Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-01

managed by board ay not less tia n three 1Irec-
! tors, who shall be elected by the stock holders
and hold office for one year. and until their sue
| cessors have been elected aud have qualified.
| majority of the board Of directors shall con-
| stitute quorum for the transaction OF BUSH
| ness provided, that when the number OF direc-
| sors shall exceed nine they may. once in six
moaths, designate by resolution, nine mem he RS,
| any five of whom shall constitute 4 quorum.
la the first instance the directors shall be elected
| at meeting held before the bank l. authorized
| to commence business rs the bank commits
sioner. and afterwards at the annual meeting
ot the stock holders, To oe held during The mouth
| OF July or January and II for any reason
| election is not had at that meeting, it may be
had at n subsequent meeting called for pat
/ purpose. of which due notice SHALL he giyru
| provided in the bylaws of sucu bank. Es"ry
direct or shall take and subscribe an oath that
he Will diligently and honestly perform his duty
| ia such office, and will not knowingly violate or
| permit violation OF any prov ision 81 this act:
that he 4 the owner iii good faith OF stocN in the
| bank, standing III his name on the books Of tho
| bank Such oath shall be transmitted to the
| bank commissions. aud filed in hi- office Any
| vacancy in the board Of directors shall he filed
| by the board, and the director 80 appointed
| shall hold otficc until the next election The
officers Of the hhnk shall be elected by the board
of directors and holi their Offices for one year.
and until their successors are elected aud
| qualified unless sooner removed by the board
| of directors.
SECTION II. Every bank shall keep stock
book, which shall Al all times, during the usual
hours for transactiDc business, be subject to the
| inspection of the officers, directors and stock
| holders of the hank Such stock book shall
show the name, residence and numbe. of shares
held by each stoc kholder. refusal by the oil
GERS of snch bank 10 exhibit such book to any
person rightfully demanding inspection thereof,
shall subject such officer to forfeiture Of fifty
doilars In all actions, suits and proceedings,
such book shall be presumptive evidence Of tho
| facts therein stated
| SECTION IL. The shares Of stock of such banld
shall be deemed personal property, and shall
be transferred on the books of the bank in ac-
oordance with the method provided by las for
transfer of stock in corporations.
SECTION IL. At all Stockholders meetings
each share of stock shall entitle the owner of
record to one vote. A stakeholder may vote at
any meeting of the stockholders by proxy. No
| president or cashier shall act as proxy for any
gtockholder
SECTION H. A bank may amend its articles
OF association In any manner, not inconsistent
! with the provisions of law, at any time, by
vote CT its stockholders representing two-thirds
! of the capital stock, such vote to be taken at
meeting called for that purpose \ copy of such
amendment. certified BY the president and
cashier, shall be filed as required for articles
| Of incorporation. No increase of capita shall
! be valid until the amount thereof has been sub
/ scribed 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 stockholders. until such reduction
has been approved by the bank comm -0uer
| Such approval must he based upon finding
! by him that the security of the existing cred-
| tors will not be impaired by the proposed reduc
/ ton
SECTION Is A bank may purchase. hold
convey real estate for the following purposes
/ aud no others:
! First. such as shall be necessary 'or & Q con
yonient transaction of its business. including
| with its banking Offices nthrr HiartmrutS to
| rent as source of income No h.uk shall in
vest in q bunSinC Office, includme apartments
! connected herewith, sum cScecdtug tWrntv-
| i've per cent OF its paid IA cHItial; pruNd"d
! that this Limitation shall not apply Ia the
| present holdings ul banks NOW doln- business
| q 4 hs a. cd
! satisfaction of debts previously contract Il in
! the course OF its bu .inc-s
! Third Such a. it shall purchase ~ sale or.
/ Judgments, DEGREES, or MORTGAGE foreclosure,
| under securities held by it: bur brock >ittll not
! Ind at such sale larrcr amount t.tl9 l. "cce>.
-aty to satisfy it, debts and cost. Np rcHl -,
/ tate acquired in the cases cuutrutriut"u IN thc
| second aad third subdyisops rnrr'tlua, -laN
/ he held tor longer Tim" thau .'r '"'r~ as.
/ rept an ytcrslon = granted bt 90 i'u.. com
missioner II such extension be %" t'rautGd,
1t must he sold at private or pubic ale w'Eu
| iuety DAYS thereafter Nothing Ia this section
! >!Hll be construed To prevent a bank from loan.
! ing money upon real estate security rs provided
! b, law Rrai estate shall be convened under
/ the corJorate seal of tle bank and III l,s,nd Of
! tine president or vice picsldcnt and casEtrr on
/ assistant cashier,
! SECTION lb Every bank shall make to the
/ bank commissioner not less thau tige. reports
during each calendar wear, At such tuirrs a. the
I said commissioner shall require the same, nc.
/ cpfding ~ the forms which he shall preScrbs
and furnish Such forms shall conform as nearly
,t. practicable 10 that now required Of national
| banks including the schedules Sach reports
shall be signed aud verified 10y the oath on
\ affirmation of one of the officers of such bank,
aud atfested 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 ~ any past day
| by the bank commissioner specified, and shall
be tran noittcA tp -pil h1rl cr-7frt sfoner with
| 10 ten days after the receipt of reQusst thereto
1 from him. Such reports shall be published b
/ the bank in a newspaper In tho village or cit
/ or county, where such bank Is located, in suci
condensed form as may be prescribed by tn
1 bank comm ssioner. Proof OF publication shai
| be furnished to said bank commissioner. 4
/ hast once each year every bank shall report I,
/ the bank commissioner, on call by him, list
| OF its stockholders, their residence, and thu
! amount of stock held by each, which report
,hall be signed and verified by the oath or atiir
| nation of one of the officers OF said bank. The
! bank commissioner shall also have the power
I to call for special reports from any bank.
| whenever in his judgment the same is necessary
/ 20 inform him fully of the condition OF such
I bank.
SECTION II. Every bank failing TO make and
! transmit to the bank commissioner any of TIE
reports required by this act shall be subject t.
a forfeiture of 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 commits
| sIouer is hereby authorized to institute pro.
| ceedinCs for the recovery OF such forfeiture
SECTION Is Whenever any officer of a bank
| shall refuse to submit the books papers aud
concerns of such bank to the inspection of the
bank commissioner, his deputy or examiner ap.
! pointed hereunder. or refuse to be examined on
oath touching the concerns of the bank, the
/ bank commissioner may, with the approval OF
/ the attorney institute proceedings for
! the appointment of receiver OF such bank to
/ wind up its business
SECTION ~ Every officer or employee OF any
| bank required by law to take any oath or af-
! frmation, who shall wilfully swear or affirm
| falsely upon any material matter shall be deem
! ed guilty of perjury, and upon conviction there
I Of shall he punished as provided by the laws OF
/ - "a ~ fpr Inc nm = Of Itar
SECTION 70 Any bank organized undcr this
! act may reorrauize under the laws of the United
! States ASA national bank. As soon as such bank
1 suait have obtained the certificate from the
/ comptroller OF the currency, authorizing IT. To
! commence business under the United States
! banking law, such recognized bank shall take
and hold all OF the assets, real and personal Of
| such bank organized under this act, subject TO
Hll liabilities existing against said bank organ