River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-11-03

shall be Cancelled, and shall then amount
| to reduction of the capital stock; pro-
| vided. that If 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, provided herein.
/ Section % II shall not be lawful for
] any bank to loan to any Of its officers.
/ directors, clerks or employees, any of the
1 funds of the bank unless the same shall
| have been authorized, both as to amount
| of directors. to be recorded.
Section q. 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 a resolution by two
| thirds vote of the board of directors,
/ specifying some larger amount which its
/ officers may loan upon real estate securi-
| ty; provided, that in no event shall any
! bank so loan an amount to exceed
| 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
| 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-
ty. The Limitation in this section shall
not preclude any bank from taking real
/ estate security upon any Indebtedness
| upon personal security; and provided,
| further, that any bank having taken real
viousiy contracted, which shall have
| carried Its percentage of loans on real
estate. above the amount hereinbefore
limited, such bank shall, within six
I months thereafter either by sale or coll
/ lection, reduce its real estate loans to
the amount hereinbefore limited.
Section 80. No bank shall demand or
receive for loans or discounts rate of
] interest exceeding that allowed by law
excepting that il shall be lawful for any
/ bank TO receive interest in advance ac-
cording to the ordinary usages of bank
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 year.
Section 81. All debts due to any pank,
on which interest is past due and un-
paid for a period of twelve months. I'M
| less the same are well secured and IN
process of collection, shall be considered
bad debts, and shall be charged off to
| the profit and loss account at the e&-
piration Of one year.
Section 80. The board of directors of
| bank may declare a dividend from 50
| much of its net profits. after providing
for all expenses, losses, interest and
| taxes accrued or due from said bank, s
| 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 a surplus fund, until such
| surplus fund shall amount to twenty per
| cent OF the Ndplldt SIOCk- NO uiNl0Sllu
shall be declared before the capital stock
| is fully paid.
Section SO. 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,
/ ISOLATION, whether owned by ii or held
| in trust, or who, without authority of the
directors. issues or puts forth any certiii-
| 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 injure 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 70 eX-
| anime the affairs of such bank or savings
| association; or any person who, with IKE
| 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 "a. 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 of the pro-
| visions of this act; and after warning
from the bank commissioner shall fan TO
make good any loss or damage resulting
from such acts or continue such conduct,
it shall constitute ground for forfeiture
of the charter of such bank. 1t shall be
the duty of the bank commissioner. with
the consent of the attorney-generaI, 10
institute proceedings to enforce such for
fixture, and to secure a dissolution and
| winding up of the affairs of such bank
Section IS. 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, ana persons mold
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 pledglng such stock
shall be deemed the stockholder ana
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 and in the name
of any minor or female, being or there
after becoming u married woman, the
same shall be held for the exclusive right
and benefit of such minor or female, ana
free from the control or lien of all per-
sons whatever, except creditors, ana
shall be paid, with any interest due there
on to the person in whose name the
deposit shall have been made, and the
receipt of such minor or female shall be
deposit to the bank. Whenever any
deposit shall be made by any person In
| trust Tor another, ana no Otner OF IuTIHeT
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 in
| terest due thereon, may be paid to the
perso. 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 orp6fc M
a bank shall not be taxed. but the shares
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 proportionally
as that of other property. after deductng
| 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 3S. 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 49, 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
business under this act, shall have the
power to issue circulating notes or
| currency, IN accordance with any SuCn
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. 10
| 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. 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
in force when such investments were
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
conform in all respects to the require
quirement is expressly waived herein.
CHAPTER III.
Private Banks.
l 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 as doing a banking
, business either by signs. circulars, letter
heads. or printed matter of any descrip-