Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-29
such book shall be presumptive evidence of the
81, cd

such book shall be presumptive evidence of the
/ facts therein stated
SECTION II. The shares of stock Of such bank
shall be deemed personal prnpartv. and shall
I be transfer ed "a the books IF ta hank ia &C
cordance with the method provided by las for
! transfer Of stock in corporal lol.s-
/ SECTION Is. At all stocShalGo-S' meetings
each share of stock shall eEiI.le The owner OF
/ record to one vote. 4 stOcE}iOider may vote at
! any meeting of the stockholders by proxy. No
( president or cashier shall act as proxy for any
stockholder.
SECTION a. A bank may amend its articles
| of association in any manner, not Inconsistent
with the provisions of law, at any time, by a
/ vote CT its stockholders representing twO-thirds
of the capital stock, such vote 10 be taken at a
meeting called for that purpcSe ! cory OF such
amendment, certified by tho prcsi,ieut and
cashier, snail be filed as required 20" articles
/ OF iicnr poration. No increase ~ CAPITA. shal
be valid until the amount thereof has Ieau sub
scribed and actually paid in. NJ reduction of
partial shall be made to a less amount than
is required under the provisions Of this act for
capital nor be valid or rraGt 8 p cancellation
! of stock certificates, diminish the personal
| liability of stockholders, until IciI reduction
| has been approved hv tho bank .,,1rl.,i -SiOrer
Such approval must be based upon Il finding
! by him that the security of the existing credI-
tors Will not be impaired by the proposed reduc-
| ton.
! SECTION Is. a bank may purchase. hold and
convey real estate for the following purposes
md no others:
| First. Such as shall be necessary for Il @ con-
! venient transaction Of its business. iucindng
! with its banking offices other apartments to
! rent as a source of income. 40 bank shall in
| vest in banking office, including apartments
| connected herewith, a sum eHcea! inc twentv-
| five per cent. of its paid in capital: proYdod
! that this limitation shall not apply to the
! present holdings of banks now doug business.
! Second. Such as shall be conveyed 70 It. in
| satisfaction of debts previously contracted in
| the course of its business
= Third. Such as it shall purchase 1T sale on
| judgments, DEGREES, or mortgage foreclosures
under securities held by it: but bank shall not
bid at such sale larger amount than is neccs-
sary to satisfy its debts and costs. No real cS-
tate acquired in the cases contemplated in th?
second and third subdivisions preceding, shall
be held for longer time than five years. OK
cept an extension is granted by the bank
missioner. If such extension be not granted,
it must be sol at private or public sa lie within
ninety days thereafter. Nothing in this section
shall be construed to prevent bank from loan
ing money upon real estate security as provided
by law. Real estate shall be conveyed under
the corporate seal of the bank, and the hand of
the president or vice-president and cashier or
assistant cashier.
SECTION Is. Every bank shall mako Ia the
bank commissioner not less than three reports
during each calendar year, at such times as the
said commissioner shall require the same. ac-
Cording to the forms which he shall prescribe
and furnish. Such forms shall conform as nearly
practica BILE to that now required of national
banks including the schedules. Such reports
shall be signed and verified by the oath or
affirmation of one of the officers of such hank,
and attested by at least two of the directors.
Such report shall exhibit in detail and under
proper heads, the resources and liabilities OF
the bank at the close of business of any past day
by the bank commissioner specified, and shall
be transmitted to said bank commissioned With
in ten days after the receipt of request therefor
from him. Such reports shall be published by
the bank in a newspaper in the village or city
or county, where such bank is located in such
condensed form as may be prescribed by the
bank comm SSiOner. Proof of publication shall
be furnished to said bank commissioner. At
least once each year every bank shall report to
the bank commissioner, on call by him, list
-fTA hold 81,
amount of stock held by each, which report
shall be signed and verified by the oath or atTir-
nation of one of the officers of said bank. The
bank commissioner shall also have the power
to call for special reports from any bank,
whenever in his Judgment the Same is necessary
to inform him fully of the condition of such
bank.
SECTION II. Every bank failing to make and
transmit to the bank commissioner any of the
reports required by this act shall be subject to
a forfeiture Of one hundred dollars for each day
after the time required for making such reports.
Whenever any bank fails refuses to pay the
forfeiture herein imposed for failure to make
and transmit such report, the bank commits
sioner is hereby authorized to institute pro-
ceedings for the recovery of such forfeiture.
SECTION IS. Whenever any officer of bank
shall refuse to submit the books papers and
concerns of such bank to the inspection of the
bank commissioner, his deputy examiner ap-
pointed hereunder, or refuse to be examined on
oath touching the concerns of the bank, the
bank commissioner may, with the approval of
the attOrney-general, institute proceedings for
wind up its business.
SECTION 49, Every officer or employee of any
bank. required by law to take any oath or af-
frmation, who shall wilfully swear or affirm
falsely upon any material matter, shall be deem
ed guilty of perjury, and upon conviction there
of. shall be punished as provided by the laws of
this state for the punishment of perjury.
SECTION ~. Any - y organized under this
act may reorganiz" the laws of the United
States as national h AS soon as such bank
shall have OGtanoa = certificate from the
comptroller Of the GU cy, authorizing it to
commence business ua@1r the United States
banking law, such reorganZe0 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 organ
lZed under this act, at the time of such reorgan-
iZation.
SECTION p. Any national bank authorized to
dissolve, and which shall have taken the neces-
sary steps to effect dissolution, may reOrganizo
under this act upon the consent in writing of
the owners of two birds of the capital stock of
such bank, and with the approval of the bank
commissioner. SUCH stockholders shall make,
execute and acknowledge articles of organiza-
ton as required by this act, and shall set forth
the sand written consent of such stockholders
UpOn the filing of said articles 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 anG personal, of such dissolved ma
tional bank, shall be vested in, and be and be-
come the property of such reOrganiZed bank,
subject to all liabilities of such national bank
not liuuidated before sucn reorganization.
SECTION %. A bank which is III good faith
winding up its business, for the purpose of con-
SOlidating with some other bank, may transfer
its resources and liabilities to the bank with
which it is in process of consolidation; but no
consolidation shall be made without the consent
of the bank commissioner, and not then to defeat
or defraud any of the creditors in the collection
of their debts against said banks, or either of
them.
SECTION %. Any bank organized or doing bus
mess under the provisions of this act. may go
into liquidation by vote of its stockholders
owning two-thrds of the apital stock When
ever vote is taken to go into liquidation, it
shall be the duty of the board of directors to
cause notice of this fact to be certified, under
the seal of the bank by Its president and cashier
to the bank commissioner, and publication
thereof, notifying the creditors to present their
claims against the bank for payment shall be
made once in each week for eight successive
weeks in the official state paper, and also IN
newspaper published in the village city or
county in which the bank is located, and if no
newspape is there published, then in the news
paper published at the nearest county seat.
SECTION p. Every bank shall keep on hand at
all times, at least fifteen per cent of its total
deposits, at least sxtifteenths of 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
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 twoffths of which shall be in lawful
money, and tho balance may be on deposit in
banks approved by the bank commissioner as
reserve banks.
SECTION p. Whenever the reserve of any bank
shall fall below the amount required herein to
be kept, such bank shall not increase its loans
discounts otherwise than by diScOunting or pur-
chasing bills of exchange, paya BILE al sight
demand, and the bank commissioner shall notify
any bank whose reserve may be below the
smount herein required, to make good such re-
serve, and in case the bank fails for thirty days
thereafter to make good such reserve, the bank
commissioner may, with the approval of the at
torney-Ceneral, institute proceedings for the