River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-01

close proximity as 10 Interfere with the
proper examination of either bank, the
hank commissioner may require either of
said banks TO remove its banking Office
10 some other location within such
reasonable time as may be fixed by the
bank commissioner.
Section g. All proceedings by any bank
10 enjoiu the bank commissioner in the
discharge of his duties, shall be 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 or agents,
shall be parties. shall be conducted under
the direction and supervision of the at
tOrney-Eeneral.
Section 10 Copies Of all records and
papers in the Office of the bank COM
missioner, certified by him and authenti-
Gated by his seal Of office shall be evil
dence in all cases, equally and Of like
effect as the original.
Section II. During the month of Decem-
/ Der OF each year. the bank commissioner
shall make an annual report to the
governor of the state, which report shall
be published and shall exhibit the con-
dition ~ the various banks of this state,
a. OF the day OF the last report made TO
the bank commissioner by such banks;
and such report shall contain a state
I ment Of the condition 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 liabilities, the total
/ amount OF resources, and specifying the
amount Of lawful money held by banks
at the time Of their several returns. and
shall give tabulated statement OF the
resources and liabilities Of each bank
and such other information as fin his
Judgment may he required Such report
SHAH also contain statement of the
banks whose business has been closed
during the year. the amount Of their re-
sources and liabilities. and the amount
paid to tho creditors thereof; also state
ment OF any banks organized during the
year; and shall also give a list of the
Stockholders. their residence and the
gf hpl nv bp
names Of the directors and officers of
each bank. He shall also report the
names ana compensation OF the clerks
employed by him, and the whole amount
of the expense of the banking depart
ment during the year preceding.
CHAPTER IL.
Banks.
Section l. ANY number OF adult resi-
dents of Wisconsin. not less than three,
may associate to establish u bank under
this act, upon the terms and conditions
and subject 10 the liabilities prescribed
in this act. The aggregate amount of the
capital stock Of any bank shall not be
less than ten thousand dollars, in villages
or cities having less than two thousand
inhabitants; and shall not be less than
twenty thousand dollars, in villages or
cities having more than two thousand
and less than six thousand inhabitants:
and shall not be less than fifty thousand
dollars in any village or city having
more than six thousand Inhabitants, ac-
cording to the last official census.
Section 2 The persons SO associatinG
shall make, sign and acknowledge written
articles of incorpatton containing:
First. A declaration that they associate
for the purpose of forming a 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
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 fifty years.
Section j. Such articles of inCOrpora-
ton shall be executed in triplicate, one
Of which shall be recorded in the office
of the register Of deeds in the county In
which the bank is located. one shall be
filed In the office of the bank commits
sioner, and one shall be filed in the office
of the secretary of state.
Section 4. Upon making and filing of
the articles of Incorporation the bank
such shall have the following powers:
First. TO make all contracts necessary
and proper TO effect Its purpose and con-
duct its business
Second To sue and he sued, to appear
and defend in all actions and proceed
lngs under its corporate name, to the
same extent as natural person.
Third. To have common seal and
alter the same at pleasure.
Fourth. To elect or appoint all neCes-
sary officers agents and servants, define
their duties and obligations, fix their
compensation, dismiss them, I'LL vacancies
and require bonds.
Fifth To make. amend and repeal by
laws and regulations, not Inconsistent
with law or its articles of organization,
for its own government, for the orderly
conduct of its affairs and the manage
ment of its property. for determining the
manner of calling and conducting its
meetings. the tenure of office of its
4 gaf taa4F- I,t,1J
be necessary or convenient for the ac-
complshment of its purpose.
duly authorized officers. or agents. all
such powers as shall be necessary to
carry on the business of banking, by buy
ing discOuntiug and negotiating proms-
sorry notes bonds, drafts. bills of eX-
change foreign and domestic, and other
evidences OF debt; by receiving COM
mercial and savings deposits under such
regulations as 1t may establish; by buy
ing 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
security as provided hereinafter.
Section > No bank shall transact any
or necessarily preliminary to its organiza-
ton until it has been regularly author
lied by the bank commissioner to com
mcucc the business of banking.
Section &. The subscriptions to the
capital stock and the direction of the
affairs of the corporation prior to the
election of directors. shall be in con-
formity 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 he paid in, i'm cash, be-
fore 1t shall be authorized to commence
business, and the remainder OF the capital
of such bank shall be paid in, in cash,
in monthly installments of at least ten
per cent ON the whole of the capital. pay
able at the end Of each succeeding month.
from the time it shall be authorized by
the bank commissioner to commence bust
ness and the payment of each INSTALL
ment shall be certified to the bank COM
missioner. under oath, by some officer OF
the bank.
poration are filed with the bank com
missioner, as herein provided ana the
bank transmitting the same notifies the
bank commissioner that at least nifty 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 81 authorized to
commence business, the bank commits
Siouer shall examine into the condition
of such bank, ascertain the amount OF
money paid in on account of It's capital
the name and place of residence OF cach
Of its directors, and whether such bank
has complied with all of the provisions
of law required to entitle 1t to engage
in the business Of banking. II upon such
examination 1t appears that such bank
is lawfully entitled to commence business,
the bank commissioner shall forthwith
give to such bank a certificate, under mis-
hand and official seal, that such bank IS
authorized to commence business. If the
said bank commissioner has reason to he
HeVe that the stockholders have formed the
same for any other than the legitimate
business contemplated by this act. he
may with the advice and consent of the
attorney general, withhold the certhCdte
herein mentioned.
Section s. The bank shall cause the
certificate issued hereunder, to be pub
lished in some newspaper printed in the
village city or county whore such bank
is located. within ten days after the re-
Ceipt of such certificate. If no newspaper
is published in such county, then such
publication shall be made at the nearest
county seat. Proof of publication shall
be filed with the bank commissioner.
Section @. Whenever any subscriber
for stock, or his assignee, fails to pay
any inStallment 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 subscriber
linQuent subscriber twenty days notice,
personally or by mail. at his last known
address If no bidder can be found who
Will pay for such stock the amount due
thereon To the bank. with any cost in
CURED. the amount previously paid shall
be forfeited TO the bank. and such stock
shall he sold as the directors may order,
within sixty days from the time of such
forfeiture, and II not sold. il shall be cam
Ctlled ana deducted from the capital
stock OF the bank. II sold. any surplus
over the amount due on said stock TO said
bank including the cost incurred thereon.
with interest on the amount due. shall be
returned TO the subscriber. his heirs or
assigns II such cancellation shall re-
duce the capital of the bank below the
minimum required by law the said cap
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