The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1898-08-11
cordance with the method provided by law for

transfer of stock in corporations,
SECTION ID. At all Stockholders meetings
each share of stock shall entitle the owner OF
record TO one vote. stakeholder may vote at
any meeting of the stockholders by proxy. No
president or cashier shall act as proxy for any
stakeholder
SECTION a. A bank may amend its articles
of association in any manner, not inconsistent
with the provisions of law, at any time by a
vote Of its stockholders representing two-thlrds
of the capital stock such vote to be taken at.
meeting called for that purpose copy of such
| amendment. certified by the president ana
cashier, shall be filed as required for articles
of Incorporation. No increase of capita shall
be valid until the amount thereof has been sub.
scrlbed and actually paid In. NO reductlon OF
pltal shall be made to a less amount than
is required under the provisions OF this act Tor
capital. nor be valid or warrant the cancellation
Of stock certificates, or diminish the personal
liz bllity of stockholders, until such reductlOh
has been approved by the bank commissioners
Such approval mist be based upon a finding
by him that the security of the existing crfdl-
tors will not be impaired by the proposed reduc-
ton
SECTION IS. A bank may purchase, hold and
convey real estate for the following purposes
and no others:
First Such as shall be necessary for Is @ con-
venieat transaction of it's business, including
with its banking offices other apartments TO
rent a source of income. No bank shall in
vest in a banking office, including apartments
connected herewith, a sum exceeding twentv-
five per cent. OF its paid in capital; prOvld q,
that this limitation shall not apply to the
present holdings of banks now doing business.
Second Such shall be conveyed to 1T IN
satisfaction of debts previously contracted IN
the course of its business.
Third. Such as it shall purchase at sale on
judgments, DEGREES, or mortgage foreclosures
under securities held by it; but bank shall not
bid at such sale larger amount than IS n9ces-
sary to satisfy its debts and costs. No real es-
tate acquired in the cases contemplated IN the
second and third subdivisions preceding, snail
be held for q longer time than i've years, ex-
cept an extension is granted by the bank com
missioner. If such extension be not granted,
I L,oc to vN11tNI
ninety days thereafter, Nothing in this section
shall be construed to prevent a 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-president and cashier or
assistant cashier.
SECTION IS. Every bank shall make to the
bank commissioner not less than three reports
during each calendar year, at such times as the
said commissioner shall require the same, &C
cOrding to the forms which he shall prescribe
and furnish. Such forms shallcOnform 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 heads, the resources and liabilities or
tEexhank at the close of business OF any past day
be transmitted to said bank commissioners With
in 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 comm! ssioner. Proof OF publication shall
be furnished to said bank commissioner At
least once each year every bank shall report to
the bank commissioner, or cali by hlm, list
Of it's stockholders, thoir residence, and the
amount OF stock held by each, which report
shall be signed and verified by the oath or affir-
nation of one of the officers of said bank. Ihe
| bank commissioner shall also have the power
to call for special reports from any Dank,
whenever in his judgment the same IS necessary
| to inform him fully Of the condition OF such
! bank.
SECTION II. Every bank failing to make and
| transmit to tho 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.
! Whenever any bank fails or refuses to pay the
! forfeiture herein imposed for faAure to make
and transmit such report, the bank commls-
sioner is hereby authorized to institute pro-
! ceediDgs for the recovery of such forfeiture
! SECTION Is. Whenever any officer OF bank
! shall refuse to submit the books, papers and
concerns of such bank to the inspection of the
| bank commissioner, his deputy or examiner APP
! pointed hereunder, or refuse to be examined on
/ oath touching the concerns of the bank, the
! bank commissioner may with the approval OF
the encouragement, institute proceedings for
! the appointment of receiver OF such bank TO
| SECTION 10. Every officer or employee of any
| bank, required by law to take any oath or af-
frmation, who shall wilfully swear or affirm
falsely upon any material matter, shall be deem
ed guilty of perjury, and upon conviction there.
! Of shall be punished as provided by the laws OF
| SECTION 20. Any bank organized under this
! act may reorganize under the laws of the United
| States as national bank. AS soon as such bank
| shall have obtained the certificate from the
comptroller of the currency, authorizing it to
! commence business under the United States
! banking law such reorganized bank shall take
and hold all of the assets, real and personal, or
! such bank organized under this act, subject to
all liabilities existing against said bank organ
lied under this act at the time OF such reorgan-
! izatiOn.
/ SECTION q. ANY national bank authorized to
! dissolve, and which shall have taken the neces-
| sary steps to effect dissolution, may reorganlze
! 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 Orgap1za-
| ton required by this act, and shall set forth
| the said written consent OF such stockholders.
| Upon the fling of said articles as provided by
! this act, and upon the approval of the bank
! commissioner, such bank shall be deemed to be
reorganized under this act, and thereqpon all
| assets, real and personal of such dissolved ma
| tional bank, shall be vested in, and be and be-
come the property of such reorganized bank,
! subject to ali liza bilities of such national bank
not iiQuidated before such reorganization.
| SECTION Y. 4 bank which is in good faith
| winding up It's business, for the purpose of con
! sOlidating with some other bank, may transfer
} its resources and liabilities to the bank with
! which it is in process of consolidation; but no
! consolidation shall be made without the consent
OF the bank comm issioner and not then to defeat
or defraud any of the creditors In the collection
! of their debts against said banks, or either of
them.
j SECTION %. Any bank organized or doing bus
mess under the provisions of this act, may go
into liquidation by vote of its stockholders
owning two thirds of the capital stock, When
ever a vote is taken to go into liquidation, it
shall be the duty of the board of directors to
cause notice of this fact to be certified, under
the seal of the bank by its president and cashier,
| to the bank commissioner, and publication
thereof, notifying the creditors to present their
claims against the bank for payment, shall be
made once in each week for eight successive
weeks in the official state paper, and also in a
| newspaper published in the village, city or
county in which the bank is located, and if no
newspaper is there published, then in the news
paper 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 six-ffteenths of which shall be
! in lawful money, and the balance of such per-
centage may be on deposit in banks approved by
! the bank commissioner 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 their total deposits at
! least two-ifths 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 25. Whenever the reserve of any bank
| shall fall below the amount required herein to
be kept such bank shall not increas its loans or
discounts otherwise than by disco lnting or pur-
chasing bills of exchange, Daya BIZ at sight or on