Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-15

| -hat in 20 event shall hank 50 loan an
! amount to r<ceC,i tw"nty.tivr per cent. of the
/ aggregate ot it. -aplrai. surplus and deposits
anu provided. that banks doing business in
vii - ,lr cities having less than six thousand
inila tI+.nt< un,c~ the last official census. may
iuaM = sllJn not 10 exceed thirty-three and one
ti:iId par cont at he aggregate of its capital,
! sIUuiG- ard deposits. upon real estate security.
The limitation in this section shall not pro cude
any bank from taking real estate security, upon
| any Indebtedness previously contracted in good
faith upon personal security: and provided, fur.
tler 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 herein before
limited, such bank shall, within six months
thereafter, either by sale or collection. reduce
ITS real estate loans to the amount herelnbefore
limited.
SECTION 80. No bank shall demand or receive
for loans or discounts rate of interest exceed.
ing that allowed by law to be taken and received
by individuals. excepting that it shall be lawful
tbr any bank to receive interest in advance ac-
cordlns to the ordinary usases OF banking lnsti.
domestic bills, other evidences of debt the
usual current rate of exchange. In the compu-
tatiou of time, thirty days shall be considered a
month and twelve months year.
SECTION 81. All debts due any bank, on
which 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 81. The board of directors of bank
max 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 Tor the pre-;
ceding half year, or for such period 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-
dGnd shall be declared before the capital stock
is fully paid.
Section SO. Every president, director, cash
Ter, officer teller, clerk or agent of any bank or
savings association who en- beetles. abstracts or
wifully misa pplics, any of the moneys, funds,
credits, or property o tthe bark or 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
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 iniure or defraud the bank or savings as
ISOLATION, or any person or corporation, or to
decaive any officer of the bank or savings associ
alton, or any agent appointed to examine the
affairs of such bank or savings association; OF
any person who, with like intent, aids. or abets
any officer. clerk agent in the violation OF this
section, upon conviction thereof, shall be in
priSoEed III the state prison not to exceed twenty
years.
SECTION 81. If the board of directors, or
quorum thereof: of any bank shall knowingly
violate, or knowingly permit any of the officers
agents or employees of the bank, to violate AM
of the provisions Of this act; and after warning
from the bank commissioner shall fail to make
good any loss or damage resulting from sucl
acts, or continue such conduct, it shall consti
tute ground for the forfeiture of the charter o
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 sucf
forfeiture, and to secure a dissolution and
winding up of the affairs of such bank.
SECTION }5. The stockholders of every banl
shall be individually liable, equally and ratably
not one for another, for the benefit of the depos
itors in said bank, to the amount of their stool
H., II -
amount invested in said stock. But persons
holding stock executors. administrators
guardians or trustees and persons holding stool
as collateral security, shall not be personals
liable as stockholders but the assets or funds il
their hands constituting the trust shall be lab
to the same extent as the testatOr, interstate
ward or person Interested in such trust funt
would be if living, OF competent to act. and tht
person pledging such stock shall be deemed TIN
stakeholder and liable under this section. Sucl
liability shall continue for sixty days after an.
transfer of stock.
SECTION Sc. Whenever any deposit shall b.
made in any bank by and in the of an,
minor or female, being or thereafter becoming
married woman, the same shall be held for TIT
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 b.
paid, with any interest due thereon, to the per
son in whose name the deposit shall have beer
made, and the receipt of such minor or femal
shall be sufficient release or discharge for sucl
deposit to the bank. Whenever any deposit shall
be made by any person IN trust for another, ant
no other or further notice of the existence ant
terms of a legal and valid trust shall have beer
given in writing to such bank, in the event of tn
death of the trustee, the same or any part there
of, and any interest due thereon, may be paid t.
the person. TOR whom the said deposit was made
SECTION 81. All real estate owned by any banl
shall be taxed the same as other real estate il
the town, village city where such real estate
is situated. Tie capital, surplus and undivided
profits of Il bank shall not be taxed, but the
sha1es of capital stock shall be taxed to the
shareholders of such stock where the bank i
| located. The value of the shares to be deter
mined the Same propOrtlOnally as that of othe
property, after deducting therefrom the rea
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 tht
the bank, and such payment shall constitute
first lien upon the shares so taxed. Any banl
may pay the taxes upon all of the shares of it!
shareholders, and deduct such tax from 1t:
earnings.
SECTION So. Legal process against any bank
may be served upon any officer of said bank il
the county where its business office is located.
SECTION 80. In the event that the congress o.
the United Sta teS shall hereafter provide for the
establishment of circulation by banks organized
under state laws, any bank organized or doing
business under this act shall have the power tC
issue circulating notes or currency, in accord
anCe with any such act of congress, aud shall
have the power to avail itself Of the provisions
of any such act of congress. The provisions o.
( this section shall not be construed to permit
any savings association, private bank Oh
, 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 goTern. all banks organized anG
now existing within this state, and the powers
privileges, duties and restrictions conferred anG
! imposed upon any bank, existing and doing
business under the laws of this state, are hereby
abridged, enlarged, or modified as each partic
ular 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
tofOre had, pursuant to any provisions of Law
in force when such inveStnents were made or
, transaction had. All banks now existing and
doing business within this state shall. on oil
before the fir day of July next following the
time when this act becomes operative, alter OF
amend its articles of Organization, if necessary
to- comply with the provisions of this act and
shall by said time make its business conform il
all respects to the requirements of this act. ex
cept where such requirement is expressly waived
herein.
PRIVATE BANKS.
SECTION l.. Every person, co-partnership OF
corpora ton doing business in this state or that
may hereafter be doing business i'll this state
which shall advertise a bank or "a doing a
banking business, either by signs, circulars
| letter heads, or printed matter of any deScrip.
ton; or any such person. co-partnership or cor.
poratiou, who shall receive money or funds for
deposit or safe keeping a regular business, or
who shall buy or sell exchange as regular bust
ness, shall be deemed to be doing a banking
business and shall be known $ private bank
and as such shall be subject to the provisions
of this act so far as the same shall be applic-
able. And every such person, co-pa rtnership 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 a 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 DO
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 re-