Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-08-25

such bank Is lawfully entitled to commence
forthwith give to such bank certificate,
under his hand and official seal, that Such
bank is authorized to commence business.
If the said bank commissioner has reason
to believe that the stockholders have
fotls. I'd the same for any other than the
legitimate business contemplated by TINS
act, he may, with the advice and consent
of the encouragement withhold the GER
tificate herein mentioned.
Section s. The bank shall cause the GER
tifcate 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 puoll sIeT
in such county, then such publication shall
be made at the nearest county seat. f>rooE
of publication shall be filed with the bank
Sectien 9. Whenever any subscriber for
stock, or his assignee, fails to pay any IN
stallnent on the stock when the same IS
required to be paid hereunder, the directors
of such bank may sell the stock OF sucn
delinquent stock subscriber at pubic SAFE,
having first given the delinquent SUBSCRIBER
twenty days notice. personally or by n ~,
can be found who will pay for such STOCK
the amount due thereon to the bank, WITH
any cost incurred, the amount previously
such stock shall be sold as the directors
may order, within sixty days from the Tune
be Cancelled and deducted from the capital
stock of the bank. IT sold, any surplus
over the amount due on said stock to SAD
bank, including the cost incurred thereon,
with interest on the amount Que, snail pc
returned to the subscriber. his heirs or as
signs. If such cancellation shall reduce
the capital Of the bank below the minimum IN
required by law, the said capital SNAIL,
within thirty days from the date OF sucn
cancellation, be Increased to the required
amount by additional sunscE1PtGin [1ero t ea
such capital as herein provided, the panA
commissioner shall apply for receiver To
close up the business Of the pank. ;,
Section TO- The affairs OF the bank shali
be managed by a board OF not less tnan
three directors, who shall be elected by the
stockholders and hold office for one year.
ed and have qualified. A majority OF the
board. of directors shall constitute quo
rum for the transaction OF business; pro
vided that when the number OF directors
shall exceed nine, they may, once in SIX
months, designate by resolution, nln mn.
members, any five of whom snail consul
tute quorum. In the first instance the ~
rectors shall be elected at meeting helo
before the bank is authorized to commence
business by the bank commissioner, anu
afterwards at the annual meeting OF tne
stockholders to be held during the month
of July Or January; and II Tor any reason
an election is not had at that meetlnS, II
for that purpose, of which due, notice snail
be given as provided in the bylaws OF sucn
bank Every director shall take ana suo7
scribe an oath that ne VIII alhge gen ofi acto
and will not knowingly violate or PERM! NJ q
violation Of any provision of this act; thas
he is the owner in good faith OF STOCK + III
the bank, standing IN his name ian on IN the ne
books of the bank. Such oath shall pe
transmitted to the bank commissioner and
filed in his office any vacancy 9I1 III IN t tle
board, and the director SO appointed slla a
hold Office until the next election. me CT
cers Of the bank sa 5o Pc t faeG'e9 es y for
one year. and until their successors are
elected and qualified, unless sooner re-
moved by the board Of directors.
stock book, which Shall at all times, during drs
the usual hours for transacting business,
be subject to the inspection Of the officers
directors and stockholders OF the ban Li
Such stock book shall show the name, rest
dence and number Of shares held by eacn
stockholder. A refusal by the officers 5,a OF
son rigntfuIly demanding lnspecuon
thereof, shall subject such officer. to a Tor
feiture of fifty dollars. In all actions,
suits and proceedings, such pootI STILL , 20
presu,nDtiVe evidence of the facts IrefelI
stated. % ,,,
hank shall be deemed personal properly,
and shall be transferred on the pooAs % %
the bank in accordance with the method
provided by law for transfer OF stock IN
Section 49, At all stockholders meetings
each share of stock shall entitle the owner
of record to one vote. A stockholder may
I
proxy. No president or cashier shall act
as proxy for any stakeholder.
Section H. A bank may amend its artl-
cles of association in any manner, not IN
consistent with the provisions of law. at
any time, by vote of it's stockholders rep
resenting two-thirds Of the capital stock,
such vote to be taken at a meeting called
for that purpose. A copy Of such amend nd
ment certified by the president ana cash-
Ter, shall be filed as required tor artlcles o.
incorporation No increase OF capital sIla als
he valid until the amount thereof has been
subscribed and actually paid IN mo re-
auction of capital shall be made to a less
amount than is REQUIRED unaer tne pToVl -
warrant the cancellation Of stock ceftln.
Gates or diminish the personal Habhlty OF
stockholders, until such reduction mas Deen
annroyed by the bank commissioner. Such
approval must be based upon q 1lnQlns py
him that the security of the eXlstlng creu,
itors will not be impaired by the proposed
reduction. ,,7
Section IS. A bank may purchase, hold
and convey real estate for the folloWlhS
purposes and no others:
First. Such as shall be necessary for the
consNenient transaction Of it's business, IN
ci,1Wmg with it's banking offices. other
apartments to rent as source OF r1 ctJne
Mo hank shall invest in q banking ONCE,
including apartments connected thereWltn;
a sum exceeding twenty-five per cent ol
its paid in capital; provided, that this lin
itation shall not apply to the present nod
ings of banks now doing business.
Second. Such as shall be. conveyed to il
In satisfaction Of debts previously CONTRACT
ed in the course OF it's business.
Third. Such as it shall purchase at sale
on judgments, deaxees, or mortgage fore.
closures under securities held by it; but
bank shall not bid at such sale a larger
amount than is necessary to satisfy its
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 five 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 g as progddea nd by
the corporate seal Of the bank, and the
hand of the president or vice-president and
cashier or assistant cashier.
Section 49, 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-
quire the same, according to the forms 1i
forms shall conform as nearly as pract1ca-
bic to that now required Of national banks,
c~ohoC l11fc G-1a1