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

forfeiture herein imposed for a failure to
make and transmit such report, the bank
commissioner Is hereby authorized 70 insu-
tute proceedings for the recovery Of such
forfeiture.
Section is. Whenever any officer. Of a
kank shall refuse to submit the books, pa
pers and concerns Of such bank to the in
Bpection OF the bank commissioner, his
deputy or examiner appointed hereunder,
or refuse to be examined on oath touching
the concerns Of the bank, the bank COM
missioner may, with the approval of the
encouragement, institute proceedings Tor
the appointment of q receiver Of such bank
to wind up it's business.
Section 49, Every officer or employee OF
any bank, required by law to take any oath
or affirmation, who shall wilfully. swear or
affirm falsely upon any mater1a! matter;
shall be deemed guilty of perjury, and
upon conviction thereof, shall be punished
as provided by the laws of this state Tor
the punishment of perjury.
Section 20. Any bank organized under
this act may reorganiZe under the laws or
the United States as a national bank. AS
soon as such bank shall have obtained the
certificate from the comptroller of the cur
rency. authorizing it to commence 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 this act, subject to
all liabilities existing against said bank Or
gained under this act, at the time of such
reorganization.
Section 81 Any national bank author
v
ken the necessary steps TO effect dissolu-
ton, may reorganize under this act, upon
the consent i'll 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 provided by this act and upon
the approval of the bank commissioner,su ch
1,F, all boil lNn nod IN IA n
under this act, and thereupon all assets
real and personal, of such dissolved ma
tional bank, shall be vested ill., and be ana
become the property of such TeOrganlzed
bank, subject to all liabilities Of such ma
tional bank not lquidated before such re-
organization.
winding up its business, for the purpose OF
consolidating with some other bank, may
transfer its resources and Liabilities 10 the
bank with which it is in process OF con
solidation; but no consolidation shall be
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 eltne1
of them.
Section 23 Any bank organized or, doing
business under the provisions of this act,
stockholders owning two-thirds of the capt.
tai stock. Whenever vote is taken to go
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 it's president and cashier, to the
bank commissioner, and publication there
Of 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 newspaper publshed IN inc
village, city or county In which the 1 hanh
published, then in the newspaper published
at the nearest county seat.
Section "a. Every bank shall keep on
n
of its total deposits, at least six-ffteenths
Of which shall be in lawful money, and the
balance Of such percentage may be on de-
post in banks approved oy the pank com
missioner 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 or
hand at least twenty-five per cent OF thelr
total deposits, at least two-tifths OF when
shall be in lawful money, and the balance
may be on deposit in banks approved by
the bank commissioner as reserve banks.
Section 25. Whenever the reserve OF any
bank shall fall below the amount required
herein to be kept, such bank shall not IN
crease it's loans or discounts otnerWlse pIlah
by discounting or purchasing b1ll5 OF e1-
change payable at sight or on Gemanu,
and the bank commissioner shalI nollLy
any bank whose reserve may be pel0W lile
amount herein required, to make good such
reserve and in case the bank fails for thirty
days thereafter to make good sEch re-
serve, the bank commissioner may, win
stit1lte proceedings for the appointment OF
q receiver, and to wind up the business OF
the bank.
any bank for money borrowed, including
in the liabilities of the .co-partnershlp, the
liabilities Of the several members Thereon,
except special partners, shall at no time
exceed Afteen per cent of the amount or
capital end surplus of such BANK but the
discounting of bills of exchange, drawn IN
1Jn111 nSyj
and the discounting Of commercial or bust
ness paper actually owned by the person
negotiating the same, shall not be consld-
cred as money borrowed; provided, that py
bilities Of any person, co-partnershlp or
corporation, may be increased to total
sum not gceed d tWeo of yse6 b ben cent Oh
Section q. No bank shall take for securl-
ty. for any loan or discount q lien upon
any part of its capital stock. NO bank
portion of it's capital stock, unless sucn
purchase shall be necessary to prevent loss
upon a, debt previously contracted III good
faith. Stocks SO purchased shall in nc
case be held by the bank for longer time
than six months, if the stock can be SOLD
for the amount of the claim of the bank
against the same ana It mu t5i be as, soa ue a1r
or 1t shall be Cancelled, and shall then
amount to q reduction Of the capital stock,
provided, that if such reduction shall re-
ASA0T
required by law, such capital stock shall
be again Increased to the amount required
by law, as provided herein.
Section 28 Il shall not be lawful for any
bank to loan to any of it's officers, directors,
clerks or employees, any Of the funds OF
the bank, unless the same shall have been
authorized, both as to amount and secur-
itv, by resolution of the board of directors,
to be recorded.
Section 20. No bank shall lend an
amount exceeding twenty per cent OF 1T, It's
capital stock upon mortgages, or any otner
form of real estate security. except on the
adoption Of a resolution by tWo-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 ing
than six thousand inhabitants, under the
last oIfictal census, may loan sum 11 n not to
cent of the aggregate of it's CAPT.
tai. surplus and deposits, upon real
estate Security. The linaitation in
this section shall not preclude any
bank from taking real estate security, upon
any Indebtedness previously contracted IN