Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-22

provisions OF law required to entitle II 10
engage in the business of banking IN
upon such examination 1t appears that
such bank is lawfully entitled to commence
business, the bank commissioner shall
forthwith give to such bank certificate
under his hand and official seal that such
bank is authorized to commence business
If the said bank commissioner has reason
to believe that the stockholders have
formed the same for any other than the
legitimate business contemplated by this
act, ne may, with the advice and consent
OF the attorney -general withhold the GER
tiiicate herein mentioned.
Section 3. The bank shall cause the GER
tihcate 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
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 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 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 incurred, the amount previously
palq shall be forfeited to the bank and
such stock shall be sold the directors
may order, within sixty days from the time
OF such forfeiture and IL not sold, 1t shall
be Cancelled and 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 as
signs If such cancellation shall reduce
the capital of the bank below the minimum
required by law the said capital snail,
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 receiver to
close up the business of the bank.
Section TO- The affairs of the bank shall
be managed by 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 a 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, nine
members, any i've of whom shall consti-
tute quorum. In the first instance the d.
rectors shall be elected al a meeting held
before the bank is authorized to commences
business by the bank commissioner ana
afterwards at the annual meeting oil inc
stockholders, to be held during the month
of July or January; and II for any reason
an election is not had at that meeting, II
may be had at a subsequent meeting called
for that purpose, of which due notice snail
be given as provided in the bylaws Of such
bank Every director shall take ana SUP
scribe an oath that he will diligently ana
honestly perform his duty IN such Once,
and will not knowingly violate or permit
violation of any provision of this 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 oath snail 30
transmitted TO the bank commissioner and
filed in his office. Any vacancy IN the
board of directors shall be hlled by the
board, and the director so appointed shail
hold office until the next election. the Oh
fiCers of the bank shall be elected by the
board of directors and hold their offices ior
one year. and until their successors are
elected and qualified. unless sooner re-
moved by the board of directors.
Section II. Every bank shall keep a
stock book which shall at all times, during
the usual hours for transacting business,
be subject to the inspection of the oiilcers'
directors and stockholders of the bank
Such stock book shall show the name resi-
deuce and number of shares held by each
stockhoder. refusal by the officers OF
such bank TO exhibit sucn book to any per-
son rghtfuily demanding Inspection fHrl
thereof shall subject such officer to Tor
fixture of fifty dollars. In all actions.
suits and proceedings such book shall pe
presumptve 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 methoo
provided by law for transfer OF STOCK II
Corporations.
Section 49, AT all stockholders meetings
each share OF stock shall entitle the owner
of record to one vote. stockholder may
vote at any meeting of the stockholders bv
proxy No president or cashier shall &C:
as proxy for any stakeholder.
Section IA. A bank may amend It's art'
Giles of association in any manner, not in.
consistent with the provisions OF law. az
any time, by a vote of It's stockholders rep"
resenting two-thirds of the capital stock,
such vote to be taken AT meeting Gales
for that purpose. 4 copy Of such amend
ment, certified by the president and cash.
Ter shall be filed as required for articles OF
INCORPORATION. No increase of capital shan
be valid until the amount thereon has been
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 he Nalu OF
warrant the cancellation OF stock certlh.
Gates or diminish the personal Liability or
stockholders until such reduction has been
approved by the bank commissioner. Such
approval must be based upon hndns oy
him that the security of the existing cred.
itors will not be impaired by the proposed
reduction. "
and convey real estate for the following
purposes and no others:
First Such as shall be necessary for the
convenient transaction of it's business, in
Guiding with its banking offices other
apartments to rent as a source or income.
No bank shall invest in a banking Office,
including apartments connected thereWitn;
SUM exceeding twenty-five per cent OF
its paid in capital: provided, that this Inn
ltation shall not apply to the present hold
ings of banks now doing business
second Such as shall be conveyed 10 II
i'm satisfaction Of debts previously contract
ga in the course Of its business.
Third. Such 1t shall purchase at sale
on judgments DEGREES. or mortgage fore
closures under securities held by it. but
bank shall not bid at such sale larger
amount than Is necessary 10 satisfy Its
debts and costs. No real estate acquired
In the cases contemplated in the second
and third subdivisions preceding, shall DO
held for a longer time than live years eN-
cept an extension is granted by the bank
commissioners II such extension be not
granted il must be sold at private or pub
lie sale within ninety days thereafter
Nothing IN this section shall be construed
10 prevent a bank from loaning money
uuou real estate security as provided by
law Real estate shall be conveyed under
the corporate seal of the bank, and the
hand Of the president or vice-president and