River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-08

" S1ilt 0lneE location. within EilGn
reasonable time as may be fixed by the
Z bank commissioner.
Section 9. All proceedings by any bank
( to eniOin the bank commissioner in the
discharge of his duties shall be 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
1 state, or any Of its officers or agents
shall be parties shall be conducted under
the direction and supervision OF the at
torney- general
Section 10 Copies Of all records and
papers in the Office of the bank com
missioner, certified by him, and authenti-
Gated BY his seal of office, shall be evil
dence in all cases, equally and of like
Section II. During the month of Deem
Der OF each year the bank commissioner
1 snail make an annual report to the
governor of the state, which report shall
/ be published and shall exhibit the con-
ditiOn OF the various banks of this state,
as of the day Of the last report made to
the bank commissioner by such banks;
and such report shall contain a state
ment of the condition 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 liabilities. the total
{ amount of resources and specifying the
| amount Of lawful money held by banks
/ at the time Of their several returns, and
shall give tabulated statement or the
/ resources and liabilities of each bank.
| and such other information as in his
Judgment may be required. Such report
shall also contain a statement of the
banks whose business has been closed
/ during the year, the amount of their re-
sources and liabilities, and the amount
[ paid to the creditors thereof; also a state
! meut of any banks organized 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 depart
! ment during the year preceding.
CHAPTER II.
Banks.
Section l. Any number OF adult resi-
/ dents 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 amount of the
/ capital stock of any bank shall not be
/ less than ten thousand dollars. in villages
/ or cities having less than two thousand
/ inhabitants; and shall not be less than
/ twenty thousand dollars, in villages or
| cities having more than two thousand
1 and less than six thousand inhabitants;
and shall not be less than fifty thousand
/ dollars in any village or city having
I more than six thousand inhabitants ac-
/ Cording to the last official census.
! Section ? The persons SO associating
! shall make, sign and acknowledge written
articles Of inCOrpatiOn containing:
First. a declaration that they associate
for the purpose of forming a 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
Fourth. The amount of capital stock.
| which shall be divided into shares If not
/ less than fifty nor more than one hundred
Firth The period for which such bank
! IS organized, not exceeding fifty years.
Section 3. Such articles of incorpora-
ton 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
i filed in the office of the bank commits
/ sioner, and one shall be filed in the office
4 of the secretary of state.
/ Section I. 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 con-
| duct its business.
Second To sue and be sued. to appear
and defend in all actions and proceed
| ngs under its corporate name, to the
same extent as a natural person.
| Third To have common seal and
! alter the same at pleasure.
| Fourth. To elect or appoint all neCes-
| sary officers, agents and servants. define
| their duties and obligations fix their
/ compensation, dismiss them, fill vacancies
| and require bonds.
Fifth. To make. amend and repeal by
| with law or its articles of organization,
| for its own government. for the orderly
| conduct of its affairs and the manage
! ment Of its property for determining the
| manner Of calling and conducting its
| meetings. the tenure of office of its
several officers and such others as shall
! be necessary or convenient for the aC-
/ complishment of its purpose.
Sixth. To exercise. by its directors:
| duly authorized officers, or agents all
| such powers as shah be necessary to
carry on the business of banking, by buy
sorry notes. bonds, drafts, bills of eX
| change. foreign and domestic, and other
/ evidences of debt; by receiving com
| mercial and savings deposits under such
| regulations as it may establish; by buy
| ing and selling coin and bullion, and by
/ buying and selling exchange, foreign and
| domestic. issuing letters of credit, and
security as provided hereinafter.
Section . No bank shall transact any
! business. except such as IS incidental
| or necessarily preliminary to its organiZa-
ton, until it has been regularly author
| lied by the bank commissioner to COM
| meuce the business of banking.
| Section G. The subscriptions to the
| capital stock, and the direction of the
| affairs of the corporation prior to the
| election of directors. shall be in con-
| formity 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, be-
! fore il shall be authorized to commence
| business and the remainder of the capital
| of such bank shall be paid in, in cash,
| in monthly instalments of at least ten
! per cent on the whole of the capital, pay
able at the end Of each succeeding month,
| from the time it shall be authorized by
! the bank commissioner to commence bust
| ness, and the payment OF each install
| ment shall be certified to the bank com
| missioner. under oath, by some officer of
| the bank.
| pOTatiOn are filed with the bank COM
| missioner as herein provided. and the
| bank transmitting the same notifies the
! bank commissioner that at least nifty per
/ cent of its capital has been duly paid in,
| and that such bank has complied with
| all of tho provisions OF this act. required
| before the bank shall BE authorized to
| commence business, the bank commits
/ sioner shall examine into the condition
| of such bank, ascertain the amount of
| money paid in on account of its capital,
! the name and place of residence Of each
| of its directors. and whether such bank
! has complied with all of the provisions
! Of law required to entitle II to engage
| in the business of banking. II upon SUCH
! examination 1t appears that such bahk
/ is lawfully entitled to commence business,
! the bank commissioner shall forthwith
| give to such bank certificate, under his
| hand and official seal. that such BANK Is
/ authorized to commence business. IT the
] said bank commissioner has reason to be-
! lieve that the stockholders have formed the
/ same for any other than the legitimate
! business contemplated by this act, he
I may with the advice and consent of the
! attorncy-general. withhold the certificate
/ Section S. The bank shall cause the
/ certificate issued hereunder, to be pub
/ lshed in some newspaper printed in the
| village city or county where such bank
1 is located. within ten days after the re-
| Ceipt of such certificate. If no newspaper
/ is published in such county, then such
! publication shall be made at the nearest
i county seat. Proof of publication shall
/ be filed with the bank commissioner.
/ Section 9. Whenever any subscriber
/ for stock. or his assignee. fails to pay
1 any inStallment on the stock when the
4 same is required TO be paid hereunder.
/ the directors of such bank may sell the
stock of such delinquent stock subscriber
at public sale. having first given the de-
/ linquent subscriber twenty days notice.
i personally or by mail. at his last known
i will pay for such stock the amount due
/ thereon TO the bank, with any cost In
I CURED the amount previously paid shall
/ be forfeited TO tine bank, and such stock
/ shall be sold as the directors may order
! within sixty days from the time of such
4 forfeiture. and il not sold, il shall be can
/ Celled and deducted from the capital
/ stock of the bank. If sold, any surplus
| over the amount due on said stock to said
! with interest on the amount due, shall be
/ returned to the subscriber, his heirs or
! assigns. II such cancellation shall re-
4 duce the capital OF the bank below the
! minimum required by law, the said cap
/ itai shall within thirty days from the
/ date OF such cancellation, be Increased
/ 10 the required amount by additional
I subscriptions In event of the failure OF
/ said bank to increase such capital as
/ herein provided the bank commissioner
/ shall apply for a receiver to close UP the
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