River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-08-11

l QulTFu bt law. ds pTONIQeQ herein.
Section 2S II shall not be lawful for
| any bank to loan TO any of it's officers
| directors. clerks or employees. any of the
| funds of the bank unless the same shall
have been authorized. both as to amount
and security, by a resolution of the board
of directors, to be recorded.
| Section 29. 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 resolution by a 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
vlded. that banks doing business in
Z villages or cities having less than six
| thousand inhabitants under the last
official census, may loan 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-
4 ~. 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
estate security for such debts so pre-
| carried its percentage of loans on real
estate above the amount hereinbefore
limited. such bank shall within six
| months thereafter, either by sale or col
1 lection, reduce its real estate loans to
the amount hereinbefore limited
Section 30. No bank shall demand or
receive Tor loans or discounts a rate of
interest exceeding that allowed by law
to be taken and received by individuals
| excepting that II shall be lawful for any
| bank to receive interest in advance ac-
cording 10 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 a month
! and twelve months a year.
| Section 81. All debts due to any bank,
| on which interest is past due and un-
paid for 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
I the profit and loss account at the eX-
/ piration of one year
Section 20, The board of directors of
bank may declare dividend from so
| much of its net profits. after providing
for all expenses. losses, interest and
taxes accrued due from said bank. as
| 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 capital stock. No dividend
shall be declared before the capital stock
is fully paid
Section 3d. Every president. director.
| cashier. officer, teller, clerk or agent of
any bank or savings association. who
embezzies. abstracts or wifully misap-
plies any of the moneys, funds. credits,
| or property of the bank or savings as
ISOLATION, whether owned by II or held
| in trust. or who. without authority of the
directors, issues or puts forth any certif-
cate of deposit, draws any order or bill
of exchange, makes any acceptance, as
1 signs any note. bond. draft, bill of e&-
| 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
"
| 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-
Section 81. II the board of directors.
or quorum thereof, of any bank shaii
] of the bank. to violate any of the pro-
! visions of this act; and after a warning
| from the bank commissioner shall fail to
make good any loss or damage resulting
| from such acts, or continue such conduct,
it shall constitute a ground for forfeiture
! of the charter of such bank. IL shaI pc
the duty of the bank commissioner with
/ the consent of the attorney Seneral, to
institute proceedings to enforce such for
! fixture and to secure a dissolution and
/ winding up 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 hold
| ing stock as executors, administrators,
! guardians or trustees. and persons hold
! ing stock as collateral security shall not
! he personally liable as stockholders, but
! the assets or funds in their hands con-
| shutting 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 pledging such stock
| shall be deemed the stakeholder 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 and in the name
| of any minor or female, being or there
| after becoming a married woman, the
same shall be held for the exclusive right
| 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
| 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 a
| legal and valid trust shall have been
| given in writing to such bank. in the
! same or any part thereof. and any in
/ terest due thereon, may be paid to the
| person for whom the said deposit was
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 capital stock shall be taxed to the
shareholders OF such stock whore the
| bank is located. The value of the shares
to be determined the same proportionally
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
10 limo fnF ffoty la
| unpaid tax list TO the county may be
paid by the bank and such payment shall
| taxed. Any bank may pay the taxes. up
on all of the shares of its shareholders,
and deduct such tax from it's 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 80. 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
! currency. in accordance with any such
| act of congress, and shall have the power
to avail itself of the provisions of any
| 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. TO
! issue circulating notes.
| Section 40. The provisions of this act
/ snail Apply 10, ana 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. or 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
/ had, pursuant to any provisions of law
! 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
| mentS of this act, except where such re-
| quirement is expressly waived herein.
CHAPTER III
Private Banks
Section ]. Every person. co-partner-
! ship or corporation doing business in this
| state or that may hereafter be doing
! business in this state. which shall ad-
/ vertiSe as a bank or as doing A banking
/ business either by signs. circulars. letter
/ heads or printed matter of any descrip
/ ton: or any such person. CO-partneTship
| or CORPORATION. who shall receive money
or funds for deposit or safe keeping as
[ a regular business. or who shall buy or
/ be deemed to be doing a banking bust
! ness and shall be known as a private
/ bank and as such shall be subject to the
! n this act far the