Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-10-20

ocSSs OF each OF Its directors, and whethef
such bank has complied with all OF the
provisions Of law required to entitle Il to
engage in the business OF banking. TX
upon such examination II appears that
such bank is lawfully entitled to commences
business. the bank commissioner shall
forthwith give to such bank q certificate
under his hand and official seal, that such
bank Is authorized 10 commence business,
IL the said bank commissioner has reason
to believe that the stockholders have
formed the same for any other than the
legitimate business contemplated by tnis
act, he may. with the adviee and consent
or the attorney general withhold the GER
uhcate herein mentioned.
Section s The bank shall cause the Ger.
tificate issued hereunder, IL be published
In some newspaper printed IN taG village,
city or county where such bank is located,
within ten days after the receipt of sueh
certificate If no newspaper Is published
In such county, then such publication shalt
be made at the nearest county seat lroot
of publication shah be filed With the bank
commissioner.
Section q Whenever any subscriber for
stock or his assignee. fails to pay any in
stallmsnt 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 puhNc sale,
having first given the delinquent subscriber
twenty days notice, personally or by maui,
at his last known address, II no bidder
can be found who will pay for such stock
the amount due thereon TO the bank, win
pato shall be forfeited 10 the bank, and
such stock shall I've sold as the directors
may order, within SIXTY days from the tthle
OF such forfeiture, and II not sold u shali
be Cancelled and deducted from the capital
stock of the bank, II sold, any surplus
over the amount due on said stock 10 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 Ivy law. the said capital shalt,
within thirty days from the late OF such
cancellation, he Increased 10 the required
amount by additional subscriptions In
event Of the failure of said bank to increase
such capital as h.rein provided, the hans
commissioner shall apply for n receiver TO
close up the business OF the bank
Section 10 The affairs of the bank shall
be managed by a board ct not less IMAM
three directors, who shall be elected by the
stockholders and hold office for one year
and until their SUCCESSORS have been elect
ed and have qualified. 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 mine, they may, once IN SIN
months. designate by resolution mus
members, any tive OF whom shall cohStt
tute quorum. In the first instance the d.
rectors shall be elected at a meeting held
before the bank is authorized To commence
business by the bank commissioner. ana
afterwards ut the annual meeting OF me
of July or January, and If for any reason
an election is not had at that meeting, Y
may be had at a subsequent meeting called
for that purpose, OF which due hot'ee shat
be given AZ provided in the bylaws OF Sueh
bank Every director shall take ana sun
scribe an oath thet he will diligently ana
honestly perform his duty in such ottlce,
and will not knowingly violate or permit
violation of any provision of this act that
he Is the owner In good faith OF stock IN
the bank, standing in his name on me
books of the bank. such oath shali hs
transmitted to the bank commissioner ana
filed in his office. Any vacancy IN me
board OF directors shall be filled by the
board, and the director so appointed shaii
hold office until the next election. me o.,
ticers of the bank shall be elected by the
board of directors and hold their offices Tor
one year, aud until their Successors are
elected and qualified, unless sooner re-
moved by the board of directors,
Section IL. Every bank shall keep
stock book which shall at all times, during
the usual hours for transacting business,
be subject to the inspection of The ofhcers,
directors and stockholders of the bank.
Such stock book shall show the name, resi-.
dence and number of shares held by each
stockholder. A refusal by the officers OF
such bank to exhibit sncn book to any per.
son rghtfully demanding Inspection
thereof shall subject such officer, to a for
fixture of fifty dollars. In all actions,
suits and proceedings such book snail pc
presumptve evidence of the lacts therein
stated
Section H. The shares of stock Of such
bank shall be deemed personal property,
and shall be transferred on tllr DOCKS OF
the bank In accordance with the method
provided by law for transfer OF stock lr
corporations.
Section 10. At all stockholders meetings
each share OF stock shall entitlc the owner
of record to one vote. a Stockholder may
vote al any meeting of the Stockholders BY
proxy. No president or cashier shall &C
as proxy for any stakeholder,
Section a. A bank may amend Its art
Giles of association in any manner, not In
consistent with the provisions OF law, a.
any time by vote of it's stockholders rep
resenting two thirds of the capital stock,
for that purpose, A copy of such amend
ment, certified by the president and cash.
Ter shall be filed as required for articles OF
Incorporation. No increase OF capital shah
be valid until the amount thereof has been
subscribed and actually paid III. NO re-
ductipn of capital shall be made to less
amount than Is required unuer the proNls.
ions OF this act for capital. nor bn Flhd or
warrant the cancellation Of STOCK certitt-
Gates, or diminish the personal liability or
Stockholders until such reduction has been
approved by the bank commissioner Such
approval must 6e based upon hndlns ny
him that the security OF the existing cred.
itors viii not be impaired by the proposed
section Is \ bank may purchase. hold
and convey real estate for the following
purposes ana no others:
First Such as shall De necessary for the
convenient transaction of Its business, In
Guiding with it's banking Offices other
apartments to rent az Il source of income.
No bank shall invest IN a banking Office,
Including apartments connected herewith.
a sum exceeding twenty-five per cent OF
It's paid in capital provided, that this linn
itation shall not apply 10 the present hold
ings Of banks now doing business
Second Such as shall be conveyed 70 II
In satisfaction Of debts previously contract
ed in the course of its business
Third Such an ii shall purchase al sale
on judgments DEGREES, 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 Its
debts and costs. No real estate acquired
In the cases contemplated in the second
and third subdivisions preceding, shall he
held for a longer time than live years, ex-
cPpt an extension II granted by the bank
commissioner II such extension be not
granted Ii must be sold at private or pub
lie sale within ninety days thereafter
Nothing In this section shall be construed
TO prevent 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 yice-president and
cashier or assistant cashier
Section Is Every bank shall make 10 the
hank commissioner not less than three re.
times az tho SAID commissioner shalt re-