Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-10-20


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 en-
pense of such sale, shall be paid TO the
original owner of such stock
Section !. On hecomtuS satisfied that
any bank has refused 10 pay its depositors.
i'll accordance with the terms on which
such deposits were received, or that any
bank has become iusolvent or that ills cap.
ital has become impaired, or that any bank
has violated any of the provisions OF this
with take possession OF the books, records
ana assets OF every description OF suCh
bank, and hold the same, and such books
records and assets shall not he subject 10
any leves or attachments until court OF
competent jurisdiction can be applied to
Ter the appointment of receiver for such
bank, who under the direction Of the court
shall take possession of the books. records
and assets of every description, collect all
debts. dues. and claims, and sell or com,
pound all doubtful debts, and sell
terms as the court shall direct, aud II nee.
eSsarN, enforce the individual liability OF
stockholders, Such receiver shall pay over
all money 10y him received under the order
the bank commissioner, as often as reauit-
ed by him. of his acts and proceedings,
Section s In the event that any Two
banks shall be doing business in the same
building upon the same floor. and IN such
close proximity as TO interfere with the
proper examination Of either eank, the
bank commissioner may require either or
said banks to remove its banking office to
some other location, within such reasona-
BILE time as may be fixed by the bank COM
missioner.
Section g. 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 III
the supreme court of this state. All suits
visions of this act, in which the state, or
any of its officers or agents, shall be par
ties. shall be conducted under the dlrec-
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 10y his
seal OF office, shall be evidence i'll all cases.
equally and OF like effect as the original.
Section II. During the month of peGem-
Der OF each year, the oank commissioner
shall make an annual report to the gov
elnor of the state, which report shall be
published and shall exhibit the condition
OF the various banks of this state as OF the
day of The last report made 10 the BANK
commissioner by such banks; and such re-
port shall contain a statement OF the con-
ditCn of every bank from which reports
have been received, with an abstract OF
the whole amount OF capital returned pS
them, the whole amount of their liabilities,
the total amount of resources. and speci-
Tying the amount of lawful money held by
and shall give a tabulated statement OF the
resources and liabilities of each bank, and
such other information as III his judgment
may be required. Such report SHAH also
contain statement oil the banks whose
business has been closed during the year,
the amount of their resources and liabill-
ties, and the amount paid to the creditors
thereof; also Il statement of any banks or
ganiZed during the year; and snail also
give a list of the stockholders their resi-
dence, and the amount of stock held by
each, and the names of the directors ana
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 III.
BANKS.
Section /. Any number of adult residents
of W sconsin, not less than three, may as
sociate to establish bank under this act,
upon the terms and conditions and subject
to the liabilities prescribed in TINS act. The
aggregate amount of the capital stock OF
any bank shall not be less than ten thou
sand dollars in villages or cities having
less than two thousand inhabitantsi ana
shall not be less than twenty thousand dol
lars, in villages or cities having more than
two thousand and less than six thousand
inhabitants; and shall not be less than nifty
thousand dollars in any village or city haV-
ing more than six thousand inhabitants,
according to the last official census
Section 2. The persons SO associating
shall make, sign and acknowledge written
articles of incorporation containing:
First. A declaration that they associate
for the purpose OF forming a banking cor
poraton 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 ~ ihe
same county, whether such other bank be
organized under this act OF 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 OF not
less than nifty nor more than one hundred
dollars each.
Fifth. The period for which such bank
Is organized. not exceeding nifty years
Section 3. Such articles OF incorporation
shall be executed In trplicate, one Of " Inch
shall be recorded in the office OF the regis
ter OF deeds in the county in which The
bank is located one shall be flied IN the
office of the bank commissioner, and one
shall be filed in the office OF the secretary
of state.
Section l. Upon making and fling of the
articles of Incorporation the bank shall
become a body corporate ana AS such small
have the following powers,
First. To make all contracts necessary
and proper TO effect its purpose and con
duct its business.
Second, II sue and be sued % appear
and defe' u all actions and r. Jceeunss
under corporate name, /" ~ same e&-
tent natural person
Third. To have common seal and alter
the same at pleasure.
Fourth. To elect o. appoint all necessary
officers agents and servants. define their
duties and obligations, lix their Conpensa-
ton, dismiss them, fill vacancies and re-
quire bonds.
Fifth To make, amend and repeal by
laws and regulations not inconsistent with
law or its articles Of organization, Tor its
own government, for the orderly conduct
of its affairs and the management of its
property, for determining the manner OF
calling and conducting its meetings, the
tenure OF office of its several officers, and
such others as shall be necessary or con-
venient 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 of debt;
by receiving commercial and savings de-
posts under such regulations as 1t may es-
tahlish; by buying and selling coin and
bullion and by buying and selling ex
change, foreign and domestic: issuing let
tiers of credit, and by ioanng money on
personal or real security, as provided here
matter
section ). No bank shall transact any
business except such AZ is incidental or
necessarily preliminary TO its organization,
until ii has been regularly authorized by
~ ny ror missioner IL