in al. respects to tie requirements OF
this act except where sGch requirement l.
expressly waived herein
C3TAPIE1& III.
pRIvATz BANKS.
Section s Every person, co-partneTsEir
or CORPORATION doing business in this state,
or that may herea fter be, Going business IN
signs circulars, letter ncads, Or printed
matter Of any description; or any such per
SON. co-partnership CT corporation. who
shall receive money Or funds for deposit or
safe keeping as a regular business, or who
shall buy or sell exchange as regular
business, shall be deemed to be doing
banking business, a-.a shall be known as q
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-partnolship or corporation shall
make reports and be subject to eXamina-
ton the same as banks under this act
And every such person, co-partnership OF
corporation shall maintain the reserve re-
quired of any bank under similar condl-
ton. and shall keep a separate set of books
of account relating to such banking bust
ness, and no entries shall be made upon
said books relating to any other class or
business. Such set Of books shall be sub
ject at all times to examination by the
bank commissioner, his deputy. OF. person
appointed by him. Upon the refusal OF
any such person, co-partnership or corpor-
alton to keep the reserve required under
y ,,of,, 81 to 1/0n