Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-11-03

1F6f il 70 @za~t =iai7 an bs-.,s $ loan an
tt.tollt 10 a1e5E EfE7f1 N-s7a Is9~ cant Of the
--Ss5Fsei ---- las q ss.s9sy7Jsits /:
isf=E-- gstl s5t1 Ing less ti4aa SIX thousand
iHles2i as, a - TIE taSt c--lclaI census. mar
i'}iI san ilHC 5fT 5-et t3lr7T-taree and one
..!.'! -g Gent. 81 tije aCE-eg2te OF its capital,
surplus .t.lG deposits .lslsH real estate SecIrtv
The limitation II this section SHAH not preclude
any 5&rk from saEing. real estate security, upon
any Indebtedness previously contracted in c0od
f5sEth upon personal security: and provided, fur
t1er. That any bank having taken real estate Sc
Guilty. lo1 Sqch debts 50 prey tossiy contracted,
which snail have carried It's percentage of loans
on real estate ADORE the amount heTe;1before
tiulFed. such bank shall, within xix months
thereafter, either By sale or collection, reduce
us Iedt estate loans to TIE amount herein before
limited.
SECTION 50. No bank shall demand or receive
ior loans or discounts rafe Of intesest exceed
ng that allowed by law to be taken and received
by individuals, excepting that it shall be lawful
or any bank to receive interest in advance &C
corning to the ordinary usages Of banking insti-
surlft}S, and to CHARGE for collecting foreign or
domestic oils, or other evidences of debt the
usual current rate OF exchange. In the coupu-
tation of time, thisty days shall be considered
Month and twelve months i year.
SECTION 81. All debts due TO any bank, on
Watcl interest IS past due and unpaid for
peEto0 OF twelve months, unless the same are
Vel secured and In process of collection, shall
De considered bad debts and shall be charged of
OF one year.
SECTION %. TIE board of directors of a hank
NAV declare & dividend from so much Of its net
rtofltS, after providing for all expenses losses
interest," ana taxes accrued or due from said
bank, as they shall deem eZpedient; but before
any such dividend is declared. not less than one
tenth of the net profits of the bank for the pre-
cedllg naIf 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 Civi-
dend sna! be declared before the capital stock
Is fullF paid.
SECTION b Every president director, cash
Ter, officer teller. clerk or agent of any bank or
savings association who cmbcZZI6s abstracts or
WIiuIly mlSaGDlies, any of the moneys, funds,
credits, or property O ithc bark or savings asso-
cation. whether owned by it or held in trust or
vino, without authority Of the directors, issues
9r puts forth any certificate OF deposit, draws
any order or blI! 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 injuTe or defraud the bank or savings as
soctatlon, or any person or corporation, or to
deceive any officer of the bank or savings associ-
atIon, or any agent appointed to examine the
affairs OF such bank or savings aSSOcia ton; or
any person who, with like intent, aids. or abets
any oficer, clerk or agent IN the violation OF this
section, upon conviction thereof, shall be i'm
prIScned IN the state prison not to exceed twenty
years.
SECTION -. II the board of directors 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 provisions Of this act and after warning
from the bank commissioner shall fail to make
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 a dissolution and
winding up of the affairs of such bank.
SECTION 35. The stockholders of every bank
shall be individually liable, equally and ably,
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,
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 or person interested in such trust fund
would be if living, CT competent to act. and the
person pledging such stock shall be deemed tho
stakeholder and liable under this section. Such
liability shall continue for sixty days after any
transfer of stock.
SECTION &c. 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 VIVA tsoever, except creditors, and shall be
D id, with any interest due thereon, to the per-
son in whose name the deposit shall have been
made, and tie 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 notice OF the existence and
terms of g 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 DC paid to
the person fOrWhCm the said deposit was made,
SECTION 81. AureaI 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 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 therefrom the real
estate owned by the bank. The tax of any shares
holder not residing III 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 shal 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 50. 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, il 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
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 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 partic-
uiar case may require, 70 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 provision of law
in force when such Investments were made or
transaction had. All banks 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 organ izaticn, 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 Ichrequirernent is expressly waived
herein.
PRIVATE BANKS.
SECTION 1. Every person, co-partneTship or
corporation doing business in his state or that
may hereafter be doing business in this state
which shall advertise as a bank or aS doing
banking business, either by signs, circulars
letter heads, or printed matter OF any descrip
ton; or any such person, 3rtnershi p or cor
poTatiou who shall receive money or funds for
deposit or safe keeping as regular business, or
who shall buy or sell exchange as a regular bust
ness, shall be deemed to be doing banking
business, and shall be known as q 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-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 o. 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,
70 Loon