Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-15

such bank is lawfully entitled TO commence
business. the bank commissioner shall
forthwith give to such bank a certiacaIs
under his hand and official seal that such
bank is authorized to commence business
If the said bank commissioner has reason
10 believe that the stockholders have
formed the same for any other than the
legitimate business contemplated by this
act. he may. with the advice and consent
OF the encouragement withhold the Ger
tificate herein mentioned.
Section ). 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 such
certificate. If no newspaper is published
in such county. then such publication shall
be made at the nearest county seat. Proof
OF publication shall be filed with the bank
commissioner.
Section g. Whenever any subscriber for
stock or his assignee. fails to pay any in
stallment on the stock when the same is
required 10 De 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
PAM shall be forfeited to the bank, and
such stock shall be sold as the directors
may order, within sixty days from the time
of such forfeiture. and II not sold, 1t shall
be Cancelled and deducted from the capital
STOCK OF the DdIk. IL sou, 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 II 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 subscriptions In
event of the failure of said bank to increase
such capital as herein provided the bank
commissioner shall apply for a receiver to
close up the business of the bank.
Section ~. The affairs of the bank shall
be managed by board OF not less than
three directors, who shall be elected by the
stockholders and hold office for one year,
and until their successors have been elect
ed and have qualified. majority Of 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 resolution, nina
members, any five OF whom shan const!-
tute a quorum. In the first instance the d.
rectorS shall be elected a [ 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 month
of July or January; and If for any reason
an election is not had at that meeting, II
may be had at a subsequent meeting called
for that purpose, OF which due notice shall
be given as provided n Inc bylaws of such
bank. Every director shall take and sub
honestly perform his duty in such office,
and will not knowingly violate or permit
violation OF any p~oVision or inns act that
he is the owner in good talth OF STOCK IN
the BANK, standing in his name on the
books OF the bank. such oalh shall pe
transmitted to the bank commissioner ana
filed in his office. Any vacancy IN me
board of directors shall be filed by the
board and the director SO appointed shaH
hold office until the next election. The Of
| fcers of the bank shall be elected by IN
| board of directors and hold their Offices tor
| one year, and until their successors are
| elected and qualified. unless sooner re-
moved by the board of directors.
| Section IL. Every bank shall Keep
| stock book which shall at all times, during
| the usual hours for transactins business
| be subject to the inspection of the officers
| directors and stockholders o. the Dauk
| Such stock book shall show the name, resi-
| dence and number of shares held by each
| stakeholder. A refusal by the officers OF
| such bank to exhibit sucn book to any per.
son rightfnlly demandin "a in IS tor.
| fixture of fifty dollars. In all actions.
| suits and proceedings, such BOOK shall 10
| 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 DOCKS OF
| the bank in accordance with the method
provided by law for transfer oil STOCK III
| corporations.
| Section 49, At all stockholders meetings
each o
| of record to one vote. a stockholder may
| vote at any meeting of the stockholders pV
proxy. No president or cashier shll az
| as proxy for any stakeholder.
| Section IA. A bank may amend It's artr
Giles of association in any manner. not IN.
| consistent with the provisions OF law, az
| any time by vote of its stockholders rep
| resenting tWo-thirds of the capltai sloChl
! such vote TO be taken at a meeting cdllea
| for that purpose. A copy OF such amend
| ment certified by the president ana caSh,
| Ter shall be filed as required for articles o!
| incorporation. No increase Of capital shai
| be valid until the amount Thereon mas peeh
subscribed and actually paid IN NO re-
duction of capital shall be made to less
! amount than is required under the ptoNis-
| ions of this act tor capital nor De Nallu OF
| warrant the cancellation OF stock Gerul.
| Gates, or diminish the personal Haohl'y "
| stockholders until such reduction has been
| approved by the bank commissioner ouen
| approval must be based upon hndlhs ny
| him that the security OF the eNlstlhs creu,
! itors will not be impaired by the proposed
section H. A bank may purchase, hold
| and convey real estate for the ioio"'hs
| purposes and no others:
First Such as shall be necessary tor the
| convenient transaction of It's business M
| Guiding with its banking olhcss o,'
| apartments to rent as source OF HlS9 ON
| No bank shall invest In a bankln@ ulttss'
| including apartments connected theTe"l'l,
| a sum exceeding twenty-five per GEM ~, ol
| its paid in capital; provided, that TINS III
| itation shall not apply to the present io'u-
| ings of banks now doing business
second. Such as shall be conveyed 70 II
| In satisfaction Of debts previously CONTRACT
| ed i'm the course of its business
Third Such as Ii shall purchase az saIo
| on judgments DEGREES, or mortgage tote-
| closures under securities held by II. put d
bank shall not bid at such sale a iareel
amount than Is necessary TO satiSLy ne
debts and costs No real estate acquireI
| i'm the eases contemplated In the second
and third subdivisions preceding, shaH %
cent an extension is granted boy the bank
commissioner If such extension pe ny
granted. It must be sold at private or pun
lie sale within ninety days theIeantelii
TO prevent a bank from loanlng money
upon real estate security as proVdel ~
law. Real estate shall be conveyed u'iu ,te
the corporate seal of the bank, ana WI
hand 81 The president or vice-preslaenl anu