Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-10-13
stock. No dividend shall be dec,arsa ~.
fore the canital stock Is f,,ll,r - -. 20


cashier. officer teller. clerk or agent OF any
bank or savings association who ernhezrIeS
abstracts or wilfully misapplies, any of ths
moneys, funds. credits, or property of the
bank or savings association, whether own.
ed by it or held in trust, or who, without
athority of the directors, issues or puts
forth any certificate of deposit, draws any
order ar bill of exchange, makes any &C.
ceptanc., assigns any note, bond, draft
bill of exchange, mortgage, judgment OF
decree; or who makes any false entry II
any book, report or statement OF the hank
with intent in either case TO inlure or de.
fraud the bank or savings association, Oh
any person or corporation, or TO deceive
any officer of the bank or savings associa'
ton, or any agent appointed TO examine
the affairs of such bank or SAYINGS assocA'
ticn; or any person who, with like intent
aids or abets any officer, clerk or agent II
the violation of this section, upon conF!c'
ton thereof, shall be imprisoned in the
state prison not to exceed twenty years.
Section 81. If the board of directors, OF
q quorum thereof, OF any bank shall know
ingly violate or knowingly permit any OF
bank, TO violate any of the provisions OF
this act; and after warning from the
bank commissioner shall ran to make 5000
any loss or damage resulting from sucE
acts, or continue such conduct, 1t shaL
constitute ground for the forfeiture OF
the charter of such bank. 1t shall be the
consent Of the attorney-Seneral, TO lnstl'
tute proceedings to enforce such forfeiture
and to secure dissolution and q 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
benefit of the depositors in said bank, tic
the amount of their stock at the par Nalue
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 liza
bic as stockholders, but the assets OF
funds in their hands constituting the trust
shall be liable TO the same extent as the
testator, ntestate ward or person inter.
ested in such trust fund would be If NV
ing, or competent to act, ana the person
pledging such stock shall be deemed thd
stakeholder and liable under this section
Such liability shall continue fer sixty days
after any transfer of stock.
Section So. Whenever any deposit shall
be made in any bank by and IL the name
of any minor or female, being or thereafter
becoming married woman, the same sinai
be held for the exclusive right and benefit
of such minor or female and free from
the control or lien of all persons Whatso
ever, except creditors, and shall be paid
with any interest due thereon. to the per-
been made, and the receipt of sucn minor
or female shall be sufficient release OF
discharge for such deposit to the bank
Whenever any deposit shall be made by
any person in trust for another, and nc
other or further notice Of the existence and
terms of leSal and valid trust shall have
been gTep in wFtSg to such ts+ bank he N ns
or any part thereof. and any interest due
thereon, may be paid to the person foi
whom the said deposit was made.
Section 81. Al 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 panh
shall not be taxed, but the shares Of CAPT
tai stock shall be taxed to the sharehold-
ers CT such stock where the bank is located
--,I, rI.o JNfa 7 ,-TD1i
the same proprtionately as that OF other
property, after deducting therefrom the
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
for returning the unpaid tax list to the
county, may be paid by the bank, and such
payment SHAH constitute first lien npoL
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
Section So In the event that the con-
Gress of the United States shall hereafter
provide for the estab Iishnent of circulation
by banks organized under state laws, any
bank organized or doing business under
this act, shall have the power to issue cir.
culating notes CT currency, in ACCORDANCE
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 OF
trust company, or any other corporation
to issue circulating notes.
Section 10. The provisions OF this acl
shall apply to- and goven. al banks organ
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 abridged
ENLARGED or modified as each particular
case may require, to conform to the pro.
visions Of this act. Nothing IN this act
investments heretofore made. or to transac-
lions 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
it's articles Of organization, il necessary, tG
comply with the provisions of this act and
shall by said time make its business con.
form in all reepects to the requirements OF
this act except where such requirement Is
expressly waived herein.
CHAPTER III.
PRIVATE BANKS.
Section 1. Every person, co-partneTsnlp
or corporation doing business IN TINS state,
or that may hereafter be doing business ~ II!
this state which shall advertise as bank
or as doing a banking business, eIther ny
signs, circulars, letter heads or prlnteo
matter of any description; or any Such PEI
SON. co-partnarship or corporation, VINO
shall receive money OF funds for deposit o., or
safe keeping as a regular business, or VINO
shall buy or sell exchange as regular
business, shall be deemed to be doing a
barking business, and shall be known as q
private bank and as such shall be be su6] t6e
same shall be applicable. And every such
person copartnership or corporation sha,.
make reports and be subject TO examine
ton, the same as banks under TINS act:
And every such person, co-partnershlp OF
corporation shall maintain the reserve re-
quired of any bank under similar - G ban1Ie
ton, and shall keep separate set OF DOCKS
of account relating to such banking bust
ness and no entries shall d be made eess spo of
business. Such set of books shall pc SUP.
ject at all times to examination by the
bank commissioner, his deputy. or person
appointed by him. Upon the refusal usalo OF
alton to Keep the reserve required under
this act, or upon the refusal to keep the
separate books Of account as required here
under, or upon the refusal to make the Re.
ports required by this act, or upon the re-
fusal to submit the books Of account, pa
pers, securities and cash to the examina-