Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-13

| ceSiiitost Tic bdilh commissioner shall
| lorthwith give to such bank certificate
| under his hand and official SEAL that such
| pank Is authorized 10 commence business
| Al me SAID bank commissioners has reason
| 70 believe that the stockholders havs
formed the same for any other than tina
legitimate business contemplated by this
| act ne may, with the advice and consent
| OF the encouragement withhold the GER
| uhcate herein mentioned
| Section s. The bank shall cause the GER
| tlhcate issued hereunder, to be published
| In some newspaper printed in the village
| city or county where such bank is located
within ten days after the receipt of such
eertncate II 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 g. Whenever any subscriber for
| stock, or his assignee, fails to pay any In
| stallment 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 at public sale
| having first given the delinquent subscriber
| twenty days notice, personally or by mall
| 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 incurred, the amount previously
| palu shall be forfeited to the bank and
| such stock shall be sold as the directors
| may order, within sixty days from the time
| of such forfeiture, and If not sold 1t shall
| stock of the bank. If 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 OF as
! signs. If such cancellation shall reduce
| the capital of the bank below the minimum
| required by law, the said capital shall,
| within thirty days from the date Of such
| cancellation, be Increased to the required
amount by additional subscriptions In
| event of the failure of said bank to increase
such capital as herein provided, the bank
| commissioner shall apply for a receiver to
close up the business of the bank.
Section 10. The affairs OF the bank shall
| be managed by a board of not less than
| three directors who shall be elected by the
| stockholders and hold office for one year,
and until their successors have been elect
| ed and have qualified. A majority of the
| board of directors shall constitute quo
| rum for the transaction of business, pro-
| vided that when the number of directors
| shall exceed nine, they may, once in six
months. designate by resolution, nina
| members, any five of whom shall consu-
tute a quorum. In the first instance the di-
| rectors shall be elected at a meeting held
| before the bank is authorized TO commence
| business by the bank commissioner, and
| afterwards at the annual meeting OF the
| stockholders, to be held during the month
| of July or January: and If for any reason
an election is not had al that meeting, II
may be had al a subsequent meeting called
| for that purpose, of which due notice shall
be given provided in the bylaws Of such
| bank. Every director shall take and sub
| scribe an oath that ne VIII diligently ana
| honestly perform his duty in such Office,
| and Will not knowingly violate or permit
| violation Of any provision OF TINS act that
| he Is the owner in good faith OF stock In
the bank. standing IN his name on the
! books of the bank. Such odth shail Do
| transmitted to the bank commissioner and
| filed in his office. Any vacancy IN the
| board of directors shall be hHed oy ths
| board, and the director so appointed snail
| hold Office until the next election. The Of
| fcers of the bank shall oe elected by the
| board of d.. 5ctors ana hold their Offices tor
| one year. and until their successors are
| elected and qualified, unless sooner re-
moved by the board of directors.
Section IL. Every bank shall keep
| stock book, which shall at all times, during
| the usual hours for transactlns business,
| be subject 90 the inspection OF the offlcers,
| directors and stockholders OF the bank.
! Such stock book shall show the name, resi-
dence and number of shares held by each
| stakeholder A refusal by the officers OF
such bank to exhibit sucn book 70 any PER.
| son rightfuly dema nding inspection
thereof. shall subject such officer 10 a for
| fixture of fifty dollars In all actions,
| suits and proceedings, such book shall oe
presumptive evidence of the facts therein
| stated.
Section r. The shares of stock Of such
| bank shall be deemed personal property,
and shall be transferred on the DOCKS o.
the bank in accordance with the method
! provided by law for transfer of stock ir
Section 49, At all stockholders meetings
each share of stock shall entitle the owner
| OF record to one vote \ stockhoder may
vote at any meeting of the stockholders bv
! proxy. No president or cashier shal dc
| as proxy for any stakeholder
Section "A. bank may amend its ari'
Giles of association in any manner, not In.
| consistent with the provisions OF law, az
! any time, by a vote of its stockholders rep
resenting two.thirds of the capital stock,
! such vote to be taken at a meeting calles
| for that purpose. A copy of such amend
! ment certified by the president and cash.
! Ter, Shall be filed as required for articles oi
| incorporation. No Increase OF capital shah
be valid until the amount thereof mas peen
/ subscribed and actually paid in. No re-
! duction of capital shall be made to less
/ amount than is required under the proVls-
| ions of this act for capital, nor be NaHa or
/ warrant the cancellation of stock ceruh-
| Gates or diminish the personal Liability or
! stockholders. until such reduction mas been
! approved by the bank commissioner. Such
/ approval must be based upon tndlnB py
him that the security Of the existing cfeu,
tors will not be impaired 10y the proposed
Section Is. A bank may purchase hold
! and convey real estate for the following
/ purposes and no others.
First. Such as shall be necessary for the
I convenient transaction OF us business, M
/ Guiding with its banking offices other
| apartments to rent as source OF income.
| No bank shall invest in banking otfice'
| including apartments connected thereWlth,
| a sum exceeding twenty-five per cent or
its paid in capital; provided that this Inn
| itation shall not apply 10 the present hold
] ings OF banks now doing business
Second. Such as shall be conveyed to II
. in satisfaction of debts previously contract
ed in the course of its business
Third Such as it shall purchase at sale
I on judgments, DEGREES, or mortgage fore
closures under securities held by it, but a
bank shall not bid at such sale larger
amount than is necessary TO satisfy its
/ debts and costs. No real estate acquired
/ in the cases contemplated in the second
and third subdivisions preceding, shall be
! held for a longer time than tive years, eN-
cept an extension IS granted by the bank
! commissioner. If such extension be not
/ granted it must be sold at private OF pup
/ lie sale within ninety days thereafter;
1 Nothing in this section shall be construed
to prevent a bank from loaning money
I upon real estate security as provided by
/ law. Real estate shall be conveyed under
/ the corporate seal of the bank and the
J hand Of the president on vice-president ana
I cashier or assistant cashier.
Section 1G. Every bank shall make TO the
/ bank commissioner not less than three re-
ports during each calendar Year. al such
3 times as the said commissioner shall 70
auire the same. according 20 the forr
which he shall prescribe ana furnish ST.
/ forms shall conform as nearly as pracu
/ ble to that now required Of national ban
. including the schedules. such repo
/ shall be signed and verified 10y the
: or affirmation OF one of the officers Of
! HHl Ia. #THI of