Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-08-18


and p.,'s is:t,'. tat banks doing business in
viii 49, cries Hay ing less than six thousand
mia oi5"'iiS- uld'r tie i2st official census; may
Toe. 2 Si1in EtE - e&ceed thlrty-three and ono
shiFti per cent. 81 She aggregate of its capital,
surplus and deposits upon real estate security.
The limitation IL his section shall not preclude
any bank from taking real estate security. upCu
any Indebtedness previously contracted in good
faith upon personal security: and provided. fur
ther, that any bank having taken real estate Sc
curity 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 collection, reduce
ITS real estate loans to the amount hereinbefofo
limited.
/. SECTION 30. No bank shall demand ar receive
for loans or discounts rate of interest exceed.
ing that allowed by law TO be taken and receives
by Individuals excepting that it shall be lawful
Or any bank to receive interest in advance &C.
cOriimg TO the ordinary usaCes of banking insti-
tuti0nS. and to charre 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 al debts due to any bank, on
which interest is past due and unpaid for n
pcrIod OF twelve months, unless the same are
well secured and in process OF collection, shall
be considered bad debts, and shall be charged of
to the profit and loss account al the expiration
| SECTION g. The board of directors of a 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 expedient; but before
any SUCH dividend Is declared, not less than
tenth OF the net profits of the bank for the pre-
ccdInE 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 apital stock. No divi-
dend shall! be declared before the capital stock
is fully paid.
SECTION b. Every president, director, cash
Ter. officer teller, clerk or agent of any bank or
| savings ASSOCIATION who eIl bcZzeS. abstracts or
wilfuliy mjsa pplics. any of the MONEYS funds,
credits, or properly o 1.-THE bar k 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.
auce, assigns any note, bond. draft, bill of e5-
change, mortgages, judgment or decree; who
makes any false entry in any book, report or
statement of the bank, with intent III either
case 70 injure or d3fraud the bank or savings as
SOclatlon, or any person or corporation, or to
deceive any officer of the bank savings assoc-
alton, or any agent appointed to examine the
affairs of such bank or savings ASSOCIATION; or
any person who, with like intent, aids. abets
any officer, clerk agent in the violation OF this
section, upon conviction thereof, shall be i'm
prlSOIcd III the state prison not to exceed twenty
years.
SECTION 81. If the board of directors or
quorum thereof. of any bank shall knowingly
viola tie, or knowingly permit any of the officers,
agents or employees of the bank, to violate any
Of the provisions of this act: and after warning
from the bank commissioner shall fail to ma Ike
good any loss or damage result ting from such
acts, or continue such conduct, it 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-
eral, to institute proceedings to enforce such
forfeiture, and to secure dissolution and a
winding up of the affairs of such bank.
o b n y, ad
not one for another for the benefit of the depos-
itors in said bank, TO the amount of their stool,
at the par value thereof in addition to tho
holding stock executors. administrators,
guardians Oh, trustees, and persons holding stock
as collateral security, shall not be personally
liable as stockholders, but the assets funds in
their hands constituting the trust, shall! be lab bic
to the same extent as the testator, intestato,
ward person Interested in such trust fund
would be if living, OF competent to act and the
person pedging such stock shall be deemed the
| stakeholder and liable under this section. Such
liability shall continue for sixty DAYS after anv
transfer of stock
SECTION Sc. Whenever any deposit shall be
made in any bank by and in the name of any
minor or female, being or thereafter becoming a
married woman, the same shall be held for tho
| exclusive right and benefit of such minor or fe-
male, and free from the control or lien OF all per.
sons whatsoever, except creditors, and shall be
pld, with any interest due thereon, to the per-
! son in whose name the deposit shall have been
| made, and the receipt of such minor female
shall be a 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 legal and valid trust shall have been
given in writing to such bank in the event of the
death of the trustee the same any part there
! Of and any interest due thereon, may be paid to
the person f0rwhon 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 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 deter
mined the same proportionally as that of other
property, after deductinE 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 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 congress of
the United States shall hereafter provide for the
esta blishment OF circulation by banks organ iZed
under state laws, any bank organized or 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
| banker, or anyslOan trust company, any
other corporation, to issue circulating notes.
| SECTION 40 The provisions of this act shall
now existing within this state. and the powers,
privileges. duties and restrictions conferred and
4
business under the laws of this state, are hereby
abridged enlarged, or modified as each ,partic-
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
rnents heretofore made, or to transactions here
tofOre had, pursuant to any provisions of law
IN force when such Investments were made or
| transaction had. Ali banks now existing and
| doing business witain II is state shall. on or
before the tir>t day of July next following the
time when this act becomes operative, alter or
amend its articles of orgaElza zion, 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. ex
ceptwhere such requirement Is expressly waived
herein.
CHAPTER III.
PRIVATE BANKS
| SECTION l.. Every person, co-partnership or
| corporation doing business in his state or that
may hereafter be doing business III this state
| which shall advertise as a bank or as doing
banking business, either by signs, circulars,
| letter heads, or printed matter OF any descrip-
| ton; or any such person, co-partnerShlp or
| poratiOn, who shall receive money or funds for
| deposit or safe keeping a regular business, or
who snail 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. pc rtnership or
corporation shall make reports and be subject
| to examination, the same as banks under this
act. And every such person. copartnership 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 the refusal of any such person,
co-partnership or corporation to keep the
serve required under this act, upon the
fusal to keep the separate books of account as
required hereunder, or upon the refusal to