Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-20

That III 20 event shall any bank so loan an
amount to rzceed twenty-five per cent. of the
aggregate of it, capital. surplus and DEPOSITS:
and provided. that banks doing business in
will ages or cities having less Than SIX thousand
inhabitants, under the last official census. may
loan sum not to exceed thIrty-three and one
third per cent. of the aggregate of IFS caniJal,
surplus and deposits, upon real estate security.
The limitation in this section shall not preclude
any bank from taking real estate security, pom
any Indebtedness previously attracted in good
faith upon personal security: and provided, fur
ther, that any bank having taken real estate Sc
curity for such debts so previously 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 collection. reduce
ITS real estate loans to the amount hereinbefore
| limited.
SECTION 80. No bank shall demand or receive
for loans or discounts rate of interest exceed
ing that allowed by law to be taken and received
by Individuals excepting that it shall be lawful
/ FOR any Dank to receive interest IN advance &C.
cordIng to the ordinary usages of banking insti-
buttons: and to charge for collecting foreign or
domestic bills, or other evidences of debt the
usual current rate of exchange. In the compu-
tatIon of time, thirty days shall be considered
month and twelve months 4 year.
| SECTION 81 All debts due to any bank, on
which interest is past due and unpaid for
/ period OF twelve months, unless the same are
well secured and in process OF collection, shall
be considered bad debts, and shall be charged off
! to the profit and loss account at the expiration
| of one year.
SECTION 81. The board of directors of a bank
Il o
profits. after providing for all expenses losses,
| interest and taxes accrued or due from said
| bank, as they shall deem expedient; but before
any such dividend is declared, not less than one
tenth of the net profits of the bank for the pre-
ceding half year, 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 divi-
dend shall be declared before the capital stock
! is fully paid.
SECTION So Every president, director. cash
| Ter officer, teller, clerk agent of any bank
| savings association who embeZzles, abstracts or
wllfully mlsapplies, any of the moneys, funds.
| credits, or property tthe bark savings asso-
citation whether owned by it or held in trust,
| who, without authority of the directors, issues
Or puts 1ofth any certIhcate OF deposit, draws
any order or bill of exchange, makes any accept
| ance assigns any note, bond. draft, bill of
| 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
! ISOLATION, or any person or corporation, or to
deceive any officer of the bank savings asSoci-
| alton, or any agent appointed to examine the
| affairs of such bank or savings association; or
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
prisOned In the state prison not to exceed twenty
years.
| SECTION 81. If the board of directors, or
| 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 provisions of this act; and after warning
!
! good any loss or damage resulting from such
| acts, or continue such conduct 1t 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 dissolution and
| winding up of the affairs of such bank.
| SECTION 35. The stockholders of every bank
shall be individually liable, equally and ratably,
not one for another for the benefit of the depos-
| itCrs in said bank, to 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 or trustees, and persons holding stock
| as collateral security, shall not be personally
liable as stockholders, but the assets or funds in
their hands constituting the trust, shall be liable
to the same extent as the testator, intestate,
| ward person Interested in such trust fund
would be if living, OF 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 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
paid with any interest due thereon, to the per-
son in whose name the deposit shall have been
made, and the receipt of such minor or female
shall be sufficient release 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 notice 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 there
of, and any interest due thereon, may be paid to
! the person for whom the said deposit was made.
SECTION 81, ALI 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 deter.
mined the same proportionally as that of other
property, after deducting therefrom 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 IlSt 10 the county, may De pald 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 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 congress 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 circulating notes or currency, in accord
| ance with any such act of congress, and shall
have the power to avail itself of the provisions
of any such act of congress. The provisions of
| this section shall not be construed to permit
any savings association, 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 organized and
| 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 partlc
ular case may require, to conform to the pro.
| visions of this act Nothing in this act shall
| be construed to affect the legality of invest
| mentS heretofore made, or to transactions here
| tofOre had, pursuant to any provisions of law
| in force when such investments were made Or
| transaction had All ban ks now existing and
| doing business within this state shall, on or
| before the fir, day of July next following the
| time when 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 its business conform in
| all respects to the requirements of this act. ex
| cept where such requirement is expressly waived
CHAPTER III.
PRIVATE BANKS.
| SECTION l. Every person, co-partnership or
corporation doing business in this state, or that
may hereafter be doing business i'll this state
| which shall advertise as a bank or doing
| banking business, either by signs, circulars,
letter heads, or printed matter of any descrip-
| ton; or any such person, cO-partnerShIp cor
poration, who shall receive money or funds for
deposit or safe keeping as a regular bus mess,
who shall buy or sell exchange as regular bust
ness, shall be deemed to be doing a banking
| business, and shall be known as private bank,
and as such shall be subject to the provisions
OF this act so far the same shall be apple
able And every such person, cO-partnerShip 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 CT 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 tile refusal of any such person.
co-partnership or corporation to keep the re-