Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-10-27

sale in five public places in the village or
city where such bank is located Upon
such sale the purchaser shall forthwith
pay the amount OF the assessment against
said stock. The amount received from the
sale Of said stock. less the cost and en-
pense OF such sale. shan he paid to the
original owner of such .cck.
Section !. On becoming satisfied that
any bank has refused TO pay its depositors,
In accordance with the terms on which
Such deposits We're received, or that any
bank has become insolvent or that its cap
ltal has become impaired, or that any bank
has violated any of the provisions OF TINS
law, the bank commissioner may forth
with take possession of the books, records
anu assets of every description OF sech
bank, and hold the same, and such books,
records and assets shall not be subject to
any leNles or attachments until court OF
competent jurisdiction can be applied TO
fer the appointment of u receiver for such
bank, who uader the direction OF the court,
shall take possession of the books, records
and assets of every description, collect all
debts; dues and Sl2lms' ana sell or eo ssm
all real and personal property on such
terms as the court shall direct, and II nee.
essary, enforce the individual liability OF
stockholders. Such reCeiN er shall pay over
all money by him received under the order
OF the court, and shall also make report 10
the bank commissioner, as often as requir-
ed by him, of his acts and proceedings.
Section s, In the event that any two
banks shall be doing business in the same
building. upon the same floor, and in such
proper eXamina ion of either bank, the
bank commissioner may require either OF
SAID banks TO remove its banking oiilee TO
some other location, within such reasona-
bic time as may be fixed by the bank COM
missioner.
Section 8. All proceedings by any bank
TO enJOin the bank commissioner in the dis
charge of his duties shall be had in the
county where said bank Is located, or in
the supreme court of this state. MI suits
and proceedings arising out of the pro
n
any of its officers or agents, shall be par
ties, shall be conducted under the direc-
tion and supervision of the attorney-sen-
eral.
Section 10. Copies of all records and pa
pers in the office OF the bank commissioner
certified by him. and authenticated by his
seal of office, shall be evidence in all cases
equally and of like effect as the original.
Section II. During the month OF pecem-
Der of each year, the bank commissioner
shall make an annual report to the gov
elnor OF the state, which report shall be
published and shall exhibit the condition
OF the various banks OF this state, as OF the
day Of the last report made to the BANK
commissioner by such banks; ana suGh re
port shall contain a statement of the con
ditGn 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. ana specl-
tying the amount of lawful money held by
banks at the time of their several returns,
and shall give a tabulated statement OIL the
resources and liabilities OF each bank, and
such other information as IN his judgment
may be required. Such report shall also
contain a statement OF the banks whose
business has been closed during the year
the amount OF their resources ana liablil-
ties, ana the amount paid TO the creators
thereof, also statement Of amy banks or
gained during the year; ana shall also
give a list OF the stockholders, their resi-
dence, 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 by him, and the whole amount
Of the expense of the banking department
during the year preceding.
CHAPTER H.
BANKS.
Section l. Any number of adult residents
of " lsconsin, not less than three. may as
sociate to establish "a bank under this act,
upon the terms and conditions and subject
to the Liabilities prescribed in this act The
aggregate amount OF the capital stock Of
any bank shall not be less than ten thou
sand dollars, in villages or cities having
less than two thousand Inhabitants; and
shall not be less than twenty thousand dol
lars, i'll 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 hay
ing more than six thousand inhabitants
according TO the last Official census.
Section 2. The persons SO associatins
shall make, sign and acknowledge written
articles OF Incorporation containing:
First. "A declaration that they associate
for the purpose OF forming banking cor
poration under this act.
Second The name of such bank Such
name shall be in no material respect SINH
lar to the name of any otner bank IN the
same county, whether such other bank be
organized under this act OF 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 eacn.
Fifth The period for which such bank
is organized, not exceeding fifty years.
Section ; Such articles of incorporation
shall be executed III uipi!cate, one OF wuIch
shall be recorded in the Office of the regis
ter OF deeds in the county IN which the
bank Is located one snull he liIeu III the
Office Of the bank commissioner, and one
shall he filed in the office OF The secretary
of state,
Sectiou 4. Upon making and fling OF the
articles OF Incorporation the bank shall
have the following powers:
First. 70 IAake Al contracts necessary
and proper to eIect its purpose and con-
cuct its business
and def Il all actions ard r.. J1eeuluSs
under corporate name, /" sc same e&-
tent .. natural person
Third. To have common seal and alter
the same at pleasure.
Fourth. 10 plgtt ~ appuint all necessary
officers agents and servants, define their
duties ana obligations, fix their compehsd-
ton, dismiss them, ill vacancies and re-
Quire bonds.
Firth To make, amend and repeal by
laws and regulations, not nConsistg with
law or it's articles Of organizations, Ion its
own government. for the orderly conduct
OF its affairs and the management OF lis
property, Tor determining the manntr oil
calling and conducting It's meetings, the
tenure OF Office of its several officers; aad
such others as shall be necessary or con-
yenient for the accomplishment Of its pur-
pose,
Sixth To exercise, by its directors. duly
authorized officers, or agents, all such
povtrS as shall be necessary 10 carry on
The business of banking. by buying, dis
counting and negotiating pronissory notes,
bonds drafts bills OF exchange, foreign
and domestic, and other evidences OF DEBT,
by receiving commercial and savings de-
posts under such regulations as 1t may es-
tablish by buying and selling coin and
bullion, and by buying and selling eX-
change foreign and domestic; issuing let
tiers of credit ana by loaning money on
personal or real security, as provided here
matter.
Section 5. No bank shall transact any
business except such as is Incidental or
necessarily preliminary to its organizat ton.
until 1t has been regularly authorized by
the bank commissioner 10 commence the
business of banking.