Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-24

ever a vote is taken to 20 into liquidation, ii
shall be the duty Of the board Of directors tc
cause notice Of this fact to be certified. under
the seal Of the bank by ibs president and cashier
| to the bank commissioner. and publication
claims. against the bank for payment, shall be
made once in each y4sSA for eight successive
weeks in the Official state paper. and also in a
newspaper published in the village, city OF
county In which the bank is located, and Ii no
newspaper is there published then 10 the news
paper published at the nearest county seat.
SECTION Il. Every bank shall keep on hand at
all times, at least fifteen per cent. OF It's total
deposits, at least six-ffteenthsOf which shall be
| in lawful money, and the balance OF such per
centage may be on deposit in banks approved by
! the bank commissioner as reserve banks; except
j in the case of banks which shall be approved by
| the bank commissioner as reserve banks, (which
! banks shall at all times keep on hand at least
! twenty-five per cent. of their total deposits, at
| least twofifths of wh{e3N See! }.e = Last
I..', ... At - la*t* -@Y+f 10 "a &9po>it II
banks approved ~ the bank commissioner as
SECTION 25. Whenever the reserve of any bank
shall fall below the amount required herein to
be kept, such bank shall not increase Its loans or
discounts otherwise than by discounting or pur-
chasing bills of exchange, payable at sight or on
demand, and the bank commissioner shall notify
any bank whose reserve may be- below the
amount herein required, to make good SUCH re-
serve, and in case the bank ails'for thirty days
| thereafter to make good such reserve, the bank
| commissioner may, with the apprOval OF the at
! torney- general, institute proceedings for the
| appointment of a receiver, and to wind up the
| business of the bank.
SECTION z6. The total liabilities of any per-
| son, co-partnership or corporation, to any bank
for money borrowed, including in the liabilities
of the co-partnership the liabilities OF the sew
eral members thereof, except special partners
| shall at no time exceed fifteen per cent. OF the
amount of capital and surplus of such bank; but
the discounting of bills of exchange, drawn in
good faith against actually existing values,a and
| the dlscOunting of commercial or business paper
actually owned by the person negotiating the
same shall not be considered as money Dor
rOWeQ provided TN AFT nv two thirds vote Nftlo
directors, the liabilities of any person, co-part-
nershlp or corporation, may be increased to
total sum not exceeding twenty live per cent. OF
the capital and surplus of such bank
SECTION IT. No bank shall take for'security
for any loan or discount a lien upon any part OF
its capital stock No bank shall be the holder
of or purchaser of any portion of it's capital
stock, IN less such purchase shall be necessary to
prevent loss upon a debt previously co7tTacted
in good faith. Stocks so purchased shall ID no
case be held by tne bank for longer time than
SIX months, If the stock can be sold for the
amount OF the claim of the bank against the
same, and it must be sold for the best price OBJ
taina bic within yearyor it shall be Cancelled,
and shall then amount to a reduction of the cap
ital stock provided, 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 required by law,
as provided herein.
SECTION 28 1t shall not be lawful fer any
bank to loan to nny OF it's officers directors,
clerks or employees any of the funds of the
bank, unless the same shall have been author
lied, both as 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 it's capital stock
upon mortgages, or any other form OF real estate
security, except on the adoption of resolution
by othirds vote of the board of directors,
specifying some larger amount which its officers
may loan upon real estate security; provided,
that in event shall any bank so loan an
amount to exceed twenty-five per cent of the
aggregate of it's capital surplus and deposits;
and provided, that banks doing business IN
villages or cities having less than six thousand
fI1n Ioc& ToI nv
loan sum not to exceed thirty three and one
third per cent. of the aggregate of it's capital,
surplus and deposits, upon real estate security.
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 fur
ther that any bank having taken real estate Sc
curity for such debts so previously contracted,
which shall 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 collection, reduce
it's real estate loans to the amount hereinbefore
limited.
SECTION 80. No bank shall demand or receive
for loans or discounts rate of interest exceed
ing that allowed by law to be ia ken and received
by individuals, excepting that it shall be lawful
for any bank to receive interest in advance ac-
cotding to the ordinary usaGes OF banking instr
tutions, 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
period of twelve months, unless the same are
be considered bad debts, and shall be charged off
to the profit and loss account at the expiration
OF one year.
may declare a 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-.
ceding 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 diVi-
is fully paid
SECTION 80. Every president, director, cash
Ter, officer, teller clerk or agent of any bank or
savings association who embezzles, abstracts or
wilfully misapplies any OF the moneys, funds,
credits, or property jthe bank or savings aSsO-
citation, whether owned by it or held in trust or
who, without authority of the directors, ISSUES
puts forth any certificate of deposit, draws
any order or bill of exchange, makes any accept
ance, assigns 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
case to injure or defraud the bank or savings as
soclatlon, or any person or corporation or 70
deceive any officer of the bank or savings ascot
alton, or any agent appointed to examine the
affairs of such bank or savings ASSOCIATION; or
any person who, with like intent, aids. or a bets
any officer, clerk or agent IN the violation 81 t1is
section, upon conviction thereof, shall be i'm
priSQned In the state prison not to exceed twenty
years.
SECTION 81. II the board Of directors, OF 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 provisions of,this act; and after waning
from the bank commissioner shall fan to make
good any loss or damage resulting from such
acts, or continue such conduct, it shall constl-
tute ground for the forfeiture Of the chartcr OF
such bank. Ii shall be the duty Of the bank com
missioner, with the consent Of the attorney-een-
erai, to institute proceedings to enforce such
forfoitQye, and to secure dissolution and 8.
winding UP Of the affairs Of such bank.
SECTION Is. The stockholders Of every bank:
shall be individually liable, equally and ratably,
not~one for another, for the benefit of the depos-
itOrs II said bank, to the amount Of their stock
at the par valylo thereof, in addition to the
anlouns invested in said stock. But persons
holding stock as executors, admInlstra tors.
guardians or trustees, and persons holding stock
as collateral security, shall not be personally
liable as stockholders, but the assets orfunds IN
their hands constituting the trust shall belIabIe
~ the same extent as the testator, 1ntestate,
ward or person Interested in such trust fund
would be If living, OF competent to act, and the
person pledging such stock shall be doomed the
stockholder and liable under this section. Such
liability shall continue for sixty days after any
transfer Of stock.
SECTION So. Wherever. any deposit shall be
made in any bank by and in the name of any