River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-10-27

| ofhce. ANY vacancy in the board OF d.
rectOrs shall be filed by 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 and hold their offices for one
| year and until their successors are elect
| ed and qualified. unless sooner removed
/ by the board Of directors.
Section II. Every bank shall keep a
| stock book, which shall a. all times dur
| ing the usual hours for transacting BUSH
ness, be subject TO the inspection of the
| officers, directors and stockholders of the
| bank Such stock book shall show the
name, residence and number of shares
| held by each stockholder. A refusal by
| the officers of such bank to exhibit such
book TO any person rightfully demanding
| inspection thereof, shall subject such Of
| ficer TO forfeiture of fifty dollars. In
all actions suits and proceedings. such
book shall be presumptive evidence of
the facts therein stated.
Section u. The shares of stock of such
bank shall be deemed personal property
and shall be transferred on the books of
the bank In accordance with the method
| provided. by law for transfer Of stock in
corporations.
Section 49, At all stockholders meet
ings each share of stock shall entitle the
holder may vote at any meeting of the
| stockholders by proxy. No preside Mt or
| cashier shall act as proxy for any stock
| holder.
Section a. bank may amerd its ar
| ticles Of association IN any manner, not
| inconsistent with the provisions of law,
representing two-thirds of the capital
I stock, such vote to be taken at a meet
| Ing called FOR that purpose. copy OF
such amendment, certified by the presi-
dent and cashier, shall be filed as re-
| quired for articles of Incorporation. No
| increase of capital shall be valid until the
actually paid in. No reduction of capital
| shall be made to less amount than is
/ for capital, nor be valid or warrant the
cancellation of stock certificates, or
diminish the personal liability Of stock
holders, until such reduction has been ap-
proved by the bank commissioner Such
approval must be based upon a finding
| by him that the security of the existing
creditors will not be impaired by the pro-
Section Is A bank may purchase, hold
and convey real estate for the following
Ffrst-such as shall be necessary for
| the convenient transaction of its bust
ness, including with its banking offices
| other apartments to rent as a source of
income. No bank shall invest in a bank
ing office including apartments connected
per cent of its paid in capital; provided
that this limitation shall not apply to the
present holdings of banks now doing
Second-Such as shall be conveyed to it
in satisfaction of debts previously con-
tracted In the course of its business.
Thrd-Such as Ii shall purchase at sale
on judgments, DEGREES, or mortgage fore
closures under securities held by it, but
a bank shall not bid at such sale larger
amount than is necessary TO satisfy its
| debts and costs. No real estate acquired
[ in the cases contemplated in the second
| and third subdivisions preceding, shall
be held for a longer time than five years,
| except an extension is granted by the
| bank commissioner. If such extension be
! not granted, il must be sold at private
! or public sale within ninety days there
| after Nothing in this section shall be
| construed to prevent bank from loan
/ ing money upon 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 cashier or assistant
/ cashier
| Section 16. Every bank shall make to
| the bank commissioner not less than
| three reports during each calendar year,
/ at such times as the said commissioner
| shall require the same, according to the
/ forms which he shall prescribe and
| furnish. Such forms shall conform as
nearly as practicable to that now required
| of national banks including the schedules.
! Such reports shall be signed and verified
! by the oath or affirmation of one of the
| officers of such bank, and attested 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 within ten days after the
receipt of request therefor from him.
such reports shall be pu3 tb en-, oy the
| city or county where such bank is
! located, In such condensed form as may
| be prescribed by the bank commissioner.
/ Proof of publication shall be furnished
| to said bank commissioner. At least once
| each year every bank shall report to the
! list of it's stockholders, their residence,
! and the amount of stock held by each:
! which report shall be signed and verified
! by the oath or affirmation of one OF the
! officers of said bank. The bank com
missioner shall also have the power to
! call for special reports from any bank,
}, lit ffrAsV mt En c
! necessary to inform him fully of the con-
| dition of such bank.
! Section IT, Every bank failing to make
| and transmit to the bank commissioner
| any of the reports required by this act,
! shall be subject to a forfeiture of one
| hundred dollars for each day after the
! time required for making such reports.
! Whenever any bank fails or refuses to
pay the forfeiture herein imposed for
! failure to make and transmit such report,
! the bank commissioner is hereby author
| lied to institute proceedings for the re-
| covery 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 appointed hereunder,
| or refuse to be examined on oath touch-
| ing the concerns of the bank, the bank
! commissioner may, with the approval OF
! the attOrney-general institute proceed
! ings for the appointment Of a receiver of
| such bank to wind up its business.
| Section 10. Every officer or employee If
! oath or affirmation, who shall wilfuliy
| swear or affirm falsely upon any material
/ matter, Shal be deemed gGllty OF per-
/ jury. and upon conviction thereof, shall
! be punished 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.
| AZ soon as such bank shall have OBJ
/ tanned tho certificate from the comptroller
| of the currency, authorizing it to COM
! menCe business under the United States
! banking law, such reOrganized bank shall
! take and hold all of the assets real ana
/ personal, of such bank organized under
! this act. subject to all liabilities existing
! against said bank organized under this
1 act at the time of such reorganization.
Section q. Any national bank author
! lied to dissolve, and which shall have
taken the necessary steps to effect dis
! solution, may reorganize under this act,
! upon the consent in writing of 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 organization as required by
! written consent of such stockholders.
! Upon the fling of said articles as pro-
| vided 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 national
| bank, shall be vested in, and be and be-
! come the property Of such reorganized
| bank. subject to all liabilities of such
]
/ reorganization.
Section %. A bank which is in good
! faith winding up it's business, for the
| purpose of consolidating with some other
| bank. may transfer its resources and
| liabilities to the bank with which it is
| in process of consultations but no con-
| solidation shall be made without the con-
sent of the bank commissioner, and not
/ then to defeat or defraud any of the
creditors i'm the collection Of their debts
against said banks. or either of them.
Section %. Any bank organized or do
| ing business under the provisions of this
| act may 90 into liquidation by vote
| of it's stockholders owning two-thirds Of
/ taken TO go into liquidation. 1t 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 presI-
! dent and cashier. to the bank commits
/ sioner and publication thereof notifying
\ the creditors to present their claims
against the bank for payment shall be
made once in each week for eight sue
! cessive weeks in the official state paper,
village. city or county in which the bank
! is located. and If no newspaper Is there
/ published. then in the newspaper pub
/ lished at the nearest county seat.
| Section "a Every bank shall keep on
! hand at all times. a least fifteen per
| cent of its total deposits. at least six
! fifteenths of which shall be in lawful
/ money and the balance of such percent
age may be on deposit in banks approved
nv the bank commissioner as reserve
( banks; except in the case Of banks
! which shall be approved by the bank
| commissioner as reserve banks: when