Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-10-06

upon Sucn examination 1t 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
II the said bank commissioner has reason
to believe that the stockholders have
Iosif. I'd the same for any other than the
legitimate business contemplated by this
act, he may, with the advice and consent
OF the encouragement withhold the GER
tiflcate herein mentioned.
Section 8. The bank shall cause the GER
tiflcate 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. If no newspaper is published
In such county, then such publication shall
be made at the nearest county seat. Proof
of publication shall be filed with the bank
commissioner.
Section g. Whenever any subscriber for
stock, or his assignee. fails to pay any in
stallment 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 subscriber at public sale.
having first given the delinquent subscriber
twenty days notice, personally or by man,
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
such stock shall be sold as the directors
may order, within sixty days from the time
of such forfeiture, and if not sold, it shall
be Cancelled and deducted from the capital
stock of the bank. If 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
returned to the subscriber. his heirs or as
signs. If 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
cancellation, be increased to the required
amount by additional subscriptions. In
event Of the failure of said bank to increase
commissioner shall apply for receiver to
close up the business of the bank.
Section 10. The affairs of the bank shall
be managed by a board of not less than
stockholders and hold office for one year,
and until their successors have been elect
ed and have qualified. A majority OF the
board of directors shall constitute a quo
rum Tor the transaction OF business; pro-
vided, that when the number of directors
shall exceed nine, they may, once IN SIX
members any five of whom shall consti-
tute quorum. In the first instance the oil
rectors shall be elected at a meeting held
before the bank is authorized to commence
business by the bank commissioner, and
afterwards at the annual meeting OF the
stockholders, to be held during the mohth
Of July or January; and IL tor any reason
an election is not had at that meeting, II
may be had at a subsequent meeting ca1led
for that purpose, of which due notlce Shail
be given as p,c9yided in tht bylaws s Of s sh
scribe an oath that he will diligently ana
honestly perform his duty in such oflce'
and will not knowingly violate Or pernlC
violation of any provision OF TINS 3ct, mas a,
he is the owner in good faith of stock IN
the bank, standing in his name on the
books of the bank. Such oath snail be
fled in his Office. Amy vacancy in the the
board Of directors shah be filled by the
board and the director so appointeid, sLiail
hold Office until the next election. The o.
~, ho1J hn 81
board Of directors and hold their offices tor
one year, and until their successors are
elected and qnalited l. unless sooner re-
Section II. Every bank shall keep
stock book, which shall at all times, during
the usual hours for transacting business,
directors and stockholders Of the bank
Such stock book shall show the name, resi-
dence and number Of shares held by eaca
stoehol9er = rgd4 ely s1, 0y no ne to o aGV nap
son rightfulIy demanding inspection
thereof, shall subject such oIZcer to a HOY
fixture Of fifty dollars In all actions,
suits and proceedings, such book snail be
preeulnptiTe evidence Of the facts l-lefell
. s Seefion a. Che shares OF stock Of such
bank shall be deemed personal property,
and shall be transferred on tue DOCKS OF
the bank III accordance with the method
provided by law fer transfer Of stock in
section 10. At ali stockholders meetings
each share Of stock shall entiac the owner
of record to enc vote. = stochEl2lqGI nay
vote at any meeting of the stockhoIder5 ny
proxy. No president or GasLi2f SI1SsiI tsc'
as proxy for any stockhoIdeT.
Section Ii. A bank may amend It's atu-
cles OF association in any manner, not N
consistent with the provisions OF law, al
any time by vote Of it's stockholders rep
resenting tWo-thirds of the capital stock,
such vote to be taken at meeting called
for that purpose A copy OF such amend
Ter shall be filed as required for ARTICLES OF
Incorporation. No increase OF cap1tal Shal l
be valid until the amount tneIeQl nag pe 5.aI
subscribed and actually. paid IN NO re-
duction of capital shall be made to q less
amount than is required under the pToVls-
ions of this act for caRal' nor De Va nrti =.
Gates, or diminish the personal liability OF
stockholders, until sl5ch reduction has been
approved by the bank commissioner; sucn
approval must be based upon nndlng by
him that the security of the existing cred,
itors will not be impaired by the proposed
Section 49, A bank may purchase 2a1 N hold
and convey real estate LOT Inc Aohio ~ -lI'
purposes and no ob1ers: 49,
First. such as sHall be necessary for t!1e
convenient transaction OF It's BUSINESS, III
GLIDING with its banking offices otheT
apartments to rent as source OF income
No bank shall invest in banking ONCE
including apartments connected thereWlth
a sum exceeding twenty-five per celi III, VI
--@~
itation shall not apply, to the present hold
ings of banks now doing business.
Second. Such as shall be. conveyed to II
in satisfaction of debts previously contract
ed in the course of it's business
Third. Such as it shall purchase at sale
on judgments, decSees, or mortgage fore
closures under securities held by it; but a
bank shall not bid at such sale a larger
amount than is necessary to satisfy It's
debts and costs. No real estate, acquired
in the cases contemplated in the SECOND
and third subdivisions preceding, shall be
held for a longer time than live years, ex-
cept an extension is granted by the bank
commissioner. If such extension be not
granted, it must be sold at private or pub
lie sale within ninety days thereafter:
Nothing in this section shall be construed
to prevent a bank from loaning money
upon real estate security as provided by
law. Real estate shall be conveyed under
the corporate seal of the bank, and the
hand of the president or vice-president and
cashier or assistant cashier.
Section 16. Every bank shall make to the
bank commissioner not less than three re-
ports during each calendar year. at such
times as the said commissioner shall re-
ouire the same, according to the forms
which he shall prescribe and furnish. Such
forms shall conform as nearly as practical
bic to that now required Of national banks
|; 1,,c.ro tho schedules Such reports