Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-08

cashier, Office, teller, clerk or assent Of an
bank or savings association who lEnbcG-is
abstracts or wiifully misapplies. any Of TN
moneys, funds credits, or properly OF IN
bank or savings association, whether OWN
ed by it or held IN trust, or VINO, WHOM
forth any certificate OF deposit, draws an
order AZ bill of exchange makes any e
ceptanc9. assigns any note. polu, uEal
bill of exchange, mortgage, judgment q
decree. or who makes any false entry
any book, report or statement OF the PAM
with intent in either case 10 inquire OF oe
fraud the bank or sav a a as 70 deceiv
any officer of the bank or SAYINGS assoTtSa
ton, or any agent appointed 10 eAalnt I
the affairs OF such bank OF saS,'l H.
aids or abets any officer. clerk or agent
the violation of this section, upon cohvic
ton thereof, shall be imprisoned IN ths
state prison not to exceed twenty years
Section "a. If the board of directors, oN
a quorum thereof, of any bank SHAH knoWs
ingly violate, or knowingly permit any "
the officers, agents or employees OF ~
bank. 10 violate any of the provisions @
this act; and after warming from ~
bank commissioner shall fail TO make Sooy
any loss or damage resulting from sue
acts, or continue such conduct. II shal
constitute ground for the forfeiture e.
the charter of such bank. 1t shall De tns
duty of the bank commissioner, with %
tute proceedings to enforce such fortelture#
and to secure dissolution and a wlnolns
I'D OF the analrS or SCcn Dalk.
Section s.. The stockholders OF ever
bank shall be individually liable, equaliF
and ratahly, not one for another, for tns
benefit of the depositors in said bank, Is
the amount of their stock at the par Nalu<*
thereof, in addition to the amount investeS
In said stock. But persons holding stocN
as executors, administrators, guardians g.
trustees, and persons holding stock as cQE
lateral security, shall not be personally La
BILE as stockholders but the assets o.
funds in their hands constituting the rus
shall be liable to the same extent as tnss
testator, intestate, ward or person inter
ested in such trust fund would be IL nv
ing, or competent to act, and the perso1*
pledging such stock shall be deemed the
stockholder and liable under this secton
Such liability shall continue for sixty days
after any transfer Of stock.
Section Sc. Whenever any deposit shal
be made in any bank by and in the name
of any minor female. being or thereafter
becoming a married woman, the same shal
be held for the exclusive right and peneIli
of such minor or female, and free from
the control or lien of all persons whatso'
ever, except creditors, and shall be puu
with any, interest due thereon; 10 the per.
son in whose name the deposit shall have
been made, and the receipt OF such minor
or female shall be a sufficient release OF
discharge for such deposit to the bank
any person in trust for another, and nc
other or her notice of the existence and
terms of legal and valid trust shaii nays
been given in writing to such bank IN the
event of the death of the trustee, the same
or any part thereof. and any interest due
thereon, may be paid to the person foi
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 sanhk
shall not be taxed, but the shares OF capl'N
tai stock shall be taxed to the sharehold'
The value of the shares to be determines
the same proprtionately as that OF other
property, after deducting therefrom the
real estate owned by the bank. The tax of
any shareholder not residing In the taXinaz
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 upon all Of the shares of It's
shareholders and deduct such tax from Its
earnings.
Section 49, Legal process against any
bank may be served upon any officer OF
said bank in the county where its business
office is located.
Section 49, In the event that the con.
gress 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 cir
culating notes or currency, In ACCORDANCE
with any such act Of congress, and shall
have the power to avail itself of the pro
visions of any such act of congress. The
provisions of this section shall not be COZ
strued to permit any savings associatlut
or private bank or banker. or any loan OF /
trust company, or any other corporation
to issue circulating notes.
Section 40. The provisions of this act
shall apply to, and goven. all banks organ.
lied and now existing within this state
and the powers, privileges, duties and re.
strictions conferred and imposed upon any
bank existing and doing business under
the laws of this state. are hereby abridged,
enlarged, or modified as each particular
case may require, to conform to the pro.
visions Of this act. Nothing in this act
shall be construed to affect the legality OF
investments heretofore made. or to transac-Ss
visions of law in force when such invest.
ments were made or transaction had All
banks now existing and doing business
within this state shall, on or before the 1lrSt
day of July next following the time when
this act becomes operative, alter or amcnds
its articles of organization, II necessary, 10
comply with the provisions of this act, ana
shall by said time make its business con.
form In all respects to the requirements OF
this act. except where such requirement Is
expressly waived herein.
CHAPTER III.
PRIVATE BANKS.
Section T. Every person, co-partnershinf
or corporation doing business in this state, 1
or that may hereafter be doing business in
this state, which shall advertise as bank
or as doing q banking business, either BY
signs circulars, letter heads, or printcdE
matter of any descriptions; or any such per-
son, co-partnership or corporation, Whdz
snail receive money Of lulllS loI uepoSlL W
safe keeping as a regular business, or who
shall buy or sell exchange as regular
business, shall be deemed to be doing al
banking business, and shall be known as al
private bank. and as such shall be subJGcts
to the provisions of this act SO far as the
same shall be applicable. And every such
person, co-partnership or corporation shalIs
make reports and be subject to eXamina-s
ton, the same as banks under this act
And every such person. co-partnershlp or
corporation shall maintain the reserve re-
quired of any bank under similar condisz
ton, and shall keep separate set OF BOOKS
of account relating to such banking BUST
ness, and no entries shall be made upon
said books relating to any other class OF
business. Such set of books shall be sub
ject at all times to examination by the
bank commissioner, his deputy, or person.
appointed by him. Upon the refusal of
any such person, co-partnership or corpor-
alton to keep the reserve required under
this act or upon the refusal to keep the
separate books Of account as required here
under, or upon the refusal to make the re-
ports required by this act, or upon the re-
fusal to submit the books of account pa
pers, securities and cash to the examina-