Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-01
OBSERVATION-DISCLOSURES,

bas. and the balance may be on deposit in
POI a pproved By the bank commissioners as
rserse osn Is. Whenever the reserve of any bank
on tsil belo< the amount required herein to
spsban, such bank shall not increase its loans or
eogIsso1nts otherwise than by discounting or pur-
dtN;nr bills OF exchange, paya BILE ats light or on
ehasnd and the bank commissioner shall notify
e hank whose reserve may be below the
sa!onnt herein required, to make good such re-
I've and in case the bank iaiis Tor thlrty days
=, ,,Ss,fter to make good such reserve. the bank
VIC may, with the approval of the at
.,,,sy general, institute proceedings for the
So,ntment Of a receiver, and to wind up the
spssiness Of the bank.
sus1r,oS q. The total liabilities of any per.
g cnpartnership or corporation, to any bank,
=, money borrowed, including IN the liabilities
~ he co-partnership, the liabilities of the sew
- members thereof, except special partners,
y N al no time exceed fifteen per cent OF the
81 nnnut of pital and surplus of such bank but
Nadiscounting of bills of exchange, drawn in
"a faith against actually existing values. and
thadiscnuutlug of commercial or business paper
u.,ally owned by the person negotiating tho
- shall not be considered as money Dor.
- provided. that by "A two-thirds vote OF the
Nrctors, the Liabilities of any person, co-part-
osrshiu or corporation. may be increased to q
.,aI sum not exces ling twenty-five per cent. of
w.. captal and surplus OF such bank.
SECTION a. No bank shall take for security
Tor .py loan or discount lien upon any part Of
H. ranital stock. No bank shall be the holder
~ or purchaser of any portion of its capital
.torE unless such purchase shall be necessary to
went loss upon debt previously contracted
T. ,,od faith Stocks SO purchased shall IN no
~, he held by the bank for a longer time than
~, months IL the stock can be sold for the
.moaut Of the claim IT the bank against the
,sue and /, must he s,,ld for the best price oh.
,-iyabIr within one year or IL shall be Cancelled,
md shah then amount to a reduction Cf the cap
ifal stock provided, that If such reduction shall
,adncp tho capital stock below the minimum
,sIuirpd b, law, snch capital stock shall be
srain increased Ia the amount required by law
a. pr0vtdpi herein.
srcrluN ~ 1t shall not be lawful for any
NAM to loan to any of its officers. directors
clerks ar employees, any of the funds of the
hank nules, the same shall have been author
i,si both a. 10 amount and security, by "A reSolu.
Ian nj the board OF directors, to be recorded.
SECTION % Nc bank shall lend an amount
exceeding twenty per cent. of its capita stock
mon mortgages or any other form of real estate
security, except on the adoption of a resolution
by a two.thirdS vote Of the board of directors
soecfsing some larger amount which its officers
NAV loan upon real estate security; provided
LAT in no event shall any bank 81 loan an
amount to exceed twenty.i five per cent. of the
aggregate Of its capital, surplus and deposits.
md provided, that banks doing business in
villages or cities having less than six thousand
lhabtants under the last official census, may
lsn a sum not to exceed thirty-three and one
bird per cent. Of the aggregate of its capital,
nrpus and deposits upon real estate security,
HE limitation in this section shall not pre- cude
say Indebtedness previously contracted in good
faith upon personal security; and provided, fur.
ber, that any bank having taken real estate Sc
cgrity for such debts SO proYiocslN contracted,
which shall have carried its percentage of loans
O, real estate above the amount hereinbefore
limited such bank shall, within six months
Hereafter, either by sale or collection, reduce
Is real estate loans to the amount hereinbefore
lGitcd,
SECTION 80. No bank shall demand or receive
io- oans or discounts rate of interest exceed.
lg that allowed by law to be taken and received
B., individuals, excepting that it shall be lawful
iranv bank to receive interest in adseuce ac-
c1rliuE 10 the ordinary usages of banking lnsti.
m'juu- ard to charge for collecting foreign or
domestic bills, or OTHER evidences Of debt the
usual current rute OF exchange. In the cumpu.
