Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1890-03-14

any shall be paid to the delinquent share
holder. II no bidder can be found who
will pay for such stock the amount due
thereon to the association and the cost of
the advertisement and sale, the amount
previously paid shall be forfeited TO the
association, and such stock shall be sold
as the directors may order, within six
(6) months from the time of such forfeit
ure.
SEC. 10. The capital stock of each asso-
citation shall be divided into shares of 800
each and be deemed personal property, ana
transferable on the books of the associa-
ton in such manner as may be prescribed
by h bylaws or articles of such associa-
ton; every person becoming q shareholder
by such transfer shall in proportion to his
shares succeed to all rights and liabilities
of the prior holders of such shares, and no
change shall be made in the articles of as
security Of the existing creditors of the
association shall be impaired.
SEC: IL. Any ASSOCIATION formed under
this title, may by its articles of association,
provide for an Increase of its capital stock
from time to time as may be deemed expe-
dent. subject to the rules and limitations
OF this title, but no increase of capita!
be paid in, in cash, and such payment Ger
tilted, under oath, by the president or cash.
Ter OF such association, to the secretary of
state, who shall give his certificate that the
provisions of this section have been COM
piled with. and specifying therein the
amount of such increase of capital stock
with his approval thereof, and that it has
been duly paid in as a part OF the capital
thereof; any association formed under this
title may by vote of its shareholders, own
ing twO-ShirdS of its stock, reduce its CAPT.
tai to any sum, not below the
amount required by this title to au-
thorize the formation of association, but no
such reduction shall be made until the
mount OF the proposed reduction is re-
ported to the secretary of state. and his
approval thereof obtained in writing, and
no such reduction shall be construed as
affecting the liability Of shareholders for
any debts Of the association incurred prior
to such reduction.
SEC. IL. Any association organized under
the provisions of this act, may be dissolved
by district court of the county where its
office or principal place of business is sit
uated, upon its voluntary application for
that purpose. The application must be in
writing and must set forth that at a meet
ing Of the stockholders OF members called
for that purpose, the dissolution of the
association was resolved upon by a two
beers, and that all claims and demands
against the association have been satisfied
and discharged. The application must be
signed by a majority of the board of direc-
tors or other officers having the manage
ment of the affairs of the association, and
must be verified in the same manner as a
complaint in a civil action. A verified COP
of the application shall be filed with the
public examiner or such state officer as is
by law authorized to examine such assoc;a-
lions, within ten days after the filing of
such application with the district court.
If the court is satisfied that the application
is in conformity with this act it must order
the application to be filed, and that the
clerk give not less than thirty nor more
publication in some newspaper published
in the county, and if there are none such,
then by advertisement posted up in five of
the principal public places in the county.
At any time before the expiration of the
time OF publication, any person may file
his objections to the application. Before
the final hearing and determination of
the application, the public examiner shall
make a thorough examination of the affairs
Of such association and file a certified state
ment of such examination with the clerk
of the court of the county where such ap-
pilcation is made, which statement shall be
part of the papers in the case. After the
time of publication has expired, the court
may upon five days notice to the persons
who have filed objections, or without
further notice 81 if no objections have been
filed, prOcead to hear and determine the
application, and II all the statements there
in made are shown to be true, the court
must declare the association dissolved. No
stakeholder or officer of such association
shall be allowed to withdraw from such
association, or surrender or dispose of his
shares of stock, after the filing or making
such application for dissolution, and prior
to the final determination of the case.
Upon the dissolution OF such association
by the district court, the clerk of said court
shall forthwith notify the secretary of
state of such dissolution, by sending a copy
order and notice shall be filed by
the secretary of state with the
original certificate of organization. The
application notices and proof of publication
objections lii any and declaration of dis
solution, constitute the Judgment roll and
from the judgment an appeal may be
taken IN the same manner as in other
actions.
SEC: lS. The directors of any association
organized under this act may semi-annu-
ally declare a dividend of so much of the
net profits of the association as they shall
judge ~expedient, but each association
shall, before the declaration of a dividend,
carry one-tenth part of its net profits of the
preceding half year to its surplus fund un-
Vs. SANS oN&AAN SA4AAA AAAOAlk " ~ e CCuL, III
its capital stock.
SEC. IA. Every director must own in his
W right at least ten (10) shares OF the
capital stock of the association of which he
IS a director; any director who ceases to be
the owner of ten shares of the stock, or who
becomes in any other manner disqualified,
shall thereby vacate his place.
SEC. Is. No association or any member
thereof shall during the time it shall con-
tlnue its banking operations withdraw or
permit to be withdrawn, either in form of
dividends or otherwise, any portion of its
capital; if losses have at any time been
sustained by such association equal or ex-
ceeding its undivided profits then on hand,
dividend shall be made; and no divi-
dend shall be made by any association
while it continues its banking business to
any amount greater than its net profits on
hand, deducting therefrom its losses and
bad debts; all debts due to an association,
on which the interest is past due and un-
paid for a period of six months, unless the
same are we'll secured and in process of
collection, shall be considered bad debts
within the meaning of this section: but
nothing in this section shall prevent the
reduction of capital OF the association un-
der section II.
SEC. 16. Such association may demand
receive for loans on personal security,
or for notes, bills, or other evidences of
debt, discounted, such rate OF interest as
may be agreed upon, not exceeding the