Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-27

upvH sucn examination II appears that
such bank is lawfully entitled to commence
business, the bank commissioner shah
forthwith give 10 such bank a certificate,
uhder his hand and official seal, that such
pank is authorized TO commence business.
II me said bank commissioner has reason
70 believe 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-general withhold the GER
tlcate herein mentioned.
section :. The bank shall cause the GER
thcate issued hereunder. 10 be published
IN some newspaper printed In the village,
city or county where such bank is located,
within ten days after the receipt of such
certificate. If no newspaper is published
N such county, then such publication shall
De made at the nearest county seat Proof
OF publication shall be filed with the bank
commissioner.
Section 9 Whenever any subscriber for
stock, or his assignee, fails TO pay any in
stallment on the stock when the same is
required to be paid hereunder, the directors
OF such bank may sell the stock of such
uehnquent stock subscriber at public sale,
having first given the delinquent subscriber
twenty days notice personally or by mail,
a. his last known address. IL no bidder
can be found who will pay for such stock
the amount due thereon to the bank with
any cost incurred, the amount previously
pain shall be forfeited TO the bank and
such stock shall be sold as the directors
may order, within sixty days from the time
VI eutn forfeiture, ana II not SOilt IL SitIi
be Cancelled and deducted from the capital
stock of the bank. II sold, any surplus
over the amount due on said stock 10 said
bank, including the cost Incurred thereon,
with interest ON the amount due, shall be
returned to the subscriber. his heirs or as
signs If such cancellation shall reduce
the capital of the bank below the minimum
required by law, the said capital shall
within thirty days from the date Of such
cancellation be Increased to the required
amount 10y additional subscriptions. In
event of the failure of said bank 10 increase
such capital as herein provided, the bank
commissioner shall apply for receiver to
close up the business of the bank
Section 10, The affairs Of the bank shall
be managed by a board OF not less IMAM
three directors, who shall be elected by the
stockholders and hold office for one year,
and until their successors have been elect
ed and have qualified \ majority Of the
board of directors shall constitute a quo
rum for the transaction Of business. pro-
vided, that when the number of directors
shall exceed nine, they may, once IN SIX
months. designate by resolution n!na
members, any five OF whom shall consul
tute a quorum. In the first instance the di-
rectors shall be elected at meeting held
before the bank is authorized 70 commence
business by the bank commissioner, ana
afterwards at the annual meeting OF the
stockholders, 10 be held during The month
of July or January. and If for any reason
an election is not had at that meeting y
may be had at subsequent meeting caiieu
for that purpose, OF which due notice shdi
be given as provided In the bylaws OF such
bank. Every director shall take ana SUD
scribe an oath that he will diligently ana
honestly perform his duty in such Office
and VIII not knowingly violate or permit
violation Of any provision OF TINS act that
he is the owner In good faith OF STOCK IN
the bank, standing in his name on the
books of the bank such Oath shau pa
transmitted to the bank commissioner ana
filed in his office. ANY vacancy In me
board Of directors shall be filled by the
board, and the director so appointed shali
hold office until the next election Inc Of
ficers Of the bank shall he elected by the
board of directors and hold their offices Tor
one year and until their successors are
elected and qualified, unless sooner re-
moved by the board OF directors.
Section II. Every bank shall keep a
stock book, which shall at all times during
the usual hours for transacJing business,
be subject to the inspection OF the oHlcers
directors and stockholders Of the bank
Such stock book shall show the name resi-
dence and number of shares aeld by eacn
stakeholder. A refusal by the officers OF
such bank 10 exhibit sucn book TO any per
son rghtiully demanding Inspection
thereof shall subject such officer to Tor
fixture of fifty dollars, In all actions,
suits and proceedings such book shan be
presumptive evidence of the facts therelL
stated.
bank shall be deemed personal property,
and shall be transferred on the books OF
the bank In accordance with the metAOG
provided by law for transfer of stock IT
corporations.
Section -. At all stockholders meetings
each share OF stock shall enutle the owner
of record to one vote. y stockholqer may
vote at any meeting of the stockholders oN
proxy. No president or cashier shdh &c
as proxy for any stockholdef.
Section Il. y bank may amend us ar ,ti
Giles OF association III any MAINE not ~
consistent with the proNis.DuS VI .aH -
any time, by vote OF us stoChuoiue iet'
resentlnS two'lhlfus Oh tht Caln pa III.
such vote 70 pe taheh az a t'ig,eh's Cat1'p
for that purpose, y copy - SUI d'i ~, ~
ment certlheq py lhe ptgsi'Sllr an 49, y,
Ter, snail pc uleu as tequlicu ~ at,'Iis ~
incorporation. no increase Oh CaPiSal 9 5
be valid unth the amount tnt5e9a "l2 DI ~
subscribed ana actuauS pau ~ ~ Ie
ducton OF capital shaii pe ilauS 10 U.s.
amount than Is required uiutI tne PIP PIP ~ ~,
ions of TINS act tor cdplldl nor ne 'aiu an ~
warrant the cancellation OIL stoGh EtI IN
Gates, or dimlnlsn tht peISoHdt lla"httS "
stockholders, until such reducUon nas Deet.
approved by the bank cornlhls7lo..iietl ouG ~
approval must be oased upon uituI"5 ~
him that the security o. tit NAl2',.,e ,e,a
itors VIII not De lihpaieu "S I"1 P'0P''e'
reduction. ..,..r,.. h,ia
Secllon ~ ~, ~ 81 ,ta for he following
d anu ~. az, otbe,e.
puI Po9'7 80 ~ an t,, ,,,.,,-ssa,.,, for the
tlFSt' SUN ~ ai l,' ~ s 10 sfnese IN
cohNeileHl iia' ia ta,t,,s ,,,iete nthpr
clualhS WIN ~ 800 " irgar,,..
apartments 70 'tut a. T. ,,,l,jrq, ct1i",
10 bnHh s.an ,,t, ,apnscted tbersyytfh