Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-10-27

Section Is. Whenever any oEfcer Of a
bank shall refuse 10 submit the looks. p2-
spectlon OF thu bank commissioE@r, mis-
deputy or examiner appointed hereunder,
or refuse TO be examined on oath toaching
the concerns of the bank the bank COM
missioner may. with the approval of the
Encouragement. institute proceedings for
the appointment of receiver of such bank
10 wind up its business.
Section IS. Every officer or emplovee of
any bank. required by law to take any oath
OF animation, who shall wilfully swear or
affirm falsely upon any material matter.
shall he deemed guilty of perjury, and
upon conviction thereof shall be punished
as provided by the laws of this state for
the punishment of perjury.
Section %. Any bank organized under
TINS act may reorganiZe under the laws OF
the United States as a national bank. As
soon as such bank shall have obtained the
certificate from the comptroller of the cur
rency. authorizing il to commence business
under the United States banking law. such
reorganized bank shall take and hold all
OF the assets, real and personal, of such
bank organized under this act subject to
all liabilities existing against said bank or
ganized under this act, at the time of such
reorganization.
Section p. Any national bank author
lied 10 dissolve, and which shall have ta-
Ken the necessary steps TO effect dissolu-
ton, may reorganiZe under this act, upon
the consent in writing of the owners OF
two-thirds of the. capital stock OF such
bank, and with the approval of the bank
commissioner. Such stockholders shall
make. execute and acknowledge articles of
organization as required by this act, and
shall set forth the said written consent of
sucn stockholders. Upon the filing of said
articles as provided by this act and upon
the approval of the bank commissioner, such
bank shall be deemed to be reorganiZed
under this act, and thereupon all assets,
real and personal, of such dissolved ma
tlonal bank, shall be vested in, and be ana
become the property of such reorganized
bank, subject to all liabilities of such ma
tional bank not liquidated before such re-
organization.
Section D. A bank which is in good faith
winding up its business, for the purpose OF
consolidating with some other bank, may
transfer its resources and liabilities to the
bank with which ii is in process OF con-
solidation; but no consolidation shall be
made without the consent of the bank COM
missioner, and not then TO defeat or de-
fraud any of the creditors in the collection
of their debts against said banks. or either
of them.
Section 2S Any bank organized or doing
business under the provisions of this act,
may go into liquidation by vote or us
stockholders owning two-thirds OF the capt.
tai stock. Whenever a vote is taken TO 90
into liquidation, it shall be the duty OF the
board of directors to cause notice OF TINS
fact to be certified, under the seal of the
bank by its president and cashier, TO the
bank commissioner, and publication there
Of. notifying the creditors to present the eIr
claims against the bank for payment, shall
be made once in each week for eight sue
cessive weeks in the official state paper.
and also in a newspaper published in the
village, city or county IN which the bank
is located, and if no newspaper is there
published. then in the newspaper published
at the nearest county seat.
Section "a. Every bank shall keep on
hand at all times, at least fifteen per cent
of its total deposits, at least siX-flfteenthS
of which shall be in lawful money, and the
balance of such percentage may be on de-
post in banks approved by the bank COM
missioner as reserve banks; except 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, al least two-nfthS OF Whlcn
shall be in lawful money, and the balance
may be on deposit in banks approved oy
the bank commissioner as reserve banks.
Sectior %. Whenever the reserve of any
banb sh II fail below the amount required
herein TO be kept, such bank shall not IN
crease its loans or discounts otherWlse trSh
by discounting or purchasing bills OF eX-
change, payable at sight or on demand
and the bank commissioner shall notlty
any bank whose reserve may be below the
amount herein required, to make good such
reserve. and in case the bank fails for thirty
days thereafter to make good such re-
serve, the bank commissioner may, with
the approval of the attorney general, an
stitute proceedings for the appointment OF
receiver, and to wind up the business or
the bank.
Section 26. The total liabilities of any
person, co-partnership or corporation. to
any bank for money borrowed, including
i'm the liabilities of the co-partnership, the
liabilities of the several members Thereon,
except special partners, shall at no time
capital and surplus of such bank; but the
discounting of bills of exchange, drawn In
good faith against actually existing values,
and the discounting of commercial or Dusl-
ness paper actually owned by the person
negotiating the same, shall not be consld-
cred as money borrowed; provided that py
bilities of any person, co-partnershlp or
corporation, may be increased TO a total
sum not exceeding twenty-fi Ss per cent OF
the capital and surplus OF such bank
Section "a No bank shall take for securi-
ty, for any loan or discount hen upon
any part of its capital stock. No bank
shall be the holder of or purchaser of any
portion of its capital stock, unless such
purchase shall be necessary to prevent loss
upon a debt previously contracted in good
faith. Stocks SO purchased shall in no
case be held by the 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 ii must be sold for
the best price obtainable within one year,
or it shall be Cancelled, and shall then
amount TO a reduction of the capital stock
provided that if such reduction shall re-
duce the capital stock below the minimum
required by law such capital stock ,, snail
by law, as provided herein.
Section 2S 1t 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 ana secur-
ity, by resolution or the Doafd 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 a resolution by two-thirds
vote of the board of directors. specifying
some larger amount which its officers may
loan upon real estate security; provided,
that in no 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 inhabitants, under the
last official census, may loan a sum not 10
exceed thirty-three and one-third per
cent of the aggregate of its capi-
tai 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 pro-
Vided further, that any bank having taken
real estate security for such debts so pre-
yiolsly contracted which shall have car
ried its percentage of loans on real estate
above the amount hereinbefore limited,
such bank shall, within six months there
after either by sale or collection reduce its
real estate loans to the amount hereinbe-
fore limited.