The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1898-08-11

! and shall then amount to reduction of the cap
reduce the capital stock below the minimum
required by law, such capital stock shall be
again increased to the amount required by law,
/ as provided herein.
SECTION IS. 1t 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 author
lied, both to amount and security, by resolu-
] ton of the board of directors, to be recorded.
SECTION 20 No bank shall lend an amount
: exceeding twenty per cent of its capital stock
upon mortgages, or any 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 security; provided.
! that in no event shall any bank so loan an
amount to exceed twenty five per cent of the
aggregate of its capital, surplus and deposits ;
and provided that banks doing business in
! villages or cities having less than six thousand
INHABITANTS, under the last official census, may
loan sum not to exceed thlrty-throe and one
tDlrd per cent. of the aggregate Of its capital,
surplus and deposits, upon real estate security,
The imita ton in this section shall not pre- cude
any bank from taking real estate security. upon
any Indebtedness previously contracted IN good
faEth upon personal security; and provided. fur
ther. that any bank having taken real estate Sc
curity for such debts so previously coptrac ted,
which shall have carried its percentage of loans
on real estate above the amount herelnbefore
limited, such bank shall, within six months
thereafter, either by sale or collection, reduce
its real estate loans to the amount hereinbefore
limited.
SECrToN 30. 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 1t shall be lawful
for any bank to receive interest IN advance ac-
COrdlng to the ordinary uSageS OF banking lnStl-
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 year.
/ SECTION 81. All debts due to any bank, on
which interest is past due and unpaid for a
+yyp
we'll 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
| may declare dividend from so 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 one
tenth of the net profits of the bank for the pre-
cedlng half year or for such period as is covered
! by the dividend shall be carried to a surplus
j 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 80. Every president, director, cash
Ter, officer, teller clerk or agent of any bank or
| sayings association who embezzles, abstracts or
wilfully misapplies any of the moneys, funds,
credits, OF property of the bank or savings asso-
citation, whether owned by it or held in trust, or
! who, without authority of the directors, issues
or puts forth any certificate of deposit, draws
! any order or bill of exchange, makes any accept
aD2c, assigns any nOU0, DOnu, QrdIC, Dill Oh en-
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 defraud the bank or savings as
! ISOLATION or any person corporation, or to
decisive 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 a
quorum thereof, Of any bank shall knowingly
violate, OF 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 comm Sai0ner shall fail to make
/ good any loss Or damage resulting from sucn
i acts or continue such conduct, it shall cOnStl
tute ground for the forfeiture of the charter OF
such bank. 1T shall be the duty or the oanh com
| missioner, with the consent OF the attorney-gen
! eral, to institute proceedings to emf rce such
! Forfeiture and to secure dissolution and
! winding up of the affairs OF such bank
SECTION S. The stockholders of every bank
I shall be Individually Liable, equally and ratably
not one for another, for the benefit of the depoS
itors 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
liza BILE as stockholders but the assets orfunds II
their hands constituting the trust, shall be liable
to the same extent as the testatOr, intestate
| ward or person interested in such trust funC
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 IS. 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 az Per
paid with any interest due thereon, to the per
son in whose name the deposit shall have beer
made, and the receipt of such minor or female
shall be Sufficient release or discharge for such
deposit to the bank. Whenever any deposit sha !
be made by any person in trust for another, anc
no other or further notice Of the existence ano
terms of legal and valid trust snail 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 5e paid tC
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 II
the town, village city where such real estate
is situated. The capital, surplus and undivided
profits of a bank shall not be taxed, bat tbs
shares of capital stock shall be taxed to the
! shareholders Of such stock where tho bank IL
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 taE OF any snare
holder not residing III the taxing district OF the
bank, if unpaid at the time for returning TIE
unpaid tax list to the county may be paid by
the bank, and such payment shall constitute a
first lien upon the shares 50 taxed. ANY banR
may pay the taxes upon all of the shares of its
shareholders, and deduct such tax from its
earnings.
SECTION 80. 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, 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-
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 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, if necessary,