Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-11-03

abstracts or wnfully rn.sapplies. any Of the
moneys, funos. credits, or property of the
bank or savings association, whether own
ed by il or held in {. IsJ, or who without
athority of the direSt3rs Issue{ or puts
forth any certificate ~ deposit. draws any
order or bul OF exchange, makes any ac-
eeptance, assigns any note bond, draft,
Dill OF exchange. mortgage, judgment or
decree; or who makes any false entry in
any DOCK report or statement of the bank,
with intent in either case 10 injure or de-
fraud the bank or savings association, or
any person or corporation, or TO deceive
any oIIlcer OF the bank or savings aSSOcia-
ton, or any agent appointed 10 examine
the affairs of such bank or savings aSsocia-
nCli; or any person who, with like intent.
AIDS or abets any officer, clerk or agent in
the violation of this section, upon conVlc-
ton thereof shall be imprisoned in the
state prison not to exceed twenty years
Section "a. II the board of directors, or
quorum thereof, OF any bank shall know
ingly violate, or knowingly permit any of
the officers, agents or employees of the
TINS act; and after a warning from the
bank commissioner shall fail 10 make good
any loss or damage resulting from such
acts, or continue such conduct. II snail
constitute ground for the forfeiture or
the charter of such bank. 1t shall be the
duty of the bank commissioner, with the
consent of the encouragement, to lnsti-
tute proceedings TO enforce such forfeiture,
and to secure a dissolution and winding
up of the affairs of such bank.
Section 25 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 LA
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 IL liV-
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 &c. Whenever any deposit shall
be made in any bank by and in the name
of any minor OF female, being or thereafter
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 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 a sufficient release or
discharge for such deposit to the bank.
Whenever any deposit shall be made py
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
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 bank
shall not be taxed but the shares of capt.
tai stock shall be taxed to the sharehOiu-
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 therefror1 the
real estate owned by the bank. The tax of
any shareholder not residing in the taxing
nf he "a " a hn
for returning the unpaid tax list 10 the
county, may be paid by the bank, and such
payment shall constitute hrst lien upon
the shares so taxed. Any bank nay pay
the taxes upon all of the shares Of its
shareholders. and deduct such tax from its
earnings.
Section IS. Legal process against any
bank may be served upon any officer of
said bank in the county where its business
office is located.
Section 49, 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-
stTued to permit any savings ASSOCIATION,
or private bank or banker, or any loan or
trust company, or any other oration,
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 act
shall be construed to affect the legality of
investments heretofore made or to transac-
tions 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. OH or before the first
day of July next following the time when
this act becomes operati tive, alter or amend
its articles Of organize ton. 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 in
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 corpora ton. who
shall receive money or funds for deposit or
safe keeping as a regular business or who
shall buy or sell exchange as a regular
business, shall be deemed TO he doing a
banking business. and shall be known as
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 separate set of books
of account relating to sucn 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
iect at all times to examination by the
bank commissioner, his deputy or person
appointed by him. Upon the refusal of
any such person. co-partnership 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 10 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 hawking business
of any person. co-partnership or corpora
ton shall be subject to the limitations.
mowers and regulations of this act in so