River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-22


4 ed and qualified, unless sooner removed
| by the board Of directors.
] Section H. Every bank shall keep a
/ stock book, which shall al all times, dur
| ing the usual hours for transacting BUSH
| 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 stockholdet. A refusal by
| the officers Of such bank to exhibit such
/ book to any person rightfully demanding
/ inspection thereof, shall subject such Of
/ icer TO a forfeiture of fifty dollars In
/ all actions, suits and proceedings such
! book shall be presumptive 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 IS. 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
| at any time. by a vote Of its stockholders
! representing two-thirdS OF the capital
| stock such vote to be taken at meet
ing called for that purpose. A copy of
such amendment, certified by the presi-
] dent and cashier. shall be filed as re-
j INCORPORATION.
/ increase of capital shall be valid until the
amount thereof has been subscribed and
4 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 stock
! holders, until such reduction has been APP
| proved by the bank commissioner. Such
/ approval must be based upon 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 bust
| ness, including with its banking offices
| other apartments to rent as a source of
| income No bank shall invest in 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
business.
| in satisfaction of debts previously con-
tracted in the course of its business.
Third-Such as It shall purchase at sale
| on judgments, DEGREES, or mortgage fore
| closures under securities held by it; but
! a bank shall not bid at such sale a larger
/ amount than is necessary 10 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 al 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
president and cashier or assistant
| cashier.
Section I6 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
forms which he shall prescribe and
furnish. Such forms shall conform as
nearly a S 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 n 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, a
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-
dition of such bank.
Section IL. Every bank failing to make
and transmit to the bank commissioner
any of the reports required by this act,
shall be subject to 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 a
failure to make and transmit such report,
the bank commissioner is hereby author
lied to institute proceedings for the re
covery of such forfeiture.
Section is. Whenever any officer of
bank shall refuse to submit the books,
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
inEs for the appointment of a receiver of
such bank to wind up its business.
Section 10. Every officer or employee If
any bank required by law to take any
oath or affirmation, who shall WIltully
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 NAV reOrganiZe under the laws
Of the United States as a national bank.
As soon as such bank shall have OBJ
tanned tho certificate from the comptroller
of the currency, authorizing IL 70 COM
mcnCe business under the United states
banking law. such reOrganized bank shall
take and hold all of the assets, real and
pprSonal of such bank organized under
tl,g g.f er1lf 70 a
against said bank organized under this
act, al the time Of such reOrganlZatl ton.
Section p. Any national bank author
lied to dissolve, and which shall nave
! taken the necessary steps 70 erect dlS-
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
| bank commissioner. Such Stockholders
shall make execute ana acknowledge
| articles of organization as required by
this act. and shall set forth the SAID
written consent of such stockholders.
Upon the filing of said articles as pro-
Yded by this act, and upon the approval
of the bank commissioner, such bank
shall be deemed to be reOrganized under
and personal, of such dissolved national
| bank shall be vested in, and be and be-
come the property of such reorganlzed
bank, subject to all liabilities of such
national bank not lquidated 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 II is
in process of consolidation; but no con-
sOlidation shall he made without the con-
sent of the bank commissioner, and not
then to defeat or dcfraud 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 go into liquidation by a vote
of it's stockholders owning two-thirds Of
the capital stock Whenever vote is
taken TO go into liquidation. il 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
village city or county in which the BANK
IS located and If no newspaper Is there
published. then in the newspaper pub
lished 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
nfteenths of which shall be in lawful
money, and the balance of such percent
age may he 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 ut all times keep. on hand at
least TWENTY-FIVE per cent Of their total
he in lawful money. and the balance may
he on deposit in banks approved by the
bank commissioner as reserve banks.
Section o. Whenever the reserve OF
any bank shah fall below the amount
required herein TO be kept. such bank
sb1u ,c+ frrrp0 60 its lDauS or discounts