Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-27

| That IL 70 event shall any bark SO loan an
| amount 70 Exceed twenty-five per cent. of the
| t-z-raG2tP Of It. capital. surplus and deposits
/ =id p.uvia-... EaaC banks doing business in
vIlI fe~ ur 81 lies having less than six thousand
l:-Iacl rants. u-Ger the last official census. may
! iuan sum uot ro exceed thirry-three and one
'HItft FER cent or the aggregate OF Its capital
surplus and deposits. upon real estate security.
The limitation II this sect ion shall not preclude
any bank froTa taking real estate security upon
/ any Indebtedness previously contracted in good
! faith upon personal security: and provided fur
Their. that any bank having taken real estate Sc
/ 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
ITS real estate loans TO the amount hereinbefore
/ limited.
SECTION 30. No bank shall demand Or receive
COR loans or discounts a rate of interest exceed
/ .ng that allowed by law to be taken and received
ny individuals, excepting that it shall be lawful
FoT any bank to receive interest in advance ac-
cor!iiuc to the ordinary usages of banking insti-
/ tGtIOuS. 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 year.
! SECTION 81. All debts due to any bank, on
! wlIch interest Is past due and unpaid for a
/ period of twelve months, unless the same are
we'll secured and in process OF collection, shall
be considered bad debts, and shall be charged off
/ to the profit and loss account at the expiration
SECTION p. The board of directors of bank
/ mas 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 eSpedient; but before
any such dividend is declared, not less than one
/ tenth OF the net profits of the bank for the pre-
CedInC halt 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 capital stock. No divi
/ dend Sha!! be declared before the capital stock
I is fully paid.
SEcTIoN %. Every president, director, cash
Ter. officer, teller, clerk agent OF any bank
! savings association who cmbezzles, abstracts or
| WIifulIE mtSapDlIeS, any of the moneys, funds,
credits, or property 1.-THE bark or savings aSsO-
citation, whether owned by it or held in trust, or
| VINO, 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 lnJure or dafraud the bank or savings as
! $Oclatlon or any person Incorporation, or to
deceive any officer of the bank or savings associ-
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 agent in the violation of this
! section, upon conviction thereof, shall be i'm
pylSonet IN tie state prison not to exceed twenty
years.
SECTION 81. If the board of directors, or a
! quorum thereof: of any bank shall knowingly
violate, or knowingly permit any of the officers,
of the provisions of this act and after warning
/ from the bank commissioner shall fail to make
/ good any loss or damage resulting from such
acts, or continue such conduct, 1T shall consti-
tute 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-
era!, to institute proceedings to enforce such
forfeiture, and to secure a dissolution and a
| winding up of the affairs of such bank.
SECTION 81. The stockholders of every bank
shall be individually liable, equally and ratably
| MOI another q benefit
| itCrs 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, ad ministrators,
| guardians or trustees, and persons holding stock
| as collateral security, shall not be personally
liable as stockholders but the assets Orfunds in
their hands constituting the trust shall be liable
| to the same extent as the testatOr, intestate,
| ward or person Interested i'll such trust fund
| would be if living, 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 Sc. Whenever any deposit shall be
| made in any bank by and il the name of any
| minor or female, being or thereafter becoming a
married woman, the same shall be held for the
| exclusive right and benefit of such minor or fe-
male and free from the control or lien of all per-
| sons VIVA tsoever, 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 shall
| 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 there
of, and any interest due thereon, may be paid to
| the person 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
| profits of q 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 deter
| mined the same prOportlOnally as that of other
property, after dedUGting 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
unpaid tax list to the county, may be paid by
the bank, and such payment shall constitute a
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 its
| earnings.
SECTION 49, Legal process against any bank
may be served upon any officer o. 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
establishment of circulation by banks organized
under state laws any bank organized doing
business under this act, shall have the power to
| issue circulating notes or currency, in accord
ance with any such 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 permit
any savings association, or private bank or
. company,
| 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 partc-
uiar 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
| tOf0re had pursuant to any provisions of law
| in force when such investments were made
| transaction had. All banks now existing and
doing business within this state shall. on or
! before the fir 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 conform in
all respects to tile requirements of this act,
| ceptwhere such requirement. Is expressly waived
CHAPTER III.
c- PRIVATE BANKS.
! SECTION l. Every person, cO-partnership or
corporation doing business in his state, or that
may hereafter be doing business i'll this state,
| which shall advertise as bank or "a doing
| banking business, either by signs, circulars,
| letter heads, or printed matter of any descrip-
! ton; or any such person, co-partnershIp or cor
| DOratiOn, who shall receive money or funds for
| deposit or safe keeping as regular business,
! who shall buy or sell exchange as regular bust
| ness shall be deemed to be doing a banking
| business, and shall be known as 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-partnership or
! corporation shall make reports and be. subject
to examination, the same as banks under this
! act. And every such person, co-partnership or
! corporation shall maintain the reserve required
| of any bank under similar condition, and shall
| keep 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 tile refusal of any such person,
| co-partnership corporation to keep the re-