Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-08-25

of each year, the bank commissioner shall make
an annual report to the governor OF the state
which report shall be published and shall ex-
hibit the condition Of the various banks OF TINS
state as Of the day OF the last report nade-to
the bank commissioner by such banks: ana Sucn
report shall contain statement OF the condl-
ton of every bank from which reports have been
received, with an abstract of the whole amount
of ca pital returned by them. the whole amount
o. Lheir liza biteS, the total amount OF resources
and specifying the amount OF lawful money helu
bv banks at the time of their several returns, and
shall give a tabUIated statement of the resources
aud liabilities of each bank, and Sucn other IN
formation as in his Judgment may Oe required:
Such report shall also contain a statement or
the banks whose business has been closed our
ing the year. the amount of their resources and
liabilities, and the amount paid to the creditors
thereof also q statement Of any banks organ
lied during the year; and shall also give list
of the stockholders, their residence, and the
amount of stock held by each, and the names OF
the directors ana onlceIS OF 6cII re it a.
also report the names and compensation OF the
clerks employed by him, and the whole amount
of the expense of the banking department during
the year preceding.
CHAPTER II.
BANKS.
SECTION 1. Any number of adult residents of
Wisconsin, not less than three, may associate to
establish a bank under this act, upon the terms
and conditions and subject to the liabilities
prescribed 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 having less than two thousand lnhabl-
tants; and shall not be less than twenty thou
sand dollars, in villages or cities having more
than two thousand and less than six thousand
inha bitaLts; 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 assOciatlng shall
make, sign and acknowledge written articles of
incorporation containing:
First. a declaration that they associate for
| the purpose of forming banking corporation
under this act.
Second The name of such bank. Such name.
shall 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 under the laws of the United States
Third The village or city and county where.
| such bank is to be located. ,-,..,..-,i
Fourth The amount Of capital stock, which.
shall be divided into shares ofnot less than fifty.
nor more than one hundred dollars each.
Fifth. The period for which such bank is or
ganized, not exceeding fifty years:
SECTION 3. Snch articles of incorporation
shallbe executed in trlpllcate. one of which.
shall be recorded in the Office of the register of
deeds in the county in which the bank Is located,
one shall be filed IN the ONCE Of the bank com.
missioner. and one shall be fled in the Office of
the secretary of state.
SECTION 4. Upon making and filing of the
articles of incorporation the bank shall become
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 bust
Second. To sue and be sued. to appear and
defend in all actions and proceedings under its
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, 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 aud
the management Of its property, for determin-
ing the manner of calling and conducting its
meetings the tenure of office of its several OIL
GERS; and such Othcrs as shall be necessary or
convenient for the accomplishment OF its pur-
pose
thOrized officers, or agents, all such powers )
shall be necessary to carry on the business Of
banking, by buying, discountn@ and negotiat-
lug promissOry notes, bonds, drafts. bills OF eX-
change, foreign and domestic. and other cyl,
deuCeS of debt; by receiving commercial and
savings deposits under such regulations "a it
may establish: by buying and selling coin and
. foreign and domestic: issuing letters Of credit,
and by lOanInE money on personal Or real Sc
curity, as provided hereinafter.
SECTION ;. No bank shall transact any bust.
ness. eEcept such as is incidental or necessarily
preliminary to its organization. until it has
" been regularly authorized by the bank commits
/ sinnrr to commence the business OF banking.
/ SECTION E. The subscriptions to the capital
/ stock. and the direction OF the affairs OF the
corporation prior to the election CE directors,
shall lee in conf ormIty With the >tafnte$ OF tins
state, relating to corporations, regulating such
/ matters, so iaI rs apuHcaole. at least nifty per
cent. of the capital stock OF every bank shall be
paid III, il cash, before itShall be authorized to
/ C0mmCaCG business. and the remainder OF the
| capital of such bank shah be paid in, in cash,
/ IN monthly instalments ct at least ten per cent.
/ on thc whole OF the capital, payable at the end
/ of each succeeding month, from the time 1t
/ shall b2 authorized by the bank commissioner
/ to commence business, and the payment OF each
/ mStaiiment shall be certified TO the baQk COM
missioner, under cath, by some officer of the
1 bank.
/ SECTION !. Whenever articles of iucOrpora.
/ tion are filed with the bank commissioner, as
/ herein provided, and the bank transmitting the
| Eame notifies the bank commissioner that at
| }cast Htty per cent OF its capital has been duly
| bald in. and that such bank has complied with
I'M OF the provisions Of this act, required before
/ Shc bank shall be authorized to commence Dust
ness the bank commissioner shall examine into
/ the condition of such bank, ascertain tho
/ amount of money paid ia On account of its capt.
tai the name and place OF residence OF eaChuf its
/ directors. and whether such bank has complied
! with all nf the provisions of law required to en-
/ title it 10 engage in the business of banking.
/ Il upon such examination 1t appears That such
/ bank Is lawfully entitled to commence business,
! the bank commissioner shall forthwith give to
/ such bank certlIcate under his hand and
/ official seal that such bank is authorized to
commence business. If the said bank commits
4 sOuer has reason 30 believe that the stock
/ holders have formed the same for any other than
! the legitimate business contemplated bJ TINS
I act. he may,T-ith the advice and consent of the
attorney-general, withheld the certificate herein
| SECTION S, 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 tie receipt of such certificate. If no news
/ paTor 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.
SECTION 9. 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
Gerber at pubic sale, having frst given the de-
4 llnGuent SuCScrlber 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 paid
shall be forfeited to the bank, and elch stock
shall be sold as the directors may ar. err within
sixty days from tho time of such forfeiture. and
IL not sold, it shall be cancelled and deducted
from the capital stock of the bank. II sold, any
surplus over the amount due on said stock to
said bank, including the cost incurred thereon,
with interest on the amount due, shall be re.
turned to the subscriber, his heirs or assigns,
i such cancellation shall reduce the capital OF
/ a. said capital shall within thirty days from
The date of such cancellation, be increased to
the required amount by additional subscrip-
tons. In event of the failure of said bank to
increase such capital as<herein provided, the
bank commissioner shall apply for a receiver
to close up the businesSuf the bank.
SECTION 10, Ihs=aIFairs OF the bank shall be
maDaChd By q N03fd. 0fa9t less than three direC-
tors, who shall be eleceed by the stockholders
and hold oSEce fllE enc fe&C. and until their sue
cessous have baaI. Ft5c5$d and have qualified.
A majority OF tile board Of directors shall con-
sttrute a Quor,Isil for the transaction OF bust
ness, provided, EEls when the number of Girec-
tors shall: e1reet&lEllla. they may, once in six
months, teSjapata by resolution, nine members
any tive of.yIIoIll small constitute a quorum.
In the first jnst ncet iFectoTs shall be elected
a. meeting heti before the bank s authorized
to commences business. by the bank commits
slOner and. Afterwards at the annual meeting
Of the stockholders, tc be held during the month
of July or January; ami If for any reason an
election is not had at that meeting, it may be