TALON of time, thirty DAYS shall be considered
month and twelve months a year,
SEXTON al All debts due 10 any bank, on
winch interest Is past due and unpaid for a
prod Of twelve months, unless the same are
we'll secured and IN process of collection. shall
reuusldercd bad debts. aud shall be charged oH
% tlr profit and loss account at the expiration
Of one year.
SECTION 32 Tho board Of directors of a bank
or declare dividend from SO much Of its net
profits after providing for all expenses losses,
interest and taxes accrued or due from said
uus a. they -hall deem eTpedieut; but before
s1f such dividend Is declared, not less than one
ellh Of the net profits aF tho bank for the pre-
Ndnr half year. or for sucH Yerigd as is covered
By the dividend, shall be carried to a surplus
nud. until such surplus fund shall amount to
twenty per cent. If the capital stock. No divi-
den. shall be declared before the capital stock
Is fully paid
SECTION 49, Ivory president. director cash
Ter officer, teller, clerk or agent Of any bank or
savings association who cuiOCZales abstracts or
Wu.ly Wisapullcs, any OF the MONEYS, funds,
credits, or properly o tthe bark or savings asSn-
chiffon whether owned by it or held in trust. or
sho without authority of the directors issues
Or puts forth any cert itcate of deposit draws
any order or bill uf exchange, makes any accept
slce, assigns any note, bond draft, bill nf tx
change mortgage, judgment or decree or who
uaae' any false entry In any book, report or
Edrment Of the bank, with intent IN either
ta@ To iuJure or detraud the baak or savings as
@Aauon, or any person or corporation, or TO
ar5ye any officer Of the bank or savings assocl-
ason' or any agent appointed to examine the
a12rs OF such bau, or savings association; or
sl' person who, with like intent, aids or abets
a' officer clerk or agent in the violation 81 thus
section, upon conviction thereof shall be ma
ears
SECTION q. If the board of directors, or a
quorum thereof of any bank shall knowingly
to.ate, or knowingly permit any of the officers
scents or employees of the bank, to violate any
@he provisions OF this act; and after warning
Ton the bank commissioner shall fan to make
tl0l any loss or damage resulting from such
scN, or continue such conduct, II shall con ~ .
tote ground for the forfeiture OF the charter Of
lea bank, IL shall he the duty of the bank com
-t'HlOutE, Win the consent OF tlle attorney kun
ga 10 institute proceedings 10 enforce such
'0iellnre, and to secure a dissolution and a
s1ding up Of the affairs of such bank.
SECTION IS. The stockholders of every bank
ha.l be- individually liable, equally and ratably,
.' one iurauothcr, for the benefit Of the depos-
f9f, 30 SAID bank to the amount of their stock
The par value thereof in addition To the
s49lnt invested IN said stock. But persons
lnllhe stock as executors. administrators,
saIllHu- lr trus tees, and persons holding stock
Z collateral security shall not be personally
sD.f as -tpckhuders, but the assets Orfunds IN
4rg hands constituting the trust, shall be liable
lle same extent as the testator, intestate,
sil or rUr~Ou Interested in such trust fund
'oUl De- NJ living OF competent to act and the
"u pedglng such stock shall be deemed the
rkhuller and liable under this section. such
401iN shall continue for sixty days after any
t.sero took.
SECTION 80. Whenever any deposit shall he
NE 80 ans bank by and in the Came Of any
.or nr female, ben2 OF thereafter becoming II
.rel woman, the same shall be held for the
t4sHe giit and benefit of such minor or fe-
" hai free from the control or lien Of al per
Whatsoever except creditors, aud shall be
" with ans interest due thereon, TO the per
A who's. name the deposit shall have been
". fud the receipt Of such minor or female
iD q sufficient release or discharge for such
''., iu the bank. Whenever any deposit shall
.alr nt any person in trust for another, and
..NH- or further notice of the existence ana
rs 90 q legal and valid trust SHAH have been
Ii writing to such bank, in the eyento the
VI the trustee, the same or any part there
'"t amy interest due thereon, may be paid 10
".r0l tpr whom the said deposit was made.
.I'f' %. All real estate owned hy any bank