River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-08-18

by the board OF directors.
Section H. Every bank shalt keep a
stock book, which shall al all times. dur
ing the usual hours for transacting bust
ness. be subject to the inspection of the
officers, directors and stockholders of the
bank. Such stock book shall show the
name, residence and number of shares
held by each stakeholder. a refusal by
the officers OF such bank to exhibit such
Dook 70 any person fientIuily demandlhs
inspection thereof snail subject such Of
hcer to a forfeiture of fifty dollars In
all actions. suits and proceedings such
book shall be presumpttve evidence OF
the facts therein stated
Section u. The shares of stock of such
bank shall be deemed personal property
and shall be transferred On. the books Of
the bank in accordance with the method
provided by law for transfer of stock in
corporations.
Section IL. At all stockholders meet
ings each share of stock shall entitle the
owner of record TO one vote. A stock
holder may vote at any meeting of the
stockholders by proxy. No president or
cashier shall act as proxy for any stock
holder
Section Il bank may amend its ar
ticles Of association in any manner. not
Inconsistent with the provisions Of law,
at any time by vote of it's stockholders
representing two-thirdS of the capital
stock. such vote to be taken at meet
ing called for that purpose. copy of
such amendment. certified by the presi-
dent and cashier. shall be filed as re-
uuired for articles of incorpora ton. No
increase of capital shall be valid until the
amount thereof has been subscribed and
actually paid in. No reduction of capital
shall be made to less amount than is
required under the provisions of this act
for capital, nor be valid or warrant the
cancellation of stock certificates. or
diminish the personal liability of stock
holders, until such reduction has been APP
proved by the bank commissioner. Such
approval must be based upon a finding
by him that the security of the existing
creditors will not be impaired by the pro-
posed reduction.
Section Is 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 BUSH
ness, including with its banking offices
other apartments to rent as source of
income. No bank shall invest in bank
ing Office, including apartments connected
herewith. a sum exceeding twenty-five
per cent of its paid in capital: provided
that this limitation shall not apply to the
present holdings of banks now doing
business.
Second-Such as shall be conveyed to it
I'm satisfaction of debts previously con-
tracted IN the course of its business
Third-Such as ii shall purchase at sale
on judgments, DEGREES. or mortgage fore
closures under securities held by it; but
a bank shall not bid d such sale a larger
amount than is necessary TO satisfy its
debts and costs. No real estate acquired
in the cases contemplated in the second
and third subdivisions preceding, shall
be held for a longer time than five years
except an extension is granted by the
bank commissioner If such extension be
not granted, ii must be sold at private
or public sale within ninety days there
after Nothing in this section shall be
construed to prevent a bank from loan
ing money upon real estate security as
nrOyidpd bv law. Real estate shall be
conveyed under the corporate seal of the
bank and the Eand of the president or
e-president and cashier or assistant
section 16. Every bank shall make to
the bank commissioner not less than
three reports during each calendar year
ut such times as the said commissioner
shall require the same, according to the
forms which he shall prescribe and
furnish. Such forms shall conform as
nearly as practicable 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 bank. 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
commissioner within 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 commissioner.
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 of its stockholders, their residence
and the amount of stock held by each
which report shall be signed and verified
by the oath or affirmation of one of the
officers of said bank. The bank COM
missioner 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 con-
diton of such bank.
SectiO1 II Every bank failing to make
and transmit to the bank commissioner
any OF the reports required by this act
shah be subject to a forfeiture of one
hundred dollars for each day after the
time required for making such reports
Whenever any bank fails or refuses to
nav the forfeiture herein IMPOSED for a
failure to make and transmit such report
the bank commissioner is hereby author
lied to institute proceedings for the re-
coyerv Of such forfeiture
Section IS Whenever any officer of a
bank shall refuse TO submit the books
naperS and concerns of such bank to the
inspection Of the bank commissioner, his
deputy or examiner appointed hereunder,
or refuse to be examined on oath touch
ing the concerns of the bank. the bank
commissioner may, with the approval OF
the attorney general, institute proceed
fncs for the appointment Of a receiver of
such bank to wind up its business.
Section 10 Every officer or employee #
any hank required nv law to take any
oath or affirmation. who shall wilfully
swear or affirm falsely upon any material
matter, shall be deemed guilty OF per,
Jury and upOn conviction thereof. shall
he punished as provided by the laws of
this state for the punishment of perjury.
Section 20. Any bank organized under
this act may rcGrganiZe under the laws
Of the United States as a national bank
As soon as such bank shall have OBJ
tanned the certificate from the comptroller
of the currency. authorizing 1t to COM
mcnce business under the United states
banking law, such reorganized bank shall
take and hold all OF the assets, real ana
personal, Of such bank organized under
this. act, subject to an Liabilities eNistln9g g
against SAID bank ORGANIZED uhutr thIS
act. at the time OF such reorSaHl1aIlon'
Section II, ANY hailohai ndHk duIilVt-
lZed - dlSSolNe, anu WilCn Sitdil h5Ne
solution. may IeotGahlHe uHVeI lill9 81,
upon the consent IN "flllnE o. 'ht "T ilel :
! OF lWo-tnitHS ol ttih C"Pltdl
Sutti bdllk, anu WIN m 1plIo 49,, VI ~, w
btIk compassionate ou'I StyChuN,'iII =
small make execute ana a'hHoWlsuSt
articles OF ofEahlZduol as IePuIie" ~
inns act ana Shall SET i"tlH llt Sdiu
written consent OIL such StockholueiS.
[ pom the Ming Of said articles as pro,
vidcd by this act, ana upon the approval
OF me pank TIe d ,dnn
+ tt; ~ III tro,,,,o,, III ,seote reai
ia az r,llI ~ ,h disnI,,ed national
ha,l bii b y,asted i'm ana ba and he
,, H. ,,,l,,cr+,, s,,rG ra,rg9nfzed
~ - ~ r., M 1iahiii,ias n siIcb
4ir,,l bsS,1t} ,r6t IG,,,i5at.d bafore et1Ch
'a,ro.,,,i ,i tilr NV
wi = sauna ~
Section = a bank when IS IN good
taith winding up us business Tot the
purpose OF consolidating Win some olHeT
bank, may transfer us resources ana
lldblllDeS 10 the bd4k with WnlCH II -
in process OF consolidatlon; but no con-
sohdatlon shal pc mace Without lnr ton-
sent Or tae Dahk ar NJ
lrSd ~ ~ - ,alIectior 81 tbe;r dehts
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