Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-20
such book shall be presumptive evidence of the
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such book shall be presumptive evidence of the
facts therein stated
! SECTION II. The shares of stock of such bank
shall be deemed personal property, and shall
be transferred OF, the books of the bank IN &C
cordance with the method provided by law for
transfer of stock in corporations.
{ SECTION 3D. At all stockholders meetings
each share of stock shall entitle the owner OF
record to one vote. stockholder may vote at
any meeting of the stockholders by proxy. no
president or cashier shall act as proxy for any
stakeholder.
SECTION IA. A bank may amend its articles
of association in any manner, not inconsistent
with the provisions of law, at any time. by
vote Of its stockholders representing two-thlrds
of the capital stock, such vote to be taken at
meeting called for that purpose copy OF suca a
cashier, shall be filed as required for articles
OF incorporation. No increase Of capital shall
be valid until the amount thereof has ncen SUB.
scribed and actually paid in. No reduction of
rapital shall be made to a less amount than
is required under the provisions OF this act for
of stock certificates or diminish the personal
liability of stockholders, until such reduction
has been approved by the bank commissioner.
Such approval must be based upon Il finding
by him that the security of the existing credi-
tors will not be impaired by the proposed reduc-
ton.
/ SECTION Is. bank may purchase, hold and
convey real estate for the following purposes
and no others:
! First Such as shall be necessary tor I, o con-
Senient transaction of its business, including
with its banking offices other apartments to
rent as source of income. No bank shall IN
vest in banking office, including apartments
connected Herewith, sum ezceedtn ing twenty
five per cent. of its paid in capital: PROVIDED,
that this limitation shall not apply to the
present holdings of banks now doing business.
Second, Such as shall be conveyed TO IT IN
satisfaction of debts previously contracted II
the course of its business.
p Third. Such as it shall purchase at sale on
judgments, DEGREES, or mortgage foreclosures
under securities held by it, but bank shall not
bid at such sale a larger amount than Il neceS-
sary to satisfy its debts and costs. No real cS-
tate acquired in the cases contemplated in the
second and third subdivisions preceding, shall
be held for longer time than five years, cx-
cept an extension is granted by the bank com
missioner. If such extension be not granted
it must be sold at private or public sale within
ninety days thereafter. Nothing in this section
shall be construed to prevent bank from loan
ing 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-presldent and cashier or
assistant cashier.
bank commissioner not less than three reports
during each calendar year, at such times as the
said commissioner shall require the same,
cordiug to the forms which he shall prescribe
and furnish. Such forms shall conform as nearly
as practica BILE to that now required of national
banks, including the SCHEDULES. Such reports
affirmation of one of the officers of such hank,
and attested by at least two of the directors
Such report shall exhibit in detail and under
proper heads, the resources and liabilities of
the bank at the close of business of any past day
by the bank commissioner specified, and shall
be transmitted to said bank commissioner With
in ten days after the receipt of request therefor
from him; Such reports shall be published by
the bank in a newspaper i'll the village city
or county, where such bank is located, in such
condensed form as may be prescribed by the
bank comm, ssioner. Proof of publ lea ton shall
be furnished to said bank commissioner. At
least once each year every bank shall report to
the bank commissioned, call by him, list
of its stockholders, their residence, and the
amount of stock held by each, which report
shall be signed and verified by the oath or affir-
nation of one of the officers of said bank. The
bank commissioner shall also have the power
whenever in his Judgment the same is necessary
to inform him fully of the condition of such
bank.
SECTION IT, Every bank failing to make and
transmit to the bank commissioner any of the
reports required by this act, shall be subject to
a forfeiture of one hundred dollars for each day
after the time required for making such reports.
Whenever any bank fails or refuses to pay the
forfeiture herein imposed for failure to make
and transmit such report, the bank commits
sioner is hereby authorized to institute pro-
ceedings for the recovery of such forfeiture.
SECTION Is. Whenever any officer of bank
shall refuse to submit the books, papers and
concerns of such bank to the inspection of the
bank commissioner, his deputy or examiner APP
pointed hereunder, or refuse to be examined on
oath touching the concerns of the bank, the
bank commissioner may, with the approval of
the appointment of receiver of such bank to
wind up Its business.
SECTION 19. Every officer or employee of any
bank, required by law to take any oath or af-
frmation, who shall wilfully swear affirm
falsely upon any material matter. shall be deem
cd guilty of perjury, and upon conviction there
of. shall be punished as provided by the laws of
this state for the punishment of perjury.
SECTION 20. Amy ha@k organized under this
act may reorganlze uG>. the laws of the United
States national b28&, AS soon such bank
shall have obtained to- certificate from the
comptroller of the cuETaIcy, authorizing it to
commence business under the United States
and hold all of the assets, real and personal, of
such bank organized under this act, subject to
all liabilities existing against said bank organ
lied under this act, at the time of such reorgan-
iZation.
SECTION q. Any national bank authorized to
dissolve, and which shall have taken the neceS-
Sary steps to effect dissolution may reOrganiZe
under this act. upon the consent in writing of
the owners of two-thirds of the capital stock of
such bank k, and with the approval of the bank
commissioner. Such stockholders shall make,
execute and acknowledge articles of organiza-
ton as required by this act, and shall set forth
the said written consent of such stockholders
Upon the filing of said articles as provided by
this act, and upon the approval of the bank
commissioner, such bank shall be deemed to be
reOrganized under this act, and thereupon all
assets, real and personal, of such dissolved na-
tional bank, shall be vested in, and be and be-
come the property, OF such re0rganized bank,
subject to all Liabilities of such national bank
not liquidated before sucn reorganization.
SECTION %. A bank which is in good faith
winding up its business, for the purpose of con-
solidating with some other bank, may transfer
its resources and liabilities to the bank with
which it is in process of consultations but no
consolidation shall be made without the consent
of the bank commissioner, and not then to defeat
or defraud any of the creditors in the collection
of their debts against said banks, or either of
them.
SECTION %. Any bank organized or doing bus
mess under the provisions of this act may go
into liquidation by a vote of its stockholders
owning two-thirds of the capital stock When
ever a vote Is taken to go into liquidation it
shall be the duty of the board of directors to
cause notice of this fact to be certified, under
the seal of the bank by its president and cashier
to the bank commissioner, and publication
thereof, notifying the creditors to present their
claims against the bank for payment, shall be
made once in each week for eight successive
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 news
paper published at the nearest county seat.
SECTION "a. Every bank shall keep on hand at
all times at least fifteen per cent. of its total
deposits, at least six-ffteenths of which shall be
in lawful money, and the balance of such per-
centage may be on deposit in banks approved by
the bank commissioner as reserve banks; except
in the case of banks which shall be approved by
the bank commissioner as reserve banks, which
banks shall at all times keep on hand at least
twenty-five per cent. of their total deposits, at
least two-ffths of which shall 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
be kept such bank shall not increase its loans or
discounts otherwise than by discounting or pur-
chasing bills of exchange, payable at sight or on
demand, and the bank commissioner shall notify
any bank whose reserve may be below the
amount herein required, to make good such re-
serve, and in case the bank fails for thirty days
thereafter to make good such reserve, the bank
commissioner may, with the approval of the at
torney-g general, institute proceedings for the
nppointment of receiver and to wind up the