Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-27
snch bool, shall be r,ras,,r,r,tire Grid, Of I

cordance with the method provided b. Law for
transfer of stock in corporations.
SECTION -. At all stockholders. meetings
each share of stock shall entltle the owner Of
record to one vote. A stOckholGPr may vote at
any meeting of the stockholders by proxy. 40
president or cashier shall act as proxy for any
stakeholder.
of association in any manner. not Inconsistent
with the provisions of law, at any time by a
vote Of its stockholders representing twO-thITds
of the capital stock, such vote to be taken at a
meeting called for that purpose Aco2E OF sucn
amendment, certified b. the PRECEDENT and
cashier, shall be fled as required TO- articles
of incorporation. No increase Cf capita. shall
be valid until the amount thereof n..- cen sub.
scribed and actually paid II. y" reduction OF
capital shall be made to a less aa.F,,ut than
is required under the provisions Of tbs act for
capital, nor be valid or warrant he cancellation
of stock certificates. or diminish tie personal
liability of stockholders, un-I >uca reduction
has been approved by the bank commissioners.
Such approval mast be based upon a finding
by him that the security Of the existing credi-
tors will not be impaired 10y the proposed reduc-
ton.
SECTION IS. 4 bank may purchase, hold and
convey real estate for the following purposes
and no others:
First. such as shall be necessary tor t Q con-
venient transaction OF It's business. including
with its banking Offices Otner apartments 10
rent as source of income. No bank shall IN
Vest in a banking office, including apartments
connected Herewith 9 sum eEca"- Ing twenty
five per cent. of its paid in capital: provided,
that this limitation shall not. aoEl" t" the
present holdings of banks now Gotu- business.
Second Such as shall be conve'sd to II IN
satisfaction of debts previously contracted II
the course of its business.
Third. Such it shall purchase at sale on
judgments, DEGREES, or mortgage foreclosures
under securities held by it: but bank Shla not
bid at such sale a larger amount than l. neces-
sary to satisfy its debts and costs. No real cS-
tate acquired in the cases contemplated IN the
second and third Subdivisions preceding, snail
be held for a longer time than five years, "z-
cept an extension is granted by the bank com
missioner. If such extension be not granted,
it must be sold al private or public sale Within
ninety days thereafter. Nothing IN this section
shall be construed to prevent bank from loan
ing money upon real estate security as PROV led
by law. Real estate shall be conveyed under
the corporate seal of the bank, and the nnuu OF
the president vice-presldent and cashier or
assistant cashier.
; SECTION IS. Every bank shall make to tie
bank commissioner not less than three report :
during each calendar year. at such times ~ the
said commissioner shall require the same. ar
Cording to the forms which he shall pre$cTI ,"
and furnish. Such forms shall conform as nearly
as practicable to that now required OF national
banks including the schedules Such reports
shall be signed and verified by the oath or
affirmation of one of the officers of such bank,
and attested by at least two of the directors.
Such report shall exhibit in detail and under
proper heads, the resources and liabilities of
the bank the close of business OF any past DAY
by the bank commissioner specified, and sh@tl
be transmitted to said bank commissioner with
in ten days after the receipt of request therefor
from him. Such reports shall be published by
the bank in a newspaper III the village or city
or county, where such bank is located, in such
condensed form as may be prescribed by the
bank comm ssiOner. Proof of publication shall
be furnished to said bank commissioner. At
least once each year every bank shall report to
the bank commissioner, on call by him, a list
of its stockholders, their residence, and the
amount of stock held by each, which report
shall be signed and verified by the oath or affir-
nation of one of the officers of said bank. The
bank commissioner shall also have the power
to call for special reports from any bank,
whenever in his Judgment the same is necessary
to inform him fully of the condition Of such
bank.
SECTION II; Every bank failing to make and
transmit to the bank commissioner any of the
reports required by this act, shall be subject to
a forfeiture of one hundred dollars for each day
after the time required for making such reports.
Whenever any bank fails or refuses to pay the
forfeiture herein imposed for failure to make
and transmit such report the bank commits
SiOner Is hereby authorized to Institute pro-
ceedingS for the recovery of such forfeiture.
SECTION IS Whenever any officer of a bank
shall refuse to submit the books, papers and
concerns of such bank to the inspection of the
bank commissioner his deputy or examiner APP
pointed hereunder, or refuse to be examined on
oath touching the concerns of the bank, the
bank commissioner may, with the approval of
the encouragement, institute proceedings for
the appointment of a receiver of such bank to
wind up its business
SECTION 10. Every officer or employee of any
bank, required by law to take any oath or af-
tirmatlOn, who shall WlIfuIIy swear Affirm
falsely upon any material matter. shall be deem
cd guilty of perjury, and upon conviction there
of. shall be punished provided by the laws OF
this state for the punishment OF perjury.
SECTION -. Any cl 7E organized under this
act may reorsanize u. the laws of the United
States as national bSl.- As soon as such bank
shall have obtained t-sz certificate from the
comptroller of the cuGLs.Cy, authorizing it to
commence business uuG-5r 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 organ
lied under this act, at the time OF such reorgan-
izatIOn.
SECTION q. Any national bank authorized to
dissolve, and which shall have taken the neces-
sary steps to effect dissolution, may reorgauize
under this act. upon the consent in writing of
the owners Of twO-thiTdS of the capital stock of
such bank and with the approval of the bank
commissioners. Such stockholders shall make,
execute and acknowledge articles of Organiza-
ton as 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 approval of the bank
commissioner, such bank shall be deemed to be
reorganlzed under this act, and thereupOn all
assets, real and PERSONAL of such dissolved ma.
tional bank, shall DE vested in, and be and be-
come the property of such reOrganzed bank,
subject to all liabilities of such national bank
not liquidated before sucn reorganization.
SECTION y. A bank which is in good faith
winding up its business, for the purpose Of con-
solidating with some other bank, may transfer
its resources and liabilities to the bank with
which it is in process of consolidation; but no
consolidation shall be made without the consent
of the bank commissioner, and not then to defeat
or defraud any of the creditors in the collection
of their debts against said banks, or either of
them.
SECTION %. Any bank organized or doing bus
mess under the provisions of this act may go
into liquidation by vote of its stockholders
owning two-thirds of the capital stock When
ever vote is taken to go into liquidation, it
shall he 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
thereof notifying the creditors to present their
claims against the bank for payment shall be
made once in each week for eight successive
weeks in the official state paper, and also in 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 news
paper published at the nearest county seat
SECTION u. Every bank shall keep on hand at
all times, at least fifteen per cent of its total
deposits at least six-fifteenths OF which shall be
in lawful money, and the balance of such per-
centage may be on deposit in banks approved by
the bank commissioner 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-fifths of which shall be in lawful
money, and the balance may be on deposit IL
banks approved by the bank commissioner as
reserve banks.
SECTION p. Whenever the reserve of any bank
shall fall below the amount required herein TO
be kept such bank shall not increase its loans or
discounts otherwise than by discounting or pur-
chasing bills of exchange, payable at sight or on
demand, and the bank commissioner shall notify
any bank whose reserve may be below the
amount herein required, to make good such re-
serve, and in case the bank fails for thirty days
thereafter to make good such reserve, the bank
commissioners may, with the approval of the at
torney-general. institute proceedings for the
appointment of = receiver, and to wind up the
business of the bank.
SECTION 26 The total liabilities of any per-
son, cO-partuership or corporation. 10 any bank,
for money borrowed. including il the liabilities
of the co-partnership, the liabilities of the sew
eral members thereof, except special partners,
shall at no time exceed fifteen Per cent. of the
amount of ca pital and surplus of such bank; but