Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-11-03

forfeiture
Section IS. Whenever any officer. Of a
bank shall refuse to submit the books, pa
pers and conc 4 rs of sueh bank 10 the N
spection OF ths bank commissior&f. MS
deputy or examiner appointed hereunder
or refuse TO be examined on oath touching
the concerns of the bank the bank com
missioner may, with the approval OF the
attorney general, institute proceedings TO
the appointment Of a receiver Of such banh-
to wind up its business.
Section Is. Every officer or employee Of
any bank. required by law 70 take any oath
or affirmation. who shall wilfully sv ar or
affirm falsely upon any material matter.
shall be deemed guilty of perjury, and
as provided by the laws of this state for
the punishment of perjury.
Section 20 ANY bank organized under
TINS 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 il 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 q. Any national bank author
lied to dissolve. and which shall have ta
ken the necessary steps 10 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
commissioner. Such stockholders shall
make, execute and acknowledge articles of
organization as required by this act and
shall set forth the said written consent Of
suen 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 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
bank, subject to all liabilities of such ma
ha nj tanf 1fnt fAuf oA fnfOr Sttah 20
organization.
Section o. 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
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 %. Any bank organized or doing
business under the provisions of this act
may go into liquidation by a vote of it's
stockholders owning two-thirds of the capt.
tai stock. Whenever a 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
O., notifying the creditors to present their
GAINS against the bank for payment, shall
be made once in each week for eight sue
cessive weeks in the official state paper.
anu also IN d newspaper puhuSIeu III the
village, city O. county In which the bank
is located, and if no newsp, per 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 its total deposits. at least six-fifteenths
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
which banks shall at all times keep on.
hand at least twenty-five per cent of their
total deposits, at least two-hfths 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 %. Whenever the reserve of any
bank shall fall below the amount required
herein to be kept such bank shall not in
crease its loans or discounts otherwise than
change, 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 Snch
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 attorney general, in
stitute proceedings for the appointment OF
a receiver, and to wind up the business of
Section e. The total liabilities of any
person, partnership or corporation. TO
any bank, for money borrowed, including
in the liabilities of the co-partnership, the
liza biIities of the several members thereof,
except special partners, shall at no time
exceed fifteen per cent of the amount of
capital and surplus of such bank: but the
of bills of exchange, drawn in
good faith against actually existing values,
and the discounting of commercial or Dusl-
ness paper actually owned by the person
the same, shall not be consid-
cred as money borrowed; provided, that by
a two-thirds vote of the directors. the La
bilities of any person, co-partnership or
corporation, may be increased to a total
sum not exceeding twenty-five per cent of
the capital and surplus of such bank
Section q. No bank shall take for securi-
ty for any loan or discount a lien upon
any part of ITS capital stock. No bank
shall be the holder or or purchaser OF any
portion of it's capital stock, unless Such
purchase shall be necessary to prevent loss
upon a debt previously contracted IN good
faith. stocks SO purchased shall in no
case be held by the n1nK for a longer time
than six months, ii the stock can be sold
for the amount of the claim of the bank
against TIE same, ana it must be sold for
tbe hest price obtaiaaale within one year.
or ii shall be Cancelled, and shall then
amount to a reduction Of the capital stock;
provided that ii sach reduction shall re-
duce the capital stoch below the minimum
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 its officers, directors
clerks or employees any OF the tunus OF
the bank unless the same shall have been
authorized, both as 10 amount ana secur-
ity by resolution Of the board of directors.
to be recorded.
Section %. No bank shall lend an
amount exceeding twenty per cent of its
capitai stock upon mort gages, or any other
form of real estate security. except on the
adoption of a resolution by a two-thirds
note Of the board of directors specifying
some larger amount which its officers may
loan upon real estate security; provided.
that in no event shall any bank so loan
amount TO exceed twenty-five per cent OF
the aggregate of its capital, surplus and
deposits. and provided, that banks doing
business in villages or cities having less
than six thousand inhabitants, under the
last official census. may loan a sum not to
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
good faith upon personal security; and pro-
yided. further, that any bank having taken
real estate security for such debts so pre-
yiously contracted, which shall have car
ried its percentage of loans on real estate
above the amount hereinbefore limited,
such bank shall. within six months there
after. either by sale or collection, reduce it's
real estate loans to the amount hereinbe-
fore limited.