River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-08-25

| CURED by law. as provided herein.
Section .. Il shall not be lawful for
! any bank to loan TO any of its officers.
| directors, clerks or employees, any of the
| funds of the bank, unless the same shall
! have been authorized, both as to amount
1 and security, by a resolution of the board
/ OF directors. to be recorded
Section 2. 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 a resolution by a 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 it's capital sur
1 plus and deposits upon real estate securi-
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
| estate security for such debts so pre-
viously 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 coll
/ lection. reduce its real estate loans to
| the amount hereinbefore limited.
Section 30. 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 K shall be lawful for any
! bank to receive interest in advance ac-
! cording to the ordinary usages of bank
! ing institutions, and to charge for col
lecttng 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 year.
| Section 81 All debts due to bank,
| on which interest is past due and I'M
! paid for a period of twelve months. I'M
| less the same are well secured and in
! process of collection, shall he considered
! bad debts, and shall be charged off to
the profit and loss account at the ex-
piration of one year.
Section 80. The board of directors of a
| bank 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 expedlent; 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 surplus fund, until such
| surplus fund shall amount to twenty per
| cent Of the capital stock No dividend
! shall be declared before the capital stock
| Is fully paid.
Section 50. Every president. director;
cashier. officer, teller. clerk or agent OF
any bank or savings association, who
! embezzles, abstracts or wilfully misap-
! plies any of the moneys, funds, credits.
! OF property OF the DdUk OF savings us
/ ISOLATION, whether owned by it or held
| in trust, or who. without authority of the
! directors; issues or puts forth any certiti-
| 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
1 book, report or statement OF the bank,
with intent in either case to injure or de-
| fraud the bank or savings association. or
| any person or corporation, or 10 deceive
| any officer of the bank or savings as
! ISOLATION, or any agent appointed to eX-
| anime the affairs of such bank or savings
| association; or any person who, with ike
| 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 eX-
| coed twenty years.
| 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 rail- TO
| make good any loss or damage resulting
! from such acts, or continue such conduct,
| it shall constitute ground for forfeiture
! of the charter of such bank 1t SHAH be
! the duty of the bank commissioner, with
/ the consent of the attorney-seneral TO
/ institute proceedings to enforce such for
| FIXTURE and to secure a dissolution and a
! winding up of the affairs of such bank.
Section 50. The stockholders of every
| bank shall be individually liable. equally
| and ratably. not one for another for the
! benefit of the depostors in said bank.
! 10 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
| ing stock as collateral security. shall not
| be personally liable as stockholders, but
| the assets or funds in their hands con-
| shutting 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 pledglng such stock
| shall deemed GfnrkhOlHpr
! 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
| after becoming q married woman, the
! same shall be held for the exclusive right
| and benefit of such minor or female, and
| free from the control or lien of all per-
| sons whatever, except creditors, and
| shall be paid, with any interest due there
| on, to the person in whose name 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.
| StCIipH %. 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 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 determined the same proportionally
! as that OF other property, after deducting
therefrom the real estate owned by the
| residing in the taxing district of the bank
| if unpaid at the time for returning the
! paid by the bank. and such payment shall
| constitute first lien upon the shares so
| taxed Any bank may pay the taxes up
| on all of the shares of its shareholders
| and deduct such tax from it's earnings
| Section IS. Legal process against any
| said bank in the county where its bust
| ness office is located.
Section 80 In the event that the con-
| gress 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. TO
issue circulating notes.
Section 40 The provisions OF this act
shall apply TO, and govern, all banks or
ganiZed 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 !
as each particular case may require to !
conform to the provisions of this act. !
Nothing IN this act shall be construed to |
affect the legality of investments hereto |
fore made. or TO transactions heretofore |
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 |
state shall or before the first day of !
July next following the time when this !
act becomes operative. alter or amend it's |
articles of organization. If necessary, to |
comply with the provisions of this act, |
and shall by said time make It's business
conform in all respects to the require |
ments of this act, except where such re- |
quirement is expressly waived herein.
CHAPTER III.
Private Banks.
Section /. Every person. Co-partner- |
ship or corporation doing business in this |
business in this state. which shall adj |
vertise as a bank doing a banking |
business. either by signs circulars. letter |
heads. or printed matter of any desCrp- |
ton or any such person. partnership /
or corporation. who shall receive money 1
or funds for deposit or safe keeping a /
a regular business, or who shall buy or \
sell exchange as regular business, shall |
be deemed to be doing a banking bust !
ness and shall be known as a private /
bank and q S such shall be subject TO the !
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