Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-26

SAID commissioner shall require the same &C.
/ cording to the forms which be shall prescribe
aud furnish. Such forms shall conform a. nesrlv
| as practicablet TO that now required of national
! banks including the schedules. Snch reports
| SHAH be signed and verified by the oath OF
| affirmation Of one OF the officers on 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 If
the bank at ne close OF business OF any past day
| br he 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. in such
| bank comm ssioner. Pr50fof publication shall
be Furnished to said bank commissioner AT
least once each year every bank shall report to
/ the bank commissioner, on call by him. list
of its stockholders. their residence, and the
| amour. of stock held by each, which report
shall be signed and verified by the oath or afir-
| matlon OF one OF the officers OF said bank The
bank commissioner shall also have the pow ar
/ to call for special reports from any bank
| whenever ID has Judgment the same Is necessary
bank.
SECTION II. Every bank fl ling to make and
transmit to the bank commits. Toner any Of the
reports required by this act shatl be subject 10
a forfeiture of one hundred dollars for each day
after the time required for makiag 5uch reports
Whenever any bank fails or refuses to pay the
| forfeiture herein imposed for failure to m ke
| and transmis such report, the bank commits
sioner is hnTeby authorized TO institute pro-
ceediugs for the recovery OF such forfeiture
/ SECTION Is. Whenever any officer of bank
| shall refuse to submit tile books papers and
| concerns of such bank to the inspection of the
| bank commissioner, his deputy or examiner APP
| pointed hereunder, or refuse 10 be examined on
| oat" touching the concerns Of the bank, the
| ban commissioner may. with the approval of
| the attorney general institute proceedings for
/ the appointment of a receiver of such bank to
| wind up 10 business
| SECTION Is. Every officer or employee of any
6ank, required by law To take any oath or af
| hrmation, who shall wilfnlly 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 tine 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 -ational bank. As soon as such bank
| shall have obtained me 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 of
such bank organized under this act subject to
all liabilities existing against said bank org
lied under this act at the time of such reore an
ization.
SECTION Fl. Any national bank authorized to
dissolve, and which shall have taken the neces-
sary steps to effect dissolution, may reor9anize
under this act upon the consent in 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 and acknowledge articles OF organiza-
ton as 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 lie approval Of the bank
commissioner, such bank shall be deemed to be
reorganRed under this ac, aud thereupon all
assets real anc personal, Of such dissolved ma
tlonRl bank, shall be vested In. and be and be-
come the property of such reorganized bank
subject TO all liabilities of such national bank
| not liquiGated before such reorganization.
SECTION ". bank which is in good faith
winding up its business, for the purpose of con-
sol dating with some other bank, may transfer
It's resources aud liabilities to the bank with
iYav ysnf lafs.
consolidation shall be made without the consent
of the bank commissioner, and not then 10 defeat
or defraud any OF the creditors in the collection
OF their debts against said banks, or either of
them.
SECTION 81 ANY bank organized or doing bus
mess under the provisions of this act may go
into liquidation by vote of its stockholders
owning two-thrds of the capital stock When
ever vote is taken to go into liquidation it
shall be the duty of the board of directors to
cause notice Of. this fac. IN be certified, under
the seal of the bank by It's president and cas- hier
to the bank commissioner, aad public alton
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 OF
county in which the bank is located, and 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 tutal
De 2osits at least six ifteenths of which shall be
III lawful money, and the balance of such per-
centage may be on deposit In banks approved by
the bank commissioner as reserve bank: except
in the case of banks which shall be approved by
the bank commissioner reserve banks, which
banks shall at all times keep on hand at least
twenty-five per cent. of their total deposits, at
least two-fifths of which shall be in lawful
money, and the balance may be on deposit in
banks approved by the bank commissioner as
SECTION rs. Whenever the reserve of any bank
shall fall below the amount required herein to
be kent such bank shall not increese irs loans or
hor ha hr n
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 falls 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 a receiver, and to wind up the
business of the bank
SECTION 20. The total liabilities OF any per.
son. co-partaership or corporation, to any bank
for money borrowed including in the liabilities
OF the co-partnership, the liabilities ot the soy.
eral members thereof except special partners,
shall at no time exceed fifteen per cent. of the
amount of capital and surplus of such bank but
the discounting of bills of exchange, drawn in
good faith against actually existing values, and
understanding of commercial or business paper
actually owned by the person negotiating the
same, shall not be considered money hor
rowed provided, that by two-thirds vote of the
directors, the liabilities of any person, co.part
nership or corporation, may be increased to a
total sum not exceeding twenty-five per cent. of
the capital ana surplus OF such bank.
SECTION n. 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 1apk for longer time than
six months, if the stock can be sold for the
amount of the claim If the bank against the
same, and it must be solt. for the best price OBJ
tainable within one year On 1t shall be Cancelled,
Il
ital stock provided, that If such reduction 81 all
reduce the capital stock below the minimum
required by law, such capital stock shall be
again increased to the amount required uy law,
as provided herein.
SECTION Is. 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 sha have been author,
lied, both as to amount and security by resolu
tion of the board of directors, to be recorded
SECTION 2a 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 two thirds vote of the board of directors,
specifying some larger amount which its officers
may loan upon real estate security; provided,
that in no event shall any bank so loan an
amount to exceed twenty hye per cent. OF the
aggregate of its capital, surplus and deposits
and provided, that banks doing business IN
villages or cities having less than six thousand
inhabitants, under the last official census. may
loan sum not to exceed thirty-three and one
third per cent. of the aggregate of its capital,
surplus and deposits, upon real estate security
The limitation in this section shall not preclude
any bank from taking real estate SECURITY, upon
any indebt edness previously CONTRACTED IN good
faith upon personal security and provided, fur
Their, that any bank having taken real estate Sc
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 collection, reduce
its real estate loans to the amount hereiubeforo
limitede
for loans or discounts a 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
cording to the ordinary usages of barking f1sti-
tutions, and to charge for collecting foreign or
domestic bills, or other evidences of debt the
usual current rate of exchange In TIE compu-
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
pc iod Of twelve months, nn!ess tue same are
well secured and in process Of collection, snail
be considered bad debts and shall be charged of
to the profit and loss account at the expiration
SECTION g. The board Of direc' ors OF bank
mag DECLARE a dividend from 40 much Of its net
profits, after providing for ell expenses losses,
interest and taxes accrued or due from said
bank, as they shall deem expedient; but before
any such dividend is declared, not less than one
tenth 81 the net profits of the bank for the pre-.
ceding half year or for such period as Is covered
by the dividend. shall be carried to surplus
fund. until such surplus fund shall amount to
twenty per cent. of the capital stock. NO disi-
dend shall be declared before the capital stock
Is fully paid
SEcTIoN 80 Every president, director, cash
Ter officer teller, clerk or agent OF any bank or
savings association who embezzles, abstracts or
wilfully misappiies, any Of the moneys. funds,
credits, or property fthe bark or savings asso-
citation whether owned by 1t or held IN trust, or
who, without authority 81 the directors, issues
or puts forth any certificate of deposit, draws
any order or bill of exchange, makes any accept
anca assigns any note bond. draft, bill OF ex-
change mortgage. judgment or decree or who
ma kes any false entry ID any book. report OF