Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-22

auOuGt tn c-ccc,i twenty-five per cent. of the
aggregate Cf ItS capital. surplus and deposits;
ana. pTGvI,tpt' that banks d0IHC business in
will a:,eS or cities ing less than six thousand
EabitaTltS, under the last official census. may
loan i sum not 70 exceed thirty three and one
'hiFti Der c.nt OF the aggregate of Its capital,
surplus aud deposits. upon real estate security
The limitation in this section .hall not preclude
any bank from taking real estate security. upon
any indie btedneSs previously contracted IN good
faith upon personal security: and provided, fur
ther, that any bank having taken real estate
curlty 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 De lawful
/ '1T any bank to receive interest in advance
Cordlug To the ordinary usages of banking insti-
tutiuns. and to charge for collecting foreign or
domestic bills, or other evidences of debt the
usual current rate of exchange. In the compu-
| tation of time, thirty days shall be considered
month and twelve months ye@r.
| SECTION 81 All debts due to any bank, on
which interest N Is past due and unpaid for
we'll secured and in process of collection, shall
be considered bad debts, and shall be charged off
I to the profit and loss account at the expiration
| of one year.
Section 81. The board of directors of bank
| may declare dividend from so much of its net
profits, after providing for all expenses. losses,
| interest and taxes accrued or due from said
| bank, as 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 pre-
ceding half year, for such per iod is covered
| by the dividend, shall be carried to a 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.
|
Ter, officer. teller, clerk agent of any bank or
| savings association who en- beetles, abstracts or
| wIlful!y mlsappiies. any OF the moneys, funds,
cred its, or property 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
ance, 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 injure or defraud the bank or savings as
Soclatlon, or any person or corporation, or 70
| 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 or agent in the violation of this
| section, upon conviction thereof, shall be i'm
priSoned III the state prison not to exceed twenty
years.
| SECTION 81. If the board of directors. or
quorum thereof. of any bank shall knowingly
| violate, or knowingly permit any of the officers.
| agents or employees of the bank, to violate any
|
from the bank commissioner shall fail to make
| good any loss or damage resulting from such
acts, or continue such conduct, it shall consti
tute a 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
eral, to institute proceedings to enforce such
| forfeiture, and to secure a dissolution and
| winding up of the affairs of such bank.
| SECTION 35. The stockholders of every bank
shall be individually liable, equally and rata bly,
not one for another, for the benefit of the dcpos-
itors in said bank, to the amount of their stock
at the par value thereof, in addition to tho
amount invested in said stock. But persons
guardians or trustees and persons holding stock
as collateral security, shall not be personally
| liable stockholders but the assets or funds in
their hands constituting 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, OF 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 g. Whenever any deposit shall be
made in any bank by and in the name of any
minor female being thereafter becoming a
married woman, the same shall be held for the
exclusive right and benefit of such minor fe-
male, and free from the control or lien of all per-
sons hatsoever, except creditors, and shall be
| paid, with any interest due thereon, to the per-
son in whose name the deposi shall have been
made, and the receipt of such minor or female
shall be sufficient release discharge for such
deposit to the bank. Whenever any deposit shall
be made by any person in trust for another, 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 there
| of, and any interest due thereon may be paid to
the person tor 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 city where such real estate
is situated. The capital, surplus and undivided
| profits of 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 as that of other
| property, after Geducting 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
| the bank, and such payment shall constitute a
| first lien upon the shares taxed. Any bank
may pay the taxes upon all of the shares of its
shareholders, and deduct such tax from its
SEcTIoN 80. 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 bishment 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 currency, in accord
ance with any such act of congress- and shall
havc 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, or 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
abridged enlarged, or modified as each parttc-
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
, mentS heretofore made, or to transactions here
tofore had, pursuant to any provisions of law
| in force when such investments made or
, transaction had All banks now existing and
doing business within tits state shall. on or
before the fir, t day of July next following the
time when this act becomes operative, alter or
amend its articles of organ ization, 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.
cept where such requirement is expressly waived
herein.
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 bank doing
banking business, either by signs, circulars,
letter heads, or printed matter OF any descrip-
ton; or any such person, copartnerohlp or cor
poration, who shall receive money or finds for
deposit or safe keeping as a regular business or
who shall buy or sell exchange as regular bust
ness, shall be deemed to be doing 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 apple
able. And every such person, co-partnerShlp or
corporation shall make reports and be subject
to examination, the same banks under this
act. And every such person, co-partnershlp or
corporation shall maintain the reserve required
of any bank under similar condition, and shall
keep a 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,