River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-22

shall be Cancelled, and shall then amount
| 10 a 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-
Section Is. II shah not be lawful for
! any bank to loan to any Of it's 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
other form of real estate security, except
on the adoption OF resolution by two
| thirds vote of the board of directors
| specifying some larger amount which its
officers may loan upon real estate securi-
! ty; 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 pro-
vided, 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 thirty-three and one-third per
cent of the aggregate of its capital. sur
plus and deposits, upon real estate securi-
~ The limitation In this section shall
not preclude any bank from taking real
estate security. upon any Indebtedness
| previously contracted in good faith
upon personal security; and provided
further, that any bank having taken real
I estate security Tor SuCh debts
viously contracted. which shall have
carried its percentage OF loans on real
estate above the amount herenbefore
! limited, such bank shall, within six
months thereafter either by sale or coll
lection. reduce its real estate loans to
| the amount hereinbefore limited.
Section 80. 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 il shall be lawful for any
| bank to receive interest in advance ac-
cordlng TO the ordinary usages of bank
! 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 month
! and twelve months a year.
Section 81. All debts due to any bank.
paid for period of twelve months, I'M
less the same are well secured and IN
process of collection, shall be considered
| bad debts, and shall be charged OF 10
the profit and loss account at the ex-
| Section 80 The board of directors of
bank may declare dividend from so
much of its net profits, after providing
| for all expenses, losses, interest ana
/ 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 preceding half 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
shall be declared before the capital stock
is fully paid.
Section &c. Every president. director
! cashier, officer, teller. clerk or agent OF
any bank or savings association, who
| embezzles, abstracts or wifuly 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 certih-
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
| or who. makes any false entry in any
book, report or statement OF the bank,
| with intent in either ease TO injure 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 like
| or agent in the violation of this section.
upon conviction thereof. shall be i'm
| prisoned in the state prison not to ex-
Section g. If 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 pro-
/ visions 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,
! it shall constitute a ground for forfeiture
| of the charter of such bank. 1t shall be
| the duty of the bank commissioner with
| the consent of the attorneys to
| institute proceedings to enforce such for
| fixture, 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 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 executors, administrators,
! guardians or trustees; and persons hold
Hot vi tasa1l
| 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
| 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
same shall be held for the exclusive right
and benefit Of such n1in@r or of a1 n and
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
| a bank snail 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 determined the same propOrtionally
! as that of other property after deducttng
! therefrom the real estate owned by the
! bank. The tax of any shareholder not
| residing in the taxing district of the bank,
| unpaid tax list TO the county, may be
/ paid by the bank. and such payment shall
! 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 SO. In the event that the con-
Eress of the United States shall here
after 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 accordance 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 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
| EaniZed 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
1 affect the legality of investments hereto
/ fore made or to transactions heretofore
1 had, pursuant to any provisions of law
/ in force when such investments were
| made or transactions had. All banks now
/ existing and doing business within this
| July next following the time when this
/ act becomes operative alter or amend its
1 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 require
! ments of this act. except where such re-
! quiremeut IS expressly waived herein
CHAPTER III.
/ Private Banks
/ Section l. Every person, Co-partner-
| ship or corporation doing business in this
state or that may hereafter be doing
! business In this state. which shall adj
/ vertfse as a bank or as doing n banking
/ business either by signs. circulars. letter
/ heads or printed matter of any descrip
/ ton; or any such person. Co-p8Ttnership
I or CORPORATION. who shall receive money
; g