Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-22

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gectIpn s.. 5Sery Rres
~ far GsTiae1,s teller. G3als1 3E- agent o. arL
bang or SAYINGS 2 sS925stt1oo ao
3 abstracts or M1lfllI5y tnlsalf.}i.9s, s5s II tes
MONEYS funds, credits, or p-1sscEs ri ,ss
hank or savings association, WaSIAtv 0VT
ed by it or held in trust, OF who. without
aFs,ority Of the directors, issues o. nuts
forth any certificate of deposit, draws ann
order Ok bill of exchange, makes any &c,
ceptanct. assigns any note, bond, Graft
bill of exchange, mortgage, judgment OF
decree: or who makes any false ENTITY ir
any book, report or statement OF the banl,
with intent in either case 10 injtre or de-
anv nerson or corporation, or to deceive
any officer of the bank or savings associa.
tion. or any agent appointed to examine
the affairs of such oanS ho or w salHng e. aSsoei
aids or abets any officer, clerk or agent II
the violation of this section. upon convic.
ton thereof, shall be imprisoned in tn.
Section a. If the board Of directors, O,
q quorum thereof, Of any bank shall know.
ingly violate, or knowingly permit any OF
h fm1 to Violate any of the provisions Of
this act; and after warning from tht
bank commissioner shall fail to make gooC
any loss or damage resulting from such
acts. or continue such conduct. it shall
Constitute g. ground for the forfeiture Of
the charter of such bank. 1t shall be the
duty Of the bank commissioner, with the
consent of the encouragement, to inst.
tute proceedings to enforce such forfeiture
up Of the affairs OF such bank.
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 value
thereof, in addition to the amount invested
In said stock But persons holding stock
as executors. administrators, guardians OF
trustees, and persons holding stock as col
lateral security, shall not be personally La
BILE as stockholders. but the assets OF
funds in their hands constituting the trust
shall be liable to the same extent as the
ested in such trust fund would be if liv.
ing, or competent to act, and the person
pledging such stock shall be deemed the
stockholder and liable under this section
Such liability shall continue for sixty days
after any transfer OF stock.
Section SO. Whenever any deposit shall
be made in any bank by and in the name
Of any minor or female, being or thereafter
becoming married woman, the same shall
be held for the exclusive right and benefit
of such minor or female, and free from
ever, except creditors. and shall be paid
with any interest due thereon, to the per.
son in whose name the deposit shall have
been made, and the receipt of such nlinol
or female shall be sufficient release OF
discharge for such deposit to the bank
Whenever any deposit shall be made hy
any person in trust for another, and nc
other or further notice Of the existence and
terms of a legal and valid trust shall hava
been given in writing to such bank, in the
event of the death Of the trustee, the same
or any part thereof and any interest due
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
such real estate is situated: The capital
surplus and undivided profits Of a bank
shall not be taxed, but the shares OF eapi'
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
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
county, may be paid by the bank and such
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
earnings.
Section 49, 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 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 doing business under
this act, shall have the power to issue cir
&c
with any such act of congress-, and shall
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
strued to permit any savings association
or private bank or banker, or any loan a.,
trust company, or any other corporatioiD
to issue circulating notes.
Section 40. The provisions of this act
shall apply to, and goven. 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 abridgei
enlarged, or modified as each particular
case may require, to conform to the. pro,
visions of this act. Nothing in this act
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
its articles of organization, il necessary, tC
comply with the provisions Of this act, ana
shall by said time make its business con
form in all respects to the requirements Of
this act, except where such requirement Is
expressly waived herein
CHAPTER III.
PRIVATE BANKS.