Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-01

amount to exceed twenty-five per cent of the
aggregate of it, capital. surplus and deposits;
VILLAGES CT cities having less than six thousand
inhabitants. under the last official census, may
loan sum not 70 exceed thlrty-three and one
thifti per cent OF the aggregate of Its capital,
surplus and deposits, upon real estate security.
The limitation II this section shall not preclu
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 50 previously contracted,
which shall have carried its percentage of loans
on real estate above the amount hereinbefore
limited, such bank shall, within six months
thereaf ter, either by sale or collection, reduce
ITS real estate loans to the amount hereinbefore
limited.
SECTION 30. No bank shall demand er receive
for loans or discounts rate of interest exceed.
ing that allowed by law to be taken and received
by individuals, excepting that it shall be lawful
Tor any bank to receive interest in advance ac-
cordInS to the ordinary usages of banking insti-
domestic bulls, or other evidences of debt the
usual current rate of exchange. In the compu-
tation of time, thirty days shall be considerable
month and twelve months year.
SECTION 81. All debts due TO any bank, on
which interest Is past due and unpaid for a
period of twelve months, unless the same are
Well 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 -. The board of directors OF bank
may declare dividend from much of its net
profits, after providing for all expenses. losses,
interest and taxes accrued or due from said
bank, as they shall deem ezpedient; but before
any such dividend is declared, not less than one
tenth OF the net profits of the bank for the pre-
cedlng halt 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 cent. of the capital stock. No divi-
dend shall! be declared before the capital stock
is fully paid.
SECTION 33. Every president, director, cash
Ter, officer teller, clerk or agent of any bank or
savings association who embezzes, abstracts or
Wtllully mIsapplies. any of the moneys, funds,
credits, or property O 1.-THE bark 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
ance, assigns any note, bond. draft, bill of
change, mortgage, Judgment 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
SocIatlon, or any person or corporation, or to
deceive any officer of the bank or savings associ-
alton, or any agent appointed to examine the
affairs of such bank or savings association;
any person who, with like intent. aids or abets
any officer, clerk or 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, or 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 commissioner shall fail to make
good any loss or damage resulting from such
acts or continue such conduct, it shall consti-
tute ground for the forfeiture of the charter of
such bank 1t shall be the duty of the bank com.
missioner, with the consent of the att0rney-gen-
eral, to institute proceedings to enforce such
forfeiture, and to secure a dissolution and a
winding up of the affairs of such bank.
SECTION So. The stockholders of every bank
shall be individually liable, equally and ably,
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
liable as stockholders but the assets 0rfunds in
their hands constituting 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, 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 36. 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, tie same shall be held for the
exclusive right and benefit of SUCH minor or fe=
male, and free from the control or lien of all per-
sons whatsoever; eKcent creditors aud shall be
paid with any interest due thereon, to 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 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 there
of and any interest due thereon, may be paid to
the person for whom the said depQsit was made,
sEeFIaN 81. All Eaal estate awned 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 shall 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 deter
mined the same prOpOrtionally as that of other
property, after deducting therefrom the raa!
estate owned by the bank. The tax O. ANY Share
holder not rRSdtnS IL the taxing district of the
bank, ii unpaid at the time for returning the
unpaid tax list to the county, may be paid by
the bank, and such payment shall constitute
first lien upon tho shares SO taxed. Any bank
may pay the taxes upQa al OF tbs shares al ito
shareholders, and deduct such tag from Its
earnings.
SECTION So 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 err cqrHenpy, in aGeord.
anca With any SUCH act Of congress, and shall
have the power ia avail ITSELF Of tho 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
y,
other corporation, to issue circulating notes.
/, SECTION 40 The provisions of this act shall
apply to, and govern, all banks organized and
existing within this state, and the powers.
privileges duties and restrictions conferred and
imposed upon any bank, existing and doing
business nader the laws of this state: are lGTbby
abrldgaa, eliacG9d, or .4oa4tIhd as paGh partic-
u!ar case may regQltsl 70 conform 70 the pro;
visions Of this act. Aothtne in this act shall
be construed to affect the legality of invest,
,mentS heretofore made, or to transactions here
fOtOrn had. Of
in force when such Investments were made or
transaction had. All banks now existing and
doing business within this STAGE shall on or
before the fir t day of July next following the
time when this act becomes operative, alter or
amend its articles of organization, if necessary
to comply With the provisions Of this act and
shall by said time make its busnEss conform in
all respects to the requirements of this act. ex
GGeptwhoFs such requirement. is expressly waived
herein
CHAPTER I'LL
Ps4YATE HAAKs,
SECTTON 1. Every person. eapartnorship or
corporation doing business in this state or that
may hereafter be doing business in this state,
which shall advertise as a bank or a doing
banking business either by signs circulars,
letter heads, printed matter Of any descrip-
ton; or any such person, co-partnership or cor
poTatlon, who shall receive money funds for
deposit or safe keeping as regular business. or
who shall buy OF sell exchange as a rag4far bust
ness, shall De deemed to be doing q banking
business, and shall he known as private bank,
and as such shall be subject to the provisions
" IiS dCL 81 lar d. SAINT sLltll 10 appItc-
able. And every such person, co-pa rtnership or
corporation shall make reports and be subject
to examination, the same as banks under this
act. And every such person, cO-partnership or
corporation shall maintain the reserve required
of any bank under similar condition, and shall
keep a separate set of books CT account relating
to such banking business, and no entries shall
be made upon said books relating to any other
CLASS of business. Such set Of booEs shaI Be
snhject at al things " examination By the hank
eonlmlssloner, his deputy, or person appointed
by him. Upon the refusal of any such person,
co-partnership or corporation 70 keep the re-
serve required under this act, or upon the re-
fusal to keep the separate books of account as
required hereunder. upon the refusal TO |