Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-12

ton Of every bank from which re ports have bean
received, with an abstract OF the whole amount
OF capital returned by them the whole amount
OF their Liabilities, the total amount of resources
and specifying the amount Of lawful money held
py banks at the time OF their several returns and
shall give tabulated statement Of the resources
and Liabilities OF each bank, and such other in.
formation as IN his judgment may be required
ruch report shall also contain statement of
the banks whose business has been closed dur
ing the year, the amount of their resources and
ianiilties, and the amount paid to the creditc.a
.heIeof also statement { any bank an.
t1sa during tho year; and shall also give a list
OF the stockholders, their residence. and tie
amount or stock held by each, and the names of
the directors and officers Of each bank He shall
also report the names aud compens alton of tho
eise.llks'enployed p him and the whole amount
o. the ex pense o. the banking department during
the year preceding
CHAPTER II.
BANKS.
wSEoTIoN l. Any number of adult residents of
Wisconsin, not less than three may associate to
establish bank under this act, upon the terms
ana conditions and subject to the liaiiiities
| prescribed IN this act. The aggregate aint,t,ug
Of the capital stock OF any bank shall not be-
less than ten thousand dollars ia villages or
j ellies ha-ng less than two thousand inhabi.
tahts aud shall not be less than twenty thou
sand dollars. III villages cities having more
ihah two thousand and less than 81. thousand
lnhabtaLts; and shall not be less than fifty
thousand dollars In any village or city having
more than six Thousand inhabitants, according
to the last official census.
SECTION 2. The persons so nssociating shall
make, sign and acknowledge Written articles of
| incorporation containing:
First. declaration that they associate for
the purpose OF forming banking corporation
y under this act.
Second. The name OF such bank. Such name
snail be IN no material respect similar to the
name OF any other bank in the same county,
whether such other bank be organized under
this act or under the laws of the United States,
Third. The village or city and county where
such bank Is to be located.
Fourth The am, unit Of capital stock which.
shall be divided into shares Of not less than fifty
nor more than one hu-.dred dollars each
Fifth. The period for which such bank is or
gained, not exceeding fifty years
SECTION 3. Such articles of Incorporation.
shall be executed in triplicate. one of which.
shall be recorded in the Office of thu register Of
deeds in the county in which the bank is located !
esae shall be aed in the office Of the bank com.
missioner, aud one shall be filed in the office OF
the secretary of state.
SECTION Upon making end filing of the
| articles of Incorporation the bank shall become
a body corporate, and as such shall have the
following powers:
First To make all contracts necessary and
proper to effect its purpose and conduct its BUSH
Second. To sue and be sued to appear and
| defend in all actions and proceedings under its
corporate name, to the same extent q nat
ural person.
Third. To have a common seal and alter the
! same at pleasure.
Fourth To elect or appoint all necessary
| officers agents and servants, define their duties
and obligations, * 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
| conven. ont for the accomplishment OF its pur-
pose.
Sixth. To exercise, by its directors, duly au-
| thorized officers, agents, all such powers as
shall be necessary to carry on the business of
banking, by buying, discounting and negotiat-
ing promissory notes bonds, drafts. bills OF OK,
/ dences OF debit by receiving commercial and
savings deposits under such regulations as it
may establish; by buying and selling coin and
foreign and domestic; issuing letters of credit,
| and by loaning money on personal or real Sc
! curty, as provided hereinafter.
SECTION 5 No bank shall transact any bust
iess, except such as is incidental or necessarily
preliminary to its organization, until it has
been regularly authorized by the bank commits
sioner to dominance the business of banking
SECTIONS The subscriptions to the capital
! corporation prior to the election of directors
! shall be in conformity with the statutes of this
state, relating to corporations, regulating such
matters so far as applicable. At least fifty per
cent. of the capital stock of every bank shall DO
paid ill., in cash, before it shall be authorized H.
! commence business, and the remainder of tho
| capital of such bank shall be paid in, in cash.
