Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-08-18
5fna g,l,ler location, within such Tea50na Ole


an annual report TO the governor of the state
which report shall be published and shall ex-
hi7it 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 d statement of the Condl-
tion of every bank from which reports have been
received. with an a0Strs ct of the whole amount
of capitaI returned by them the whole amount
of their liza bItieS, the total amount of resources,
and specify ing the amount of lawful money held
BY banks the time of their several returns, and
shall give Ia bulased statement of ttc resources
and liabilities Of each bank, and snch other in
formation in his Judgment may be required.
Such report shall also contain a 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 Il statement Of any banks organ
lied durug the year; and shall also give list
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 department during
blb year preceding.
CHAPTER II.
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 tile caDitaI stock of any bank shall not be
less than ten thousand dollars, in villages or
cities having less than two thousand inha BIZ
tants: and shall not be less than twenty thou
sand dollars, III villages or cities having more
than two thousand and less than six thousand
Inhabitants; and shall not be less than fifty
thousand dollars in any village or city having
more ham six thousand inhabitants, according
to the last official census.
SECTIoN ,. The persons so associating shall
make, sign and acknowledge written articles of
incorporation containing:
First. \ declaration that they associate for
the purpose OF forming banking corporation
under this act.
second The name of such bank Such name
t,, in, al Gin TO
name of any other bank III the same county
whether such other bank be organized under
this act Or under the laws of the United States.
#@ 1iiff3F:s'The village or city and county where
such bank is ODE located..,.-.,....
FouEth:#tTE e amount Of capital stock which.
shall ba5diyided into shares t1fnot less han fifty
nor mare than one hundred dollars each.
Fifti7: The period for which such bank is Or
gauize{l, not exceeding fifty years.
SEcf:loN. =. ;Enc!l ARTICLES Of incorporation
Shall Be executed in tri 2ticat0. one of which
shall br.Fecorded III the office of the register of
deeds in the cOnntYin which the bank Is located,
one shall hefiet! IN the ottica:of the bank com.
the secretary of state -:
SECTION f. Upon making and fling of the
articlesof Incorporation the bank shall become
a body corporate, and as snch shall have the
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 al. actions and Proceedings under its
corporate name, to the same extent d nat
ural person. +.
Third. TO have. a common seal and alter the
same at. pleasure.
Fourth To elect or appoint all necessary
officers; agents and servants, define their duties
aud obfigatiQns fix their compensation, dis
miss them, fill yacaHces and require bonds
Fifth. To make. a;Ilend@and repeal bylaws
and regula lions. not Inconsistent With law or
its articles Of ORGANIZATION, for its own govern
f1ent, for the orderly conduct of IFS affairs and
the management of 1T. property, for .determin,
ing the manner of calling and conducting its
meetings the tenure Of office gifts several oil
GERS; and such others as shall be necessary or
convenient for the accomplishment of its pur-
pose.
Sixth. To exercise by its directors, duly au.
thorizpd officers, or agents, all such powers a
shall be necessary to carry on the business of
banking. by buying, discOunting and ncgOtiat-
ing prOmSsOry notes bonds, drafts. bills of ex-
change, foreign and domestic. and O, Ter evil
denccS of de0t: by receiving commercial and
savings deposits under such regulations AS it
may establish; nv buying and selling coin and
bullion. aud by buying ard selling exchange
foreign and domestic issuing letters OF credit,
and nv lOaninr money on nprsonaI or real 50.
curity as provided hnrciD3ftcr
SECTIoT5 No hank shall transact any huSi-
nc-: except such as is incidental or necessarily
preliminary 10 its organization. until it has
been regularly authorized by the bank commits
siouCr To commence the business of banking.
SECTtON6 TIE suh.criutions to 4he c9nitol
stock and the direction Of the affairs Of the
corporal ion prior to the election of directors,
shall l, in conformity with the statute: Of this
sta ne relating 0c0rD0ra ions rcs-uiatiner spch
nattrrs So "a. as ,,clIn Leaf fifty Nor
cent Of thc car.;tal ~tocI, Of erc,, bank shall be
nd in in cash before it shall be authorized to
ro1nmrnce business and tEn remainder of tho
canitIl or such bank shall be- raid in in cash
Ia monthly usta,tlIouts Of at least ten per cent.
on thp whole of the capital, iaN able If the end
of each Succeeding month, from the time It
shall br authorized by the bank commissioner
to commence business. and the payment of each
instalimcnt shall be cer.lLicd to tha bank com
missioner under oath, by some officer OF the
bauk.
SECTION I. Whenever articles of iDcOrpora
;i0n are fled with the bank commissioner as
herein provided, and the bank transmitting tho
ramc notifies the bank commissioner that at
least ffty per cent. of its capital has been Only
paid in. and that such bank has complied with
hill ot the provisions of this act required before
the bank shall be authorized to commence buSI-
moss. the bank commissioner shall examine into
the condition of such bank ascertain tho
amount of money paid IL on account of It's capt.
tai the name and place of residence OF cachUf Its
directors. and whether such bank has complied
with ali nf the provisions OF law required 10 en-
titlc it 10 engage in the business Of banking
Il upon SuCh examination 1t appears that such
bank is lawfully entitled to commence business,
the bank commissioner shall forthwith give to
Such bank certlhc2tc, under his hand and
onlclaI seal, t!aG sucIi 9ahk Is hunh 5 70
coill1lleIce BUSINESS II W say jazz
HlG.iGr HdS iF s ~ ,iitG 20 80
.IlElS W. "' .t,Gl we 9t 10 Iit W ~ 4li
ule IeSlllmate business contemplated oS tiilS
act, he may with the adVice ana consent OF the
attorney-General, withheld the certificate herein
mentioned. -,
SECTION .; inc Gahh SilaII cause nc. ceF'lu-
cate issued hereunder, to be published III some
newspaDe printed IN the village. city or county
where such nank Is located; Wi5hln ten DAYS
alter the receipt OF such ceftIhCate' II no news
narer is published in such county then such
publication shall be made at the nearest county
seat. Proof Of publication shall be filed with
the banI, commissioner
SECTION g. Whenever any subscriber for
stock or his assignee, fails to pay any Install
ment on the stoc when the same is required to
NAV sell the stock of such deIir11pnt stock srb
scriber at n7Lljc sale HAVING firs+ iven tba Go