Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-10-13

/ make and transmit such report, the bank
commissioner is hereby authorized to insu-
tute proceedings for the recovery OF such
| forfeiture.
Section 1S Whenever any officer. OF a
bank shall refuse to submit the books, pa
perS and concerns OF such bank to the in
spection of the bank commissiorSr. his
deputy or examiner appointed hereunder,
or refuse to be examined on oath touching
! missioner may, with the approval OF the
attorney Institute proceedings fer
| the appointment OF receiver or such BANK
/ to wind up it's business.
| Section 49, Every officer or employee of
any bank, required by law to take any oath
! or affirmation, who shall wilfully swear or
| shall be deemed guilty of perjury, and
upon conviction thereof, shall be punished
| as provided by the laws of this state for
the punishment of perjury.
Section 20. Any bank organized under
| this act may reorganize under the laws OF
! the United States as a national bank AS
! soon as such bank shall have obtained the
certificate from the comptroller of the cur
rency. authorizing it to commence business
under the United States banking law. such
reorganized bank shall take and hold all
of the assets, real and personal OF such
bank organized under this act, subject to
all liabilities existing against said bank or
ganized under this act, at the time of such
reorganization.
Section 81 Any national bank author
lied to dissolve, and which shall have ia
/ ken the necessary steps to effect dissolu-
ton, may reorganize under this act, upon
/ the consent in writing of the owners OF
/ two-thirds of the capital stock of such
bank, and with the approval Of the bank bank
make. execute and acknowledge articles of
organization required by this act, and
shall set forth the said written consent Of
| such stockholders. Upon the filing of said
| articles as provided by this act and upon
the approvalof the bank commissioner, such
| bank shall be deemed to be reorganized
under this act, and thereupon all assets,
| real and personal, of such dissolved ma
| tional bank, shall be vested in, and be and
become the property Of such reorganized
tional bank not liquidated before such re-
organization.
| Section % A bank which is in good faith
winding up its business, for the purpose of
consolidating with some other bank. may
transfer its resources and liabilities to the
bank with which it is in process of CON
solidation; but no consolidation shall be
made without the consent of the bank COM
missioner, and not then to defeat or de-
fraud any of the creditors in the collection
of their debts against said banks, or either
of them.
Section 49, Any bank organized or doing
business under the provisions of this act,
may go into liquidation by vote of its
stockholders owning two-thi-ds of the capt.
tai stock. Whenever vote is taken to go
into liquidation, it shall be the duty OF the
board of directors to cause notice. of this
fact to be certified, under the seal OF the
bank by its president and cashier, to the
bank commissioner, and publication there
Of notifying the creditors to present their
claims against the bank for payment, shall
be made once in each week for eight sue
and also }" in ina a newspaper published in the
village, city or county IN which the bank
is located, and if no newspaper is there
published, then in the newspaper published
at the nearest county seat.
Section "a Every bank shall keep on
hand at all times, at least fifteen per cent
of it's total deposits, at least six-hfteenths
of which shall be in lawful money, and the
balance of such percentage may be on de-
post in banks approved by the bank COM
missioner as reserve banks; except in the
case Of banks which shall be approved by
the bank commissioner as reserve banks
which banks shall at all times keep on
hand at least twenty-five per cent OF their
total deposits, at least two-tifths of which
shall be in lawful money and the balance
may be on deposit in banks approved by
the bank commissioner as reserve banks.
Section o. Whenever the reserve of any
bank shall fail below the amount required
herein to be kept, such bank Shall not IN
crease it's loans or discounts otherwise than
by discounting or purchasing bills, OF eI-
change, payable at sight or on demand
and the bank commissioner shau notl1y
any bank whose reserve may be below th2
amount herein required. to make good such
reserve, and in case the bank fails for thirty
days thereafter to make good such re-
serve, the bank commissioner may, with
the approval of the encouragement, in
stitute proceedings for the appointment OF
a receiver, and to wind up the business OF
the bank. ~
Section 25 The total liabilities Of any
person, co-partnership or Corporahon TO
any bank, for money borrowed, lnclu0lhS
in the liabilities OF the co-paf}5lelS ~
liabilities of the several members Thereon,
except special partners, shall at no tlme
exceed fifteen per cent of the amount on
capital and surplus of such bank; out tne
discountiny of bills Of exchange, drawn IN
GOOD faith against actually existing YalueS,
and the discounting of commercial or buSl-
ness paper actually owned by the person
Negotiating the same, shall not be consid-
cred as money borrowed; provided, that by
a two-thirds vote of the directors. the ma
bilities of any person. co-partnersnlp Or OF
corporation, may be increased to total
sum not exceeding twenty-five per cent OF
the capital and surplus of such bank.
Section q No bank shall take for securl-
ty, for any loan or discount len upon upon
snv part of it's capital stock. No bank
shall be the holder of or purchaser OF any
portion of it's capital stock, unless suctl
ppurchase shall be necessary to prevent loss
upon a debt previously. contracted III good
faith Stocks so purchased shall III a.. no
case he held by the bank for q longer time
than six months, if the stock can be SOLD
for the amount Of the claim OF the pank
against the same, and it must be SOLO Iof
the best price obtainable within one year,
or it shall be Cancelled and shall then
amount to reduction Of the capital stock,
provided. that if such reduction shall re-
required by law, such capital stock shall
be again increased to the amount required
by law, as provided herein.
Section 2S 1t shall not be lawful for any
bank to loan to any of it's officers, directors,
clerks or employees, any Of the funds OF
the bank, unless the same shall have been
authorized, both as to amount ana secnr-
ity, by resolution of the board OF directors
to be recorded.
Section 20. No bank shall lend an
amount exceeding twenty per cent Of its
capital stock upon mortgages, or any other
form of real estate security except on the
adoption of a resolution by a two-thi!r ID,
vote of the board Of directors, specifying
some larger amount which its officers may
loan upon real estate security; provided
amount to exceed twenty-five per. cent Of
the aggregate of its capital surplus ,l aa ana
business in villages or cities having less
than six thousand inhabitants. under the
exceed thirty-three and one-third per
cent of the aggregate of its CAPT,
tai surplus and deposits, upon real
estate security. The limitation in
this section shall not preclude any
bank from taking real estate security. upon
any indebtedness previously contracted IN
SSiGes further. that any bank having taken
real estate security for such debts so pre-