Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-15
ana payable, the directors Of such ban,

IOTCuWICU
pay the amount Of the assessment against
said stock. The amount received from the
sale or said stock, less the cost and ex-
original owner of such stock
Section z. On becoming satisfied that
any bank has refused to pay it's depositors,
IN accordance with the terms on which
such deposits We're received or that any
Dank has become insolvent, or that it's cap
ital has become impaired, or that any bank
mas 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
bank, and hold the same, and such books,
records and assets shall not be subject to
any leVies or attachments, until court Of
competent jurisdiction can be applied to
for the appointment of a receiver for such
bank. who, under the direction OF the court,
shal take possession of the books. records
ana assets OF every description, collect all
debts, dues and claims, and sell or COM
pound all doubtful debts, and sell
terms as the court shall direct, and II nee
essary, enforce the individual liability Ct
stockholders. Such receiver shall pay over
all money by him received under the order
OF the court, and shall also make report to
the bank commissioner, as often as requir-
ed by him, of his, acts and proceedings.
Section g. In the event that any two
banks shall be doing business in the same
building, upon the same floor, and in such
close proximity as to interfere with the
proper examination of either bank, the
said banks to remove it's banking office to
some other location, within such reasona-
Bile time as may be fixed by the bank COM
missioner.
Section g. 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 it's 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 Deem
Der of each year, the bank commissioner
shall make an annual report to the gov
published and shall exhibit the condition
Of the various banks Of this state, as of the
day of the last report made to the oank
commissioner by such banks; and such re-
port shall contain a statement or the con-
dition OF every bank from which reports
have been received, with an abstract pr
the whole amount of capital returned Dy
them, the whole amount of their liabilities
the total amount of resources, and speci-
flying the amount of lawful money held by
banks at the time of their several returns,
and shall give tabulated statement of the
resources and liabilities Of each bank, and
such other information as in his judgment
contain a statement of the banks whose
business has been closed during the year,
the amount of their resources and Hablli-
ties, and the amount paid to the creators
thereof; also statement of any banks or
ganized during the year; and shall also
give a list of the stockholders, their resi-
dence, and the amount of stock held by
each, and the names Of the directors ana
officers of each bank. He shall also report
the names and compensation of the clerks
employed by him. and the whole amount
of of q
during the year preceding.
CHAPTER II.
BANKS.
Section 1. 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. Ihe
aggregate amount of the capital stock OF
any bank shall not be less than ten thou
less than two thousand Inhabitants; ana
shall not be less than twenty thousand dol
lars, in villages or cities having more than
two thousand and less than six thousand
inhabitants; and shall not be less than nifty
thousand dollars in any village or city hay
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. A declaration that they associate
for the purpose of forming a banking cor
Second. The name of such bank. Such
name shall be in no material respect SINH
lar to the name OF any other + nank K IN m Inc me
organized under this act or under the laws
of the United States.
Third. The village or city ana county
where such bank Is to be located.
Fourth. The amount OF capital stock,
which shall be divided into shares Of not
less than fifty nor more than one hundred
Fifth. The period for which such bank
Ia organized. not exceeding fifty years.
Section g. Such articles Of incorporation
shall be recorded in the Office Of the regis
ter Of deeds in the county In which the
bank Is located. one shall be hled III the
office Of the bank * ca 81 eSs soS H
Of state.
articles OF Incorporation the bank shaii
become body corporate, and as suon snaI
First. TO make all contracts necessary
and proper to effect its purpose and con-
duct its business.
Second. To sue and be sued. to appear
and defend in all actions and proceedings
under It's corporate name, TO the same ex-
tent as a natural person.
Third. To have common seal ana after
the same at pleasure. .
Fourth. To elect or appoint all necessary
officers. agents and servants, oenn ena .ne,l
tion dismiss them, fill vacancies ana TO
quire bonds.
Fifth. TO make, amend and repeal by
laws and regulations not inconsistent with
law or it's articles Of organization, for IT'S
own government, for the orderly conduct
of It's affairs and the management OF ITS
property, for determining the manner OF
calling and conducting it's meetings, the
tenure of Office of it's several officers; and
such others as shall be necessary or con-
yenient for the accomplishment of its pur-
pose. .7
Sixth. To exercise, by it's directors, duly
authorized officers, or agents, all such
powers as shall be necessary to carry on
the business of banking. by buying, dis
counting and negotiating prosnissory 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 it may es7
fablish; by buying and selling coin and
bullion, and by buying and selling ex-
change foreign and domestic; Issuing let
fers Of credit and by loaning money on
personal or real security, as provided here
Section s. No bank shall transact any
business. except such as is Incidental or
neeessarily preliminary 10 it7 organization.
49,, sci, ~, ull4ily - -l1o-.---9a- ~
~. i,a.. ,-s;AlI.-iisaloliei To commence the
business of banking.