River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-08-25

year, ana until their successors are elect
ed and qualified. unless sooner removed
| by the board Of directors.
Section II. Every bank shall keep a
stock book, which shall at 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 stOckhOldef A refusal by
the officers Of such bank to exhibit such
book to any person rightfully demanding
inspection thereof, shall subject such Of
hGer TO a forfeiture of nifty dollars. In
all actions. suits and proceedings. such
book shall be presumptive evidence of
the facts therein stated.
Section II. The shares of stock of such
bank shall be deemed personal property
and shall be transferred on the books of
provided by law for transfer of stock in
corporations.
Section 49, 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 IA. A bank may amend its ar
ticles of association in any manner not
inconsistent with the provisions of law,
representing two-thirds of the capital
stock. such vote to be taken at a meet
ing called for that purpose. A copy of
such amendment. certified by the presi-
dent and cashier, shall be filed as re-
quired for articles of Incorporation No
increase of capital shall be valid until the
amount thereof has been subscribed and
actually paid in. No reduction of capital
shah be made to a 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. 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 busi-
ness. including with its banking offices
other apartments to rent as a source of
income. No bank shall invest in a bank
ing office including apartments connected
Herewith, 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
Second-Such as shall be conveyed TO it
i'm satisfaction of debts previously con-
tracted in the course of it's business.
Third-Such as 1t shall purchase al sale
on judgments, DEGREES, or mortgage fore
closures under securities held by it, but
bank shall not bid al such sale 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 longer time than five years,
except an extension is granted by the
bank commissioner. If such extension be
not granted, il must be sold at private
or public sale within ninety days there
after 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 16 Every bank shall make to
the bank commissioner not less than
three reports during each calendar year
at such times as the said commissioner
shall require the same, according to the
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 commissioners
Proof of publication shall be furnished
to said bank commissioner. At least once
each year every bank shall report to the
bank commissioner. IN 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 70
call for special reports from any bank
whenever in his Judgment the. same is
! necessary to inform him fully OF the con-
dition 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 or refuses to
| pay the forfeiture herein imposed for
failure to make and transmit such report
the bank commissioner is hereby author
lied to institute proceedings for the re
CoYery 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 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
ings for the appointment of receiver OF
such bank to wind up It's business.
Section 10. Every officer or employee If
any bank required by 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
be punished as provided by the laws OF
this state for the punishment of perjury
Section 20. Any bank organized under
this act may reorganiZe under the laws
of the United States as n national bank.
As soon as such bank shall have OBJ
tanned tho certificate from the comptroller
of the currency, authorizing II TO com
mcnCe 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 organized under this
act at the time of such reorganization.
Section q. Any national bank author
lied to dissolve, and which shall have
taken the necessary steps to effect dis
solution. 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
hank commissioner. Such stockholders
snall make, execute ana ackhoNIediEe
articles of organization as required by
this act and shall set forth the said
written consent of such stockholders.
I Upon the filing of said articles as pro-
vided 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 national
bank, shall he vested in. and he and be-
come the property of such reorganized
bank subject to all liabilities of such
national bank not liquidated before such
reorganization.
Section %. 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 it is
in process of consolidation; but no con-
solidation shall be made without the con-
sent 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 do
ing business under the provisions of this
act may so into liquidation by a vote
of its stockholders owning two-thirds of
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 presi-
dent and cashier TO the bank commits
Sioner, and publication thereof notifying
the creditors to present their 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 newspaper published in the
IS located, and IL no newspaper Is there
iished 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
fifteenthS of which shall be in lawful
money and the balance of such percent
age may be on deposit in banks approved
by the bank commissioner as reserve
banks; except in the case of banks
which shall he approved by the bank
commissioner as reserve banks. which
banks shall at all times keep on hand al
least twenty-five per cent OF their total
deposits at least twO-tifths of which shall
he in lawful money. and the balance may
be on deposit in banks approved by the
bank commissioner as reserve banks.
Section p. Whenever the reserve of
l.. ,rTV1F