River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-08-18

shall be Cancelled and shall then amount
to a reduction Of the capital stock; pro-
vlded. that IL such reduction shall reduce
the capital stock below the minimum
required by law such capital stock shall
| be again increased to the amount re-
| quired by law, provided herein
Section 2S II shall not be lawful for
any bank to loan TO any of its 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 %. 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,
I 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
1 its capital surplus and Deposits and pro-
/ vided that banks doing business in
| villages or cities having less than six
thousand inhabitants, under the last
| exceed thirty-three and one-third per
| cent of the aggregate of its capital, sur
! plus and deposits upon real estate securi-
1 ~. The limitation IN this section shall
/ not preclude any bank from taking real
\ estate security, upon any Indebtedness
! previously contracted in good faith
| 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
/ lection. reduce its real estate loans to
/ the amount hereinbefore limited.
Section 30. No bank shall demand or
/ receive for loans or discounts rate of
/ interest exceeding that allowed by law
/ to be taken and received by individuals,
! excepting that it shall be lawful for any
! bank to receive interest in advance ac-
| cording TO the ordinary usages of bank
/ ing institutions, and to charge for col
4 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 ana UNI
| paid for a period of twelve months, UNI
| less the same are well secured ana in
! process of collection, shall be considered
/ bad debts, and shall be charged off to
/ the profit and loss account at the eX-
piratiOn of one year.
| Section 80. The board of directors of
| bank may declare a 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
| 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 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 80. Every president, director.
cashier, officer, teller, clerk or agent of
any bank or savings association, who
| embezzles, abstracts or wilfully misap-
! plies any of the moneys, funds, credits,
/ or property of the bank or savings as
ISOLATION, whether owned by il or held
! in trust. or who without authority of the
| directors, issues or puts forth any certih-
! cate of deposit, draws any order or bill
| of exchange, makes any acceptance! as
| signs 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 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
| ISOLATION, or any agent appointed to eX-
| anime the affairs of such bank or savings
! association; or any person VINO, with IKE
! intent, aids, or abets any othcer, clerk
or agent in the violation of this section,
! upon conviction thereof. shall be i'm
| prisoned in the state prison not to ex-
| coed twenty years
Section g. If the board of directors,
! or a quorum thereof of any bank shall
! knowingly violate. or knowingly permit
! any of the officers, agents or employees
J 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. 1t shall be
/ the duty of the bank commissioner, with
/
| institute proceedings to enforce such for
! fixture and to secure a dissolution and
winding up of the affairs of such bank
Section 30. 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 executors, administrators,
! guardians or trustees. and persons hold
! ing stock as collateral security, shall not
! be 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 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 and in the name
/ of any minor or female. being or there
! after becoming married woman, the
! same shall be held for the exclusive right
! and benefit of such minor or female, and
! 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
| Il 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 thereof, and any IN
/ teTest due thereon may be paid to the
! person for whom the said deposit was
| made
! 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 where the
! bank is located The value of the shares
| to be determined the same proportionaIIy
! as that of other property after deducttng
! 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 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 up
| on 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 bust
/ ness office is located.
! Section 80. In the event that the con-
Gress of the United States shall here
| after provide for the esta bllshment of
! circulation by banks organized under
/ state laws, any bank organized or doing
business under this act shall have the
! power to issue circulating notes or
| currency in accordance 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 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
/ shall apply TO, and 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
/ 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. il 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-partncr-
/ shin or corporation doing business in this
state or that may hereafter be doing
! business in this state. which shall adj
I yertise as 4 bank or as doing a banking
4 business either by signs circulars letter
I heads or printed matter of any descrip-
/ ton: or any such person. co-partnership
I ~ WI shall receive money