Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-10-27

enga+-e IN the business OF banking II
upon ~sti5 h examination il appears that
such bank is lawfully entitled 70 commence
/ business. the bank commissioner shan
forthwith give to such bank certlncdts,
under his hand and official seal. that suen
bank Is authorized TO commence business
If the said bank commissioner has reason
to believt that the stockholders nave
formed 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 cer-
uncate 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. II no newspaper is published
IN such county, then such publication shall
be made at the nearest county seat Proof
of publication shall be filed with the bank
comm issioner.
Section 9. Whenever any subscriber for
stock, or his assignee, fails TO pay any IN
stallment on the stock when the same is
required to be paid hereunder. the directors
OF such bank may sell the stock or suen
delinquent stock subscriber at public sale.
having first given the delinquent subscriber
twenty days notice, personally or by mail,
at his last known address. If no bidder
can be found who will pay for such stock
the amount due thereon TO the bank. with
any cost incurred the amount previously
paid shall be forfeited TO the bank, and
such stock shall be sold as the directors
may order, within sixty lays from the time
of such forfeiture, ana If not sold, 1t shall
be Cancelled and deducted from the capital
stock of the bank If sold, any surplus
over the amount due said stock to said
bank, including the cost incurred thereon,
with interest on the amount due, snail De
returned to the subscriber. his heirs or as
signs. II such cancellation shaH reduce
the capital of the bank below the minimum
required by law. the said capital SHALL
within thirty days from the date of such
cancellation, be increased to the required
amount by additional subscriptions. In
event of the failure of said bank to increase
such capital herein provided, the bank
commissioner shall apply for receiver TO
close up the business of the bank.
Section TO- The affairs of the bank shall
be managed by a hoard of not less than
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. 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, nine
members, any five of whom shall constl-
tute a quorum. In the first instance the di-
rectors shall be elected at a meeting held
before the bank is authorized to commence
business by the bank commissioner, ana
afterwards at the annual meeting of the
stockholders, to be held during the month
of July or January; and if for any reason
election is not had at that meeting, it
may be had at a subsequent meeting called
for that purpose, of which due notice shall
be given provided in the bylaws of such
bank. Ever director shall take and sub
scribe an oath that he will diligently and
honestly perform his duty in such office,
and will not knowingly violate or permit a
violation of any provision of this act; thaa
he is the owner in good faith of stock IN
the bank, standing in his name on the
books of the bank. Such oath shall be-
transmitted TO the bank commissioner and
filed in his office. Any vacancy in the
board of directors shall be filled by the
board, and the director appointed shall
hold office until the next election. The Of
ficers of the bank shall be elected by the
board of directors and hold their offices for
one year. and until their successors are
elected and qualified, unless sooner re-
moved by the board of directors.
Section II. Every bank shall keep a
stock book, which shall at all times, during
the usual hours for transacting business.
be subject TO the inspection of the officers.
directors and stockholders OF the bank.
Such stock book shall show the name, resi-
dence and number of shares held by each
stakeholder. A refusal by the officers of
such bank to exhibit such book to any per-
son rightfully demanding inspection
thereof, shall subject such officer to a for
fixture of fifty dollars. In all actions,
suits and proceedings, such book shall be
presumptive evidence of the facts therein
stated.
Section r. The shares of stock of such
bank shall be deemed personal property,
the bank in accordance with the method
provided by law for transfer OF stock In
corporations.
Section 49, At all stockholders meetings
each share of stock shall entitle the owner
of record to one vote. A stockholder NAV
vote at any meeting of the stockholders by
"
as proxy for any stakeholder.
Section IA bank may amend its aru-
cles of association in any manner, not in.
consistent with the provisions of law, at
any time, b. vote of its 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
ment, certified by the president and CASH
Ter, shall be filed as required for articles of
incorporation. No increase of capital shall
be valid until the amount thereof has been
subscribed and actually paid In. No re-
duction of capital shall be made TO less
amount than is required under the provis-
ions of this act for capital, nor be valid or
warrant the cancellation of stock certifi-
Gates, or diminish the personal liability of
stockholders until such reduction has been
approved by the bank commissioner. Such
approval must be based upon a finding by
him that the security of the existing cred
itors will not be impaired by the proposed
reduction.
Section Is. A bank may purchase hold
and convey real estate for the following
purposes and no others:
First Such as shah be necessary for the
convenient transaction of it's business, in
GLIDING with its banking offices other
apartments to rent as a source of income.
No bank shall invest in banking office,
including apartments connected herewith.
a exceeding twenty-five per cent OF
its paid in capital; provided. that this lin
itation shall not apply TO the present hold
ings of banks doing business.
Second. Such as shall be conveyed to it
in satisfaction of debts previously contract
cd in the course of its business
Third. Sucn as II snail purchase at sale
on judgments, DEGREES, or mortgage fore
closures under securities held by it; but a
bank shall not bid at such sale 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 tive 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 bank from loaning money
upon real estate security provided by
law Real estate shall be conveyed under
the corporate seal of the bank. and the
hand of the president or vice-president and
cashier or assistant cashier.
Section 16. 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 10 the forms
which he shall prescribe and furnish Such
forms shall conform nearly as practical
BILE to that now required of national banks
including the schedules Such reports
shall be signed and verified by the oath