Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-08

hnartuership the liabilities OF the several mem
rls thereof except special partners, shall at no
ts sxceed fifteen per cent OF the amount of
Hnitsi and surplus Of such bank; but the dis
Uniting IT bills of exchange. drawn in good
yiih against actually existing values, and the
li'scoilntng of commercial or business paper
-r1aly owned by the person negotiating the
orne shall not be considered as money borrowed.
sr,yided that by two-thirds vote of the direct
~ me liabilities of any person, co-partnership
"rrorporation, may be increased to a total sum
Nj exceeding twenty-five per cent of the capital
nd surplus OF such bank.
Svl.rr6S ~ No bank shall take for security for
any loan or discount lien upon any part OF its
a1tal stock. No bank shall be the holder of or
,e1rrhaser of any portion of its capital stock un.
- such purchase shall be necessary to prevent
ia, upon debt previously contracted In good
attn. stocks SO purchased shall in no case ha
Isd by the bank for longer time than six
,1ouhs if the stock can be sold for the amount
NJ the claim OF the bank against the same and il
nnlst be sold for the best price obtainabe within
1rr year or il shall be Cancelled, and shall then
sn1olint to reduction of the capital stock.
nr1yiled that if such reduction shall reduce the
capital stock below the minimum required by
IAN such capital stock shall be again Increased
10 the amount required by law as provided
therein.
SECTION 2s 1t shall not ne lawful for any
hank to loan to any of its officers directors clerks
ar employees any of the funds of the bank unless
the - ne shall have been authorized, both as to
amount aud security. by resolution of the board
II. ....'gtors. to be recorded.
s. rl1N -. No bank shall lend an amount ex-
,aediug "a j,rr cot. ais c.tpItal STOCK upon
mortgages. or any other form of real estate
.ytr g. exc 'lt on the adoption of resolution
~. n tvo-,hisls vote Of the board of directors
iagfying sO,ue larger amount which its officers
,i4y ION ION reUl estate security; provided,
,rlt In no event shall any bank so loan an amount
,ay,r,al twenty-five pc" cent. of the aggregate
rs capital, surplus AMI deposits: and provided.
tI1t banks doing business IN villages or cities
having less than six thousand inhabitants, under
t,a last official census may loan sum no; to
exceed tar,y-three and one-third per cent. OF the
aggregate Oi its capital, surplus and deposits,
mon real estate security. The limitation in this
section Sha not preclude any bank from taking
raaI estate security. upon any Indebtedness preyi-
,ul.ly contracted III good faith upon personal
security and provided, further, that any bank
having taken rea' eS'at seinrty inr such dcHS
snprryi0usly cont acted, which shall have carried
its percentage of loans on real estate above the
amount hrlenbefure limited, such bank shall,
Within six months thereafter, either by sale or
collection. reduce ITS real estate loans 10 the
amount hereinbefore limited.
SECTION 30 No bank shall demand or receive
6r loans or discounts a rate of interest exceeding
that allowed by law to be taken and received by
individuals, excepting that it shall be lawful for
Auy bank to receive interest in advance according
10 the ordinary nsuges OF banking institutions,
and TO charge for collecting 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 month and
twelve months year
SECTION 81 All debts due to any bank on
which interest is past due and unpaid for period
Of twelve mouths, unless the same are well
secured and in process of collection. shall be
Slrred bad debts and shall be charged off To the
profit and loss account at the expiration of one
year
SECTION q The hoard Of directors of a bank
NAV declare dividend from much of its net
profits after providing for all expenses, losses,
interest and taxes accrued or due from said bank,
as they shall deem eNpedcnt; 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 tor such period a> is covered by the
dividend, shall he carried To n 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 33 Every president. director. cashier,
officer, teller, clerk or agent of any bank or saw
inzS association, who embezzles abstracts or viii
fully misapples any of the moneys funds, cred
It's or property of the bank savings association
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 acceptance
signs any note, bond, draft, bill Of exchange,
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 driraud the bank or savings association or any
person or corporation or to deceive any officer OF
the bank or savings association or any agent ap-
pointed to examine the affairs of such bank
savings association; or any person who, with like
INTENT AIDS or abetS any officer, clerk or agent
in the violation of this section upon conviction
thereof shall be imprisoned In the state prison
not 10 exceed twenty years
SECTION 81 If the board OF directors, quo.
rum thereof of any bank shall knowingly violate,
or knowingly permit any OF tnH OfilCcrS, 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 make good
any loss or damage resulting from such acts or
continue such conduct, il shall constitute
ground for the forfeiture of the charter OF such
bank II shall be the duty of the bank commits
snuer. with the consent OF the attorney general
tomstitute proceedings 10 enforce such forfeiture.
and 90 secure q dissolution and winding up OF
the affairs Of such bank
SECTION 35 The stockholders OF every bank
Ia fuItViln4llN 81
not one for another, for the benefit of the de-
pusitorS in said bank, to the amount OF their
stock at the par value thereof in addition 70 tue
amount invested in said stock But persons hOll
lDg stock rs executors administrators, guardians
% trustees and persons holding stock as colat
aaI security shall not be personally liable os
stockholders but the assets or funds in their
hands constituting the trust, shall be liable to the
same extent as the testator, interstate. ward or
person interested in such trust fund would be il
hhE, or competent to act, anu the person pieqg'
ug such stock shall be deemed the stakeholder
amt liable under this section Such liability shall
continue for sixty days after any transfer of stock
SECTION 30. Whenever any deposit shall be
mate ln 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 the
exclusive right and benefit Of such minor or te-
male, and free from the control or lien of all PER-
sans whatsoever, except creditors, and shall De
paul with any interest due thereon To the person
whose name the deposit shall have been made
snl the receipt of such minor or female shall he
s.ioaent release or discharge for such deposit %
.l' back. Whenever any deposit shall b" mace
W any person in trust for another, and no other
| WlWher notice of the existence and terms ct
r-N and valid trust shall have been given IN
Fftlng 10 such bank, in the event Of the death of
Una trustee, the same or any part thereof, and
ay interest due thereon, mas be paid TO the per
~1 for whom the said deposit was made
SECTION g. All real estate owned by any bank
s4l hr taxed the same as other real estate 10 the
W'a, village or city whore such real estate Is
s"a'ed. The capital surplus and undivided
"aiS 1t bank shall not be taxed, but the shares
OF capital stock shau be taxed to the shareholders
y ,.gn stock where the bank is located The
.Hlr "f the shares to be determined the same
i Y P'rlunaily as that OF other property, after
4 g-lsuug therefrom the real estate owned by tile
l .ah The tax Of any shareholder not residing ~
wye taxing district of the bank, If unpaid nj tha
4 gA' for returning the unpaid tax list 70 the
u NAHIF. may be paid by the bank, and such pay
4 ..' shall constitute first lien upon the shares
4 .Aei Any bank may pay the taxes upon 1t
. .- shares of its shareholders, and deduct such
II 10" from It's earnings
NJ T'HN -, Legal process against any bank
u .F .- served upon any officer OF SAID bank IN
u unity where its business Office Is located,
0s II"N 80. In the event that the cnngreS, OF
II Hi"l States shall hereafter provide ior tht
\ a"|-Hmeut az circulation by banks organized
4 . slate laws, any bank organized or donE
.t"e under tii. act, stall have the power iN
liatiug notes or currency, IN accordan'r
by such act OF congress, and shall nave tsa
'N avail itself Of the provisions OF any sucN
he 4pDy u