Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-08-25

engage in the business or banking. ~
such bank is lawfully entitled to commence
business, the bank commissioned sl aa
forthwith give to such bank certlhcatf,
under his hand and official seal, thaI soc l
hank is authorized to commence business,
If the said bank commissioner mas reason
to believe that the stockholders Aaye
fosis. ID the same for any other tnall We
legitimate business contemplated ny ~. ~.
act, he may, with the advice ana consent
of the encouragement withhold the Ger
tificate herein mentioned.
Section s. The bank shall cause the GER
tificate issued hereunder to be pupiiSheu
in some newspaper printed in the NlIt1ts9'
city or county where such bank IS locatesi,
within ten days after the receipt OF s 9lc1
certificate II no newspaper - P pa,
be made at the nearest county seat. 100 100
Of publication shall be filed with the BANK
commissioner. e.
stock or his assignee, fails to pay any In
stallment on the stock when the same -
required to be paid hereunder, the GifectoEia
of such bank may sell the stock OF suCii
delinquent stock subscriber at public saie,
having first given the delinquent SUBSCRIBER
twenty days notice, personally or ~ il3 3
at his last known address II ho p- lI
can be found who Will pay Tor SUcLl SLoCh
the amount due thereon to the banh "1in
any cost incurred, the amount previously
paid shall be forfeited TO the bank anu
such stock shall be sold SIS the directors
may order within sixty days from the tAfl me
Of such forfeiture, and If not sold, it shall
be Cancelled and deducted from the capltai
stock of the bank. If sold, any surplus
over the amount due on said stock 70 SAID
bank, including the cost incurred .thtt,=eh
with interest on the amount due, 'shaLi De
returned to the subscriber ms n9iis r ..
the capital of the bank below the 1l1hlu3'u3fiil
required by law, the said capltaI snail nan,
within thirty days from the GATE OF s St,.oa
cancellation be increased to the fequ1ga
amount by additional subscriptions. ~
event of the failure of said bank TO h1cfe 53
such capital as herein provided, the pdl N
commissioner shall apply for receiver "
close up the business of the BANK.
Section TO- The affairs OF the D2nk s5lali
be managed by a board OF nor lasf 81 ti f55a
three directors, who shall ne aleetea ~ 40
and until their successors have oeen e4eGl-
ed and have quaIiiled. MAJORITY ol tlo
board. of directors shall constitute a quo quo
rum FOR the transaction OF business; pro
yided, that when the number or directors
shall exceed nine, they may, once III sda
months designate by resolution nuns nuns
tute a QUORUM In tue first instance the d.
rectors shall oe elected at meeting nelo
before the bank is authorized to commence
business by ING BANK c9lsaIolet a. me
stockholders, 10 be held during the montn
of July or January; and II Tor any Ieasol ~
an election is not had at that HieetldS ~, -
may be haJ at a subsequent meeting calie f1
for that pul pose, of which due notice sha,l
be given as provided in the bylaws OF SUCH
bank Every director shall take and sup a
scribe an oath that he will diligently ana
honestly perform his duty In such once,
and will not knowingly violate Or permit
Violation Of say prayisaa2 % ta:s 5ec' o, ma ~
t. tie y bank aS seaniiag II his naIne o. the
books Of the bank Such oath shall be
transmitted to the bank commissioner ara
board boar of directors shall be filled by tie
board, and the director SO appointed snail
hold office until the next election. Inc O.
hcers of the bank shall Pc electeG go, cS ar f
one year. and until their successors are
elected and qualified, unless sooner re-
moved by the board of directors.
Section II. Every bank shall keep a
stock book, which shall at all times, during
the usual hours for transacting business,
be subject to the inspection OF the of4lcers'
Such stock book shall show the name, resi-
dence and number Of shares held by each
stakeholder. A refusal by the officers OF
such bank to f exhibi5 sneh book e any Pe
thereof, shall subject such officer 10 for
fixture of fifty dollars. In all actions,
suits and proceedings, such BOOK Shah pc
presumptiYe evidence OF the facts therein
Section T. The shares Of stock Of such
bank shall be deemed personal property
and shall be transferred on the DOCKS OF
the bank in accordance with the lnethod
provided by law for transfer cf stock in |
Corporations ..,,-,
each share Of stock shall entide the owner
OF record to one vote. a st0ck}lJtder may
vote at any meeting of the Stockholders by
proxy. No president or casino si1~lA ao'
as proxy for any stoCkhOidef.
Section Il. A bank may amend It's arti- |
cles of association in any manner, not Az |
consistent with the proyisioS, 81 5@W; rent as
resenting tW0-thirdS of the capital STOCK,
such vote to be taken at a meeting cal!ed
for that purpose 4 copy OF such 3 2n 1sa a
Ter shall be filed as required for articles OF
Incorporation. No increase of capital shal
be valid until the amount thereof mas been
subscribed and actually paid in NO re
duction OF capital shall be made to less
amount than is required under the proVls-
ions Of this act for capital, nor be valid o.
warrant the cancellation of stock cert11i.
Gates or diminish the personal liability on
stockholders until such reduction has been
approved by the bank commissioner. Such
APPROVAL must he based upon a finding by |
him that the security of the existing cred !
itors will not be impaired by the proposed |
section Is. A bank may purchase hold
and convey real estate for the following |
purposes and no others:
First Such as shall be necessary for the /
convenient transaction OF its business, IN !
Guiding with it's banking offices other /
apartments to rent as a source OF income. |
No bank shah invest in banking offce, |
including apartments connected thefeWlth,
a sum GACGEullLGs Nv my POI N,Nt@t ~
its paid in capital; provided, that this lin ,
itation shall not apply, to the present hold- !
ings of banks now doing business.
Second. Such as shall be conveyed to il |
In satisfaction of debts previously contrast !
ed in the course Of its business.
Third. Such as it shall purchase st sale /
on judgments, deasees, or mortgage fore /
closures under securities held by it; but q
bank shall not bid at such sale a larger
amount than is necessary to satisfy its |
debts and costs. No real estate acquired /
in the cases contemplated II the second
and third subdivisions preceding, shall be /
held for a longer time than tive years, ex- /
cept an extension is granted by the bank
commissioner. If such extension be not
granted, it must be sold at private or pub |
lie sale within ninety days thereafter. |
Nothing in this section shall be construed
UPON " N 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-preSiGent and
cashier or assistant cashier.
Section IT, Every bank shall make to the |