Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-11-03

eas= 10 I'VE public places IN the village O.
{ city where such bank Is located ifpoG
( such sale the purchaser shall forthwith
Z pay the amount OF the assessment against
SAID stock. The amount received from tbs
/ sale Of said stock. less the cost ana ex-
/ pense Of such sale shall he paid 10 tbs
( original owner of such stock
Section {. On becoming satisfied that
I any bank has refused to pay its depoSitOFs
/ IN accordance with the terms on which
| such deposits were received, or that any
/ hank has become insolvent or that its cap
| ital has become impaired. or that any bank
H has violated any of the provisions OF this
/ law the bank commissioner may forth
4 with take possession of the books, records
ana assets OF every description of suca
1 bank, and hold the same, and such books
/ records and assets shall not be subject to
] any Ievies or attachments, until a court of
competent Jurisdiction can be applied to
1 Tor the appointment of a receiver for such
bank, who under the direction Of the court,
/ shall take possession of the books, records
/ and assets of every description, collect all
/ debts, dues and claims and sell COM
pound all doubtful debts, and sell
/ all real and personal property on such
] terms as the court shall direct, and II nee
/ essa.y, enforce the individual liability OF
| stockholders. Such receiver shall pay over
/ all money by him received under the order
/ OF the court, and shall also make report TO
| the bank commissioner, as often as requir-
| ed by him, of his acts and proceedings.
Section 8. In the event that any two
| banks shall be doing business in the same
building, upon the same floor. and in such
close proximity as to interfere with the
proper examination of either bank, the
| bank commissioner may require either of
said banks to remove its banking office to
some other location, within such reasona-
bic time as may be fixed by the bank COM
| missioner.
Section g. All proceedings by any bank
to enjoin the bank commissioner In the dis
charge 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 pro-
visions of this act, in which the state, or
any Of It's officers or agents, shall be par
ties, shall be conducted under the direc-
ton and supervision Of the attorney-gen-
eraL
Section 10. Copies of all records and pa
pers In the office of the bank commissioner
certified by him. and authenticated by his
seal of office, shall be evidence in all cases,
equally and of like effect as the original.
Section II. During the month of Decem-
Der of each year, the bank commissioner
shall make an annual report TO the gov
ernor of the state, which report shall be
published and shall exhibit the condition
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
port shall contain a statement of the con-
dition 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 speci-
Tying the amount of lawful money held by
banks al the time of their several returns,
and shall give a tab1lated statement OF the
resources and liabilities of each bank, and
such other information in his judgment
may De required. SuCn report snail also
contain a statement OF the banks whose
business has been closed curing the year,
the amount of their resources and liabili-
ties, and the amount paId TO the creultors
thereof, also a statement OF any banks or
ganized during the year; ana snail also
give list OF the stocfhc .ders, their resi-
dence, 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
II O
during the year preceding.
CHAPTER II.
BANKS.
Section l. Any number of adult residents
of Wisconsin, not less than three may as
sociate 10 establish bank under this act
upon the terms aid conditions and subject
TO the liabilities prescribed In this act. che
aggregate amount OF the eapltaI stock OF
any bank shall not be less tnan ten thou
sand dollars, in villages or cities having
less than two thousand Inhabitants; anu
shall not be less than twenty thousand dol
lars, in villages or cities having more than
TWO thousand and less than SIX thousand
Inhabitants; and shall not be less than fifty
thousand dollars in any village or city hav-
ing more than six thousand Inhabitants,
according to the last official census.
Section 2. The persons so associating
shall make sign and acknowledge written
articles OF incorporation containing:
First. A declaration that they associate
for the purpose of forming a banking cor
poration under this act.
Second. The name of such bank Such
name shall be in no material respect SINH
lar 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 of not
less than nifty nor more than one hundred
dollars each.
Fifth The period for which such bank
Ec f,rtra f1fya a1t in0 Gas4T
Section 3. Such articles of Incorporation
shall be executed in tripiIcate, one of wnlcn
shall be recorded in the office of the regis
ter of deeds In the county in which the
bank is located one SHAH be filed in the
office of the banl. commissioner and one
shah be filed in the office OF the secretary
of state.
Section 4. Upon making and fling of the
articles of Incorporation the bank shall
become body corporate. ana as sach sIietiI
have the following powers;
First. To make all contracts necessary
and proper to effect its purpose and con-
duct its business.
and defend in all actions ana proceedings
under its corporate name, to the same eX-
tent as a natural person.
Third. To have common seal and alter
the same at pleasure.
Fourth. TO eject or appoint all necessary
officers, agents and servants, define their
duties and obligations, nix their cOmpensa-
ton, dismiss them, I'LL vacancies and re-
QuiTe bonds.
Fifth. TO make, amend ana fepeal py-
laws and regula tons, not Inconsistent with
law or its articles of organization, Tor is
own government, for the orderly conduct
OF its affairs and the management of its
property Tor determining the manner OF
calling and conducting Its meetings, the
tenure of office of its seq eral otncers; ana
such others as shall be necessary or con-
venient for the accomplishment Of its pur-
pose.
Sixth To exercise, by its directors, duly
authorized oTncers, or agents, all sucn
powers as shall be necessary 10 carry on
the business OF banking. py buying. dls-
counting and negotiating promissory notes,
bonds. drafts bills of exchange, foreign
and domestic. and other evidences OF DEBT;
hy receiving commercial and savings de-
posits under such regulations as it may es-
tablish, by buying and selling coin and
bullion and by buying and selling ex-
change. foreign and domestic issuing let
ters of credit. and by loaning money on
personal or real security. as provided here
matter
Section 3 No bank shall transact any
business except such is Incidental al
necessarily preliminary 10 its organization.
until IL has been regularly authorized by
the bank commissioner 70 commence ths
business OF banking.
saaS IN he :