Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-24

sale the purchaser shah forthwith pay the
amount Of fh7 aseessruanf AGAINST said stock
The amount received from the sale Of said stock,
less the cost and expense Of such sale, shall be
| paid to the original owner Of such stock.
SECTION Z. On becoming satisfied that any
bank has refused to pay its depositors, in ac-
cOrdance with the terms on which such deposits
were received, or that any bank has become IN
solvent or that its capital has become impaired,
or that any bank has violated any of the pro
| visions Of this law, the bank commissioner may
| forthwith take possession of the books records
! and assets of every description of such bank,
! and hold the same, and such books, records and
assets shall not be subject TO any 1evies or at
! fachments, until a court of competent jurisdic-
fion can be applied to FOR the appointment of a
receiver for such bank, who, under the direction
de the court, shall take possession of the books,
records and assets OF every description, collect
! all debts, dues and claims and sell or compound
alldoubtful debts, and soil all real and personal
Yrovo-.. g. -, terms 4l7r c72;" la direct,
p.5 . ecessar3 eufOzuo In l7itITtliai ia 0ilit
! of stockholders. Such receiver shall pay over
! all money by him received under the order of
! the court, and shall also make report to the
! bank commissioner, as often as required by him,
| of his acts and proceedings.
SECTION 8. In the event that any two banks
shall be doing business in the same building,
upon the same floor, and in such close proximity
as to interfere with the proper examination OF
either bank, the bank commissioner may require
either Of said banks to remove its banking office
to some other location, within such reasonable
time as may be fixed by the bank commissioner
SECTION 9. All proceedings by any bank to
enjoin the bank commissioner in the discharge
said bank is located, or in the supreme court of
this state. All suits and proceedings arising out
of the provisions of this act, in WHICH the state,
any of its officers agents, shall be parties,
shall be conducted under the direction and SUI
pervlslon of the attorney-general
SECTION 10. Copies of all records and papers
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 December
of each year, the bank commissioner shall make
an annual report to the governor Of the state
which report shall be published and shall
hibit 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 and such
report shall contain statement OF the cOnd1-
tion of every bank from which reports have been
received with an abstract o. she whole amount
OF capital returned by them she whole amount
Of their liabilities, the total amount OF resources
and specifying the amOuntOf Lawful money held
by banks at the time of their several returns and
shall give tabuated stateTuent of the resources
and liabilities of leach bank, and such other in
formation in his judgment may be required:
Such report shall also contain statement OF
the banks whose business has been closed dur
ing the year, the amount OF their resources and
liabilities, and the amount paid to the creditors
thereof; also statement Of any BANKS organ
lied during the year; and shall also give @!6G
of the stockholders, their residence, 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 departrnentduring
the year I)r6cSOlnS.
CHAPTER II.
BANKS
SECTION /. Any number Of adult residents of
Wisconsin, not less than three, may associate to
establish a bank under this act, upon the terms
and conditions and subject to the Liabilities
prescribed in this act. The aggregate amoung
of the capital stock of any bank shall not be
less than ten thousand dollars, in villages or
cities having less than two thousand inhabl-
tants and shall not be less than twenty thou
sand dollars, in villages or cities having more
fhan tvrO4f nd ass than Thousand
inhabitants; and shall not be less than fifty
thousand dollars in any village or city having
more than six 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. A declaration that they associate for
the purpose of forming banking corporation
under this act.
Second. The name of such bank. Such namo
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
this 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
shall be divided into shatesof not loss than fifty
nor more than one hundred dollars each.
Fifth The period for which such bank is or
ganized, not exceeding fifty years
SECTION g. Such articles Of incorporation
shall be executed In triplicate, one OF which
deedsin the county in which the bank is located,
ooe shall be fled in the Office OF the bank com
missioner and one shall be fled in the office OF
the secretary of state.
SECTION l. Upon making and fling OF the
articles Of incorporation the 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 BUSH
ness.
Second. To sue and be sued, to appear and
defend in all actions and proceedings under its
corporate name, to the same extent as nat
ural person
Fourth. To elect or appoint all necessary
officers, agents and servants, define their duties
and obligations, fix their compensation, dis
miss them, ill vacancies and require bonds.
Fifth To make, amend and repeal bylaws
and regulations, not inconsistent with law or
it's articles of organization, for its own govern
ment, for the orderly conduct of its affairs and
the management of its property, for determln-
ing the manner of calling and conducting It's
meetings. the tenure of office OF It's several OIL
GERS; and such others as shall be necessary or
convenient for the accomplishment Of its pur-
pose.
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 eYi-
dences of debt; by receiving commerclal ana
savings deposits under such regulations as 1G
may establish; by buying and selling coin and
bullion and by buying and selling exchange,
foreign and dOnestic issuing letters Of credit
curity. as provided hereinafter.
SECTION 5. No bank shall transact any bust
ness. except such as is incidental or necessarily
preliminary to its organization, until it has
been regularly authorized by the bank commits
si0ner to commence the business Of banking
SECTION 6. The subscriptions to the capital
stock and tee direction Of the affairs OF the
corporation prior to the election OF directors
shall be iii 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 b9
paid in in cash, before itshau be authornedS ~
commence business and the remainder OF VS9
capital of such bank shall be paid in, IN cash,
in monthly instaliments OF at least ten per cent.
on the whole of the capital, payable at the eng
Of each succeeding month, from the time 1t
shall be authorized by the bank commissioner
to commence business and the payment OF each
instalment shall be certified to the bank com
missioner, under oath, by some officer OF the
bank.
ti0n are fled with the bank commissioners, as
herein provided, and the bank transmitting the
Same notifies the bank commissioner that at
least fifty per cent. Of It's capital has been duly
Daid in and that such bank has complied with
al of the provisions of this act, required before
the bank shall be authorized TO commence bust
ness the bank commissioner shall examine INTO
the condition of such bank, ascertain the