Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-21

Said commissioner snail ,TQuir6 the same,
cording 70 the forms whi'h he shall prescribe
i and furnish Such forms shalt conform as nearly
as practicable to that now re.:ltred of national
banks including the schedules Such reports
| shall be signed aud verified by tie oath or
Affirmation of one Of the officer of such bank
| and attested by at least two OF tie directors.
Such report shall exhibit in d5.sil and under
proper heads, the resources and liabilities of
the bank at the clos of business of any past day
| by the bank commissioner specified. and shall
be transmitted to said bank commissioner 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, ia such
condensed form as may be prescribed by the
| bank comm ssiouer. Proof of publication shall
| be furnished 70 said bank commissioner At
least once each year every bark shall report to
| the bank commissioner on call by him, list
amount of stock held by each, which report
! shall be signed aud verified BY the oath or afir-
nation of one of the officers of said bank. The
bank ou,missioner shall also have the power
70 call Tor special reports from any bank
whenever 10 his judgment the same is necessary
bank.
SECTION IL. Every bank failing to make and
transmit 10 the bank commissioner any of the
I reports required hy this act shall be subject TO
forfeiture OF one hundred dollars for each day
after the time required for making such reports.
| whenever any BANK iails or refuses to pay tho
| forfeiture herein imposed for failure to m. Ike
| and transmit such report, the bank commits
| sloner is hereby authorized to Institute pro.
| cesaings 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, refuse to be examined on
| oath touching the cohSc -us of the bank, tt
| bank commissioner may. with the approval
| the attorney general, institute p oceedings .
| the appointment OF a receiver OF such bank TO
| wind up its business
| SECTION IS. Every officer or employee of any
| bank, required by law to take any oath af.
| frmation, who shall wilfully swear or affirm
falsely upon any material matter. shall be deem
offn tfU of F1g.uf hara
! OF, shall be punished as provided by the laws OF
| this state for the punishment OF perjury.
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 1t to
commence business under the United States
| banking law. such reorganiZed bank shall take
and hold all of the assets, real aud personal, of
such bank organized under this act, subject to
/ all liabilities existing against said bank organ
ICED 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 reorganze
| und8. this act, upon the consent N Writing of
the owners of two thirds of the capital stock of
| such bsnk, and with the approval OF the bank
commissioner. Such stockholders shall make,
| execute End acknowledge articles of organiza-
| ton reuJ ired by this act, and shall forth
the said VIZ. tten consent of such stockholders.
the Id pg Of sad articles as provided h By
| commissioner, such bank shall be deemed to be
| reorganized under this act and thereupon all
| assets, real and personal of such dissolved ma
| tionil bank, shall be vested n and be and be-
| CONS the property of such reorganized bank,
| subject TO all liabilities Of such national bank
| not liquidated before such reorganization.
SECTION q. a bank which is in good faith
winding up its business, for the purpose of con-
| soidating with some other bank, may transfer
! its resources and liabilities to the bank with
| which it is in process of consol. iation; but no
| consolidation shall be made without the consent
of the bauk commissioner, and not then to defeat
uBtraud a.
| OF their debts against said banks, or either of
| them.
| SECTION o. Any bank organized or doing bus
| mess under the provisions of this act. may go
| into liquidation by a vote of its stockholders
owning two-thirds of the capital stock. Mhea-
| ever a vote Is taken to go INTO liquidation, 1t
| s'lall be the duty of the board of directors to
| cause notice of this fact 10 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
| newspaper published in the village, city OF
| county in which the bank is located, aud il nc
newspaper is there published, then in the news
| paper published at the nearest county seat
| SECTION "a. Every bank shall keep on hand al
| all times, at least fifteen per cent of its tota
de )osits, at lAast sixiifeenths of which shall be
! III lawful money, ana tine 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
I
! twenty-five per cent. Of their total deposits, at
/ least two-hfths 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 .. Whenever the reserve of any bank
| shall fall below the amount required herein to
be kept, such bank shall not increase its loans or
discounts otherwise than by discountinR pur-
chasing bills of exchange, payable at sight or on
demand, and the bank commissioner shall notify
any bank whose reserve may be below the
amount herein required to make good such re-
serve, and in case the bank fails for thirty DAYS
! thereafter to make good such reserve, the bank
| commissioner may, with the approval of the at.
| torney- general. institute proceedings for the
| appointment of receiver, and TO wind up the
| business of the bank.
SECTION rs. The total liabilities of any per.
