Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-10-27

20 be given By posting copies of notice Of
Sac in rye public places IN the village or
city where such bank is located. L pom
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 depositors
IN accordance with the terms on which
such deposits We're received or that any
bank has become insolvent, or that its cap
Itai has become impaired. or that any bank
has violated any of the provisions of this
law, the bank commissioner may forth
with take possession of the books, records
and assets of every description of such
Ddnks and hold the same, ana Such BOOKS.
records and assets shall not be subject to
any levies or attachments, until a court OF
competent jurisdiction can be applied 70
Tor the appointment Of a receiver for 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
pound all doubtful debts. and sell
all real and personal property on such
terms as the court shall direct. and If nee
essary, enforce the individual liability OF
stockholders. Such receiver shall pay over
all money by him received under the order
OF the court, and shall also make report 10
the bank commissioner, as often as reQu1r-
ed by him. of his acts and proceedings.
Section g. In the event that any two
banks shall be doing business in the same
close proximity as to interfere with the
proper examination of either bank, the
bank commissioner may require either of
SAID banks TO remove its banking office TO
some other location, within such reasona-
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 its officers or agents, shall be par
ties, shall be conducted under the direc-
ton and supervision of the attorney-gen-
eral.
Section 10. Copies of all records and pa
pers IN the office OF the bank commissioner,
certified by him, and authenticated by his
seal of office, shall be evidence in all cases,
equally and Of like effect as the original.
Section II. During the month of Decem-
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 the
day of the last report made to the bank
commissioner by such banks; and such re-
port shall contain statement of the con-
dition of every bank from which reports
nave been received, with an abstract of
the whole cunt of capital returned by
them, the e amount of their liabilities,
the total amount of resources. and speci-
Tying the amount of lawful money held by
banks at the time of their several returns,
resources and liabilities of each bank, and
such other information as in his judgment
may be required. Such report shall also
contain a statement of the banks whose
business has been closed during the year,
the amount of their resources and Iiabili-
ties and the amount paid to the creditors
thereof. also a statement OF any banks or
sanlzed during the year; and snail also
give list of the stockholders, their resi-
dence, and the amount of stock held by
each, and the names of the directors and
y
the names and compensation of the clerks
employed by him. and the whole amount
OF the expense of the banking department
during the year preceding.
CHAPTER III.
BANKS.
Section l. Any number of adult residents
of Wisconsin, not less than three may as
sociate to establish bank under this act
upon the terms and conditions and subject
TO the liabilities prescribed IN this act. The
aggregate amount OF the capital stock OF
any bank shall not be less than ten thou
sand dollars, in villages or cities having
less than two thousand inhabitants; anu
shall not be less than twenty thousand dol
lars, in villages or cities having more than
two thousand and less tnan six thousand
and shall not be less than fifty
thousand dollars in any village or city hav-
ing more than six thousand inhabitants,
according to the last official census.
Section 2. The persons so associating
shall make, sign and acknowledge written
articles of incorporation containing:
First declaration that they associate
for the purpose of forming a banking cor
pofation under this act.
Second. The name of such bank. Such
name shall be in no material respect SINH
lar to the name OF any other bank in the
same county whether such other bank be
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 nifty nor more than one hundred
dollars each.
Fifth. The period for which such bank
is organized, not exceeding fifty years.
Section 3. Such articles of incorporation
shall be executed in triplicate, one OF which
shall be recorded in the office of the regis
ter of deeds in the county i'll which the
bank is located. one shall be filed in the
office of the bank commissioner, and one
shall be filed in the office OF the secretary
of state.
Section A. Upon making and filing of the
articles of incorporation the bank shall
become body corporate, ana as Such snan
have the following powers:
First. To make all contracts necessary
and proper to effect its purpose and con-
Second. To sue and be sued, to appear
and defend in all actions and proceedings
under its corporate name, to the same ex-
tent as a natural person.
Third. To have common seal and alter
the same at pleasure.
Fourth. To elect or appoint all necessary
duties and obligations. fix their compensa-
ton, dismiss them, I'LL vacancies and re-
qure bonds.
Fifth To make, amend and repeal by
laws and regulations. not Inconsistent with
law or its articles of organization, for its
own government, for the orderly conduct
of its affairs and the management of its
for determining the manner of
calling and conducting its meetings. the
tenure of office of its seN eral ofilcers; and
such others as shall be necessary or con-
venient 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
and negotiating promissory notes.
bonds drafts bills of exchange, foreign
and domestic. and other evidences of debt;
by receiving commercial and savings de-
posits under such regulations as ii may es-
tablish by buying and selling coin and
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.
Section 5. No bank shall transact any
business. except such is incidental or
necessarily preliminary to its organization.
until ii has been regularly authorized by
the bank commissioner TO commence the
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