Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-08-25

city where such bank is located. Upon
such sale the purchaser shall forthwith
pay the amount of the assessment against
said stock. The amount received from the
sale of said stock, less the cost and ex-
pense of such sale, shall be paid to the
original owner Of such stock
Section Z. On becoming satisfied that
any bank has refused to pay Its deposltors,
In accordance with the terms on Wnlcn
such deposits We're received, or that any
bank has become insolvent, or that it's cap
ital has become impaired, or that any bank
has violated any of the provisions or TINS
law, the bank commissioner may forth
with take possession of the books, records
and assets of every description OF such
bank, and hold the same, and sucn DOCKS
records and assets shall not be sub1ect 10
any levies or attachments, until court OF
competent jurisdiction can be applied TO
for the appointment of receiver Tor such
bank, who, under the direction OF the court
shall take possession of the books, records
and assets of every description, collect all
debts. dues and claims, and sell or COM
pnur ra1 an and nersona nreDeStv on such
terms as the court shall direct and II nee.
essary, enforce the individual liability or
stockholders Such receiver shall pay oEer
all money by him received underline order
of the court, and shall also make report TO
the bank commissioners, as often as reQulr-
ed by him. of his acts and proceedings.
Section s. In the event that any two
banks shall be doing business in the same
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 ofhce to
some other location within such reasona-
BILE time as may be fixed by the bank COM
missioner.
Section 9. All proceedings by any bank
to enjoin the bank commissioner in the dis
charge OF his duties, shall be had in the
county where said bank IS located, or IN
the supreme court of this state. All suits
and proceedings arising out OF the pro-
visions of this act, in which the state, or
any Of it's officers or agents, shall be par
ties, shall be conducted under the dlrec-
ton and supervision OF the attorney-gen-
eral.
Section 10. Copies Of all records and pa
pers in the Office of the bank commissioner,
seal of Office, shall be evidence in all cases,
equally and OF like effect as the original.
Section Ii. During the month OF Deem
Der of each year, the bank commissioner
shall make an annual report to the gov
ernor of the state, which report shall be
published and shall exhibit the condition
OF the various banks OF this state as OF tne
day of the last report made to the bank
commissioner by such banks; and such re-
port shall contain q statement OF the con
dition 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. ana specl-
flying the amount of lawful money held by
banks at the time Of their several returns,
and shall give tabulated statement OF the
resources and liabilities of each bank, AND
may be required. Such report snail also
contain statement of the banks whose
business has been closed during the year,
the amount Of their resources and habit
ties, and the amount paid to the creditors
thereof; also a statement of any banks Or
ganized during the year; and shall also
give a list Of the stockholders, their resi-
dence, and the amount Of stock held by
each, and the names OF the directors 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 department
during tho year preceding.
CHAPTER II.
BANKS.
Section l. ANY number Of adult residents
of Wisconsin, not less than three may as
socate TO establish bank under this act,
upon the terms and conditions and subject
to the liabilities prescribed in this act Inc
aggregate amount of the capital stock or
any bank shall not be less than ten thou
sand dollars, in villages or cities having
less than two thousand inhabitants; ana
shall not be less than twenty thousand dol
lars, IN villages or cities having more than
two thousand and less than six thousand
Inhabitants; and shall not be less than MY
thousand dollars in any village or city nav
ing more than six thousand inhabitants,
according to the last official census.
Section 2. The persons SO associating
shall make. sign and acknoWliedg g written
First. A declaration that they associate
for the purpose of forming banking cor
poratiOn under this act.
Second. The name Of such bank Such
name shall be in no material respect slml-
lar to the name of any other bank In the
same county, whether such other bank pc
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 fifty nor more than one hundred
dollars each.
oh c11oT ha
is organized not exceeding fifty years.
Section g. Such articles Of incorporation
shall be executed in triplicare, one OF when
shall be recorded in the office OF the regis
ter of deeds in the county in which the
bank is located. one shall be lied IN the
Office Of the bank commissioner, and one
shall be filed i'll the office of the secretary
Section l. 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 it's business.
Second. 10 sue and be sued, to appear
and defend in all actions and proceedings
under it's corporate name, to the same eX-
tent as a natural person.
Third. To have q common seal ana alter
the same at pleasure.
Fourth 70 elect or appoint all necessary
officers, agents and servants, define their
duties and obligations, fix their compensa-
ton, dismiss them, I'LL vacancies ana re-
quire bonds.
Fifth. To make amend and repeal by
laws and regulations, not inconsistent with
law or it's articles Of organization, for it's
own government, for the orderly conduct
of it's affairs and the management of its
property, for determining the manner of
calling and conducting its meetings, the
tenure of Office of its several officers; and
such others as shall be necessary or con-
yenient for the accomplishment of its pur-
pose
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 buying, dis
counting and negotiating promissory notes,
bonds, drafts, bills of exchange. foreign
and domestic, and other evidences of debt;
by receiving commercial and savings de-
posts under such regulations a,a as it may es
bullion, and by buying and selling ex-
change, foreign and domestic; issuing let
tiers Of credit, and by loaning money on
personal or real security, as provided here
matter.
business except such as is incidental or
necessarily preliminary to its organization,
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