River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-08-18

building, upon the same floor. and in such
close proximity as to interfere with the
proper examination Of either bank, the
bank commissioner may require either of
said banks to remove it's banking office
to some other location, within such
reasonable time as may be fixed by the
Section 9 All proceedings by any bank
70 enJoIn the bank commissioner in the
discharge of his duties. shall be had I'm
the county where said bank is located
or IN the supreme court of this state.
All suits and proceedings arising out
OF the provisions OF this act. in which the
state, or any Of its officers or agents
shall be parties shall be conducted under
the direction and supervision of the at
torney- general.
Section TO- Copies Of all records and
papers IN the office Of the bank COM
missioner, certified by him, and authenti-
Gated by his seal of office. shall be evil
dence in all cases equally and Of like
effect $ the original.
Section il. During the month of Deem
her Of each year, the bank commissioner
shall make an annual report 10 the
governor of the state which report shall
be published and shall exhibit the con-
ditun Of the various banks of this state,
as of the day Of the last report made to
the bank commissioners by such banks,
and such report shall contain state
ment OF the condition Of every bank
from which reports have been received.
with an abstract of the whole amount Of
capital returned by them. the whole
amount of their liabilities the total
amount Of resources, and specifying the
amount Of lawful money held by banks
at the time of their several returns. and
shall give tabulated statement or the
resources and liabilities of each bank.
and such other information as i'm his
judgment may be required. Such report
shall also contain a statement of the
banks whose business has been closed
during the year, the amount of their re-
sources and liabilities. and the amount
paid to the creditors thereof; also a state
ment of any banks organized during the
year and shall also give list of the
stockholders their residence. and the
amount of stock held by each, and the
names of the director and officers of
each bank, He shall also report the
names and compensation of the clerks
employed by him. and the whole amount
Of the expense of the banking depart
ment during the year preceding.
CHAPTER II.
Banks
Section /. Any number or adult resi-
dents of Wisconsin. not less than three,
may associate to establish u bank under
this act, upon the terms and conditions
and subject TO the liabilities prescribed
in this act. The aggregate amount of the
capital stock of any bank shall not be
less than ten thousand dollars, in villages
or cities having less than two thousand
inhabitants and shall not be less than
twenty thousand dollars, in villages or
cities having more than two thousand
and less than six thousand inha bitants.
and shall not he less than fifty thousand
dollars in any village or city having
more than six thousand inhabitants, ac-
10IHluE 10 iHG last OUlCldl census
Section ,. The persons so associating
shall make, sign ana acknowledge written
articles Of incorpation containing
First. a declaration that they associate
for the purpose of forming banking
corporation under this act
Second. The name of such bank Such
name shall be in no material respect
similar to the name of any other bank
in the same county whether such other
bank be organized under this act or
under the laws of the United States.
Third. The village or city and county
where such bank is to be located.
Fourth The amount of capital stock.
which shall be divided into shares Of not
less than nifty nor more than one hundred
Fifth. The period for which such bank
is organized. not exceeding fifty years.
Section 3. Such articles of incorpora-
ton shall be executed in triplicate, one
OF which shall be recorded in the Office
Of the register Of deeds in the county in
which the bank is located. one shall be
nlel in the office of the bank commits
Sinner. and one shall he filed In the office
Of the secretary of state.
Section Z. Upon making and filing of
the articles of incorporation the bank
shall become body corporate, and as
such shall have the following powers:
First To make all contracts necessary
and proper to effect its purpose and con-
duct its business.
Second To sue ana he sued. to appear
and defend in all actions and proceed
ings under its corporate name, to the
same extent as natural person.
Third. % nave q common seal ana
alter the same at pleasure.
Fourth. TO elect or appoint all neces-
Sary officers. agents ana servants. define
their duties and obligations. fix their
compensation. dismiss them, fill vacancies
and require bonds.
Fifth. To make. amend and repeal by
laws and regulations not inconsistent
with law or its articles of organization,
for its own government. for the orderly
conduct Of its affairs and the manage
ment of its property. for determining the
nf
meetings, the tenure of office of its
several officers and such others as shall
be necessary or convenient for the ac-
complishmcnt of ils purpose
Sixth. TO exercise. by its directors.
duly authorized officers. or agents, all
such powers as shall be necessary to
carry on the business of banking. by buy
ing disCouuting and negotiating promis-
sorry notes bonds, drafts. bills of eX-
change foreign and domestic, and other
evidences of debt; by receiving com
mcrcial and savings deposits under such
regulations as ii may establish: by buy
ing and selling coin and bullion, and by
buying and selling exchange, foreign and
domestic issuing letters of credit and
by ioaning money on personal or real
security as provided hereinafter.
Section D. No bank shall transact any
business except such AS is incidental
or necessarily preliminary to its organizd-
tiun until il has been regularly author
lied by the bank commissioner to COM
meucc the business of banking.
Section 6. The subscriptions to the
affairs of the corporation prior to the
election of directors, shall be in CON
formity with the statutes Of this state,
relating to corporations, regulating such
matters So far as applicable At least
Hfty per cent of the capital stock of
every bank shall be paid in, in cash be
fore it shall be authorized to commence
business, and the remainder Of the capital
of such bank shall hc paid in, in cash,
In monthly tnstallmentS OF at least ten
per cent on tho whole OF the capital pay
able at the and of each succeeding month,
from the time il shall he authorized by
the bank commissioner to commence buSl-
ness and the payment of each INSTALL
ment shah be certified to the bank COM
missioner, under oath, by some officer OF
the bank.
Section Z Whenever articles of incor-
poration are filed with the bank com
missioner. as herein provided. and the
bank transmitting the same notifies the
bank commissioner that at least hfty per
cent of itS capital has been duly paid IN,
and that such bank has complied with
all Of the provisions Of this act required
before the bank shall be authorized 10
commence business, the bank commits
SionPr shall examine into the condition
Of such bank. ascertain the amount OF
money paid in on account of Its capital.
the name and place of residence OF each
of its directors. and whether SuCh bank
has complied with all Of the provisions
Of law required to entitlc IL 10 engage
in the business Of banking. If upon such
examination II appears That SnCH hank
is lawfully entitled to commence business.
give to such bank certificate. under ms
hand and official seal, that such bank IS
authorized to commence business. II the
said bank commissioner has reason to be-
Iieve that the stockholders have formed the
same for any other than the legitimate
business contemplated by this act. he
may with the advice and consent Of the
attorney withhold the certificate
herein mentioned.
Section = The bank shall cause the
certificate issued hereunder. To be pub
liShed in some newspaper printed in the
village city or county where such bank
is located within ten days after the re-
ceipt Of such certificate. If no newspaper
is published in such county, then such
publication shall be made at the nearest
county seat. Proof of publication shall
be filed with the bank commissioner.
Section .. Whenever any subscriber
for stock. or his assignee, fails TO pay
any instailmcut ON the stock when the
same is required 10 be paid hereunder,
the directors OF such bank may sell the
stock Of such delinquent stock subscriber
at public sale, having nrSt given the de-
lipqueut subscriber twenty days notice.
personally or by mail, al his last known
address. TT no bidder can be found VINO
thereon To the bank. with any COST M
CURED. the amount previously paid shat
he forfeited to the bank, and such stock
shall he sold as the directors may order,
within sixty days from the time of such
forfeiture, and II not sold. il shall be cam
stock of the bank. II sold. any surplus
over the amount due ON said stock to said
bank. including the cost incurred thereon.
with interest on the amount due, shall be
returned to the subscriber. his heirs or
assigns II such cancellation shall re-
minimum required by law. the said cap
I{aF shah within thirty days from the