Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-28

ton Of every bank from which reports hayo been
received, with an abstract OF the whole amount
OF capital returned by thefn. the whole amount
OF their liz lites the total amount OF resources
and specifying the amount of lawful money held
by banks at the time OF their several returns and
snail give tabuIated statement of the resources
and Liabilities Of each bank, and such other In
formation as In his Judgment may be required.
Such report shall also contain a statement of
inc banks whose business has been closed dur
y < the year. the amount of their resources and
liabilities and the ahcotnt paid 10 the creditors
thereof also a statement Il any banks organ.
NED during the year, and shall also give list
or 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 ~ him, aud the whole amount
ct the expense OF the banking department du ring
the year preceding.
CHAPTER II.
SECTION /. Any number of adult residents OF
Wisconsin,, not less than three. may associate to
establish bank under this act, upen the terms,
and conditions and subject TO the liabilities
prescribed IN this act, The aggregate amogng
OF tho capital stock OF any bank shall not be
less than ten thousand dollars, in Villages or
cities hagng less than two thousand inhabi-
tants; aud shall not be less than twenty thou-
sand dollars, IN villages or cities having more
than two thousand aud less than six thousand
| inhabitaLts; and shall not be less tb N fifty
Thousand dollars in any village or city having
more than SIX Thousand inhabitants, according
to the last official census.
SECTION 2. The parsons so associating shall
make, sign and acknowledge written articles of
incorporation containing:
First. 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 10 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 where
such bank Is TO be located.
Fourth The amount of capital stock which.
shall be divided into shares of not less thai fifty
nor moro than ono hundred dollars each.
Fifth. The period for which such bank is orr
ganzed, not exceeding fifty years.
SECTION 3. Such articles of Incorporation,
! shall be executed Ia tripiicate, one OF which
shall be recorded In the Office of thu register Of
deeds IN the county IN WHICH the bank Is located,
one shall be filed in she office of the bank COM
missioner, and one shall be filed in the office of
the secretary of state.
SECTION T. Upon making end filing of the
articles of incorporation the bank shall become
a body corporate, and as such shall have the
following powers:
Fist To make all contracts necessary and
proper to effect its purpose and conduct It's BUSH
ness.
Second. To sue aud be sued, to appear and
| defend in all actions and proceedings under its
corporate name, to the same extent as nat
Third. To have common seal and alter the
same at pleasure.
officers. agents and servants, define their duties
and obligations, fix their compensation, dis
miss them, FIJI vacancies and require bonds,
Fifth. To make, anend and repeal bylaws
and regulations, not inconsistent with law or
its articles of organization, Tor Its own 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 on
convenient for the accomplishment OF its pur-
| pose.
Sixth. To exercise by its directors, duly au.
| thorized officers, or agents. all such powers as
a hn ~ tn rar h0 hpc nf
banking, by buying, discounting and negotiat-
| ing promissory notes, bonds drafts, bills of ex
change, foreign and domestic, and other eri,
dences Of debt; by receiving commercial and
savings deposits under such regulations as 1t
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 So
curity, as provided hereinafter.
SECTION 5. No bank shall transact any bust
less, 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.
SECTIONS The subscriptions to the capital
stock. and the direction of the affairs of the
corporation prior to the election of directors,
shall 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 be
paid In, In cash before it shall be authorized -
commence business and tho remainder of the
capital of such bank shall be paid in, in cash,
In monthly installments of at least ten per cent
on tine WnOle OF JIle Cdpl'Al, payable at Tue emu
of each succeeding month, from the time it
shall be authorized by the bank commissioner
to commence business, aud the payment of each
installment shall be certified to the bank com
missioner, under oath. By some officer of the
bank.
SECT1oN 7. Whenever articles of incorpora-
ton are filed 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
nj al IA nrnyisinpe n rpnnirad hdf0Fp
the bank shall be authorized to commence bust
ness, the.bank commissioner shall examine into
the condition of such bank, ascertain the
amount of money paid in on account Of its capt.
tai the name and place of residence of eachuf its
directors, and whether such bank has complied
with all OF the provisions Of law required to EN-
title 1t to engage in the business Of banking.
