Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-11-02

and liabilities of each bank a I'D such other in
formation S as 70 his Judgment m ay be required.
Sucn report shall also contaia a statement of
the banks whose business has been closed dur
Ing the year. the amount of tisei resources and
Liabilities si.i sSe amount pa:J to the creditors
theteoa, also a Statement Of any banks organ
lxeu during the year and shall also give list
OF the stockholders, their residence and the
amonnt % stock held by each. and the names OF
tne ulrec ors and officers OF each bank. He shall
also repo { the names and compensation OF the
clerks EN- nloyed By him, and the whole amount
o. .ne exJense o. the banking department during
CHAPTER II.
BANKS
SECTION 1. Any number Of adult residents of
establish bank under this act upon the terms
and ambitions and subject to the liabilities
prescrh 4 IN this act The aggregate amoung
OF the capital stock of any bank shall not be
less than ten Thousand dollars, in villages or
cities ha.ng less than two thousand inha bi-
tants; and shall not be less than twenty thou-
sand SAND dollars. 10 villages or cities having more
than two Thousand and less than six thousand
lnhaoltaLts; End shall not be less than fifty
thousand doiifrs ia any village or city having
more tnan SIX Thousand inhabitants, according
10 tine last oil cIal census.
SECTION z. The persons 20 associating shall
make, sign ard acknowledge written articles of
incorporation Spntaining
First. declaration that they associate for
me purpose OF torming banking corporation
under this act.
Second. The ma me of such bank such name
shall be IN no material respect similar ~ the
name of any other bank ia the same county
whether such other rank be organized under
this act or under the laws OF the United States
Ihlrd. The village o. city and county where
such bank is to be located
Fourth; The amount OF capital stock, which
shall be divided into shares OF not less than Atty
nor more than one hundred dollars each.
Fifth. The period for Which such bank 10 orr
, ganized, not exceeding fifty years
SECTION :. Such articles OF interpretations
shall be executed in tripIicate. one Of which
shall be recorded in the office of the register of
deeos IN the county in which the bank is located
one shall be filed in the office OF the bank conf
missioner, and one shall be filed in the Office OF
the secretary of state.
SECTION I. Upon making and filing OF the
articles OF incorporation the bank shall become
q body corporate, aud as such shall have the
following powers:
First. To make all contracts necessary and
proper to effect its purpose and conduct its bust
ness.
Second To sue and be sued, to appear and
defend In all actions and proceedings under it's
Third. 20 have common seal and alter the
same at pleasure.
Fourth. To elect or appoint all necessary
officers, agents and servants, define their duties
and obligations fix their compensation, dis.
miss them, fill vacancies and require bonds.
Fifth To make, amend and repeal bylaws
and regulations, not inconsistent with law or
its articles OF organization, for its own govern.
ment, for the orderly conduct of its affairs and
the management of its property for determin-
ing the manner of calling and conducting its
meetings, the tenure of office OF its several off,
GERS; and such others as shall be necessary OF
convenient Tor the accomplish rent of its pur-
pose.
Sixth. To exercise, by its d rectors duly au.
thorized officers or agents, all such powers as
shall be necessary to carry on she business of
banking, by buying, d; scounting sud negotiat-
Ing promissory notes oonds, drafts, bi!ls OF ex.
change, foreign az domestic. and other evil
dences of debt; r. receiving commercial and
savings deposits onder such regulations as it
may. establish; ny buying and selling coin and
bullion, and by buying aud selling exchange,
foreign and r Jmestic; issuing letters of credit,
and by loanrng money on personal or real Sc
curty, as provided hereinafter.
SECTION 5. No bank shall transact any bust
Tess, except such as is incideI or necessarily
preliminary to its organization. until it has
been regularly authorized by the bank commits
sicner to commence the business OF banking.
SEoTIoN6 8. The subscriptions to the capital
stock, and the direction OF the affairs of the
corporation prior to the election of directors,
shall be 10 conformity with the statutes of this
stale, relating to corporations, regulating such
matters, SO far as applicable At least fifty per
cent. of the capital stock of every bank shall be
paid in, in cash, before it shall be authorized T.
commence business, and the remainder OF the
capital of such bank shall be paid in, in cash,
In monthly installments of at least ten per cent.
on the whole of the capi'al, payable at the end
of each succeeding month. from the time it
shall be authorized by the bank commissioner
to commence business, and the payment of each
instal lment shall be certified to the bank com
missioner. under oath, by some officer of the
bank
SECTION 7. Whenever articles of incorpora-
ton are filed with the bank commissioner. as
herein provided, and the bank transmitting the
same notifies the bank commissioner that at
least fifty per cent of its capital has been duly
paid in, and that such bank has complied with
the bank shall be authorized to commence bust
ness, theb bank commissioner shall examine into
the condition of such bank, ascertain the
amount of money paid in on account of its capt.
