Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-11-03

SECTION 5 The bank shall cause the certih-
cate issued hereunder, to be published III some
he wspaper printed in the village, city or county
where such bank Is located within ten days
after the receipt of such certificate. III no news
paper is publ led ia such county. then such
pu blication shall be made at the nearest county
seat. Proof OF publication shall be fled with
the bank commissioner.
SECTION =, Whenevar any subscriber for
stock or his assignee, fails to pay any INSTALL
ment on the stock when the same IL required 10
be paid hereunder the directors OF such bank
may sell the stock of such delinquent stoc sub
scriber at public sale, having hrSt given the de-
linQuent subscriber twenty days notice, per-
sonally or by mail, at his last known address.
II 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 paid
shall be forfeited to the bank, and such stock
shall be sold as the directors may order, within
sixty days from the time of such forfeiture, and
il not sold, IL shall be cancelled and deducted
from the capital stock OF the bank III sold, any
surplus over the amount due on said stock to
9 lid bank, including the cost incurred thereon,
with interest on the amount due, shall be re-
turned - the subscriber, his heirs or assigns
II such cancellation shall reduce the capital OF
the bank below the minimum required b. az,
the said capital shall, within thirty days from
the date of such cancellation, be increased to
the required amount by additional suDscrlp-
tions, In event of tho failure of said bank to
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 board of not less than three direc'
tors. who shall be elected by the stockholders
and hold office for year, and until their sue
cessors have been elected and have qualified.
majority of the board of directors shai con
stitute a quorum for the transaction of bust
ness; provided, that when the number of dlrec'
tors shall exceed nine they may once IN SIX
months, designate by resolution, nine members,
any five OF whom shall constitute a quorum.
In the first instance the directors shall be elected
at a meeting held before the bank is authorized
to commence business by the bank commits
sioner, and afterwards at the annual meeting
of the stockholders, to be held during the month
of July or January; and If for any reason an
election is not had at that meeting, II may be
had at subsequent meeting called Tor nat
purpose OF which due notice shall be given as
provided in the bylaws of such bank. Every
direct or shall take and subscribe an oaih that
he will diligently and honestly perform hts duty
in such office, and viii not knowingly violate or
permit violation OF any provision OF THIS act
that he is the owner III good faith of Stoc IN tue
bank, standing in his name on the book OF the
bank. Such oath shall be TRANSMITTED 70 the
bank commissioner and filed in his otlire. Any
vacancy in the board of directors shall ue hiled
y, the board, and the director SO appointed
shall hold Office until the next election. The
officers Of the bank shall be elected boy the boa ri
of directors and hold their offices for one year,
and until their successors are elected and
qualified unless sooner removed by ti' board
of directors.
book, which shah at all times, during the usual
hours for transactiug business, be subject 10 the
inspection OF the officers, directors and stock
holders of the bank Such stock book shan
show the name, residence and number OF shares
held by each stakeholder. \ refusal by the Off
GERS of such bank to exhibit such book to any
person rightiully demanding inspection thereof
shall subject such officer tn forteitur" ot Ifty
dollars. In all actions, suits and proceedings,
such book shall be presumptlve evidence OF the
facts therein stated
SECTION ~ The shares of stock of such bank
Oh ha jnap,a1 -spuul and shall
ha transferred ON The books of the bank IN ac-
cordance with the method provided by law for
transfer of stock in corporations.
SECTION -. At all stockholders meeting,
each share of stock shall ontitle the owner OF
record to one vote stockholder may vote at
any meeting of the stockholders by Prov. No
president or cashier shall act as proxy iJr any
stakeholder.
SECTION A. bank may amend its articles
of association in any manner, not Inconsistent
with the provisions Of law, at any time, by a
vote Of its Stockholders representing twO-thtrds
of the capital stock, snch vote to be takon AT a
meeting called for that purpose \ con, OF such
amendment, certified by the preside and
cashier, shall be fled as required for articles
OF Incorporation. No Increase of capt. stall
be valid until me amount thereof has bonn sub
scribed aud actually paid in. No reduction of
capital shall be made TO less amour than
is rtguirad under the provisions of tue Hct for
capital DOR he valid or warrant the cancel lation
OF stock certificates, or diminish the r7unal
liability Of stockholders, until such reduction
has been approved 10y the bank COMM toner-
Such approval must be based upon a iludlng
by him that the security of the existing credi-
tors viii not be impaired by the proposed reduc-
ton
SECTION Is bank may purchase, hold aud
convey real estate for the following purposes
and no others.
First. such as shall be necessary for q o con-
yeuient transaction of its business, including
with its banking offices other apartments TO
rent as source of income, No bank shall IN
vest in a banking office, including apartments
connected herewith, a sum exceeding twenty
five per cent. of its paid in capital; providad
that this lin itation shall not apply to the
present hold,v-s of haniss now doing business
Second Such as shall be conveyed to II IN
satisfaction of debts previously contracted IN
the course OF its business
Third Such as it shall purchase at sale on
judgments, DEGREES, or mortgage foreclosures
under securities held by it, but bank shaft not
bid at such sale larger amount than is ueces-
sary to satisfy its debts and costs. No rcal es
tie acquired in the cases contemplated Ia the
second and third subdivisions preceding, shall
be held for longer time than i've years, OK
cept an extension Is granted by the bank com
missioner II such extension be not granted,
it must be sold at private or public sale within
ninety days thereafter Nothing in this section
shall be construed TO prevent bank from loan
ing money upon real estate security as provided
by law Real estate snail be conveyed under
the corporate seal of the uank, and the haud ~
the president or vice-presldent and cashier or
assistant cashier.
SECTION Is. Every bank shall make to the
bank commissioner not less than three reports
during each calendar year. at such times as The
said commissioner stall require the same, ac-
cordiHg to the forms which he shall prescribe
and furnish. Such forms shall conform az nearly
as practicable 10 that now required Of national
banks including the schedules Such reports
shall be signed and verified by the oath or
affirmation OF one OF the officers of such bank,
and attested BY at least two of the directors.
Such report shall exhibit IN detail aud under
proper heads, the resources and liabilities Of
the bank at the close Of business o. any past day
by the bank commissioner specified, and shall
b. transmitted TO said bank commissioner with
~ ten days after the receipt OF request erefos
from him Such reports shall be published by
he bank la a newspaper In the village or city
pr county, where such bank Is located, in such
condensed form as may be prescribed by the
tank comm ssiourr. Proof of publication shall
o. furnished 10 said bank commissioner. Al
east once each year every bank shall report 10
he bank commissioner 90 call by him, list
" its stockholders. their residence, and the
mount Of stock held by each which report
siHll be signed aud verified by the oath ar aiiir.
nation 81 one of the officers uf said bank The
bank commissioner shall also have the power
% csil Tor special reports from any bank
Aii-urftr IN his judgment the same is necessary
.o inform him fully Of the condition OF such
bank.
SECTION a. Every bank failing to make and
transmit "a the hank commissioner any of the
reports required ht this act, shall be subject to
4 forfeiture ~ Uuo hundred dollars for each day
" Whenever any bank fails or refuses 10 pay the
urfeIiur- herein imposed fof failure 10 make
add transmit such report, the bank commits
Gunner il hereby authorized to institute pro