Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-24

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
6 aid bank, including the cost incurred thereon
with interest on the amount due, shall o9 re-
turned to the subscriber, his heirs or assigns
If such cancellation shat! reduce th9 capital OF
the bank below the minimum required by law
the said capital shall. within thirty days from
the date OF such cancellations be increased to
the required amount by additional subscrip-
tions. In event of the failure sof said bank tC
increase such capital as herein provided, the
bank commissioner shall apply for receiver
to close up the business OF the bank.
SECTION 10. The affairs Of the bank shall be
managed by board of not less than three dlrec
tors, who shall be elected by the stockholderS
and hold Office for one year. and until their sue
cessors have been elected and have qu9Ilned
majority of the board OF directors shall con
stitute quorum for the Transaction OF pusl
ness; provided, that when the nn1noer OF d1rec
I..>,.-o1.3,> % ~ resoIuJloa, Zine Iies- Isl,
any five Of whom shall constitute a. quorum
In the first instance tie directors shall be elected
at meeting held before the bank is authorized
to commence business by the bank commits
sioner, and afterwards at the annual meetln{R
of the stockholders, to be held during the month
of July or January; and if for any reason an
election is not had at that meeting, it may be
had at a subsequent )neeting called for nat
provided in the bylaws Of such bank. Every
direct or shall take and subscribe an oath that
he will diligently and honestly perform his duty
in such Office and will not knowingly Violate or
permit violation of any provision OF TINS act
that he is the owner in good faith OF stock IN the
bank, standing in his name on the books OF the
bank Such oath shall be transmitted to the
bank commissioner and filed in his office Any
vacancy in the board OF directors snal pe meg
| shall hold Office until the next electlon. Inc
officers of the bank shall be elected by the board
of directors'and hold their offices for one year,
and until their successors are electeo ahd
qualified unless sooner removed oy the BOARD
| of directors.
SECTION H. Every bank shall keep stock
book, which shall at all times, during the usual
hours for transacting business, be subject to the
inspection of the officers, directors and stock
show the name, residence and number OF shares
held by each stockholder. refusal by the 9th
GERS of such bank to EXHIBIT such nooK tt 70 any
| person rightfully demanding INSPECTION thereof
! shall subject such officer to forfeiture OF lily
dollars. In all actions, suits and proceedings,
such book shall be pgesurpptlve evidence or the
SECTION I2 The shares Of stock of such bank
shall be deemed personal property, and ,shall
| be transferred on the books Oh the bank IN ac-
cordance with the method provided by law for
transfer OF stock in corporations.
SECTION 10. AT all etockholders meetings
each share OF stock shall entitle the owner Of
record to one vote. a stakeholder may vote at
any meeting of the stockholders by proxy. No
president or cashier shall act as proxy for any
SECTION IA bank may amend its articles
! of association in any manner, not inconsistent
with the provisions of law, at any time, by
vote of its stockholders representing tWo-thlrds
| of the capital stock, such vote to be taken at a
meeting called for that purpose, A copy of such
| amendment, certified by the president and
! cashier, shall be filed required for articles
/ of incorporation. No increase of capita shall
be valid until the amount thereof has been sub.
/ scribed and actually paid in. No reduction OF
capital shall be made to less amount than
! is required under the provisions of this act Tor
capital nor be valid or warrant the cancellation
of stock certificates, or diminish the personal
| liability of stockholders, until such reduction
has been approved by the bank commissioner.
Such approval must De based upon hndlng
| Hx,h 4ho4I hoS itsyn of
tors will not be impaired by the proposed reduc-
! tiOn
SECTION IS. A bank may purchase, hold and
convey real estate for the following purposes
and no OtherS:.
FIRST. Such as shall be necessary for Il Q con
| venient transaction of its business, including
! with its banking offices other apartments to
rent as a source of income No bank shall in
vest in banking office, including apartments
/ connected Herewith, q sum exceeding tWentr-
! Eve per cent. of it's paid in capital; provided.
| that this Limitation shall not apply to the
present hold = OF banf now dong o ~ r.
! satisfaction of debts previously contracted IN
the course OF its business.
Third Such as it shall purchase at sale ON
! Judgments decrees or mortgage foreclosures
under securities held by it; but bank eha1l not
bid at such sale larger amount then Is neces-
sary to satisfy it's debts and costs. No real eB-
! tate acquired in the cases contemplated in the
| second and third subdivisions preceding, shall
cept an extension is granted By the bank com
missioner. If such extension be. not granted
it must be sold at private or pubic sale within
| ninety days thereafter. Nothing IN thus section
! shall bo construed to prevent bank from loan
| ing money upon real estate security as provided
! by law. Real estate snail be conveyed under
the corporate seal of the bank, and the hand OF
! the president or yice-presldent ard cashier or
assistant cashier.
SECTION is. Every bank shall make to the
! bank commissioner not less than three reports
! during each calendar year, at such tunes as the
said commissioner shall require the same, &C
ecording to the forms Which he shall prescribe
| md lIrOi cE forms shall Is
! 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 at the close of business OF any past day
| by the bank commissioner specified, and shall
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 in the village or city
or county, where such bank is located, in such
condensed form as may be prescribed by the
! bank commissioner. 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, list
of it's stockholders, thoir residence, ana the
! amount of stock held by each, which report
shall be signed and verified by the oath or air. HI
| bank commissioner shall also have the power
to cali for special reports from any bank,
whenover ia his judgment the same Is necessary
! to inform him fully OF the condition or 6uch
! bank.
! SEcTIoN IT. Ev>ry 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
altar the time required for making such reports.
| Whenever any bank fill OF refuses 10 pay the
/ forfeiture herein hippo or q failure to axe
/ and transmit such report the bank commits
! siGnar is hereby authorized 10 institute pro-
! Ceeding8 for the recovery pf such forfeiture.
| SECTION IS Wh8nevHr any officer Of a bank
/ shall refuse to submit tho books, paDoFs and
! concerns OF such baqk 80 the inspection OF the
| bank commissioner, his deputy or examiner APP
! pointed hereunder, OF ro1use TO be examined on
/ oath touching the concerns, OF the bank, the
! bank commissioner may. with the approval OF
the attorney-geueral, institute proceedings for
the appointment Of 8 receiver Of such bank TO
wind up its business.
sEor1oN !8. Every officer or eralllos7ee Of any
| bank, REQUIRED by law to take any oat0 or Of
! frYnation, who shall wilfully swear or afliT1A
falsely upon any material alter, shall be deem
ed guilty OF perjury, and upon conviction there.
Of, shall be punished as provided by the laws OF
this state for the punishment OF perjury;
SECTION 20. ANY bank orgacl2ed under tAlS
act may reorganize under tho laws of the United
States as q national bank, as soon as such bank
shall have obtained the certificate from. tic
comptroller Of the currency, authorizing it to
commence business undet tfge Un{tod States
t,it ln