Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-08-17

said commissioner shall require the same, scs
cording 10 the forms which he shall prescribe
and furnish. Such forms shall conform as nearly
pa practicable to that now required of national
sSsl BE- signed and serlsd BY The oath Rot Or
and attested BY at least two of the directors
Sucli report shall exhibit In detail and under
proper pro beads the her resources and Liabilities Of
by the bank commissioner specified, and shall
be transmitted TO said bank Commissioners 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
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, their residence, and the
amount Of stock held by each, which report
nation of one Of the officers OF said bank The
bank commissioner shall also have tho power
to call for special reports from any bank,
bank.
SECTION II; Every bank failing to make and
transmit to the bank commissioner any of the
reports required by this act. shall be subject to
forfeiture OF one hundred dollars for each day
after the tins required for making such reports
Whenever ans bank fails or refuses to pay the
forfeiture hereic imposed for failure to mako
and transmit such report the bank commits
sioner Is hereby authorized to institute pro-
ceediugs for the recovery of such forfeiture
SECTION Is Whenever any officer OF a bank
shall refuse to submit the books, .,apers and
concerns of such bank Ia the inspection of the
bank commissioner, his deputy or Examiner ap
pointed hereunder or refuse to be examined on
path touching the concerns OF the bank. the
bank commissioner may with the approval OF
the attorney general, institute p' proceedings fot
the appointment OF receiver of such bank to
wind up its business
SECTION ia Every officer or employee of any
bank, required by law TO take any oath or al,
hrmation, who shall wilfully swear OF affirm
falsely upon any material matter shall be- deem.
cd guilty of perjuryi and upon conviction there.
Of, shall bs punished as provided by the laws OF
this sta te for the punishment of perjury.
SECTION 20 An. bapk organized. under this
act may reorganize under the laws OF tbs United
States as national bank. As soon as such bank
shall have obtained the certificate from the
comptrolier, of the CURRENCY authorizing it 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.
dissolve, aud which shall have taken the necess
sary steps to effect dissolution, may teorganix6
undsr this act, upot, the consent In writing Of
the ownsrs of two~thirds of the capital stock of
such bank, and With this approval Of the bank
commissioner Such stockholders shall llaRci
execute and acknowledge articles of organiza-
the said written consent Of sueh stockholders.
Upon the filing Of said articles as provided by
this act, and upop the Approval of ths bank
reorganised Under this act, and thereupon all
assets, real and PERSONAL of such dissolved ma
tional bank, shall be. vested Il, and be- and bes
come the property OF such reorganized bank,
subject to all liabilities OF such national bank
not liquidated before such reorganization.
SECTION g. A bunk which is in good faith
winding up Its business, for the PURPOSE of con-
solidating with some other bank; may transfer
its resources and liabilities to the bank with
which 1t is In process of consolidation but no
n r. without
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 go
into liquidation by d vote Of its stockholders
owning two thirds OF the capital stock When
over d vote Is taken to go into liquidation II
shall be the duty Of the board of directors to
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 their
claims against the bank for payment, shall be
made once in each week for eight successive
weeks In the ofielal state paper, and also in
newspaper published in the village, city OF
newspaper Is there published, then in the news
paper published at the nearest county seat.
SECTION "a. Every bank shall keep on hand al
all times, at least fifteen per cent of its tota.
deposits at least six tifteenths of which shall be
Ill lawful money, and the balance of such per-
centage may be on deposit In banks approved by
the bank commissioner reserve banks except
in the case of banks which shall be approved by
the bank commissioner 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-flfths 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 of any bank
shall fall below the amount required herein to
be kept, such bank shall not increase its loans
discounts otherwise than by diScounting or pur-
chasing bills Of exchange, payable at sight or on
demand aud the bank COMMISSIONS 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, tho 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 z6 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 time exceed fifteen per cent. of the
amount of ca pital and surplus of such bank but
the discounting of bills Of exchange, drawn in
good faith against actually existing values aud
the discounting of commercial or business paper
actually owned BY the person, negotiating the
same, shall not be considered as money Dor
rowed provided, that by two-thirds 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
the capital and surplus of such bank.
SECTION u. No bank shall take for security
for loan discount a 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 go purchased shall IN no
case be held by the bank for longer time than
six months # the stock can be sold for the the
same, and it must be sold for the best price OBJ
tainable within one year, or it shall be Cancelled,
and shall then amount to reduction of the cap-
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.
Srcr1oN - 1t Shall not be lawful for any
bank to loan to any of its officers, directors
clerks or employees. any of the funds of the
bank unless the same shall have been author
lied, both az to amount and security, by resolu'
ton of the board of directors, to be recorded.
SECTION o. 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
inhabitants, under the last official census: may
loan sum not to exceed thirty-three and one
third per cent. of the aggregate OF its capital,
surplus and deposits, upon real estate security.
The imita ton in this section shall not preclude
any bank from taking real estate security, upon
any indebtedness previously contracted in good
faith upon personal security and provided tur-
Their, that any bank having taken real estate So
curity for such debts SO previously CONTRACTED,
which shall have carried its percentage Of loans
on real estate above the amount hereinbefore
limited, such bank shall, within six months
thereafter, either by sale or collection reduce
Its real estate loans to the amount hereinbefore
| limited
SECTloN 30 No bank shall demand or receive
for loans or discounts rate of interest exceed.
ing that allowed by law to DC taken ana received
by individuals excepting that 1t shall be lawful
for any bank to receive interest IN advance ac-
cording to the ordinary usages OF banking insti
buttons, and to charge for collecting foreign or
domestic bills, other evidences OF debt the
usual current rate of exchange. In the compu-
tation of time, thirty days shall be considered
month and twelve months year.
SECTION 81 All debts due to any bank, on
which interest is past due and unpaid for
period of twelve months unless the same are
well secured and in process OF collection, shall
be considered bad debts and shall be charged Oft
to the profit and loss account at the expiration
of one year,
SECTION 81. The board of directors of bank
may declare dividend from so much of its net
interest and taxes accrued or due from said
bank, as they shall deem expedient; but before
any such dividend is declared not less than one
tenth of the net profits of the bank fot the pre-
ceding half year or for such period as Is covered
by the dividend shall be carried to surplus
fund, until such surplus fund shall amount to
twenty per cent. of the capital stock. No dlvi-
dend shall be declared before The capital stock
Is fully paid
SECTION 80 Every president, director. cash
fer officer, teller, clerk or agent OF any BANK or
wilfu1ly misapplies. any OF the moneys funds,
credits, or property fthe bark or savings asso-
citation, whether owned by it or held in trust, or
who, withC ut authority OF the directors, issues
or puts TO tn any certificate of deposit, draws
any order II bill of exchange, makes any accept
ance. assign, any note, bond, draft, bill of ex-