Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-13

vIIi2eS or CITIES having less f32a SIX thousand
inhabitants, uas5rr the last Official census may
loan STI.n nor 80 exceed thir-E-three and one
s.ittt er cent ~ the aggregate Of its capital.
surplus and deposits, upon real estate security.
he iImlta alton IL this section snail not preclude
any bank from taking real estat- security, upon
any Indebtedness previously contracted N good
fafth upon personal security; and provided, fur
Their, thet any bank having taken real estate Sc
CURLY for such debts so DreTI0 sSly contracted
which shall have carried It's percentage OF loans
on real estate a bOTe the amount her6iabafOre
limited, such bank shall, within six months
thereafter either by sale or collection, reduce
ITS real estate loans to the amount hereinbefore
limited.
SECTION 80. No bank shall demand or receive
FOR loans or discounts q rate Of interest exceed
ing that allowed by law 10 be taken and received
by individuals, excepting that it shall be lawful
Tor any bank to receive interest in advance ac-
cortiIng 10 the ordinary usageS of banking insti-
tutI0a>, and to charge for collecting foreign or
domestic bills, or other evidences of debt the
usual current rate of exchange. In the compu-
LatIon of time, thirty days shall be considered a
month and twelve months year.
SECTION 81. All debts due TO any bank, on
which interest is past due and unpaid for a
p2rsod OF twelve months, unless the same are
we'll secured and in process of collection. shall
be considered bad debts, AID shall be charged of
to the profit and loss account at the expiration
SECTIoN %. 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 or due from said
any such dividend Is declared, not less than one
tenth OF the net profits of the bank for the pre-
ceolng half year, or for such period as is covered
oy the dividend, shall he carried to q surplus
fund, until such surplus fund shall amount TO
twenty per cent, Of the capital stock. No divi-
demo. shall be declared before the capital stock
is fuily paid
SECTION 33. Every president, director, cash
Ter, officer, teller clerk or agent of any bank or
savings association who embeZZles, abstracts or
wILiulIy mlSapplies, any of the moneys, funds,
cred Its, or properly 1.-THE bark or savings aSSO-
citation, whether owned by it or held in trust, or
VINO, without authority OF the directors, issues
)r 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 lnjure or defraud the bank or savings as
SOciatlon, or any person or corporation or to
deceive any officer of the bank or savings aSSOci-
alton, or any agent appointed to examine the
affairs OF such bank or savings association;
any person who, with like intent, aids, or abets
any officer clerk agent IN the violation of this
section, upon conviction thereof, shall be i'm
prlsoned IN the state prison not to exceed twenty
years.
SECTION "a. If the board of directors. or a
quorum thereof. OF any baak shall knowingly
violate, or knowingly permit any of the officers,
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 amy loss or damage resulting from such
acts, or continue such conduct, it shall consti-
tute ground for the forfeiture of the charter of
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 such
forfeiture, and to secure a dissolution and
winding up Of the affairs of such bank.
SECTION 81. The stockholders of every bank
shall be individually liable, equally and ratably,
not one for another, for the benefit of the depoS-
tiers in said bank, to the amount of their stock
at the par value thereof, in addition to tho
amount invested in said stock. But persons
holding stock as executors, administrators,
guardians or trustees, and parsons holding stock
as collateral security, shall not be personally
liable as stockholders, but the assets Orfunds in
their hands constituting the trust, shall be liable
to the same extent as the testatOr, intestate,
ward or person interested IL such trust fund
would be II living, competent to act. and the
person piedging such stock shall be deemed the
stOckhClder and liable under this section. Such
liability shall continue for sixty days after any
transfer Of stock.
SECTION IS. Whenever any deposit shall be
made in 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 fe-
male, and free from the control or lien of all per-
sons whatsoever, except creditors, and shall be
p lid, with any interest due thereon, to the per-
son III whose name the deposit shall have been
made, and the receipt Of such minor or female
shall be sufficient release or discharge for such
deposit to the bank. Whenever any deposit shall
be made by any person in trust for another, and
10 other or further notice of the existence and
terms OF a legal ana 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 there
Of and any interest due thereon, may be paid to
the person for whom the said deposit was made.
SECTION 81. AlIreaI 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 aud 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 deter
mined the same proportiOnally as that of other
property, after deduoting therafrom the real
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 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 upon all Of the shares of its
shareholders, and deduct such tax from its
earnings.
SECTION So. Legal process against any bank
may be served upon any officer OF said bank in
the county where its business Office is located.
SECTION 80. In the event t.at the congress of
the United States shall hereafter provide for the
eSta bllshment of circulation by banks organized
under state laws, any bank organized doing
business under this act, shall have the power to
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 OF
this section shall not b. construed to permit
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
n,
now existing within this state, and the powers,
privileges, duties and restrictions conferred and
imposed upon any bank, existing and doing
business under the laws OF this state, are hereby
abridged, enlarged, or modified as each partc-
uiar case may require, to conform to the pro-
visions of this act. Nothing in this act shall
De construed to aHect the Legality OF invest
ments heretofore made, or TO transactions here
totore had, pursuant to any provisions of law
III force when such Investments were made or
transaction had. Al banks now existing and
don hr,ri Il oh,
before the fir day Of July next following the
time when thus act becomes operative, alter or
amend its articles Of organ alton, if necessary,
to comply with the PROVISIONS OF this act, and
shall by said time make its business cOnform'in
all respects to the requirements Of this act ex
ceptwhere suchreQuirementi is expressly waived
CHAPTER III.
PRIVATE BANKS.
SECTION I. Every person, co-partnership or
corporation GOIng. business IN his state, that
may hereafter be doing business in this state
which shall advertise as a bank doing
banking business, either by SIGNS, circulars,
letter heads, or printed matter Of any GeScrip-
ton; or any such person, co-partnership cor
poration, who shall receive money or funds for
deposit or safe keeping as regular business, or
who snail buy or sell exchange as regular bust
ness, shall be deemed to be doing 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 apple
able. And every such person, co-p2rtnership 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 OF 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 be /
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- |
serve required Under this act, Upon the re-
fusai to keep the separate books of account as |
required hereunder, or upon the refusal to !
make the reports required by this act, or upon |
The refusal TO submit the books of account, |