Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-08-18

stockholders representing two.fhiris Of III. can
lIal s'9cs. sica vote 70 De taken at a meeting
called for That purpose. 4 copy Of such alnenI
meat, certified Is fhe president ana cashier sbaI
- hie1 as requires for articles Of Incorporation
10 increase Of capital shall be valid until The
amount thereof has been subscribed and act
| ualiE paid ~. No reduction Of capital shall b.
mate - a less amount than il required under he
| pfoFhlohs OF THIS act 70. capital. nor be valid o.
warrant the cancellation Of stock certificates OF
diminish tie personal liability Of stockholders
I nnti sucE reduction has been approved By the
bank commissioner. Such approval mast Be based
upon finding By him that the security OF the x
isting crsditors viii not be impaired BY the pro
SECTION -. a bank may purchase hoid and
coiyey real estate for the following purposes aud
FIRST such as shall be necessary for tb. con.
Fenleut transaction Of its business intending with
| source OF income No bank shall invest IN a
| banking office. including apartments connected
| herewith sum exceeding twenty five per cent.
u MS paHi.in capital: provided that this limita-
| non shall not apply 10 the present holdings Of
| banks now doing business
Second. such as shalibe conveyed 10 it in salts
| faction q debts previously contracted in the
| course Of its business.
Third such as it shall purchase at sale on iudg-
| Inents DEGREES, mort gage foreclosures under
| securities held by II; bat a banil shall not bd at
/ such sale a larger amount than is necessary 20
satisfy lis debts and costs No real estate, ac.-
/ quifed m the cases contemplated in the second
and third subdivisions preceding shall b. held for
a longer time han five years except an extension
| = granted BY the bank commissioner III sucn -x
tension be not granted il must b. sold az private
/ or pgplic sale within ninety DAYS ii ar.aftt.r
Nothing in this section shall Be construed n, r,r.
/ vent q bank from loaning money upon real estate
security as provided by law Real estate shall b4
| conveyed under tine corporate seal OF the bank
| ab9 ~ iiaha @ lhe president Or vice president
| ans cashier of assistant cashier
SECTION Us. livery bank shall make to the bank
| commissioner n0i less than three reports during
| cach calendar year az such times the said
| commissioner shall require Tire same according
10 The forms 81 ieA he shall prescribe ana furnish
Such forms siall conform nearly as practicable.
tine schedules Such reports shall ba sissY,ad and
verified by the oath or affirmation Of m. ~ IN.
officers ~ slch bank and aftesfed BIZ at least two
o. tine directors such report shall exhibit ii l-
tail AMI under proper heads. the resources 4ut liza
bltes Vi the bank al the close If business Of any
iat lay BY the bank comm sion=r specified. aud
shall be transmitted 10 said bank commissioner
WITHIN ten days after the receipt Of request there
Tor from nun Sues reports shall be published by
the bank "a newspaper ~ the village or CITY ol
county. where such bank is located m such con
deused form as may be- prescribed by tL. rank
COMMISSIONS Proof of publication shall hA fnr
nished To sad bark commissioner Al least once
each year every bank shall report 10 the hank
commission er, on call by hum list Of it, stock
holders, the. residence, and the amount Of stock
held by each which report shall be signed ami
verified ~ the oath or affirmation Ut one If the
oHeerS y SAID bank. III baHk Commissioner
shall also have the power to { 70 fal. ,f4-ti r..
ports from any hau< whenever m rs ilIss3-n'
the same Is necessary 20 iaiOt.n II "a. ii t,
condition Of such lank
SECTION II. Every hank faiifag "a .l.as 4nl
transmit - the bank commissioner any .. a., ~
forfeiture q enc hundred dollars lae ..,.t.la.
after the time required FOR making Sit.l r..,ffts
Whenever any bank fails or refuse. "a pf}#fu.#
forfeiture hafein imp )Sei for a faiiste ~ liNt.
and transmit such report th banE "a i,; ,-il,,l b.
