Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-08-31

cording to the forms which he shall prescrihe
and furnish. Such forms shall conform as nearly
a. practicable to that now required Of national
banks including the ~ .edules. Such reports
shall be signed and verified by the oath or
affirmation Of one OF the officers OF such bank,
ana arrested BY at least two of the directors.
such report shall exhibit in detail and under
proper heads, the resources and liabilities of
the bank at the close of business of any past day
by the bank commissioner specified and 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 DO prescribed by the
bank comm ssioner. Proof OF publication shall
be furnished to said bank commissioner, At
least once each year every bank shall report to
the bank commissioner, on call by him, list
of its stockholders thoir residence, and the
amount OF stock held by each, which report
shall be signed and verified by the oath or affir-
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 10 his judgment the same is necessary
bank.
SECTION IT, Every bank failing to mako and
transmit to the bank commissioner any OF the
reports required BY this act, shall be snbject TO
a forfeiture of one hundred dollars for each ,iav
after the time required for making such reports
Whenever any bank fails or refuses TO pay the
forfeiture herein imposed for a failure to m. Ike
and 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
shall refuse to submit the books, papers and
concerns of such bank to the inspection of the
bank commissioner, his deputy or examiner APP
pointed hereunder, or refuse to be examined on
oath touching the concerns of the bank the
bank commissioners may, with the approval OF
tie attorney-gen eral, institute p oceeingS for
the appointment of receiver of such bank to
wind up its business
SECTION IS. Every officer or employee of any
bank, required by law b. take any oath or at
frmation who shall Yilfully swear or affirm
falsely upon any material matter. shall be deem.
ed guilty of perjury, and upon conviction there.
Of shall be panlshed 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 as such bank
shall have obtained the certificate from the
comptroller of the currency, authorizing il to
commence business under the United States
banking law. such reorganized bank shall take
and hold all of the assets, real and personal, of
such bank organized under this act, subject TO
all liabilities existing against said bank organ
lied under this act at the time OF such reorgan-
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 writi"~ -
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-
tion as required by this act, and shall set forth
the said written consent of such stockholders.
Upon the filing of said article as provided by
this act. and upon the approval of the bank
commissioner, such bank shall be deemed to be
reorganized under this act, and thereupon all
assets, real and personal of such dissolved ma
tional bank, shall be vested in, aud be and be-
come the property of such reorganzed bank
subject to all liabilities of such national bank
not liquidated before such reorganization.
SECTION u. bank which is in good faith
winding up its business, for the purpose of con.
solidating with some other bank, may transfer
it's resources add liabilities to the tank with
which it is in process of consolidation; Dot nc
consolidation shall be 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, or either OF
them.
SECTION %. Any bank organized or doing bus.
mess under the provisions of this act. may &c
into liquidation by a vote of its stockholders
owning two-thirds of the capital stock. When
ever vote is taken to go into liquidation, il
shall be the duty of the board of directors tC
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 thoil
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 NJ
newspaper is there published. then in the news
paper published at the nearest county seat.
SECTION "A. Every bank shall keep on hand a
all times, at least fifteen per cent. of its tota
de oosits, at least six.hfteenthsof which shall be
III lawful money, and the balance of such per-
centage may be on deposit in banks approved by
the bank commi ssioner as reserve banks except
in the case of banks which shall be approved by
the bank commissioner as reserve banks, which
banks shall at ell times keep on hand at least
twenty-h 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 Is. Whenever the reserve cf 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 sight or on
demand, and the bank commissioner shall notify
any bank whose reserve may be below the
amount herein required, to make good such re-
serve, and in case 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 rs. The total liabilities OF any per.
son. co-partnership or corporation, to any bank,
for money borrowed including in the liabilities
of the co-partnership, the liabilities of the sew
eral members thereof, except SPECIAL partners,
shall at no time exceed fifteen per cent. of the
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 paper
actually owned by the person negotiating the
same, shall not be considered money Dor
ToWed provided, that Gy two-thlrds 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
SECTION n. No ban shall take for security
for any loan or discoun 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
in good faith. Stocks so purc hased shall in no
six months, if the stock can be sod 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 1t shall re Cancelled,
md choll amor inf IN nf hn
ital stock provided, that if 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,
as provided herein.
SECTION Is. 1t shall not be lawful for any
bank to loan TO any of its officers, directors,
clerks or employees, any of the funds of tho
bank, unless the same shall have been author
lied, both as to amount and security, by resoiu'
tion of the board OF directors to be recorded
SECTION 20. No bank shall lend an amount
exceeding twenty per cent of its capital stock
upon mortgages, or any other form of real estate
security, except on the adoption of resolution
by a two-thirds vote of the board of directors.
specifying some larger amount which its 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
inha btants, under the last official census, may
loan sum not to exceed thirty-threa and ono
third per cent of the aggregate of its capital,
surplus and deposits? upon real estate security
The limitation IN TINS section snsii NOT epiuue
any bank from taxing real estate Security' upon
any Indebtedness previously contracted IA soou
faith upon personal security and provided FUR
Their, that any bank having taken zeal estate Sc
curity for such debts so previously CONTRACTED,
which shall have carried its percentage OF loans
on real estate above the amount hereinhefore
limited, such bank shall, within six months
thereafter either by sale or collection, reduce
its real estate loans to the amount hereinbefor
limitede
SEcTiON30: No bank shall demand or recei =
for loans or discounts rate OF interest exceed,