tai the name and plsc of residence of eachof its
directors, and whether such bank has complied
with all OF the PROV sions of law required 70 en-
Ii upon such examination it appears that such
bank is lawfully entitled to commence business,
the bank commissioner shall forthwith give to
such bank certificate, under his hand and
official SEAL that such bank Is authorized to
commence business. If the said bank commits
sioner has reason to believe that the stock
holders have formed the same for any other than
the legitimate business contemplated by this
act, he may, with the advice and consent of the
attorney general withhold the certificate herein
mentioned.
SECTION 8. The bank shall cause the certif-
cate issued hereunder. to be published in some
newspa per printed in the village, city or county
where such bank is located, within ten days
after the receipt of such certificate. If no news
paper is published in such county, then such
publication shall be ma 'e at the nearest county
seat Proof of publication shall be filed with
the bank commissioned.
SEcTIoN g. Whenever any subscriber for
stock or his assignee, fails to pay any Install
ment on the stock when the same Is required to
be paid hereunder, the directors of such bank
may sell the stock of such delinquent stock sub
scriber at public sale, having first given the de-
linouent subscriber twenty days notice, per
sonally or by mail, at his last known address
If no bidder can be found who will pay for such
stock the amount due thereon to the bank, with
any cost incurred, the amount previously patq
shall be forfeited to the bank. and such stoci
shall be sold as the directors may order, withiI
sixty days from the time of such forfeiture, ane
IL not Sold it shall be Cancelled and deducted
from the capital stock of the bank. If Sold an!
surplus over the amount due on said stock Il
lnpI
with interest on the amount due, shall be re-
turned TO the subscriber, his heirs or assigns.
IL such cancellation shall reduce the capital of
the bank below the minimum required by law,
the said capital shall. within thirty days from
the date of such cancelat ion, be increased to
the REQUIRED amount by additional subscrip-
,tions. In event of the failure of said bank TO
increase such capital as herein provided. the
bank commissioner shall apply for receiver
to close up the business of the bank.
SECTION 10, The affairs Of the bank shall be
managed by board of not less than three direc-
tors, who shall be elected by the stockholders
and hold office for one year, and until toeir sue
cessors have been elected and have qualified.
A majority of the board of directors shai' con-
stitute a quorum for the transaction of ousi-
ness provided, that when the number of q rec
tors shall exceed nine, they may. once in six
months, designate by resolution, nine members,
any five of whom shall constitute a quorum.
In the first instence the directors shall be elected
lat a meeting held before the bank is authorized
to commence business by the bank commits
of the stockholders, to be held during the month
iof July or January; and it for any reason an
election is not had at that meeting, IT may be
had at a subsequent meeting called for nat
purpose of which due notice shall be given as
provided in the bylaws of such bank. Every
direct or shall take and subscribe an oath that
he will diligently and honestly perform his duty
lin such office and will not knowingly violate or
permit violation OF any provision OF TINS act
that he is the owner in good faith OF stock IN the
bank. standing in his name on the books OF the
bank Such oath shall be transmitted to the
bank commissioners and filed in his office. Any
vacancy in the board of directors shall be fllled
by the board. and the director 90 appointed
shall hold Office until .he next election, The
officers of the bank shall be elected by the board
of 3irectors,apd hold their offices for one year,
and until their successors are elected and
qualified. unless sooner removed by the board
of directors.
SECTION II, Every bank shall keep a stock
book which shall at all times, during the usual
hours for transactine business, be subject to the
inspection OF the officers, directors and stock,
holders of the bank. Such stock book shall
show the name, residence and number OF shares
held by each stakeholder. refusal the Off
GERS OF such bank to exhibit such DO, TO any
person rightfnlly demanding inspection Eereof,
shall subject such officer to forielture q nns
dollars. In all actions, suits and proceeainEs.
such book shall be presumptlve 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 &C
cordance with the method provided py law ioF
transfer Of stock in corporations
SECTION Is. At all stockholders meetings
each share OF stock shall entitle the owner OF
record to one vote. stockholder may vote Ct
any meeting Of the STOCKHOLDERS by proxy. NO
! president or cashier shall act as proxy Tor any
SEcrfoNf4 A bank may amend its articles
of association in any manner, not inconsistent
with the provisions of law, at any time, by a
vote Of its stockholders representing twofhirds
Of the capital stock. such vote to be taken at
meeting called for that purpose copy OF such
1orfIiah nv the president and