Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-17

Gay - eaa n fga bja 2aceg i The Village
or city where such bank is located. Upon such
sale the purchaser shall forthwith pay the
amount Of the essessment against SAID stock.
The amount received from the sale Of said stock,
less the cost and expense OF such SALE shan be
paid TO the original owner OF such stock
SECTION T. On becoming satisfied that any
bank has refused to pay its deposltoTs IN ac-
cOrdance with the terms on which such deposits
were received, or that any bank has become IN
solvent, or that its capital has become impaired
or that any bank has violated any OF the pro
visions of this law, the bank commissioner may
forthygith ta ke possession of the books, records
and assets Of every description Of such bank,
and hold the same, and such books, records and
assets shall not be subject TO any Xevles or at
fachrnents, until a court of competent jurlsdlc~
ton can be applied to for the appointment OF
heceiver 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 compound
alldoubtful debts, and sell ell real and personal
property on s-.c terms as thc court -lt4. direct,
e,t5 necessary enforce ho in tiVit-uaI Iiabilils
of stockholders. Such receiver shall pay over
all money by him received under the order or
the court and shall also make report to the
bank commissioner, as often as required by MIN,
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 bank, the bank commissioner may require
either of said banks to remove its banking office
to some other location, within such reasonable
time as may be fixed by the bank commissioner.
". A
enioin the bank commissioner in the discharge
of his duties, shall he had in the county where
said bank is located or in the supreme court Of
this state All suits and proceedings arising out
of the provisions of this act IN which the state,
or any of its officers agents, shall be parties,
shall be conducted under the direction and SUI
pervision of the attorney-general.
SECTION 10. Copies OF all records and papers
in the office of the bank commissioner, certified
by him, and authenticat ted by hi 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 al + eT
state, as of the day of the last report made to
the bank commissioner by such banks and such
report shall contain statement OF the,condi-
ton of every bank from which reports have been
received, with an abstract Of the whole amount
Of capital returned by them, the whole AMOUNT
of their liza bities the total amount Of resources,
| and specifying the amopntof lawful money held
by banks at the time Ct tkeiv oraL JEFns and
shall give Il tabu!ated stateino-to of the resources
| and liabilities of each bank ancA snch other IN
formation as in his judgment may be required.
Such report shall also contain n statement or
the banks whose business has been closed dur
| ing the year, the amount OF their resources and
liabilities and the amount paid to the creditors,
thereof; also statement OF any banks organ
lied during the year; and shall also give a 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 depert&nentduriDg
the year preceding.
CHAPTER II.
, BANKS.
SECTION /. 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 capital 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
and dali in will ri N M
than two thousand and less than six thousand
inhabitaLts; and shall not be less than fifty
thousand dollars in any village city having
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 banking corporation
under this act.
Second. The name of such bank. Such name
shall be In no 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 whore
such bank is to be located.
Fourth. The amountof capital stock, which
nor more than one hundred dollars each
Fifth. The period for which such bank is or
ganized. not exceeding fifty years
SECTION g. Such articles OF incorporation
shall be executed in triplicate, one OF which
shall be recorded IN the Office of the register Of
deeds ii the county in which the bank is located,
| oae shall be fled 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 Hing OK the
articles Of incorporation she bank shall become
body corporate, and as such shall have the
! following powers:
First. 70 make all contracts necessary and
proper to effect Its purpose and conduct Its buSI
ness.
Second. To sue and be sued, to appear and
| defend in all actions and proceedings under its
corporate name, TO the same extent az nat
| ural person.
Third. To have common seal and alter the
Fourth To elect or appoint all necessary
officers, agents and servants, define their duties
| and obligations, tx their compensation, dis
! miss them, fill vacancies and require bonds.
Fifth. To make, amend and repeal bylaws
| and regulations not inconsistent with law or
! its articles of organization for its govern
ment, for the orderly conduct OF its affairs and
! the management of its property, for determin-
| 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 It's pur-
Sixth To exercise, by it's directors, duly au
thOrized officers or agents, all such powers as
/ shall be necessary to carry on the business of
| banking, by buying discountlng and neg0tiat
ing promissOry notes, bonds drafts, bills OF ex-
! change, foreign and domestic and other evil
! dences of debt; by receiving commercial ard
! savings deposits under such regulations as it
may establish; by buying and selling coin and
! bullion, and by buying and selling exchange,
foreign and domestic; issuing letters of credit,
! and by loaning money on personal or real &C.
curity, as provided hereinafter.
SECTION 5. No bank shall transact any bust |
ness. except such as is incidental or necessarily
! preliminary to its organization, until it has /
! been regularly authorized By the bank commits !
sioner to commence the business Of banking,
! SECTTON6 6. The subscriptions to the capital
stock, and the direction Of the affairs of the
corporation prior TO the election OF directors,
/ shalt 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 DO
paid in, in cash before it shall be authorized to
/ coqnmenca business, and the rem aindeT of che /
/ capital Of aIuch bank shall be paid in, in cash,
in monthly installmeuts of at least ten per cent
on the whole of the capital, payable at the end
/ of each succeeding month, from the time it
/ shall be authorized by the bank commissioners
/ TO commence business, and the payment of each
! installment shall be certified to the bank com
! missioner, under oath, by some officer of the |
! bank.
/ SECTION 7. Whenever articles Of incorpora-
ton are fled with the bank commissioner, as |
| herein provided, and the bank transmitting the
! same notifies the bank commissioner that at |
least fifty per cent Of its capital has been duly
paid in, and that such bank has complied With
all OF the provisions of this act required before
the bank Shall be authorized to commence bust