River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-10-20

ed and qualified unless sooner removed
by the board of directors.
Section H. Every bank shall keep a
stock book. which shall at 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 stockhoidet A refusal nv
the officers OF such bank to exhibit such
book 10 any person rightfully demanding
inspection thereof, shall subject such Of
hcer TO forfeiture of fifty dollars. In
all actions, suits and proceedings. such
book shall be presumptive evidence of
the facts therein stated.
Section u. The shares OF stock of such
bank shall 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 -. At all stockholders meet
ings each share of stock shall entitle the
owner of record TO one vote. A stock
stockholders by proxy. No president or
holder
Section Il. 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 10 be taken at a meet
| ing called for that purpose. A copy of
such amendment certihed by the presi-
dent and cashier, shdI be nied 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 a 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 a finding
by him that the security of the existing
creditors will not be impaired by the pro-
posed reduction.
Section Is. A bank may purchase, hold
and convey real estate for the following
purposes and no others:
First-Such as shah be necessary for
the convenient transaction of its bust
ness, including with its banking offices
other apartments to rent as a source of
income. No bank shall invest in a 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 It shall purchase at sale
on judgments, DEGREES, or mortgage fore
closures under securities held by it; but
a bank shall not bid at 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
be held for a longer time than five years,
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 a 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
Section 16. Every bank shall make to
g. g,fn hr
three reports during each calendar year.
at such times as the said commissioner
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
bv 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
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 condensed form as may
be prescribed by the bank commissioner.
Proof of publication shall be furnished
to said bank commissioner. At least once
each year every bank shall report to the
commissioner. q
list of its 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 H. Every bank failing to make
and transmit to the bank commissioner
nj
shall be subject to forfeiture or one
hundred dollars for each day after the
time required for making such reports.
Whenever any bank fails or refuses to
pay the forfeiture herein imposed for
/, failure to make and transmit such report,
the bank commissioner is hereby author
lied 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 of
such bank to wind up its business.
Section 10. Every officer or employee II
any bank, required by law 70 take any
oath or affirmation, who shall wiltu!ly
swear or affirm falsely upon any material
matter, shall be deemed guilty of per-
jury, and upon conviction thereof. shaIl
be punished as 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 national bank.
AS soon as such bank shall have OBJ
tanned the certificate from the comptroller
of the currency authorizing it to COM
mence business under the United States
banking law. such reOrganized bank shall
take and hold an of the assets, real and
personal of such bank organized under
this act subject to all liabilities existing
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 erect 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
shall make, execute and acknoW ledge
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 % bank which is in good
faith winding up its business, for the
purpose of consolidating with some other
bank may transfer its resources and
liabilities to the bank with which it is
in process of consolidation; but no con-
soIidaton 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 80 Any bank organized or do
ing business under the provisions OF TINS
act may go into liquidation by vote
of it's stockholders owning two-thirds Ct
the capital stock. Whenever vote Is
taken to go into liquidation. il shall be
the duty of the board of directors to
cause notice of this fact TO be certihed,
under the seal of the bank by its preSi-
dent and cashier, to the bank commits
sioner. and publication thereof, notifying
the creditors to present their claims
made once in each week for eight sue
cesstve weeks in the official state paper,
and also in a newspaper published IN the
village city or county in which the bank
is located and if no newspaper is there
published then in the newspaper pub
lished at the nearest county seat
Section q. Every bank shall keep on
hand at all times, at least htteen per
cent Of it's total deposits. at least six
ffteenths 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 at
least twenty-five per cent OF their total
deposits al least two-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 p. Whenever the reserve of