Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-19

and furnish. Such forms shall conform as nearly
as practicable to that now required OF national
shall be signed and verified by the oath or
affirmation Of one of the officers of such bank
sud 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 after the receipt of request therefor
from him. Such reports shall be published BY
the bank in newspaper Ia the village or city
OF county, where such bank is located, in ssch
condensed form as may be prescribed by the
bank comm ssioner, Proof of publication shall
be furnished to said bank commissioner. At
the bank commissioner. on call by him, list
of its stockholders, thor residence. and the
amount of stock held by each, which report
shall be signed and verified by the oath or afiir
nation of one of the officers of said bank. The
bank commissioner shall also have the power
20 can for special reports from any bank,
whenever ~ his Judgment the same is necessary
bank.
SECTION II, Every bank failing to make and
transmit to tn b Ink commissioner any of the
reports required IS this act, shall be subject to
Tore ture ef one hundred dollars for each day
aiter the t.ne required for making such reports.
whenever any bank fails or refuses to pay the
| frfteiture herein imposed for failure to m.ks
and transmit such report, the bank commits
ceedings for the recovery 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 APP
pointed hereunder, or refuse to be examined on
oath touching the concerns OF the bank the
bank commissioner may. with the approval of
the attorney -general, institute p oeeedings fof
the appointment of receiver OF such bank to
| wind up its business
SECTION IS. Every officer or employee of any
/ bank, required by law TO take any oath or AZ.
| frmatlon, who shall wtfully swear or affirm
falsely upon any material matter shall be deem
cd guilty OF perjury, and upon conviction there.
OF, 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 national bank Az soon as 81, "a bank
| shall have obtained the certificate from the
| comptroller of the currency, authorizing 1t 10
| commence business unuer 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 10
all liabilities existing against said bank organ
lied under this act, at the time of such reorgan-
| ization.
i SECTION Il. Any national bank authorized to
| dissolve, and which shall have taken the neces-
cary steps to effect dissolution, may reorg anize
| under this ac., upon the consent in writing of
| the owners u two-thirds OF the capita stock of
| such bsnk, and with the approval of the bank
| commissioner Such stockholders shall make,
| execute and acknowledge articles of organiza-
ton as required by this act, and shall set forth
| the said written consent of such stockholders
/ Upon the filing of said articles as provided by
/ this act, and upon the approval Of the bank
! commissioner, such bank shah be deemed to be
! reorganized under this act, aud thereupon all
assets, real apG personal, of such dissolved ma.
tional bank, shall be vested In, and be and be-
| come the property of such reorganzed bank,
| subject to all liabilities of such national bank
| not liqufdated before such reorganization.
SECTION % A bank which is in good faith
| winding up its business, for the purpose of con-
| solidating with some other bank, may transfer
It's resources and liabilities to the bank with
| which 1t is in process OF consolidation; but no
/ consolidation shall he made without the consent
pffb ah uu ratr1f1 gcip -
or dsfraud any of the creditors in the collection
| Of their debts against said banks, or either OF
| them.
SECTION 3D. Any bank organized or doing bus
| mess under the provisions of this act. may GO
| into liquidation by vote of its stockholders
owning two thirds of the capital stock. When
| ever vote is taken to go into liquidation, il
| shall be the duty of the board of directors Il
cause notice of this fact to be certified, under
the seal of the bank by its president and cashier
to the. bank commissioner, and publication
thereof, notifying the creditors to present thei
| claims against the bank for payment. shall bt
| made once In each week for eight successive
| weeks in the official state paper, and also in
newspaper published in the village, city. o.
county in which the bank is located, and If nj
| newspaper IL there published, then in the news
| paper published at the nearest county seat.
