River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-10-06

1 Aet4t1u ~ Id ~ dS pIQf4AtA herein.
/ Section 2s II shall not be lawful for
any bank TO loan to any of its Officers,
i directors, clerks or emp oyees, any of the
/ fund of the bank unless the same shall
/ have 9een authorized, both az to amount
i and security. by resolution of the board
/ Of directors, to be recorded.
/ Section -. No bank shall lend an
I amount exceeding twenty per cent of its
/ capital stock upon mortgages. or any
/ other form Of real estate security, except
on the adoption of a resolution by a two
4 thirds vote of the board of directors
/ specifying some larger amount which its
/ officers may loan upon real estate seclIri-
I ty; provided, that in no event shall any
! bank so loan an amount to exceed
! twenty-five per cent of the aggregate of
/ vided. that banks doing business in
I villages or cities having less than six
/ thousand Inhabitants. under the last
! official census. may loan sum not 10
/ exceed thirty-three and one-third Der
I cent Of the aggregate of its capital sur
4 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
upon personal security; and provided,
| further, that any bank having taken real
estate security for such debts so pre-
/ Viously contracted which shall have
/ carried its percentage of loans on real
! estate above the amount hereinbefore
/ limited such bank shall, within six
months thereafter. either by sale or coll
/ lection. reduce its real estate loans to
4 the amount hereinbefore limited.
GEtllJi OV NO DdHk SIldll demand or
i receive for loans or discounts a rate of
/ interest exceeding that allowed by law
1 to be taken and received by individuals,
I excepting that 1t shall be lawful for any
! bank TO receive interest I'm advance ac-
] cording to the ordinary usages of bank
! ing Institutions and to charge for col
/ lectfng foreign or domestic bills. or other
i evidences of debt the usual current rate
I Of exchange. In the computation of time,
/ thirty days shah be considered a month
and twelve months a year.
Section 81. All debts due to any bank,
/ on which interest is past due and I'M
/ paid Tor a period OF twelve months, UNI
/ less the same are wei secured and 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 %. The board OF directors of a
( 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 snail deem eXpedtenti 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 a 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 g. 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,
/ ISOLATION. whether owned by it or held
/ in trust, or who. without authority of the
| directors. issues or puts forth any certiti-
I 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
1 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 who, with like
intent, aids, or abets any officer, 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.
or a quorum thereof, of any bank shall
knowingly violate. or knowingly permit
any of the officers, agents or employees
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
1t shall constitute a ground for forfeiture
of the charter of such bank. 1t shall be
the duty of the bank commissioner, with
the consent of the attorney-general to
institute proceedings to enforce such for
fixture, and to secure q dissolution and
winding 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 the
DGleuI OIL the QtpOSitOIS III od4u DdIlh
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 as 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 stakeholder and
| liable under this section. Such liability
| shall continue for sixty days after any
transfer of stock.
Section 36. Whenever any deposit shall |
| be made in any bank and in the name
of any minor or female, being or there
after becoming 4 married woman, the |
same shall be held for the exclusive right
and benefit of such minor or female, ana
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
a 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 |
notlce 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
terest due thereon, may be paid to the |
person for whom the said deposit was
made.
Section q. All real 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 and undivided profits of |
a 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 proportionaTy |
as mat OF other property, after deducting !
thereIfom the real estate owned by the |
bank. The tax Of any shareholder not |
residing in the taxing district of the bank. !
II unpaid al the time for returning the |
unpaid tax list to the county, may be |
paid BY the bank. and such payment shall |
constitute a hrst 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 50. 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 establishment 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
act of congress, and shall have the power |
to avail Itself of the provisions of any !
Sucn act or congress. Inc 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 snail be construed to /
affect the legality of investments hereto |
fore made or to transactions heretofore |
had pursuant to amy provisions of law |
in force when such Investments We're !
made or transactions had. All banks now |
existing and doing business within this /
July next following the time hen this |
act becomes operative. alter or amend its |
articles of organization. If necessary. to |
comply with the provisions of this act, !
and shall by said time make it's 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 l. Every person, Co-partner-
ship or corpora tion doing business in this |
state or that may hereafter be doing !
business in this state. which shall adj |
vertise as a bank or as doing a banking I
business either by signs, circulars. letter /
bends or printed matter of any descrip-
fj0u. or any such person. CO-partuerShip /
or -orpOr3tion who shall receive money
or funds for deposit OF safe Keeping as
a regular business, or who shall buy or I
sell exchange as regular business. shall /
be deemed 10 be doing banking BUSH I
ness and snail be known as "a private
bank ard as such shall be subject to the /
provisions of this act 50 far as the same