River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-15

1 ed ana QQ3tlned, unless sooner removed
I by the board Of directors,
Section II. Every bank shall keep
| stock book, which shall at all times, dur
/ ing the usual hours for transacting bust
1 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
1 held by each Stockholdet. a refusal by
! the officers or such bank TO exhibit such
| book 10 any person rightfully demanding
! inspection thereof shall subject such Of
/ fiCer to a forfeiture Of fifty dollars. In
/ all actions, suits and proceedings. such
! book shall be presumpttve evidence of
! the facts therein stated.
! Section y. 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 l3 At all stockholders meet
/ ings each share of stock shall entitle the
! owner Of record TO one vote. a stock
/ holder may vote at any meeting Of the
/ stockholders by proxy. No president or
| cashier shall act as proxy for any stock
| holder.
! