Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-14

said commissioner shall require the same. &C.
cord.ng to the forms which he shall prescribe
| and furnish. Such forms shall conform as nearly
| as practice bic 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 is'lk at the close of business of any past ay
! by tIe bank commissioner specified aud 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 q newspaper IN the village or city
| or county. where such bank is located In such
condensed form as may be prescribed by the
| bank comm ssioner. Proof of publication shall
/ Do furnished to said bank commissioner At
| least once each year every bark shall report TO
| the bank commissioner. on call by him, a list
| OF its stockholders. thoir residence, and the
/ amount OF stock held by each, which report
| shall be signed and verified By the oath AFR
nation OF one OF the officers of said bank. The
/ bank commissioner shall also have the power
| TO call for special reports from any bank,
/ whenever in his judgment the same Is necessary
bank.
SECTION II. Every bank failing to make and
| transmit 70 the bank commissioner any of the
reports required by this act shall be subject to
aforfetture of one hundred dollars for each day
after the tine required for making such reports.
/ Whenever any bank fails or refuses to pay the
| forfeiture herein imposed fol failure TO make
aud transmit such report. the bank commits
| sioner is hereby authorized TO institute pro-
ceedings for the recovery of such forfeiture
/ SECTION Is Whenever any officer of bank
1 shall refuse to submit the books. papers and
concerns of such bank to the inspection of the
bank commissioner, his deputy or examiner ap
pointed hereunder, or refuse to be examined on
oath touching the concerns Of the bank, the
bank commissioner may, with the approval OF
| the attorney-geueral institute p oceedings for
| the appointment of a receiver of such bank to
| wind up its business
SECTION IS, Every officer or employee of any
1 bank, required BY law to take any oath or af
| frmation, who shall wilfuly swear or affirm
| bA
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 organized under this
| act may reorganize under the laws of the United
| States as national bank. As soon such bank
shall have obtained the certificate from the
| comptrclleE of the currency, authorizing it to
| commences business under the United States
| banking law. such reorganized bank shall take
and hcid all OF the assets, real and personal of
| such bank organized under this act subject to
all liabilities existing against said bank organ
| ization.
| SECTION q. Any national bank authorized to
dissolve, and which shall have taken the neces-
sary steps to effect dissolution, 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 organiza-
ton as required by this act, and shall set forth
| the said written consent of such stockholders,
| Upon the filing of said articles as provided by
| this act, and upon the approval of the bank
comm ssoner such bank shall be deemed to be
reorganized under this act, aud thereupon all
assets, real and personal, of such dissolved ma
| tional bank, shall be vested in and be and be-
| come the property of such reorganiZed bank,
| subject to all liabilities of such national bank
| not liquidated before such reorganization.
| SECTION q. A bank which is in good faith
| winding up its business, for the purpose of con-
| soidating with some other bank, may transfer
| its resources and liabilities tc the bank with
| which it is in process of consolidation; but no
| consolidation shall be made without the consent
of the bank commissioner, and not then to defeat
defraud any of the creditors In the collection
| OF their debts against said banks, or eitherof
| them.
SECTION g. Any bank organized or doing bus
| mess under the provisions of this act, may go
| into liquidation by vote of its stockholders
| owning two thirds of the capital stock, When
ever 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
thereof, notifying the creditors to present their
| claims against the bank for payment. shall be
made once in each week for eight successive
weeks in the official state paper, and also in
| newspaper published in the village, city OF
county in which the bank is located, and if nc
newspaper is there published, then in the news
| paper published at the nearest county seat.
| SECTION "a. Every bank shall keep on hand 81
all times, at least fifteen per cent. of its to.a
dc )osits, at least sixifteenthso of which shall be
/ la lawful money, and the balance of such per-
! centage may be on deposit in banks approved by
| the bank commissioner as reserve banks; except
| in the case of banks which shall be approved BY
| the bank commissioner as reserve banks, which
banks shall at all times keep on hand at least
| twenty-five per cent. of their total deposits at
| least two-ffths 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 rs. Whenever the reserve of any bank
shall fall below the amount required herein to
be kept, such bank shall not increase its loans or
discounts otherwise than by diScounting or pur-
| chasing bills of exchange, payable at siPht on
| demand and the bank commissioner sh,l notify
| any bank whose reserve may be below the
| amount herein required to make good such re-
serve, and in the bank fails for thirty days
| thereafter to make good such reserve, the bank
| commissioner may, with the approval of the at
| torney-general institute proceedings for the
| appointment of a receiver, and to wind up the
| business of the bank.