! son, partnership or corporation, to any bank,
| for money borrowed including in the liabilities
of the co-pa tnership, the liabilities of the
| eral members thereof, except special partners,
! shall at no time exceed fifteen per cent. of the
amount of capita and surplus OF such bank but
| tie discounting of bills of exchange, drawn in
good faith against actually existing values, and
! the discounting of commercial or business paper
| actually owned by tht person negotiating the
! same, shall not be considered money Dor
rowed provided. that by two-thirdS vote of the
directors, the liabilitie, of any p, rson, copart
nershlp or corporation may be increased to a
total sum not exceeding twenty five per cent. of
| the capital and surplus of such bank.
| SECTION u. No bank shall take for security
| for any loan or discount lien upon any part OF
! its capital stock. No bank shall be the holder
| of or purchaser of any portion of its capital
stock unless such purchase shall be necessary to
| prevent loss upon debt previously contracted
| in good faith Stocks so purchased shall in no
! case be held by the bank for longer time than
| six months, i the stock can be sold for the
| amount of the claim of the bank against the
| same, and it must be sold for the best price OBJ
taina BILE within year, or It shall be cancelled
and shall then amount to reduction of the cap.
ita stock provided, that if such reduction shall
reduce the capital stock below the minimum
| required by law, such capital stock shall be
again increased to the amount required 10y law,
| as provided herein.
SECTION y. 1t shall not be, lawful for any
| bank to loan TO any of its officers, directors,
clerks or employees, any of the funds of the
| bank, unless the same shall have been author
| lied both to amount and security, by resolu
| tion of the board of directors, to be recorded
| SECTION 20. Nc bank shall lend amount
| exceeding twenty per cent. of its capital stock
upon mortgages, or any other form of real estate
security, except on the adoption OF resolution
| by a twothirds vote of the board of directors,
specifying some larger amount which its officers
may loan upon real estate security; pro7lded,
that in no event shall any bank 50 loan an
| amount to exceed twenty five per cent. OF the
| aggregate of its capital surplus and deposits;
| and provided, that banks doing business in
villages or cities hay ing less than six thousand
| inhabitants under the last official census, may
| loan sum not to exceed thlrty-three and one
| third per cent. of the aggregate OF its capital,
surplus aud deposits, upon real estate security.
| The limitation in this section shall not preclude
| any bank from taking real estate security, upon
any indebtedness previously contracted IN good
| faith upon personal security and prov ided fur
| ther, that any bank having taken real estate
| curity for such debts so previously contracted,
which shall have carried its percentage of loans
| on real estate above the amount hereinbefore
| limited such bank shall, within six months
| thereafter, either by sale or collection, reduce
| its real estate loans to the amount herelnoetore
| limiteds
! SECTION 30 No bank shall demand or RECEIVE
| for loans or discounts rate of interest exceed
ing that allowed by law to be taken and received
! by individuals excepting that it shall be lawful
| for any bank to receive interest IN advance &C
! cordiug to the ordinary usages OF banking nsti-
| buttons, and to charge for collecting foreign or
domestic bills or other evidence. Of debt the
tation of time thirty days shall be considered
! meath and twelve months year.
SECTION 81 All debts due to any bank, on
| which interest Is past due and unpaid for a
period of twelve monthS, unless the same are
we'll secured and IN process of collection, shall
be considered bad debts aud shall be charged off
to the profit and loss account at the expiration
| of one year.
SECTION g. The board of directors of bank
mas declare dividend from so much Of its net
profits, after providing for all expenses losses,
interest and taxes accrued or dae from said
bank, as they shall deem eXpedent; but before |
any such dividend Is declared, not less than one
tenth Of the net profits of the bank for the pre-
ceding half year OF for such perod as is covereG
by the dividend shall be carried to surplus |
fund until such surpjHs fund shall amount 70 |
twenty per cent of the capital stock. No dtvl-
dend shall be declared befufe the capital stock
is fully paid
SECTION 81. Every president, director. cash |
Ter officer, teller. clerk agent OF any bank or
avings association who embezlles, ABSTRACTS or |
wilfully misa pplies, any OF the moneys. funds, |
citation whether owned by it or held in trust or |
who without authority of the directors, issues |
or puts forth any certificate of deposit, draws |
any order or hall of exchanges, makes any accept |
ance, assigns any note, bpBd draft, bill OF ex- |
change, mortgage, judgment or decree or VINO |
rnalpS lSa book. report or