Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-10-27

forfeiture herein Imposed fNr failure 70
make and transmit such report, the bank
commissioner is hereby authorized To instr
tute proceedings ta' ;he ,,>>,>., OF s",',
forfeiture,
Section is Whenever any o;liruY al
bank shall ref3Se IL submit the 10 *, p
ptrS and concerns 81 such olIh - NaS 't'-
Specton Of tie bank roU~!%s la's', Us
deputy on examiner Np"NutSN hNr"n't'
or refuse 10 be examined ~ oath io3Sh,NN
the concerns OF this bank the h1ilk COM
missioner may, WITH he approval Of thF
attor3ey-Seneral institute preSsedinSS ~
the appointment Of a receiver OF such bank
to wind up its business,
Section 10 Every officer or employee Of
any bank, required ny law 10 take any oa,N
or affirmation, who shall wtltGlly swear or
shall be deemed Eui,N q perjury, aA9
upon conviction thereof, shall he punished
as provided by the laws OF this state Tor
the punishment Of perjury.
Section y. Any hank 2cgHuigcd undcE
tbs act may rrorSaNS2 u@1cr the laws az
the tN:teG States as 4 madonna! bank. As
soon IS such bank shah have obtained the
cvrtinrate from the comptroller OF the cur
reuGy, auihO' sing IL To commence business
unuer the l.ti,d States oanNrng law. saSa
reorgaut1oi bank shall take and hold all
or the assets, re&l GNd personal OF SuSh
bank orGAnjGcG Qudey this aCt. subject To
all liabilities existing against SAID hanh o.
sartZed under this act, Al The ttlAe or sovh
reorgau tEaU0n.
Section y, Any national bank author
lied 10 dissolve, aHd WHuu ShRN have Ia
ken the necessary steps 10 effect dtsSolu-
ton, may rCorgaNigC under this act, upon
the consent IN writtNg OF the owners OF
two.Hhirds of the. capital stock ot snSh
bank, aud with the approval Of the bank
commissioner, Such stockholders SHAFT
make. execute and ACKNOWLEDGES a|ttCtcs OF
organization as required Ivy this act, ana
shah set forth the said written consent OF
such stockholders, Upon the ming q sala
articles as provided ny this act and upon
the apNroValof the bank commits stNner, such
bank shall be deemed to I've rvArGantGed
under this act. and thcreupln NIL assets,
real and personal Of such dissolved ma
tional bank, shall I've vested in, and be anu
become the property Of such rcorgan"ed
bank subject to all liabilities of such ma
tional bank not iiQutdA,ed before such re-
organization,
Section ~ A bank which is In good faith
Winding up its business, for the purpose or
consolidating with some Other @nk. may
transfer its resources and liabilities to the
! bank With which Il is in process OF con
soE3auon, hut no consolidation shall be
made without the consent OF the bank COM
missioner and not then to defeat or de-
fraud any of the creditors in the collection
OF thrtt debts against sad banks, or cllher
of them,
Section ~ Any bank organized or doing
business under the provisions Of this act,
may 20 INTO liquidation ny vote OF its
stockholders owning two-thtrds of the capi-
tai stock Whenever "A vote Is taken 10 80
into liquidation, II shall be the duty of the
board OF directors to cause notice OF this
fact To he certified, under the seal OF me
bank by its president and cAshi-r TO the
bank commissioner, and publication there
Of notifying the creditors to present tner
claims against the bank Tor payment, shali
be made once in each week for eight sue
cessiVC weeks I'm the official state paper.
and also in a newspaper published In the
village city or county IN which the bank
Is located, and II no newspaper Is there
published, then in the newspaper published
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 siN-htteenths
OF which shall be in lawful money, and the
balance of such percentage may he ON ue-
post in banks approved Ivy the bank com
missioner as reserve banks; except In the
case of banks which shall be approved by
the bank commissioner as reserve banks,
which banks shall at all times keep on
hand at least twenty-five per cent OF thet
total deposits, at least two-Iifths OF when
shall be in lawful money and the balance
may be on deposit in banks approved oy
the bank commissioner as reserve banks.
Section y. Whenever the reserve OF any
bank shall fall below the amount required
herein to he kept such bank shai not m
crease its loans OF discounts otherwise thah
by discountiuR or purchasing bills OF eX-
change payable at sight or on demand,
and the bank commissioner shall notify
any bank whose reserve may be below the
amount herein rcquircu to make good suCh
vescrvc. and In case the bank fails for thirty
days thereafter to make good such re
serve, the bank commissioner may, with
the approval of the attorney-ge In
stitutc proceedings for the appointment OF
receiver, and to wind up the business OF
the bank.
Section % The total liabilities of any
person, co-partnership or corporation. to
any bank for money borrowed, including
In the liabilities of the co-partnershp, the
liabilities of the several members thereon,
except special partners, shall at no time
exceed fifteen per cent OF the amount OF
capital and surplus of such bank; hut the
discounling of bills of exchange, drawn IN
good faith against actually existing values
and the discouniing of commercial or bu"i-
ness paper actually owned by the person
negotiating the same, snail not pc consul
cred as money borrowed; provided, That by
two-thrds vote of the directors. the IA
bitics of any person, co-partnerShp or
corporation, may be increased to total
sum not exceeding twontN-hN" ntr cent OF
the capital and surplus Of such bank
Section e. No bank shall take for securl-
IT, for any loan or discount a Hen upon
any part OF its capital $50. 4 80 bdhk
shall be tie holder OF or purchaser OF any
portion of It's capital stock. unless such
purchase shall be necessary 10 prevent loss
upon debt previously contracted IN good
faith Stocks SO purchased shall IN no
case be held ny the bans for longer time
than six months, If me stock can be sold
for the amount pt the claim of the bank
against the same, AMI II must be sold for
the best price untaildbie within one ytdI,
or 1t shall be GanCelcd and shall then
amount TO "A redu 'ti0n Of the capital stock,
urOyidpd that II ~uCh reduction shall re-
duCC the capital stock below the miuimdn,
required by law, such capital stock shall
be again increased TO the amount required
10y law as provided herein
Section q. II shall not me lawful for any
bank TO loan 10 any of its officers, directors,
clerks or employees any of the funds Of
the bank. unless thu same shall have been
authorized both as TO amount ali" Sechf-
lty, by resolution of the board of directors.