River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-01

| 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 stakeholder A refusal by
| the officers Of such bank to exhibit such
/ book 10 any person rightfully demanding
/ inspection thereof. shall subject such Of
| hcer 10 forfeiture of fifty dollars. In
/ all actions suits and proceedings such
| book shall be presumptiye evidence of
/ the facts therein stated.
! Section Y. The shares of stock of such
| bank shall be deemed personal property,
| and shall be transferred on the books OF
| the bank I'm accordance with the method
! provided by law for transfer of stock in
| corporations.
| Section 49, At all stockholders meet
| ings each share of stock shall entitle the
/ holder may vote at any meeting of the
/ stockholders by proxy. No president or
| cashier shall act as proxy for any stock
! holder.
| Section a. bank may amend It's ar
! tiCles OF association In any manner, not
! inconsistent with the provisions of law
| at any time by vote of its stockholders
! 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 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:
Frst-Such as shall be necessary for
| the convenient transaction of its busi-
ness, including with it's banking offices
other apartments to rent a 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 1t
in satisfaction of debts previously con-
tracted in the course of it's business.
Third-Such as ii shall purchase at sale
on judgments, DEGREES or mortgage fore
closures under securities held by it; but
bank shall not bid at 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 Il longer time than five years,
except an extension is granted by the
bank commissioner. II such extension be
not granted, il 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
vice-presdent and cashier or assistant
cashier.
the bank commissioner not less than
three reports during each calendar year,
at such times as the said commissioner
! t,111 no a no
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
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, a
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-
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 !
hnH Ip
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-
covery of such forfeiture.
Section IS. Whenever any officer Of a |
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 a receiver OF !
such hank to wind up its business.
Section 10. Every officer or employee If
any bank, required by law to take any
oath affirmation. who shall wilfully |
swear or affirm falsely upon any material !
matter shall be deemed guilty of per-
iurv and i1pon 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 rcorganize under the laws |
of the United States as national bank |
As soon as such bank snail nave Op- !
tanned tho certificate from the comptroller |
of the currency, authorizing it to com |
mcnCe business under the United states |
banking law. such reorganized bank snail |
take and hold all of the assets, real and |
personal, of such bank organized under |
This act subject to all liza abilities existing !
against said bank organized under this |
act at the time of such reorganiza ton. |
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 |
bank commissioner. Such Stockholders |
shall make execute and 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- |
vided by this act, and upon the approval |
of the bank commissioner. such bank |
shall be deemed to be reorganzed under |
this act, and thercupon all assets. real
and personal of such dissolved national |
bank, shall be vested in, and he and be- |
come the, property Of such reorganized |
national bank not liquidated before such !
reorganization.
Section q A bank which is in good |
purpose of consolidating with some other |
bank. may transfer its resources and !
liabilities to the bank with which 1t is |
in process of consolidation; but no cor !
solidation shall be made without the con- |
sent of the bank commissioner, and not |
then to defeat or detrdud any OF tht |
creditors in the collection Of their debts |
against said banks. or either of them.
Section g. Any bank organized or do |
ing business under the provisions of this |
act may so into liquidation by vote I
of its stockholders owning two-thirds of |
the capital stock. Whenever a vote is /
taken 10 go into liquidation. it shah he /
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 /
Soner 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. I
and also in Il 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 |
liShCd 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, al 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 1
which shall he approved by the bank |
commissioner as reserve banks, which /
banks shah at all times keep on hand al !
least twenty-five per cent OF their total /
deposits at least two-tifths of which shall /
be in lawful money, and the balance may !
be on deposit IN banks approved by the |
bank commissioner as reserve banks.
Section q Whenever the reserve of I
any bank shall fall below the amount (
Il