! in monthly instaliments of at least ten per cent
| on the whole of the capt. 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
| installment shall be certified to the bank COM
| missioner. under oath, by some officer OF the
| bank.
| SECTION 7. Whenever articles of incor7ora-
ton are filed with the bank commission, as
! herein provided and the bank TRANSMIT tang the
| same notifies the bank commissioner that at
| least fifty per cent of its capital has been duly
! pa in and that such bank has complied with
! all OF the provisions of this act required before
the bank shall be authorized to commence bust
ness, the 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 aud place of residence of eachof its
| directors and whether such bank has complied
with all of the provisions of law required to en-
| title It to engage in the business of banking
| II upon such examinatio it appears that such
! hank is lawfully entitled TO commence business,
the bank commissioner shall forfh ; give t9
Official seal, that such bank is authorized to
commence business, II the said bank commits
/ holders have formed the same for any other than
| the Legitimate bus suess contemplated by this
| act, lie may with the advice and consent OF the
attorney-general. witlhcld the certificate herein
SECTION 8. The bank shall cause the certif.
| cate issued hereunder, TO be published in some
| newspaper printed in the village, city or county
| where such bank Is located within ten days
after the receipt of such certificate. IT no news
paper is published in such county. then such
| publication shall be made at the nearest county
| scat. Proof of publication shall be filed with
| the bank commissioner
",
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
scrber al public sale, having first given the de,
| linuuent subscriber twenty days notice.. per
| sonalIy OF BY mail, at his last known address.
| II no bidder can be found who will pay for such
| stock the amount due thereon to the bank, wife
| any cost incurred, the amount previously paig
shall be forfeited to The bank. and such stoct
shall be sold as the directors may order, withlt
sixty ocvs from tie tilne of such forfeiture ane
| if not sold, it shall be Cancelled and dednctds
ta ne SeGSa due On said stock
| said bank, including the cost incurred thereon
| turned to the subscriber his heirs or assigns.
II such cancellation shall reduce the capital of
the s bf b he The bs WbB at y a%
the date Of such cancellation, be increased to
the required amount by additional snbscrip-
increase spch capital as herein provided, the
bank commissioner shall amply for receiver
to close up the business of the bank.
managed by a board OF not less than three diIec-
tors, who shall be elected by the stockholders
and hold office for one year and until their sueF
A majority of the board of directors shall con.
lstittts quorum for the transaction of bust
ness provided, that when tho number of diree-
tors shall exceed pine, they may, once in six
months, designate by resolution, nine members.
an Ave Of whom shall constitute q, quorum;
lat Meeting held before the bank Is authorized
to commence business by the bank commits
.sioneP and afterwards at the annual meeting
of the stockholders, TO be held during the month
,of July oT January, and IL for any reason an
election is not had at that meeting, u may be
had at 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 dtligen,i y and honestly perform his duty
lin such Cffice ard will not knowingly violate or
permit violation OF any provision OF this act;
that he is the aer in good faith OF stock in the
bank, standing in his name on the books of the
bank. Such OATH shall DO transmitted TO the
vacancy Ia the board of directors shall be filled
hy the board, ana the director 20 appointed
shall bald aHco npiil the hext electiah. Ihe
officers III tbs haRk shall be elected bay tho board
of 5irectoFsan hold their offices Tor one year,
and until their successors are electea aud
qualified. unless sooner removed hy the board
of directors.
SECTION II! Every bank shall keep a stock
book which shall at all times, during the usna,
hours for sransacting business, be subject 70 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. 4 refusal by the ON
GERS OF such bank to exhibit such book to any
erson riehtfully demanding inspection thereof,
nall subject such officer to forfeiture Of NIFTY
dollars. In all actions, suits AID proceedlngs,
such book shall be presqmptlSe eyidenes 81 the
SEcTioN L. The shares Of stock ofsuch bank
shaft be- deemed personal property, and shall
be trafsfefred on the books Of the bank IN sc
cordanee Will tie method prayided BY law for
transfer Of stock in corporatons;
record te one vote Astockholder may vote at
any nesting of the stockholders by proxy. No
president or cashier shall act as proxy for any