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

tion 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
ard specifying the amount of lawful money held
by banks at the time of their several returns and
shall give tabuated statement of the resources
and liabilities OF each bank, and such other in.
formation as IN his judgment may be required.
puch report shall also contain a statement of
the hanks whose business has been closed dur
ing the year, the amount of tlseir resources and
Liabilities, and the amount paid to the creditors
iheieSfi also statement Of any banks organ
ized during the year, and shall also give list
OF the stockholders their residence, and the
amount OF stock held by each, and the names of
tne directors and officers of each bank. He shall
also report the names and compensation of the
clerks employed by him, and the whole amonnt
or the expense OF the banking department during
the year preceding.
CHAPTER III.
BANKS
SECTION |. Any number of adult residents of
Wisconsin, not less than three may associate tn
establish bank under this act, upon the terms.
and conditions and subject TO the liabilities
prescribed IN this act. The aggregate amoung
on the capital stock of any bank shall not be
less than ten Thousand dollars, in villages or
cities ha-ng less than two Thousand inhabi-
tants; and shall not be less than twenty thou
sand dollars, In villages or cities having more
than two thousand and less tGan six thousand
Inhabitants; and shall net bs less than fifty
Thousand dollars IN an{ village or city having
more than SAX thousand inhabitants according
to the last official census
SECTION 2. The persons so associating shall
make, sign and acknowledge written articles Of
incorporation containing:
First. declaration that they associate for
the purpose of forming a banking corporation
under this act.
Second. Tho name of such bank Such name
shall be in no material respect similar to the
name of any other bank in the same county,
whether such other bank be organized under
TINS act or 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
hn tpf sbarn ~
nor more than one hundred dollars each.
Fifth; The period for hich such bank is orr
gani2ed, not exceed ing Fifty years
SECTION g. Such articles Of incorporation.
shall be executed in triplieate, of which
shall be recorded in the office of the register of
deeds in the county in which the bank Is located
one shall be filed in the office of the bank CONF
missioner and one shall be filed in the Office of
the secretary of state.
SECTION 4. Upon making and filing OF the
articles OF incorporation tho bank shall become.
a body corporate, and as such shall have the
following powers:
First. To make all contracts necessary and
proper to effect its purpose and conduct its bust
ness.
Second. To sue and be sued, to appear and
defend In all actions and proceedings under its
corporate name, % the same extent as nat
ural person.
Third. To have a common seal and alter the
Fourth. To elect or appoint all necessary
officers, agents and servants, define their duties
and obligations, fix their compensation, dis
Fifth. To fno&a araaaa ard repeal by laws
and regulations, not Inconsistent with law or
its articles of organization, for its own govern
ment, for the orderly condoct of its affairs and
the management Of its property, for determin-
ing the manner of calling and conducting it's
meetings the tenure of Office of its several OFF,
GERS and such others as shall be necessary OK
convenient for the accomplis hment Of it's pur.
pose,
Sixth. To exercise. By its directors, duly au.
thorized officers, or agents, all such powers as
shall be necessary to carry on the business of
banking, by buying, discounting and negotiat-
ing promIssory notes. bonds, drafts, bills of ex-
change, foreign and domestic, and other evil
denees of debt; by receiving commercial and
savings deposits under such regulations as it
may establish; by buying and selling coin and
bullion, and by buying and selling exchange,
foreign and domestic; issuing letters of credit,
and by loaning money on personafaer real Sc
Guilty, as provided hereinafter.
SECTION 5. No bank shall transact any bust
Iess, except such is incidental or necessarily
preliminary to its organization, until it has
been regularly authorized by the bank commits
sioner to commence the business of banking.
SECTION 6. The subscriptions to the capital
stock, and the direction OF the affairs of the
corporation prior to the election of directors,
shall be in conformity with the statutes of this
state, relating to corporations, regulating such
matters, so far as applicable At least fifty per
cent. of the capital stock OF every bank shall be
paid in, in cash. before it shall be sHtksrized H.
commence business, and the remainder of the
capital of such bank shall be paid in, in cash,
in monthly installments of at least ten per cent.
of each succeeding month"; from the time it
shall be authorized by tie bank commissioner
to commence business, no the payment Of each
installment shall be certided to the bank COM
missioner, under oath, by some officer of the
bank.
