River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-11-03

ed and qualified unless sooner removed
by the board Of directors.
Section II. Every bank shall keep a
stock book which shall al all times dur
ing the usual hours for transacting bust
ness, be subject to the inspection of the
officers. directors and stockholders of the
bank. Such stock book shall show the
name. residence and number of shares
held by each stakeholder A refusal by
the officers of such bank to exhibit such
book TO any person rightfully demanding
inspection thereof, shall subject such Of
ticer to a forfeiture of fifty dollars. In
all actions, suits and proceedings. such
book shall be presumptive evidence of
the facts therein stated.
Section r. The shares OF stock OF such
bank shalI be deemed personal property:
and shall be transferred on the books OF
the bank in accordance with the method
provided by law for transfer of stock in
corporations
Section 10. At all stockholders meet
ings each share of stock shall entitle the
owner Of record to one vote. A stock
holder may vote at any meeting of the
stockholders by proxy. No president or
cashier shall act as proxy for any stock
holder.
Section a. bank may amend its ar
ticles of association In any manner. not
inconsistent with the provisions of law,
at any time. by vote of its stockholders
representing two-thirds of the capital
stock such vote to be taken at a meet
ing called for that purpose. A copy of
such amendment, certified by the presi-
dent and cashier, shall be filed as re-
quired for articles of Incorporation. No
increase OF capital shall be valid until the
amount thereof has been subscribed and
actually paid in. No, reduction of capital
shall be made to less amount than is
required under the provisions of this act
for capital, nor be valid or warrant the
cancellation of stock certificates, or
diminish the personal liability of stock
holders, until such reduction has been APP
proved by the bank commissioner. Such
approval must be based upon finding
by him that the security of the existing
creditors will not be impaired by the pro-
posed reduction.
Section 10. A bank may purchase, hold
and convey real estate for the following
purposes and no others:
First-Such as shall be necessary for
the convenient transaction of its busi-
ness Including with its banking offices
income. No bank shall invest In bank
ing office, including apartments connected
Herewith. a sum exceeding twenty-five
per cent of Its paid in capital; provided,
that this Limitation shall not apply to the
present holdings of banks now doing
Second-Such as shall be conveyed to It
in satisfaction of debts previously con-
tracted In the course of its business.
Third-Such as 1t shall purchase at sale
on judgments. DEGREES, or mortgage fore
closures under securities held by it; but
a bank shall not bid a such sale a larger
amount than is necessary TO satisfy its
debts and costs. No real estate acquired
In the cases contemplated in the second
and third subdivisions preceding, shall
except an extension is granted by the
bank commissioner. If such extension be
not granted, il must be sold at private
or public sale within ninety days there
after Nothing in this section shall be
construed to prevent bank from loan
ing money upon real estate security as
provided by law. Real estate shall be
conveyed under the corporate seal of the
bank and the hand of the president or
vice-president and cashier or assistant
cashier.
Section 16. Every bank shall make to
the bank commissioner not less than
three reports during each calendar year
shall require the same, according to the
forms which he shall prescribe and
furnish. Such forms shall conform as
nearly as practicable to 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 and under proper
heads, the resources and Liabilities of the
bank at the close of business of any past
day, by the bank commissioner specified,
and shall be transmitted to said bank
commissioner within ten days after. the
Such reports shall be published by the
bank in newspaper in the village or
city or county where such bank is
located in such condensed form as may
be prescribed by the bank commissioner.
Proof OF publication shall be furnished
to said bank commissioner. At least once
bank commissioner, on call by MN,
list of It's stockholders, their residence.
and the amount of stock held by each,
which report shall be signed and verified
by the oath or affirmation of one of the
officers of said bank. The bank COM
missioner shall also have the power to
call for special reports from any bank,
| whenever in his judgment the same is
necessary to inform him fully of the con-
dition of such bank.
Section IT, Every bank failing to make
and transmit to the bank commissioner
any of the reports required by this act,
shall be subject to forfeiture of one
time required for making such reports.
Whenever any bank fails or refuses to
pay the forfeiture herein imposed for a
failure to make and transmit such report,
| the bank commissioner is hereby author
ICED to institute proceedings for the re-
covery of such forfeiture.
Section is. Whenever any officer OF a
bank shall refuse to submit the books,
papers and concerns of such bank to the
inspection of the bank commissioner, his
deputy or examiner appointed hereunder,
or refuse to be examined on oath touch
ing the concerns of the bank. the bank
| commissioner may. with the approval of
| the attorney general, institute proceed
! ings for the appointment of a receiver or
| such bank to wind up its business.
Section 10. Every officer or employee If
| any bank, required by law to take any
| oath or affirmation. who shall wilfuly
| swear or affirm falsely upon any material
! matter shall be deemed guilty Of per-
| be punished a s 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 a national bank.
| AS soon as such bank shall have OBJ
| tanned tho certificate from the comptroller
| of the currency, authorizing ii to COM
| mence 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
&c of
/ against said bank organized under this
! act at the time of such reorganization.
Section q. Any national bank author
/ lied to dissolve, and which shall have
| taken the necessary steps to effect dis
| solution may reorganize under this act,
/ upon the consent in writing OF the owners
! of two-thirds of the capital stock OF
! such bank, and with the approval of the
| bank commissioner. Such stockholders
/ shall make, execute and acknowledge
! articles of organization as required by
/ this act, and shall set forth the said
! written consent of such stockholders.
/ Upon the filing of said articles as pro-
| vided by this act, and upon the approval
| of the bank commissioner, such bank
! shall be deemed to be reorganized under
! this act, and thereupon all assets, real
| and personal. of such dissolved national
| 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 liquidated before such
| reorganization.
| Section %. A bank which is in good
| Ialln Winning up us buSlIeSS, lOI tie
/ purpose of consolidating with some other
/ bank may transfer its resources and
1 liabilities to the bank with which 1t is
! in process of consolidation; but no con-
| solidation shall be made without the con-
| sent of the bank commissioner, and not
| then to defeat or defraud any Of the
/ creditors in the collection of their debts
/ against said banks, or either of them.
! Section 90 Any bank organized or do
| ing business under the provisions of this
| act, may go into liquidation by vote
| of its stockholders owning two-thirds 81
/ the capital stock. Whenever vote is
! taken to go into liquidation, II shall be
! the duty of the board of directors to
cause notice of this fact to be certified
under the seal of the bank by it's presi-
dent and cashier, TO the bank commls-
/ sioner, and publication thereof, Notifying
/ the creditors to present their claims
! against the bank for payment. shall be
| made once in each week for eight sue
! cessiVe weeks in the official state paper
| and also in a newspaper published in the
| is located, and If no newspaper is there
! published then in the newspaper pub
/ iished at the nearest county seat.
Section "a. Every bank shall keep or
| hand at all times. at least fifteen pei
! cent of its total deposits. at least six.
| fifteenths of which shall be in lawful
/ money, and the balance of such percent.
| age 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
/ banks shall at all times keep on hand al
/ least twenty-five per cent of their tota
I deposits at least two-iifths 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
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