Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-10-27

abstracts or wilfully misapples. any Of the
moneys, funds. credits. or property Of the
bank or savings association. whether own
ed by il or held in |. Isl, OF who, without
athority Of the dlrsctors, Issue$ or puts
forth any certificate ~ deposit, uraws any
order or bill of exchange. makes any ae-
ceptance, assigns any note, bond, uraIt,
Dill OF exchange, mortgage, judgment OF
decree; or who makes any raise entry IA
any book, report or statement OF the Daik
with intent in either case 10 inlure or de-
fraud the bank or savings association, or
any person or corporation, or TO deceive
any officer OF the bank or savings associa-
zion, or any agent appointed 10 examine
the affairs of such bank or savings associa-
ticn. or any person who, with ike intent
aids or abets ANY officer, clerk or agent IN
the violation OF his section, upon conNlc-
ton thereof, shall be imprisoned III the
state prison not 10 exceed twenty years
Section 81 If the board of directors, or
quorum thereof of any bank shall know
ingly violate. or knowingly permit any or
the officers agents or employees OF the
bank, to violate any of the provisions OF
bank commissioner shall fail 10 make good
any loss or damage resulting from such
acts or continue such conduct. 1t shall
constitute ground for the forfeiture OF
the charter of such bank. 1t shall be the
duty of the bank commissioner, with the
consent of the attorney-general TO instl-
tute proceedings TO enforce such forfeiture,
and to secure a dissolution and a winding
VI 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 holding stock
as executors, administrators. guardians or
trustees, and persons holding stock as col
lateral security, shall not be personally ma
BILE as 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 inter
ested in such trust fund would be II Nv
| ing, or competent to act, and the person
n ia
| stockholder and liable under this section
| Such liability shall continue for sixty days
| after any transfer of stock
Section SO. 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 shai
/ be held for the exclusive right and beneht
| of such minor female, and free from
| the control or lien of all persons whatso-
| ever, except creditors, and shall be paid,
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 sufficient release or
/ discharge for such deposit to the bank
! Whenever any deposit hall be made by
| any person in trust for another, and no
/ other or further 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 interest due
| thereon, may be paid to the person Tor
i 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 a bank
! 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
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 tc the
/
| payment shall constitute first lien upon
the shares so taxed. Any bank may pay
| the taxes upon all of the shares OF its
| shareholders. and deduct such tax from it's
| earnings.
Section 49, 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 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 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-
| stIued 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 goven all banks organ
| lied and now existing within this state
and the powers, privileges duties and re-
| strictons 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 act
| shall be construed to affect the legality of
| investments heretofore made or to transact
| tions 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, alter amend
its articles of organization. if necessary to
| 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 III.
PRIVATE BANKS.
Section l. Every person, co-partnership
or corporation doing business in this state,
or that may hereafter be doing business i'll
this state, which shall advertise as a bank
or as doing a banking business, either by
signs, circulars letter heads, or printed
matter of any description; or any such per-
son. co-partnership or corporation. who
safe keeping as a regular business. or who
| shall buy or sell exchange as a regular
business, shall be deemed, to be doing
private bank and as such shall he subject
to the provisions of this act so far as the
same shall be applicable And every such
person. co-partnership or corporation shall
make reports and be subject to examina-
ton, the same as banks under this act
And every such person, co-partnership or
| corporation shall maintain the reserve re-
Quired of any bank under similar condi-
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 OF
| business. Such set of books shall be sub
ject at all times to examination by the
bank cor missioner. his deputy. or person
appoint v him. Upon the refusal of
any su .,erson, co-partnershp or corpor-
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 re-
ports required by this act, or upon the re-
fusal to submit the books of account. pa
pers. securities and cash to the examina-
ton herein required. shall forfeit not less
than twenty-five dollars and not more
than one hundred dollars for each day OF
any such refusal The banking business
of any person. co-partnership or corpora
ton shall be subject to the limitations
powers and regulations of this act in so
far he 10