Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-20

enioin the bank commissioner in the discharge
of his duties, shall he had in the county where
said bank is located, or in the supreme court of
this state. All suits and proceedings arising out
of the provisions of this act, in which the state,
or any of its officers agents. shall be parties,
shall be conducted under the direction and su-
pervision of the encouragement.
SECTION 10. Copies of all records and papers
in the Office of the bank commissioner, certified
by him, and authenticated by his seal of office,
shall be evidence in all cases, equally and of
like effect as the original
SECTION II. During the month of December
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 this
state, of the day of the last report made. to
the bank commissioner by such banks and such
report shall contain statement of the condi-
ton of every bank from which reports have been
received, with an abstract of the whole amount
of capital returned by them the whole amount
of their Ii bilities, the total amount of resources
and specifying the amount of lawful money held
by banks at the time of their several returns, and
Shalleyive a tabulated statement of the resources
aud liza bilities of each bank, and such other in
formation as in his Judgment may be required.
Such report shall also contain a statement of
the banks whose business has been closed dur
ing the year. the amount of their resources and
liabilities, and the amount paid to the creditors
thereof; also a statement of any banks organ.
lied during the year; and shall also give a list
of the stockholders, their residence, and the
amount of stock held by each, and the names of
the directors and officers of each bank. He shall
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 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 pank snail not De
cities having less than two thousand lnha bl-
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 btaLts; 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 associating shall
make, sign and acknowledge written articles of
incorporate containing:
First. 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 or 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
ganized, not exceeding fifty years:
SECTION 3. Such articles of incorporation
shall be 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 Office 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
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 bust
ness.
Second. To sue and be sued, to appear and
defend in all actions and proceedings under its
corporate name to the same extent nat
Third. To 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 regul3 tlOnS, not Inconsistent with law or
its articles Of organization, for its govern
ment, for the orderly conduct of its affairs and
the management of its property, for determln-
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 or
convenient for the accomplishment of its pur-
pose.
Sixth. To exercise, by its directors, duly au-
thOrized Otficers,.Or agents, all such powers
shall be necessary to carry on the business of
banking, by buying, dIScOuntIng and negotlat-
ing promiSSOry notes. bonds, drafts, bills of ex-
change, foreign and domestic, and other evil
dences of debt; by receiving commercial and
may establish; by buying and selling coin and
bullion and by buying and selling exchange,
foreign and dOmestic issuing letters of credit,
and by loanlng money on personal or real Sc
Curity, as provided hereinafter
SECTION ). No bank shall transact any bust
ness except such as is incidental or necessarily
preliminary to its organization, until it has
been regularly authorized by the bank commits
siouer to commence the business of banking.
SECTION6. The subscriptions to the capital
stock and the direction of the affairs of the
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 be
paid in in cash. before it shall be authorized to
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 capital payable at the end
of each succeeding month, from the time 1t
shall be authorized by the bank commissioner
to commence business and the payment of each
InStalment shall be certified to the bank COM
missioner, under oath, by some officer of the
oank.
SECTION I. Whenever articles of incorpora-
tiOn 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
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 tho
amount of money paid in on account Of its capt.
tai, the name and place of residence of eachUf Its
directors, and whether such bank has complied
with all OF the PROVISIONS OF law required 70 en-
title it to engage in the business of banking.
# upon such examination it appears that such
bank is lawfully entitled to commence business,
tho bank commissioner shall forthwith give to
such bank q 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
encouragement, withheld the certificate herein
SECTION s. The bank shall cause the certifi-
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. If 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.
| 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 SUBJ
scriber at public sale, having first given the de-
| linquent 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 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, 1t 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 re.
turned to the subscriber, his heirs or assigns,
| If such cancellation shall reduce the capital OF
| the bank below the minimum required by law,
| t. e said capital shall within thirty days from
| the date of such cancellation 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
| ban commissioner shall apply for receiver