SECTION "a. Every bank shall keep on hand a
all times, at least fifteen per cent of its tota
aeoosits, at least sxtifteenths Of which shall be
4 III la wful money, and the balance of such per.
| centage may be on deposit in banks approved by
the bank copmissioner as reserve banks; except
the bank commissioner as reserve banks, which
| banks shall at all times keep on hand at least
twenty-five per cent. of their total deposits. al
least twoffths Of which shall be in lawful
, money, and the balauce may be on deposit in
banks approved by the bank commissioner as
reserve banks
SECTION %. Whenever the reserve of any bank
shall fall below the amount required herein to
be kept such bank shall not increase las loans or
I discounts otherwise than by dl counting or pur-
chasing bills of exchange, payable at sight or on
demand, and the bank commissioner shall notify
| any bank whose reserve may be below the
amount herein required, to make good such re-
serve, and in case the bank fails for thirty days
| thereafter to make good such reserve, the bank
| commissioner may, with the approval of the at
| torney general, institute proceedings for the
| appointment of receiver, and to wind up the
| business OF the bank
SECTION 2G. The total liabilities OF any per-
| son, co-partnership or corporation to any bank,
| for money borrowed, including in the liabilities
| of the co-partnership the liabilities of the sew
| eral members thereof, except special partners,
| shall at no time exceed fifteen per cent. of the
amount of capital and surplus Of such bank; but
the discountinG of bills OF exchange, drawn in
| good faith against actually existing values. and
the dlscounting Of commercial or business paper
| actually owned by the person negotiating the
| same, shall not be considered as money Dor
rowed provided. that by two-thirds vote OF the
directors. the liabilities OF 2Gy person, co-part-
| nership or corporation, may be increased TO a
| total sum not exceeding twenty-five per cent. of
| the capital and surplus of such bank.
SECTION Y. No bank shall take for security
| its capital stock. No bank shall be the holder
| of or purchaqer of any portion of its capital
stock, unless sdch purchase shall be necessary to
| prevent loss upon debt previously contracted
| in good faith. Stocks so purchased shall IN no
! case be held by the bank for longer time than
six months, if the stock can be sold for the
| amount of the claim of the bank against the
| same and it must be sold for the best price OBJ
tainable within one year, or it shall be Cancelled,
! and shall then amountto reduction OF the cap
ital stock provided, that il such reduction shall
| reduce the capital stock below the minimum
| required by law, such capital stock shall be
| again increased to the amount required by law,
SECTION y. It shall not be lawful for any
bank to LOAF > amy of its officers, directors,
clerks or employees, any of the funds OF ide
! bank, unless the same shall have been author
lied, both as to amount and security, by resolu
ton of the board of directors TO be recorded
SECTION 90 Nc bank shall lend an amount
exceeding twenty per cent of Its capital stock
upon mortgages, or any other form Of real estate
+, security, except on the adoption of resolution
| by twothirds vote of the board OF directors,
| specifying some larger amount which its Officers
| may loan upon real estate security; provided,
| that in no event shall any bank so loan an
| amount to exceed twenty-five per cent. of the
| aggregate of its capital, surplus and deposits
| and provided, that banks doing business IN
| villages or cities having less than six thousand
| inhabitants, under the last official census. may
loan sum not to exceed thrty-three and one
| third per cent. of the aggregate of its capital,
| surplus and deposits, upon real estate security
| The limitation in this section shall not preclude
| any bank from taking real estate security, upon
| any indebtedness previously contracted in good
| faith upon personal security and provided, fur
| Their, that any bank having taker real estate Sc
| curity for such debts so previously contracted,
| which shall have carried its percentage OF loans
on real estate above the amount hereinbefore
limited. such bank shall, within SIX months
| thereafter either by sale or collection, reduce
its real estate loans to the amount hereInoeiore
limiteds
for loans or discounts rate Of interest exceed,
ing that allowed by law to be taken and received
by individuals exec pting that it shall be lawful
for any bank to receive interest 10 advance ac'
| cordiug to the ordinary usages of banking tastI
tutions, and to charge for collecting foreign OF
domestic bills, or other evidences Of debt the
| usual current rute OF exchange. In the compu-
tation OF time thirty days shall be considered 2
meath and twelve months year.
SECTION 81 All debts due 10 any bank. on
| which interest is past due and unpaid for a
| period Of twelve months, unless the same are
we'll secured and in process of collection, shal
| be considered bad debts aud shall be charged on
10 he profit and loss account at the expiration
SECTION 30. The board Of directors OF bank
| NAV declare dividend from so much OF its net
| profits, after providing for all expenses losses
| interest and taxes accrued due from said
| bank, as they shall deem expedient; Dur before
any such dividend S4deciared, not less than one
| tenth of the net profits Of the bank for the pre-
ceding half year or for such period as Is eoveTe@
BY the dividend shall be carried to surpins
fund until such surplus fund shall amount u
| twenty per cent nt the capital stock NO uiVi-
| lend shall be declared before The capital stock
| SECTION 80 Every president, director cash
Ter, officer teller. clerk or agent OF any oank or
savings associa ton who emDezzles, abstracts or
| wilfully misapplies, any OF the moneys funds,
| credits or property ithe bark or savings asso-
citation. whether owned by 1t or belo IN trust OF
! who without authority of the directors, issues
| or puts forth any certificate OF deposit, draws
| any order or bill Of exchange, makes any accept
| ance assigns any note, bond. draft, bill OF ex-
/ change, mortgage, judgment or decree; or who
makes any false entry in any book report or