Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-29
CHAPTER II.

J IIIOu
| sand dollars, in villages or cities having NOR
than two thousand and less than six THOUSAND
! inhabitants; and shall not be less than fit
! Thousand dollars in any village city havin.
more than six thousand inhabitants accordin!
| to the last official census.
SECTION ?. The persons so associatng shall
make, sign and acknowledge written articles O
/ incorporation containing:
! First. declaration that they associate 70
/ the purpose of forming banking corporation
! under this act.
/ Second. The name of such bank Such nam,
! 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.
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
gained, not exceeding fifty years.
! SECTION 3. Such articles of incorporation
| Shall be executed in triplicate, 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 filed in the office OF
! the secretary of state.
SECTION 4. Upon making and filing of tn,
articles of Incorporation the bank shall becom,
body corporate, and as such shall have the
! following powers:
First. To make all contracts necessary ant
! proper to effect its purpose and conduct its bust
! ness
Second. To sue and be sued. to appear anc
hCitiit III CllI JoS anu proceedings uDUGr IT
| corporate name, to the same extent as Il nat
! 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 Teguiat iOns, not inconsistent with law OF
! its articles Of organization, for its own govern
ment, for the orderly conduct of its affairs and
/ n for f1ptnr in,
| 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-
| thorlzed officers, or agents, all such powers as
| shall be necessary to carry on the business of
| banking, by buying, discOunting and negOtiat-
ing prOmlSsOry notes, bonds, drafts, bills of ex-
| change, foreign and domestic, and other evi.
| dences of debt; by receiving commercial aud
savings deposits under such regulations it
! may establish; by buying and selling coin and
! bullion, and by buying and selling exchange,
| foreign and domestic; issuing letters of credit,
and by loaninG 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
| siOner to commence the business of banking.
| SECTION 6. The subscriptions to the capital
| stock, and the direction Of the affairs of the
| corporation prior to the election of directors,
shan be III conformity with the statutes OF this
| state relating to corporations, regulating such
matters, so far 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 tie bank commissioner
| to commence business, and the payment of each
| inStallmCnt shall be certified to the bank com.
| missioner. under oath, hV officer of tile
! bank.
| SECTION 7. Whenever articles of incorpora.
! ton are filed with the bank commissioner, as
| herein provided and the bank transmitting the
| fame 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
ill 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, ana whether such oank has complied
with al! o! the provisions of law required 10 en-
| site it to engage in the business of banking.
| # upon such examination it appears that such
| baak is lawfully entitled TO commence business,
| tho bank commissioner shall forthwith give to
| SuCh bank a certificate, under his hand and
official seal, that such bank is authorized to
| commence business. If the said bank commits
soner 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
| mentioned.
SECTION s. The bank shall cause the cortif.
/ 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 sucf
| publication shall be made at the nearest count!
| seat. Proof of publication shall be filed with
| the bank commissioner.
| SECTION 9. Whenever any subscriber FOL
| stock. or his assignee fails to pay any install
| mpnt the stock when the rpOulrn0
| be paid hereunder the directors of such banl
| may sell the stock of such delinquent stock sub
scriber at public sale, having first given the de
| llnquent subscriber twenty days notice, per
| sOnally or by mail, at his last known address
| If no bidder can be found who will pay for suct
| stock the amount due thereon to the bank will
any cost incurred, the amount previously paiC
| shall be forfeited to the bank, and such stool
| shall be sold as the directors may order, within
| sixty days from the time of such forfeiture, anC
| if not sold, it shall be Cancelled and deducted
| from the capital stock of the bank. If sold, an
| surplus over the amount due on said stock t.
| 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 reouce the capital o
| the bank below the minimum required by law
tee said capital shall, within thirty days iron
| The date of such cancellation, be increased II
the required amount by additional subscrip
tions. In event of the failure of said bank t.
| increase such capital as herein provided, TIT
bank commissioner shall apply for receive
to close up the business of the bank.
| SECTION TO- The affairs OF the bank shall b
managed by board OF not less than three direc
tors, who shall be elected by the StOckh0lder
and hold Office for one year and until their sue
| cessors have been elected and have qualified
majority of the board of directors shall con
stitute a quorum for the transaction OF bust
ness; provided, that when the number of direc
| tors shall exceed nine, they may. once in ST.
| months, designate by resolution, nine mem hers
! any five of whom shall constitute a quorum
In the first instance the directors shall be elected
at a meeting held before the bank is authorized
to commence business by the bank commits
Ssioner, and afterwards at the annual meetln!
| fthe stockholders, to be held during the mont
" tuly or January: and If for any reason al
o oio. on is not had at that meeting, 1t may bt
| ia at "a subsequent meeting called for ma
nao az It which due notice shall be given a!
purpoSSeii the bylaws of such bank. Ever!
! p !oHiaeu III take and subscribe an oath tina
IN ELL S;I;an, Y and honestly perform his dut!
in such office, ana s'l iao' My t - -
PERM q j.; GOOD faith OF stock in The
| hank standing in his ma ne on the DOCKS OF th'
| hank such oath shall be transiAitt9d 10 th'
bank commissioner and filed iflo oIe, i ~
vacancy in the board of director % i ititel
by the board, and the director sS:tkoAlrTTESt
shall hold Office until the next eIec, W ~
officers of the bank shall be elected oy t4s podIl
of directors.and hold their ohiceSIor one year
! and until their successors are eIeG,tu:, atn'
| qualified unless sooner removed by the >ooar'
SrcTIoN II. Every bank shall keep a stool
book, which shall at ali times. during the uSua
hours for tranSactiug business. De SuolecI 10 W
| inspection of the officers, directors ana sI9ch
show the name, residence and nunoSF OF snare,
| held bv each stakeholder 4 refusal bE The ON
GERS of such bank TO exhibit such book 70 an
person rightfully demanding inspection I2lef6ssli
shall subject such officer to forfeiture oI lllt
. dollars In all ACTIONS, suits and proceedings