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

same at public sale upon ten days' notice
20 De gwen oy posting copies OF notice OF
sale In i've public places in the village or
city where such bank is located. Upon
such sale the purchaser shall forthwith
pay the amount of the assessment against
said stock. The amount received from the
sale of said stock, less the cost and ex-
pense of such sale, shall be paid to the
original owner of such stock
Section Z. On becoming satisfied that
any bank has refused to pay its depositors
IN accordance with the terms on which
such deposits were received, or that any
Dank mas become insolYent, or that its cap
i h mas become impaired, or that any bank
mas violated any of the provisions of this
law, the bank commissioner may forth
with take possession Of the books, records
ana assets OF every description of such
records and assets shall not be subject to
any leV1eS Or attachments, until court of
competent jurisdiction can be applied to
Tor the appointment of a receiver for such
bank, who, under the direction of the court
snail take possession of the books. records
a and assets sets, OF every description collect all
pound IS1 all doubtful debts, and sell
all real and personal property on such
terms as the court shall direct, and IL nee
essary, enforce the individual liability CT
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
proper examination of either bank, the
bank commissioner may require either of
SAD banks to remove it's banking office to
pie time as may be fixed by the bank COM
missioner.
Section 8. 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.
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 IL. During the month of Deem
Der of each year, the bank commissioner
shall make an annual report to the gov
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 re-
port shall contain statement of the con-
dition of every bank from which reports
have been received, with an abstract OF
them, the whole amount of their liabilities
the total amount of resources, and specl-
flying the amount Of lawful money held by
banks at the time of their several returns,
end shall give a tabulated statement OF 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 resources and liabili-
ties, and the amount paid to the creditors
thereof; also q statement of any banks Or
gained during the year, and shall also
give a list of the stockholders, 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
of the expense Of the banking department
during the year preceding.
CHAPTER II.
BANKS.
Section l. Any number Of adult residents
of Wisconsin, not less than three, may as
sociate to establish a bank under this act,
upon the terms and conditions and subject
to the liabilities prescribed IN this act. Inc
aggregate amount of the capilet stock OF
any bank shall not be less tn ten thou
sand dollars, in villages or cities having
less than two thousand Inhabitants; ana
shall not be less than twenty thousand COL
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 hay
ing more than six thousand inhabitants.
according to the last official census.
SECTION 2. The persons SO assoclating
shall make, sign aud 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.
II; ,.l willie Ti+yy q N
where such bank is to be located.
Fourth. The amount of capital stock,
which shall be divided into shares of not
less than fifty nor more than one hundred
Fifth. The period for which such bank
is organized, not exceeding fifty years.
Section g. Such articles of Incorporation
shall be executed in triplicale, one or which
shall be recorded in the office OF the regis
ter of deeds in the county in which the
bank is located. one shall be filed IN the
office of the bank commissioner, and one
shall be flied in the Office of the secretary
Of state.
Section T. Upon making and filing of the
articles OF incorporation the bank shall
become a body corporate, and as Such snail
have the following powers:
First no make all contracts necessary
and proper to effect it's purpose and con-
duct its business.
Second. TO sue and be sued, to appear
and defend N all actions and proceedings
under its corporate name, to the same e1-
tent as a natural person.
Third. TO have common seal and alter
the same at pleasure.
Fourth. TO elect or appoint all necessary
officers, agents and servants, define their
duties and Obligations fix their compensa-
ton dismiss them, fill vacancies and re-
quire bonds.
Fifth. TO make amend and repeal ~
laws and regulation not inconsistent with
law or it's articles Of organization, for its
own government, for the orderly conduct
of it's affairs and the management OF it's
property, Tor determining the manner OF
calling and conducting its meetings, the
tenure OF Office Of its seN eraL officers; and
such others as shall be necessary or con-
yenient for the accomplishment of its pur-
pose.
Sixth. To exercise, by its directors. duly
authorized officers, or agents. all such
powers as shall be necessary to carry on
the business of banking, by buying, dis
counting and negotiating promissory notes
bonds, drafts, bills Of exchange, foreign
and domestic, and other evidences or dept;
by receiving commercial and savings de-
Dosits under such regulations as 1t may es-
tablish; by buying and selling coin and
bullion, and by buying and selling ex-
Change. foreign and domestic; issuing let
fers of credit, and by loantng money ON
personal or real security, as provided mere
matter. ,, 4r.rsoc+ onv