River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-10-27

| shall be Cancelled, and shall then amount
! To reduction of the capital stock: pro-
/ Vided, that II such reduction shall reduce
| the capital stock below the minimum
| required by law. such capital stock shall
/ be again increased TO the amount re-
/ CURED by law as provided herein.
Section Is. II shall not be lawful for
any bank TO loan TO any of its officers,
/ directors, clerks or employees, any of the
| funds of the bank, unless the same shall
| have been authorized, both as to amount
| and security, by a resolution of the board
/ OF directors, to be recorded.
/ Section %. No bank shall lend an
amount exceeding twenty per cent of its
/ capital stock upon mortgages, or any
1 other form of real estate security, except
on the adoption of a resolution by two
thirds vote Of the board of directors
/ specifying some larger amount which its
! officers may loan upon real estate securi-
/ ~; provided, that in no event shall any
1 bank SO loan an amount to exceed
! twenty-five per cent of the aggregate of
4 it's capital, surplus and deposits; and pro-
! vided that banks doing business in
4 villages or cities having less than six
! thousand Inhabitants, under the last
! exceed thirty-three and one-third per
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
/ previously contracted in good faith
4 upon personal security: and provided
/ further, that any bank having taken real
/ estate security for such debts so pre-
WQiCn 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 coli
/ lection, reduce its real estate loans to
/ the amount hereinbefore limited.
/ Section 30. No bank shall demand or
| receive for loans or discounts a rate of
/ interest exceeding that allowed by law
/ to be taken and received by individuals,
| excepting that it shall be lawful for any
/ bank to receive interest in advance ac-
/ Ing institutions and to charge for col
! Letting foreign or domestic bills or other
/ evidences of debt the usual current rate
! Of exchange. In the computation of time,
( thirty days shall 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 for a period of twelve months, un-
1 less 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 eX-
/ Section 49, The board of directors of a
| bank may declare a dividend from so
I much of its net 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
| for the preceding half year, or for such
| period as is covered by the dividend, shall
/ be carried to 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.
| 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,
/ or property of the bank or savings as
| ISOLATION, whether owned by it or held
| in trust, or who, without authority of the
| directors, issues or puts forth any certifi
! 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;
1 or who makes any false entry in any
4 book, report or statement of the bank,
| with intent in either case to iniure or de-
! fraud the bank or savings association. or
/ any person or corporation, or to deceive
/ any officer of the bank or savings as
/ anime the affairs of such bank or savings
| association; or any person who, with IKE
! 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-
! from the bank commissioner shall fan to
/ make good any loss or damage resulting
! from such acts, or continue such conduct,
| it shall constitute a ground for forfeiture
! of the charter of such bank. 1t shall be
J the duty OF the bank commissioner WIN
! the consent of the encouragement, to
| institute proceedings to enforce such for
| fixture, and to secure a dissolution and
! winding up of the affairs of such bank.
| Section 35 The stockhoIders of every
| bank shall be individually liable, equally
| and ratably, not one for another, for the
| benefit of the depositors 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 hold
| ing stock as executors, administrators,
| trustees
! ing stock as collateral security, shall not
| be personally liable as stockholders, but
! the assets or funds in their hands con-
! stituting 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 So. Whenever any deposit shall
! be made in any bank and in the name
! OF any minor or female, being or there
! after becoming q married woman, the
! same shall be held for the exclusive right
! and benefit of such minor or female, and
| free from the control or lien of all per-
| sons whatever except creditors, ana
| shall be paid, with any interest due there
! 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
| notice of the existence and terms of
! 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 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
! bank shall not be taxed but the shares
! of capital stock shall be taxed to the
! shareholders OF such stock where the
! to be determined the same proportionally
! 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 shall
! constitute a first 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 IS. 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
| circulation bv banks organized under
state laws, any bank organized or doing
! business under this act. shall have the
/
! currency, in accordance with any such
| act of congress- and shall have the power
! to avail itself of the provisions of any
| sucn act of congress. The 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. 10
! 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
! conform to the provisions of this act.
/ Nothing in this act shall be construed to
affect the legality of investments hereto
| fore made, or to transactions heretofore
] had, pursuant to any provisions of law
! in force when such investments were
| 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. 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-
! uuirement is expressly waived herein.
CHAPTER Ill
| Private Banks.
Section !. Every person. co-partner-
| ship or corporation doing business in this
/ state or that may hereafter be doing
/ vertise as a bank or as doing a banking
I business, either by signs, circulars, letter
! heads or printed matter of any deScrip-
/ ton, or any such person. partnership