Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-10-06

bank or savings association who enahez2les
abstracts or wilfully nlisapplies, any 81 the
moneys, funds, credits, or property OF the
bank or savings association, whether own.
ed by it or held in trust, or who, without
athority of the directors, issues or puts
forth any certificate Of deposit, draws any
eeptanc,, assigns any note, bond, draft
bill OF exchange, mortgage, ludSment OF
decree; or who makes any false entry lr
any book, report or statement of the Danh
with intent in either case TO injure or de-
fraud the bank or savings association, OF
any person or corporation, or to deceive
any officer OF the bank or savings aSSocla.
ton, or any agent appointed to examine
the affairs OF such bank or savings asSocia-
tiCn; or any person who. with like intent
aids or abets any officer, clerk or agent III
the violation of this section, upon cooFic-
ton thereof, shall be imprisoned in the
state prison not to exceed twenty years.
Section 81. II the board of directors, OF
a quorum thereof, Of any bank shall know,
ingly violate, or knowingly permit any 81
the officers, aSentS or employees OF the
bank. 10 violate any Of the. provisions OF
bank commissioner shall fail to make gooc
any loss or damage resulting from suct
acts, or continue such conduct. II shaL
constitute a ground for the forfeiture OF
the charter of such bank 1t shall be ths
duty of the bank commissioner, with tns
consent of the attorney-general, TO llStf
tute proceedings to enforce sue 9 doTIe5u iI's
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 tbs
benefit of the depositors in said bank, te
the amount of their stock at the par V2iue
thereof, III addition to the amount lnVesteC
in said stock. But persons holding stocB
as executors administrators, guardians OF
trustees and persons holding stock as col
lateral security, shall not be personally liza
BILE as stockholders, but the assets OF
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 II Nv
pledging such stock shall be deemed the
stockholder and liable under this section
Such liability shall continue for sixty Gays
after any transfer Of stock
Section &c. Whenever any deposit shall
be made in any bank by and III the name
Of any minor or 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 SHAH nave
been made, and the receipt of sucn minor
or female shall be a sufficient release OF
discharge for such deposit to the bank
Whenever any deposit shall be made by
any person in trust for another, ana NC
other or further notice of the existence ano
been given in writing to such BANK, n tne
event Of the death Of the trustee, the same
or any part thereof. and any interest dut
thereon, may be paid to the person fol
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
surplus and undivided profits OF q cams
shall not be taxed, but the shares OF CAPT
tai stock shall be taxed to the sharehold'
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 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 tbs
county, may be paid by the bank, and sucf
payment shall constitute a first lien upoL
the shares so taxed. Any bank may pay
the taxes upon all Of the shares of its
Shareholders and deduct such tax from its
Section IS. Legal process against any
bank may be served upon any officer o.
said bank in the county where its business
office is located.
Section 50. 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 doinS business under
this act, shall have the power to issue cir
culating notes or currency, in accoFdalce
With any such act Of congress, ana snaH
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-
permit
or private bank or banker, or any loan OF
trust company. or any other corporation.
to issue circulating notes.
Section 40. The provisions of this act
shall apply to, and g0Ven, 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,
shall be construed to affect the legality Of
investments heretofore made. or to transac-
tons 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, on or before the first
day of July next following the time when
this act becomes operative, alter or amend
it's articles Of organization, il necessary TIC
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 ouch requirement Is
expressly W&iTed heHetn.
CHAPTER ~.
PRIVATE BANKS.
Section l. Every person, co-partnership
OF corporation doing business in this state,
or that may hereafter be doing business III
this state, which shall advertise as bank
or as doing q banking business, either by
signs circulars, letter heads, Or prlnteo
matter of any description; or any such per per
shall receive money or funds for deposit OF
safe keeping as a regular business, or VINO
shall buy or sell exchange as a regular
business. shall be deemed to be doing
barking business, and shall be known as a
private bank. and as such shall be subject
to the provisions of this act so Tar as inc
same shall be applicable And every sucn
person co-partnership or corporation shaI
make reports and be subject to eXa1nlna-
ton, the same as banks under TINS ACT:
And every such person, co-partnershlp OF
corporation shall maintain the reserve re-
uuired of any bank under similar Gondl-
ton, and shall keep a separate set OF DOCKS
of account relating to such banking busl-
ness. and no entries shall be made upon
said books relating to any other class OF
business. Such set of books shall be SUD
ject 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 mere
under, or upon the refusal to make the re-
ports required by this act or upon the re-
fusal to 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