Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-22

forfeiture. 1,,,onacor ,rv of,,cer ~ =
% gbau refuse to submit the books, pa
pn and concerns OF such bank TO the in
ptss,ion of the bank commissioner. his
spe~',v or examiner appointed hereunder,
osprsflse to be examined on oath touching
q 'sIonrerns of the bank, the bank COM
lnts-yioncr may, with the approval OF the
hi...9nrHey-general. institute proceedings for
O. aupointment OF a receiver or such bank
- wind up its business
"e'stion 49, Every Officer or employee of
INK required by law'to take any oath
a. alirnation, who shall wilfully swear or
ooHrIn falsely upon any material matter.
H StaU he deemed guilty of perjury and
mon conviction thereof, shall be punished
" rroyided by the laws of this state for
r. punishment of perjury.
seton 20. Any bank organized under
~ act may reorganiZe under the laws of
Ia United States as a national bank, As
| ocr as such bank shall have obtained the
Certificate from the comptroller OF the cur
Srry author ling 1t to commence business
i der the CAited States banking law, such
rraorganizs1 bank shall take and hold all
~ the assets, real and personal of such
| Sark organized under this act, subject TO
aG liabilities existing against said bank or
Tsnzed under this act, at the time OF such
organization.
eSssfion ~ Any national bank author
| ,vs5 TO dissolve, and which shall have Ia
Ion the necessary steps to effect dissolu-
ION may reorganiZe under this act. upon
| ;wo-thirds of the capital stock of such
| rank and with the approval OF the bank
r0urnissi Oner. Such stockholders shall
-~gEe execute and acknowledge articles Of
| termination as required by this act, and
sb8u set forth the said written consent Of
sIfh stockholders. Upon the Ming Of said
articles as provided by this act and upon
r. auprovalof the bank commissioner such
hank shall be deemed 10 be reorganized
urier this act. and thereupon all assets
real and personal, of such dissolved ma
tforal bank shall be vested in, and be and
become the property Of such reOrganiZed
hank subject 10 all liabilities of such ma
t.onal bank not liQuidated before such re-
nrganzatiun
Sscri9n g2 A bank which Is in good faith
vrir6ing 40 it's business for the purpose OF
consolidating with some other bank. may
transfer its resources and liabilities to the
hank with which II is in process OF con-
s6ldati0n. but 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 lhriI debts against said banks. or either
Sa"tion %. Any bank organized or doing
| business under the provisions Of this act
may go into liquidation by vote OF its
stockholders owning two-thirds of the capt.
sl stock Whenever vote is taken to so
| INTO liuuidation, it shall be the duty of the
| board Of directors to cause notice of this
fact TO he certified under the seal OF the
| hank by its president and cashier to the
bank commissioner ana publication there
at notifying the creditors to present their
raims against the bank for payment. shall
he made once in each week for eight sue
| cessive weeks In the othc!ai 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
puh.ishgd then in the newspaper published
| ar the nearest county seat
Section a. Every bank shall keep on
hand al all times at least fifteen per cent
.H.1 gI ZOO B.
az which shall be in lawful money. and the
| balance Of such percentage may be ON de-
posi- in banks approved by the bank COM
i 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
band "a least twenty-five per cent OF their
total deposits, at least two-tifths of which
sha., Dee In lawful money, and the balance
may be- on deposit in banks approved 10y
be 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 IN
erase It's loans or discounts otherwise than
BIS iisCountiug or purchasing bills of eX-
change, payable at sight or on demand
ami the bank commissioner shall potliy
any bank whose reserve may be below the
amount herein required, to make good such
reserve and In case the bank fails for thirty
days thereafter to make good such re-
serve the bank commissioner may, Win
y
stute proceedings for the appointment of
q receiver and to wind up the business OF
the bank.
Section g. The total liabilities of any
person. co-partnership or corporation. 10
any bank, for money borrowed, including
N the liabilities of the co-partnershlp, the
liabilities Of the several members thereof
except special partners, shall at no Tune
exceed fifteen per cent Of the amount OF
capital and surplus of such bank; but the
jIsc1unjng of bills of exchange, drawn In
good faith against actually existing values
add the liscOunting OF commercial or busl-
ness paper actually owned by the person
Regulating the same, shall not be consid-
ell as money borrowed, provided, that by
a wo-thirds vote of the directors the ia
5it.es Of any person co-partnership or
NpO-atiou, may he increased TO total
sum not exceeding Twenty-Five per cent OF
he capital and surplus of such bank.
Section r. No bank shall take for securi-
W for any loan or discount a lien upon
any part OF IT'S capital stock. No bank
sla| Ice the holder of or purchaser OF any
PORTION of its capital stock, unless sucn
Ilrghlse shall be necessary TO prevent loss
uplH a debt previously contracted IN good
faith. Stocks so purchased shall in no
case De- held by the bank for a longer time
haa six months, II the stock can be sold
1r The amount of the claim OF the bank
against the same, and 1t must be SOLD lot
Ne u.s. price ohtainabe within one year
o. &. shall be Cancelled, and shall then
amount 10 a reduction Of the capital stock ,
provided. that IL such reduction shall re-
dg-g the capital stock below the miulmum
eilirei by law, such capital stock shal
it again increased to the amount required
by law. as provided herein.
Section rs 1t shall not be lawful for any
bank To- Dan to any of its officers. directors,
clerks or employees. any of the funds OF
le bank unless the same shall nave beeh
authorized both as to amount ana secut-
N ay resolution of the board OF directors,
70 be- recorded.
Section g. No bank shall lend an
amount exceeding twenty per cent OF It's
tIa. stock upon mortgages, or any other
'.'m of READ estate security. except on the
a4alagu OF q resolution by two-thlrds
l9e ur lne board of directors, specifying
gone larger amount which its officers may
gan pom real estate security provided,
-al ia no event shall any bank 50 loan an
AMOUNT 90 exceed twenty-five per cent OF
-- aggregate of its capital, surplus ana
-las.-. and provided, that banks doing
l.a.- Iu villages or cities having less
4a sN thousand inhabitants, under the
4s, l"..al census, may loan sum not 10
A.--| rhirty-three and one-thrd per
N u the aggregate of It's capi.
surplus and deposits, upon real
.a.e aegurity The limitation IN
section shall not preclude any
h 'am taking real estate security. upon
...IaInes- previously contracted IN
~. .H.'n upon personal security. and pro-
... "fher that any bank having taken
..-.#.a security for such debts so pre-
.urrigted. which shall have car
aleaatdge OF loans on real estate
amount hereinbefOre limited,
saal within slH months there