Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-27
forfeiture herein imposed for failure TO
make and transmit such report, the bank
comm missioner is hereby authorized to iusti-

tute proceedings Tor the ro-OtS-4 OF sucE
forfeiture.
Section u.s. Whenever any oficer % a
bank shall refuse to submit the hooks, pa
pers and concerns Of such bank ~ me IT.
spection OF the bank comm'sSio l''s
deputy or examiner appointed hereunder.
or refuse 10 De examined GA oath touch!ns
the conforms OF the bank, The bank com
missioner may, with the approval OF the
attorney general, institute proceedings Tor
the appointment OF a receiver OF such bank
to wind up its business.
Section 10. Every olhcer or employee OF
any bank, required by law 70 take any oath
o., affirmation, who shall wllfully swear or
alnrn falsely upon any material matter;
shall be deemed guilty of perjury, and
upon conviction thereof shall be punished
as provided by the laws Of this state for
the punishment Of perjury
Section % Any bank organized under
this act may rcOrsaui2e under the laws OF
the United States as a national bank As
soon as such bank shall have obtained the
certificate from the comptroller OF the cur
rency. author King il to commence business
under the UAited States banking law such
reorganzsi bank shall take and hold all
of the assets real and personal OF such
bank organized under this act, subject 10
all Liabilities existing against said bank or
gamzed uuuer this act. at the time OF such
reorganization
Section Il. Any national bank author
lied TO dissolve. and which shall have Ia
ken the necessary steps TO effect dissolu-
uon, may reorganize under this act, upon
the consent IN writing of the owners or
tNo-thrdS of the capital stock OF sucn
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 ming OF SAID
articles as provided by this act and upon
the approval of the bank commissioner, such
bank shall be deemed 10 be reorSanzed
under this act and thereupon all assets,
real and personal, of such dissolved ma
tional bank. shall be vested in ana be and
become the property Of such reorganized
bank, subject 10 all liabilities OF such ma
tional bank not liquiddted before such re-
organization.
Section % bank which is in good faith
winding up its business, tor the purpose or
consolidating with some other bank may
transfer its resources ana Liabilities 10 the
bank with which IL Is in process OF con
so.dauon; but no consultation shal De
made without the consent OF the bank com
missioner ana not then TO defeat or de-
fraud any Of the creditors in the collection
OF their debts against sad banks, or either
OF them.
Section 20 Any bank organized or doing
business under the provisions Of this act
may go into liquidation 10y vote OF its
stockholders owning two-thirds of the capi-
tai stock Whenever a vote is taken 10 go
into liquidation, it shall he 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 ANA cashier. to the
Of, notifying the creditors to present thelr
claims against the bank for payment shan
be made once in each week for eight sue
cessiVe 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 publlshed
at the nearest county seat
Section "a Every bank shall keep on
hand at all times, AZ least fifteen per cent
Of its total deposits, az least siX-btteenths
of which shall be in lawful money, ana me
balance Of such percentage may pe on de-
post in banks approved by the bank COM
missioner as reserve banks, except IN me
case Of banks which shall be approved by
the bank commissioner as reserve banks,
which banks shall az all times keep on
hand at least twenty-five per cent OF their
total deposits. at least tWO-tifths Of when
shan be In lawful money, and the balance
may be on deposit in banks approved by
the bank commissioner as reserve banks.
Section .. Whenever the reserve OF any
bank shall fall below the amount required
herein to he kept such bank snail not m
crease its loans or discounts otherwise than
by discountng or purchasing bills or eN-
change, payable at sight or on demand
and the bank commissioner snail pouly
any bank whose reserve may pe below lhe
amount herein required, TO make good such
reserve. and in case the bank fails for thirty
days thereafter TO make GOOD Such re-
serve. the bank commissioner may. win
the approval of the attorney general In
stitutc proceedings for the appointment OF
a receiver, and to wind up the business OF
the bank
person. co-pattuership or corporation. to
any bank for money borrowed, including
in the liabilities OF the co-partnership, the
liabilities of the several members thereof
eXcept special partners, shall at no time
exceed fifteen per cent OF the amount OF
capital and surplus of such bank hut the
discountiug of bills OF exchange, drawn IN
good faith against actually existing values
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 proVldea' that DS
a two-thlrds vote OF the directors the lia-
bilitieS of any person, co-parnershlp or
corporation. may be increased to a total
sum not exceeding twenty-five per cent OF
the capital and surplus of such bank,
Section q No bank shall take for securi-
ty for any loan or discount a lien upon
any part of its capital stock NO DAhk
shall be the holder Of or purchaser OF amy
portion of its capital stock unless Such
purchase shall be necessary 10 prevent loss
upon a debt previously contracted IN gooa
faith Stocks so purchased snail IN no
case be held by the bank for a longer time
than six months IL the stock can be sold
for the amount of the claim OF the bank
against the same, and II must be sofa ior
the best price uhtainable within one year
or IL shall be cancelled ana shall theh
amount 10 a reduction Of the capital stock
proVi4sd that IL such reduction shall re-
luoe the capital stock below the minimum
TplIltIttl by law. SUCH capital -t.iht 0ltAAt
he again increased 20 the amount required
by law, as provided herein
Section ~ II shall not be Lawful Tor any
bank 10 loan TO any of it5 officers, directors
clerks or employees. any OF The funds OF
the bank. unless the same shall have been
authorized both ar r., amount and seeur-
ity. by resolution VI the board OF directors
10 BE- recorded.
Section %. No bluG shall lend an
amount exceeding twenty De-. cent Of IT'S
capital stock upon mortgages, OF any other
form of real estate security. except on me
adoptiou OF q resolution by a tWO-thlrd5
yots OF the board ~ 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 -tNc per cent 81
the aggregate of its capital surplus ana
deposits and provided, that banks doing
business ia villages or cities having less
than six thousand Inhabitants. uh1er the
last Official census, may loan sum noi 20
exceed thrty-three and one .hird per
cent OK the aggregate Of It's capl-
tall surplus and deposits. upon reAi
estate security The limitation in
this section shall not preclude any
bank from taking real estate security. upon
any Indebtedness previously epnuaels1 10
good faith upon personal security ana pro
vided further that any bank having taken
real estate security for such debts 30 pre-
viouslv contracted which shall have car
ried ne percentage OF loans on real estt 2
above the amount hareinbeiOre limited,
gueh bank snail within siN months there
81 bar by gale ID collection. reduce It's