Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-08-25

tute proceedings tor the leeosoA' -
Section 1a. Whenever any officer OF
hank shall refuse to submit tns pooA ~ IN IN
pers and concerns or sucn pank ~ en0 h he
Snection Of the bank commlsslo4S1. ii1o
deputy or examiner appointed hereul ,si,t
or refuse to be examined on oatI l9uol l,ae
the concerns of the bank, the DAM oo 4ho
missioner may, with the appropd5it ~ Gov
acknowledgement, institute proceedl1lsS ~.
the appointment of a receiver or SUCH pdiiA
to wind up It's business. %
Section 10. Every officer or eI1plyeo II
any bank, required by law to take any oae "a
or affirmation who shall Wilfulty swear "
affirm falsely upon any material lnat es,i
shall be deemed guilty OF P5l5p ,5iy5;,sghad
as provided by the laws OF tillS sta'S ~
the punishment of perjury.
Section 20. Any bank organized u az. 81
this act may reorganize under the laws OF
the United States as a national b2l1h, ~ ~
soon as such bank shall have obtained Ine
certificate from the conptrolIeF o. 1 she 80
rency authorizing it to commence business
under the United States banking la~ Slc 11
reOrganized bank shall take ana h2SQ az
Of the assets, real and personal, o. aoI -
bank organized under this act, sQ9JeGI "
all liabilities existing against said baIl12 or
ganized under this act at the TIME Oh S1eli
reorganization.
ICED to dissolve and which shall have ia
ken the necessary steps 70 eject dlssolu-
ton, may reorganize under TINS act, apolt
the consent in writing OF the owners u
two-thirds of the capital stock or sucIl
bank and with the approval of the bank
commissioner. Such stock j1 81 s1ia ~
organization required by TINS act, aLu
shall set forth the said written consent OF
such stockholdefd Upon @ tb the act n and q UPON
the approval of the bank con1n11ssloIler, se.Cli
bank shall be deemed to be reorSanIzea
under this act and thereupon all assets
tonal bank, shall be vested IN, ana DC ana
become the property 81 suGn zs
tional bank not liquidated before sucn re-
organization. 80
Section %. A bank which Is in good faith
winding up its business, for the purpose OF
consolidating with some other bank. may
transfer it's resources and liabilities to the
bank with which it is IN process OF con
made without the consent of the bank com
missioner, and not then to defeat or de-
fraud any OF the creditors In the COLLECTION
of their debts against said banks, or elthel
of them
Section %. Any bank organized or, doing
business under the provisions OF TINS ACT,
may go into liquidation by a vote OF It's
stockholders owning two-thi-ds of the capt.
tai stock Whenever vote is taken 70 20
into liquidation, it shall be the duty OF the
board of directors to cause notice, OF TINS
fact to be certified, under the seal OF the
bank by its president and cashier, to the
bank commissioner, and publication there |
Of notifying the creditors to present tnelr
claims against the bank for payment, shall
be made once in each week for eight sue
CeSSiVc weeks In the O1lclaI SLtlt0 pdpEi,
and also in newspaper published In the
village, city or county IN which the bank
g ieease1 @oa e 70 asW2pa2gs z ehsaS
at the nearest county seat.
Section "a. Every bank shall keep on
hand at all times, at least fifteen per cent
of which shall be in lawful money and the
balance of such percentage may be on de-
post in banks approved by the bank COM
missioner as reserve banks; except in the
of ha w 3DOCOV6G
the bank commissioner as reserve banks
which banks shall at all times keep on
hand at least twenty-five per cent Of their
total deposits, at least tHo-ffths 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 Is. Whenever the reserve Of any
bank shall fail below tn @rnount required
herein to be kept, such bank shall not in
crease it's loans or discounts otherwise than
by discounting or purchasing blIls OF e1-
change payable at sight or oil demand,
and the bank commissioner shall notify
any bank whose reserve may be below the
amount herein required 10 make good such
reserve. and in case the bank fails TOR thirty
days thereafter to make good such re-
serve, the bank commissioner may, with
the approval of the attorney general in
stitute proceedings for the appointment Of
q receiver and to wind up the business OF
the bank.
Section %. The total liabilities Of any
person, co-partnership or corporation, to
any bank, for money borrowed, including
in the liabilities Of the cO-partneTship, the
liabilities Of the several members thereof,
except special partners, shall at no time
CAPITAL and surplus of such bank; but the
discounting Of bills of exchange! drawn In
good faith against actually existing values,
and the discounting OF commercial or pilsl-
ness paper actually owned by the person
negotiating the same, shall not pc consId-
a two-thirds vote of the directors the LA
blities Of any person, co-partnersh1p or
corporation, may be increased to total
Jtr1tr
the capital and surplus of such bank. i
Section 27. No bank shall take for securi-
ty, for any. loan or discount a lien upon
shall be the holder of or purchaser Of any
portion of it's capital stock, unless such
purchase shall be necessary to prevent loss
upon a debt previously contracted IN good
faith Stocks so purchased shall in no
case be held by the bank for a longer time
than six months, if the stock can be sold
for the amount of the claim Of the bank
against the same, and it must be sold for
the best price c5tainable within one year,
or il shau be Cancelled, and shaI then
amount to & reduction OF the capital stock,
provided, that il such reduction shall re-
ducC the capital stock below the minimum
be again increased to the amount required
by law, as provided herein
Secfion %. 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 snail have been
authorized, both as TO amount ana secuf-
lEJ, ~ EGSOlUtlcll VI I~4C y@tSlN " ~- ~]SAl2'
to be recorded.
Section e. no bank shall lend ar
amount exceeding twenty per cent of its
capital stock upon mortgages, OF any other
form Of real estate security. except on the
adoption Of a resolution by o-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-five, per cent of
the aggregate OF it's 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 a sum not to
exceed thirty-three and one-tlird per .
tai, surplus and deposits, upon real
estate security. The limitation in
this section shall not preclude any
bank from taking real estate security, upon