SECTION I. Whenever articles of incorpora-
ton are filed with the bank commissioner, as
herein provided, and the bank transmitting the
same notifies the bank commissioner that at
least fifty per cent of its capital has been duly
paid in, and that such bank has complied with
all of the provisions of this act required before
the bank shall be authorized to commence BUSH
ness, the bank commissioner shall examine into
the condition of such bank, ascertain the
amount of money paid in on account of its capt.
tal the name and place of residence of eachOf its
directors and whether such bank has complied
with all OF the provisions OF law required to en-
title it to engage in the business of banking.
II upon such examination it appears that such
bank is lawfully entitled to commence business,
the bank commissioner shall forthwith give to
such bank certificate, uuder his hand and
official seal, that such bank is authorized to
commence business. If the said bank commits
soner has reason to believe that the stock
holders nave formed the same for any other than
the legitimate business contemplated by this
act, he may, with the advice and consent OF the
attorney general, withheld the certificate herein
SECTION g. Tho bank shall cause the certifi-
cate 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 Ii no news
paper il published in such county, then such
seat. Proof of publication shall be filed with
the bank commissioner.
SECTION 9. Whenever any subscriber for
stock or his assignee, fails to pay any Install
ment 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 sub
scriber at public SALE having first given the de-
linquent subscriber twenty days notice, per
sonally or by mail, at his last known address
Ii no bidder can be found who will pay for such
stock the amount due thereon TO the bank, with
inonrrad tho amount previously DalC
shall be forfeited to the bank, and such stoci
shall be sold as the directors may order, within
sixty days from the time OF such forfeiture, ane
if not sold, it shall be Cancelled and deducted
from the capital stock of the bank. II sold, an.
surplus over the amount due on said stock u
said bank, including the cost incurred thereon
with interest on the amount due, shall be re-
turned to the subscriber, h heirs or assigns.
It such cancellation shall reduce the capital of
the bank below the minimum required by law,
the said capital shall, within thirty days from
the date of such cancellation, be increased to
the required amount by additional subscrIp-
tions. 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 10. The affairs OF the bank shall be
managed by board of not less than three direc'
tors who shall be elected by the stool holders
and hold office for one year and until their suo-
cessors have been elected and have qualified,
majority of the board of directors shall con-
Istitute quorum for the transaction Of bust
tors shall exceed nine, they may, once In SIX
months, designate by resolution, nine members,
any five of whom shall constitute @ quorum;
In the first instance the directors shall be elected
lat a meeting held before the bank is authorized
to commence business by the bank commis-
.soner, and afterwards at the annual meeting
of the stockholders, to be held during the month
iof July or January aod if for any reason an
election is not mad at thai meeting, " !nay De
had at a subsequent meeting called for nat
purpose of which due notice shall be given as
nroq dad ir the bylaws of such bank. Every
direct or shall take and subscribe an oath that
he will diligently and honestly perform his duty
in such office, 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 tia books OF the
bank. Such oath shall be transmitted TO the
bank commissioner and ile6 in his Office. Any
vacancy in the board of directors shall be hlled
oy The board, and the director so appointed
shall hold office until the next election. The
officers of the bank shall be elected by the board
of directors'aud hold their offices for one year,
and until their successors are elected and
qualified nnless sooner removed 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 DC suolecf 70 me
inspection of the officers, directors and stock,
holders of the bank. such STOCK oook shaH
show the name, residence and number OF shares
held by each ockholder. refusal by the oifl-
GERS of such bank to exhibit such book to any
person rightfully demanding inspection THEREOF,
shall subject such officer to forfeiture Of NIFTY
dollars. In all actions, suits and proceedings,
such book shall be preSumptlVe evidence OF the
SEcTIoN H. The shares Of stock of such bank
shall be deemed personal property ana shaai
be Transferred on the hooks OF the bank IN &C
cordanee With tho method provided by law for
transfer of stock In coorporations;
SECTION -l3 AT all st"ckhoihdefhs, meetings
record to one vote. A stockholder may vote at
any maeting of the stockholders by proxy, No
president or cashier shall act as Proxy for any