Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-22

said bank Is located, or IN the supreme court or
this state. All suits and proceedings arising out
of the provisions of this act, in which the state,
any of It's officers or agents, shall be parties,
shall be conducted uI.der the direction and su-
pervision Of the attorney-general.
SECTION 10. Copies of all records and papers
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 December
OF each year, the bank commissioner shall make
an annual report TO the governor of the state
which report shall be published and shall ex-
hibit 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
report shall contain a statement of the condI-
ton OF every bank from which reports nave been
received, with an abstract of the whole amount
of ca pita returned by them. the whole amount
of their liza bllteS, 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 of the resources
aud liza abilities of each bank, and such other in
formation as in his Judgment may be required.
Such report shall also contain statement of
the banks whose business has been closed dur
ing the yoar, the amount of their resources and
liabilities, and the amount paid to the creditors
thereof; also a statement Of any banks organ
lied during the year; and shall also give 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 department during
the year preceding.
CHAPTER II.
BANKS.
SECTION l. Any number of adult residents 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 amoung
of the captal stock Of any bank shall not be
less than ten thousand dollars, in villages or
cities having less than two thousand inhabi-
tants; and shall not be less than twenty thou
sand dollars, in villages or cities having more
than two thousand and less than six thousand
thousand dollars in any village or city having
more than six thousand inhabitants according
to the last official census.
SECTION z The persons so aS3Oclatlng shall
make, sign and acknowledge written articles of
incorporation containing:
| First A declaration that they associate for
the purpose of forming banking corporation
| under this act.
Second The name of such bank. Such name
| shall be in 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 pinot less than fifty
| nor more than one hundred dollars each.
| Fifth. The period for which such bank is or
| ganized, not exceeding fifty years.
| SECTION 3. Such articles of Incorporation
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 filed in the office Of the bank com:
missioner, and one shall be filed IN the office of
| the secretary of state.
| SECTION 4. Upon making and filing of the
| articles of incorporation the bank shall become
| body corporate, and as such shall have the
| following powers:
| First. To make all contracts necessary and
proper to effect its purpose and conduct its bust
ness
Second. To sue and be sued to appear and
| defend in all actions and proceedings under its
corporate name, to the same extent as nat
| Third. To have a 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 compensation, dis.
miss them: fill vacancies and require bonds.
| Fifth. To make, amend and repeal bylaws
| and regulations, not inconsistent with law or
| it's articles Of organization, for its govern
ment, for the orderly conduct of its affairs and
| the management of its property, for determiD-
| ing the manner of calling and conducting its
meetings, the tenure of office of its several Off
| GERS; and such others as shall be necessary or
| convenient for the accomplishment of its pur-
Sixth To exercise by its directors, duly au-
| thOrized officers, agents, all such powers
| shall be necessary to carry on the business of
banking, by buying, discountng and negotat-
ing promissOry notes, bonds drafts, bills of ex-
| change, foreign and domestic and other evil
| dences of debt; by receiving commercial aud
| savings deposits under such regulations as it
! may establish; by buying and selling co in and
| bullion. and by buying and selling exchange,
| foreign and domestic; issuing letters of credit,
| and by lOaning money on personal or real So
| CurltY, $ provided hereinafter.
| SECTION ). No bank shall transact any bust
ness. except such is Incidental or necessarily
preliminary to its organization. until 1t has
| been regularly authorized by the bank commits
| sioner to commence the business of banking.
SECTION 6. The subscriptions to the capital
| stock. and the direction of the affairs of the
| corporation prior to the election of directors,
| shall be in conformity 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, before it shall be authorized to
| commence business, and the remainder of the
| capital of such bank shall be paid in. in cash,
in monthly installments of at least ten per cent.
| on the whole of the capital, payable at tho end
| of each succeeding month, from the tlmc 1t
| shall be authorized by the bank commissioning
| to commence business, and the payment of each
| ustalmcut shall be certified to the bank com
missioner, under oath, by some officer of the
| Oank
| SECTION 7. Whenever articles of incorpora.
tion are filed with the bank commissioner, as
| herein provided, and the bank transmitting the
rame notifies the bark commissioner that at
least fifty per cent of its capital has been duly
| paid in, and that such bank has complied with
nl of the provisions of this act, required before
| the bank shall be authorized to commence bust
| ness. the bank commissioner shall examine INTO
the condition of such bank, ascertain tho
| amount of money paid in on account of IFS ca pi-
taJ tie name and place of residence of eachuf its
| directors, and whether such bank has complied
with all of the provisions of law required 10 en-
title it to engage in the business of banking.
II upon such examination it appears that such
bank is lawfully entitled tocommence business,
tho bank commissioner shall forthwith give to
| such bank certificate, under his hand and
official seal, that such bank is authorized to
commence business. If tho said bank commits
| soner has reason to believe that the stock
holders have formed the same for any other than
| the legitimate business contemplated by TINS
| act, he may, with the advice and consent of the
attorney general, withhold the certificate herein
mentioned.
| Section s. The bank shall cause the certif-
cate issued hereunder, to be published in some
newspaper, printed in the village, city or county
| WI DAYS
after the receipt of such certificate. If no news
paper 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 commissioner
| SECTION 8. Whenever any subscriber for
| stock or his assignee, fails to pay any install
ment on the stock when the same is required to
| be paid hereunder, the directors of such bank
may sell the stock of such delinquent stock sub
| scriber at public sale, having first given the de-
| llnquent subscriber twenty days notice, per
| Sonally 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
| shall be forfeited to the bank, and such stock
| shall be sold as the directors may order, within
sixty days from the time of such forfeiture, anG
| if not Sold it shall be cancelled and deducted
from the capital stock of the bank. If sold, any
| surplus over the amount due on said stock tt
| said bank, including the cost incurred thereon
with interest on the amount due, shall be re
| turned to the subscriber, his heirs assigns
If such cancellation shall reduce the capital O.
| the bank below the minimum required by law
tee said capital shall, within thirty days from
the date of such cancellation. be increased to
the required amount by additional subscrlp
tions. In event of the failure of said bank to
, increase such capital as herein provided, the
] | bank commissioner shall apply for a receiver
f to close up the business of the bank.
SECTION 10. The affairs of the bank shall be
, managed by a board of not less than three direc
tors, who shall be elected by the stockholders
and hold office for one year. and until their sue
cessors have been elected and have qualified
| \ ma If 81 directors