II upon such examination it appears that such
bank is lawft lily entitled to commence business,
the bank commissioner shall forthwith give TO
such bank certificate, under his hand and
official seal that sIoh oank Is authorized TO
commence busipess, II the said bank commits
siCner has reason TO believe that the stock
holda,s have formed the Same for any other than
the legitimate business contemplated by this
act, he may, with tile advice and consent of the
attorney general, withheld the certificate herein
mentioned.
SECTIONS. The bank shall cause the certif-
cate issued hereunder, to be published in some
newspa per printed in the vilage, city or county
where such bank is located, within ten days
after the receipt of such certificate. Ii no news
paper is published in such county. then such
publication shall be maze at the nearest county
scat Proof OF publication shall be fled with
the bank commissioner.
SECTION 9. Whenever. any subscriber for
stock or his assignee, fails to pay any install
Toent on the stock when the same is required to
be paid hereunder the directors OF such bank
may sell the stock of such delinquent stock sub
scriber public sale, having first given the de-
linquent subscriher twenty days notice. per
sonallY or by mail at his last known address
II no bidder can be found who Will pay Tor such
stock the amount due thereon to the bank, With
ANY cost incurred the amount previously pale
shall be forfeited to the bank, and such stocl
shall be sold as the directors may order, within
sixty DAYS from the time of such forfeiture anc
il not sold, it shall be cancelled and deducted
from the capital stock of the bank. Y sold, any
+ surpIus over the amount due on S. q stock u
said bank, including the cost incurred thereoh
with interest on the amount due, shall be re-
turned to the subscriber, his heirs or assigns.
II suoh cancellation shall reduce the capital OF
tho bank below the minimum required By law,
the said capital shall. within thirty days from
the date Of such cancellati9n, be increased TO
lions In event of the failure .of said bank to
increase such capital as herein provided, the
bank commissioner shall apply for receiver
to close mp the business of the bank.
SECTION TO- The affairs of the bank shall be
managed by a board of not less than three t'rec-
tors who shall be elected by the stockholders
and hold office for year, and until their sue
cessors have been elected and have qualified.
A majority OF the board of directors shall con-
lstitute a quorum for the transaction of bust
ness: provided, that when the number Of direc-
tors shall exceed nine, they may, once In six
months, designate by resolution, nine members,
any five of whom shall constitute quorum;
In the first instance the directors shall be elected
lat a meeting held lNre the bank is authorized
to comnmlce business by the bank comnls-
soner. I'd afterwards at the annual meeting
Of the sto holders to be held during the month
fof July or January; and if for any reason an
election is not lad at that meeting, 1t may be
had at a subsequent meeting called for nat
purpose. of which due notice shall be given as
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
lin such Otice and will not knowingly violate or
permit violation of any provision OF TINS act ;
that he IL the in good faith OF stock IN the
bank, standing in his name on the books of the
| bank. Such oath shall! be TRANSMITTED 10 the
bank commissioner and filed in his office. Any
vacancy in the board Of directors shall be filled
ny the board. and the director go appointed
shall hold Office until he next election. The
officers Of the bank shall be elected by the board
of directors and bold their Offices for one year,
and until their successors are elected and
qualified, unless sooner removed by the board
Of directors.
SECTION II! Every bank shall keep stock
book which shah at all times, during the usual
hours for transacting business, be subject TO t4e
inspection of the officers, directors and stock
holders of the bank Such stock book shall
show the name, residence and number OF shares
held by each stakeholder. refusal by the offl-
GERS Of such bank TO exhibit such book to any
person rightfIlIy demanding inspection thereof
shall subject such officer to forfeiture Of fifty
dollars. In all actions, suits and proceedings,
snch LOok shall be presumptiTe evidence OF the
SECTION II. The shares Of stock of such bank
shall be deemed personal property, and snail
be transferred on the books OF the Dank In &C
'cordanee with the method provided by law Tor
transfer of stock in corporations;
SECTION -. At all stockholders meetings
| each share of stock shall entltle 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 10" any