Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-15

0ence OK eacu o. ttS directors. ana WhetneA
such bank has compiled with all of thA
provisions OF law required to entitle It to
engage in the business of banking IF
upon such examination 1t appears that
business, the bank commissioner shall
forthwith give to such bank a certificate,
under his hand and Official seal, that such
bank is authorized to commence business.
If the said bank commissioner has reason
to believe that the stockholders hava
form ed the, same for any other than the
act, he may, with the advice and consent
OF the attorney general withhold the GER
tifcate herein mentioned.
Section g. The bank shall cause the GER
tificate 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 sucn
certificate. If no newspaper is published
IN such county, then such publication snail
be made at the nearest county seat. Proof
of publication shall be filed with the bank
commissioner.
Section 8. Whenever any subscriber for
stock, or his assignee, fails to pay any IN
stallment 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 subscriber at public sale,
having first given the delinquent subscriber
twenty days notice, personally or by mail,
at his last known address If no bidder
can be found who will pay for such stock
the amount due thereon to the bank, with
any cost incurred, the amount previously
paid shall be forfeited to the bank, and
such stock shall be sold as the directors
may order, within sixty days from the Tune
be Cancelled and deducted from the capital
stock of the bank. If sold. any surplus
over the amount due on said stock TO SAID
bank, including the cost Incurred thereon,
with interest on the amount due, shall be
returned to the subscriber. his heirs Or as
signs. If such cancellation shall reduce
the capital of the bank below the minimum
required by law, the said capital snail,
within thirty days from the date OF suc1 1
cancellation be increased to rhe Teaorf En-
event of the failure of said bank to increase
such capital as herein provided, the bank
commissioner shall apply Tor a receiver 10
close up the business of the bank.
Section TO- The affairs of the bank SHAH
be managed by board OF not less IMAM
three directors, who shall be elected by the
stockholders and hold office for one yeat'
and until their successors have peen eject
ed and have qualified. A majority OIL the
board of directors shall constitute quo
rum for the transaction OF business pro
vided, that when the number OF directors
shall exceed nine, they may, once IN SIX
months designate by resol elan oI mitia
tute a quorum. In the first instance the d.
rectors shall be elected at a meeting held
before the bank is authorized to commence
business by the bank commissioner. and
afterwards at the annual meeting OF the
stockholders, to be held during the nlonth
of July or January; and II LOT any reason
an election is not had at that HleeunS, ~
may be had at a subsequent meeting called
for that purpose, of which due notice shall
be given as provided in the bylaws 81 s s,Il
bank Every director shall take and sub,
scribe an oath that he will diligently anu
honestly perform his duty in such ONCE,
and will not knowingly v1olate or peri t;e.s
violation of any provision of this act; thas
he is the owner in good faith OF stock IN
the bank, standing in his name on the
books Of the bank Such oafn sna and Nd
board OF directors shall be filled by the
board, and the director SO appointed Shail
hold office until the next election. The o.
fcers of the bank shall be elected by the
board of directors and hold their Offices Tor
one year and until their successors are
moved by the board Of directors.
Section IL. Every bank shall keep
stock book, which shall at all times, curing
the usual hours for transacting business,
be subject to the inspection OF the oHlcers'
directors and stockholders Of the bank
Such stock book shall show the name, resi-
dence and number of shares held by eacn
stockholder. A refusal by the officers or
such bank to exhibit such book to any per
son rightfully demanding inspection
thereof shall subject such officer to Tor
feiture Of fifty dollars. In all actions,
suits and proceedings, such book shall pc
presumptive evidence of the facts therein
stated.
Section r. The shares of stock Of such
bank shall be deemed personal property
and shall be transferred on the BOOKS at}e OF
provided by law for transfer OF stock IN
corporations.
Section Is. At all stockholders meetings
each share of stock shall entltle the owner
of record to one vote A stockhold1e3r may aS
vote at any meeting Of the stockholdeTs ny
proxy No president s,t or Gasnler Shall ao'
Section a. A bank may amend Its art1-
cles of association in any manner, not IN
consistent with the provisions OF law, at
Te ss ting two-thirds of the capital stock,
such vote to be taken at a meeting caIeo
for that purpose. A copy OF such amend
Ter. shall be filed as required for articles OF
Incorporation. No increase OF capital snan
be valid until the amount thereof has been
duction Of capital shall be made, to less
amount than Is required under the pTovls-
ions Of this act for capital. nor De Valla o.
warrant the cancellation Of stock oertif.
Gates. or diminish the persona! l1aDnlty OF
stockholders, until such reduction has Deen
approved by the bank commissioner: sucn
him that the security Of the existing cred,
itors will not be impaired by the proposed
reduction. o,..a Mold
and convey real estate for the following
purposes and no others:
First. Such as shall be necessary for the
convenient transaction Of its business. IN
Guiding with its banking offices other
apartments to rent as a source Of income
No bank shall invest In banking ONCE
including apartments connecIeo Ine nent ~
It's paid in capital provided, that this lin i'm
itatlon shall not apply to the bes present no10'
Second. Such as shall be conveyed to i
ed in the course Of it's business.
Third Such as it shall! purchase at sale
On judgments, deGgees, or mortgage fore
bank shall not bid at such sale a,. larger e.
debts and costs. No real estate acquired
in the cases contemplated IN the s seHoh b
held for a longer time than five years; eX 3i,
cept an extension is granted by the ba las
Commissioners If such extension be not
granted it must be sold at private or pub PUB
Nothing in this section shall be construed
to prevent bank from loan 1Tayd m9n 6y
law Real estate shall be conveyed undeI
the corporate seal Of the bank, ana inc
hand of the president or vlce-pres1dent ano
cashier or assistant cashier.
Section 16. Every bank shall make h to the 1
hank Commissioner not less than three re
ports during each calendar year s at t, su ra1
cure the same, according to the forms