Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-17

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shall be SOLD as the directors may order, Wllh11
! il not sold, It shall be Cancelled and deducted
| from the capital stock of the bank. It sold any
| surplus over the amount due on sad STOCK 60
! said bank, including the cost incurred thereon,
with interest on the amount due, shall be re-
| turned to the subscriber, his heirs or assigns:
/ IL such cancellation shall reduce th9 capital OF
| the bank below the minimum required by law,
the said capital shall within thirty days from
the date Of such cancellation, be increased to
the required amount nj ~ aGd!ona a g 70
| increase such capital as herein provided, the
bank commissioner shall apply for receiver
to close up the business OF the bank.
SECTION 10. The fadfatrs Of the bank e2sa1ill be
managed by board of not Jess than three diTec-
tors who shall be elected by the stockholdeFs
and hold Office for one year, and until thelr sue
cessors have been elected and have qus9elllned'
! A majority OF the board of directors shall con-
| stitute a quorum for the transaction ct pusl-
ness; provided, that when the number o. d1rec-
tors shall erc.e-fl zr9,ln t'}es Ia*:. once N SIX
months dc.lE.lat5 ~ resolution, time i4efiz Der
any five of whom shall constitute quorum;
In the first instance the directors shall be elected
at meeting held before the bank is authorized
to commence business by the bank cofnmlS-
sioner, and afterwards at the annual fneetIng
of the stockholders, to be held during the ta0hCn
/ of July or January; and If for any reason an
election is not had at that meeting, 1t may De
had at subsequent meeting called for nat
purpose, of which due notice shall be gtYen as
| provided IN the bylaws OF such bank every
direct or shall take and subscribe an oath that
he will diligently and honestly perform his duty
in such office, and will not knowingly yso!ate or
permit a violation of any provision OF this act;
that he Is the IN good falt or stock III Jne
bank, standing in his name on the hooks OF the
bank Such oath shall be transmitted to the
| bank commissioners and filed in his office. Any
vacancy in the board of directors shall be filled
| by the board, and the director so appointed
! shall hold office until the next election. The
officers of the bank shall be elected by the board
| of directorssand hold their Offices for one year;
and until their successors are elected and
| qualified unless sooner removed bS the Doafu
SECTION H. 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 officers, directors and stock,
holders of the bank. Such stock book ,shaH
i show.the name, residence and number OF SHARES
1 GERS of such bank to exhibit such book to any
| person rightfully demanding inspection Thereon,
/ shall subject such officer to forfeiture OF nifty
dollars. In. all actions, suits and proceedlngs,
SUCH book shall be presuIpptlye e?se e y ING
fa~tq thn-ccs1i FtaJsO
SECTION H. The shares Of stock of such bank
BIS transferred on tbs books OF the bank In ac-
/ cordance with the method provided by law for
transfer OF stock in corpora t$oqs
! SECTION I3. At all etockholdeTs meetings
each share OF stock shall antitle the owner of
record to one vote. 4 stockholder may vote at
any meeting of the stockholders 10y proxy. no
president or cashier shall act as proxy for any
SECTION ID bank may amend its articles
| of association IN any manner, not inconsistent
! with the provisions of law, at any time, by a
! vote Of its stockholders representing two-thirds
/ of the capital stock, such vote to be taken at a
meeting called for that purpose. a copy OF such
/ amendment, certified by tho president and
/ cashier, shall be fled as required for articles
] of incorporation. No increase of capital shall
be valid until the amount thereof has been sub
! scribed and actually paid in No reduction of
! capital shall 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 stockholders, until such reduction
! has been approved by the bank commissioners
| Such approval must be based upon finding
! by him that the security of the existing cred1-
tors will not be impaired by the proposed reduc-
| ton
SECTION Is. A bank may purchase, hold and
convey real estate Tor the following purposes
and no others:
First. Such as shall be necessary for Il Q con-
venient transaction OF its business, including
with its banking. offices other apartments to
rent as a source Of income. No bank shall IL
vest in a banking office, including apartments
connected Herewith q sum exceeding tWentl-
five per. cent. OF its paid in capital; provided
that this limitation shall not apply to the
present hold 70 of bans now doing, business
Second. Such az shall be conveyed TO II in
satisfaction OF debts previously contracted u
the course of its business.
Third Such it shall purchase at sale ON
judgments, DEGREES, or mortgage foreclosures
under securities held by it; but a bank shall not
bid at such sale a larger amount then is necee-
sary TO satisfy its debts and costs. NO real es-
tate acquired in the cases contemplated IN the
second and third subdivisions preceding. shall
be held for longer time than five years, ex-
cept an extension is granted hy the bank com
missioner. Ii such extension be not granted
it must be sold at private or public sale 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 s1aH be conveyed under
the corporate seal OF the bank, and the hand Of
the president or vlce-pres1dent ara cashier or
SECTION l6 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, &C
cording 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 with
In ten days efter the receipt Of request therefor
from him. Such reports shall be published by
the bank in 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
amount of stock held by each, which report
shall bo signed and verified by the oath or affir-
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 salne Is necessary
to inform him fully of the condition OF such
bank.
SECTION n. Every bank failing to make and
transmit to the bank oonnissiob8r any ct the
reports required by this act, sha Il 3e Sabject to
a forfeiture Of ouc hundred dollars for each day
after the time required for making such reports.
Whenever any bank f@i}r ar refuses 70 pay The
forfeiture hereiG iTnpoe ~ laF failure to make
and transmit such report, the bank conmls-
sioner is hereby authorized To Institute pro-
ceadingS for the recovery OF BaCh f2{I@lture.
SECTION Is Wh0naveT any officer OF a bank
shall refuse TO submit the books, papers and.
concerns f4such bank to tie inspection Of the
bank commissioner, his deputy or examiner D
pointed hereunder, or refuse to be axantned on
oath touching the oopoeFna Of the bank, the
bank commissioner may. with the approved OF
the attorney general, institute proceedings for
tbs appointment OF 8 receiver Of auch bank to
wind up It's business.
SuCTIoN 10. Every officer or e7prIo1ee of any
bank, required by law to take any oath or af-
firrnation, who shall wilfully swear OF affirm
falsely upon any material utter shall be deem
ed guilty Of perjury, and upon conviction there.
Of shall be punished as provided by the laws Of
this state for tho punishment Of perjury;
SECTION 20. Any bank organized under this
act may reorganize under the laws OF tho United
States as national bank, AS soon as such bank
shall have obtained tho Certificate. from. the