SECTION 26. The total liabilities OF any per.
son, co partnership or corporation, to any bank,
| for money borrowed including in the liabilities
OF the copa rtnership, the liabilities of the sew
erai members Thereon, except special partners,
| amount of capital and surplus of such bank but
! the discounting of bills of exchange, drawn in
| good faith against actually existing values and
| the discounting of commercial or business pa per
| actually owned by the person negotiating the
| same shall not be considered as money Dor.
rowed provided that by two-thirds vote of the
directors, the liabilities of any person, co-part
nership or corporation, may be Increased to a
total sum not exceeding twenty-five per cent OF
the capital and surplus of such bank.
SECTION Y. No bank shall take for security
for any loan or discount lien upon any part of
| its capital stock No bank shall be the holder
of or purchaser of any portion of its capital
stock, unless such purchase shall be necessary TO
| prevent loss upon debt previously contracted
case be held by the bank for longer time than |
six months, if the stock can be sold for the |
amount of the claim of the bank against the |
same, and it must be sold for the best price OBJ
tainable within one year, or it shall be Cancelled,
and shall then amount to reduction OF the cap.
ital stock provided that Il such reduction shall
| reduce the capital stock below the minimum |
/ required by law, such capital stock shall be |
again increased to the amount required by law,
provided herein.
| SECTION 28. 1t shall not be lawful for any |
bank to loan to any of its officers, directors, |
| clerks or employees any of the funds of the |
| bank, unless the same shall have been author
| lied, both as to amount and security by resou
tion of the board of directors, TO be recorded.
| SECTION 30 Nc bank shall lend an amount
| exceeding twenty per cent OF its capital stock
upon mortgages or any other form of real estate
security, except the adoption of resolution
specifying some larger amount which ts officers
may loan upon real estate security; provided, |
that In no event shall any bank SO loan an
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 sum not to exceed thirty-three aud one
third par cent of the aggregate of its capital,
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 provided, fur
Their, that any bank having taken real estate Sc
curity for such debts so previously contracted.
which shall have carried its percentage of loans
on real estate above the amount herelnbefore
limited, such bank shall, within six months |
thereafter either by sale or collection reduce |
its real estate loans to the amount hereinoefore
limitedS
Section 30. No bank shall demand or receive |
for loans or discounts rate of Interest exceed.
ing that allowed by law to be taken and received
by individuals excepting that it shall be lawful
for any bank to receive interest advance ae-
cording to the ordinary usages OF Banking instf-
tutions aud to charge for collecting foreign or
domestic bills, or other evidences OF debt the |
usual current rate of exchange. In the compu- |
tation of time, thirty days shall be considered |
meath and twelve months year.
SECTION 81. All debts due TO any bank. on |
which interest is past due and unpaid for |
period of twelve months. unless the same /
well secured and in process of collection, shall |
be considered bad debts aud shall be charged off |
to the profit and loss account at the expiration
of one year.
SECTION 81 The board Of directors of bank /
may declare dividend from so much of its net |
profits, after providing for all expenses losses,
interest and taxes accrued or due from said |
bank, as they shall deem expedient but before /
any such dividend Is declared. not less than one
tenth of the net profits of the bank for the pre- /
ceding half year or for such period as is covered
by the dividend. shall be carried to surplus |
fund, until such surplus fund shall amount to /
twenty per cent of the capital stock. No diyi- |
dend shall be declared before the capital stock /
is fully paid
SECTION 80 Every president, director. cash |
Ter, office. teller. clerk agent OF any bank or
savings association who embeZZles. abstracts or |
wlfully sapplies, any Of The moneys. funds /
credits or property 1.-THE bark or savings asso /
citation whether owned by il al held in trust, or |
who, without authority of the directors issuea
or puts forth any certificate OF deposit, draws |
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