Is hereby authorized Ia institute proc si..iu-s a..
the recovery OF such forfeiture
SEcrIoN - Whenever any officer Of . bank
shall refuse 70 submit the booas papers am con
Germs of such bank To the ilsBe.5i5n ~ the blr,<
commissioner. his deputy or examiner appointed
hereunder, refuse to IL examined 81 oatb
touching the concerns of the bank III bank com
missioner may with the approsal OF Hs attorney
general, institute proceedings for ui. 4op1nt-
nent Of receiver Of such bank to0i..i III rs
business.
SECTION 49, Every officer ~, e,,,y!oyea Of amy
bank, required by law 10 take amp DATA or afirna-
ton, who shall wlifuy swear on auirm falsely
upon any material matter. shall lie Il .,.ilt.l .slv
OF perjury, and upon conNieiioa thereof shall 81.
punished as provided by ic aNs ct this .4t,, for
the punishment OF perjury.
SECTION ~. Any blnk urya.ilrl under This
act may reorganize under the laws Of the United
states as "A national bank A. soon rs sIich blut
shall have obtained the certificate from the comp
trolier ~ the currency; authorizing II u
nence business under the United states hanku.
law, such reorganized bank shall take and hold
ali OF the assets, real ana personal of such bank
organized under this act subject to all liabilities
existing against said bank organized under this
act, at the time of such reorganization
SECTION q. ANY national bank authorized to
dissolve, aud which shall have taken the necessary
steps to effect dissolution, may reorganzr under
this act, upon the consent in writing of the own
ers OF two thirds Of the capital stock Of such baaS
and with the approval Of the bank commissioner
Such stockholders shall make. execute and az
knOWiAtiGe articles OF organization as required bV
this act, and shall set forth the said written con
sent of such stockholders. Upon the filing of SAIL
articles provided by this act and upon the an
prevail n the bank commissioners Such hank shall
he deemed IL be reorganiyed under this net
and thereupon all assets real and personal of
such dissolved national bank, shall be vested in
and he ana become the property of such rporgan-
lied bank subject to AL liabilities Of such ma
uonal bank not liqui'iated before such reorgani-
SECTION - A bank which is in good faith
winding up its business, for the purpose of con
sohdatng with some other bank, may transfer its
resources and liabilities t. the bank with which it
is in process of consolidation: hut no conS,ii,la.
ton shall 10 made without the consent of the
bank commissioner, and not then to defeat or
defraud any of the creditors in the collection of
their debts against said banks. either OF them
SECTION p Any bank organized or doing bust
ness under the provisions of tins act may go into
liquidation by vote of its stockholders owning
two-thrls of the capital stock Whenever vote
Is taken To 20 into liquidation it shall be tue duty
OF the board of directors to cause notice of this
fact 70 be certified, under the seal Of the bank by
its president and cashier, To the bank commits
sior.r, and publication there. : 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 a newspaper published in the village,
city or county in which the bank Is located. and if
no newspaper is there published, then in the news
paper published at :he nearest comfy seat.
SECTION q Every bank shall keep on hand al all
times, at least fifteen per cent of its total deposits,
NJ least SIX hfteenths OF which shall he in lawful
money, and the balance of such percentage may
be on deposit in banks approved by the bank com
missioner as reserve banks: except IN the case OF
banks which shall he approved by the bank
missioner 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 hfths 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 -. Whenever the reserve Of any bank
shall fail below the amount required herein To be
kept, such bank shall not increase its loans dis
counts otherwise than by discOuntiug or purchas-
ing bills of exchange, payable at sight
demand, and the bank commissioner shalt notify
any bank whose reserve may be below the amount
herein required. TO make good such reserve. AMI
in case the bank fails for thirty days thereafter
20 make good such reserve, the bank commits
sioner may. with the approval Of the attorney
general, institute proceedings for the appoint;
meut of a receiver, and 10 wind up the business
OF the bank
SgC-rIoN n The total liabilities Of any person
co-partnerShip or corporation. to any hank for
money borrow ed including in the liabilities Of The
60 partnership. the liabilities Of the several MEM
beers thereof, except special partners. shall at no
| time exceed fifteen per cent IF the amount of
| capital and surplus Of such bank. but the dis
| counting OF bills of exchange, drawn in good
| faith against actually existing values and the
diScounting Of commercial or business paper
II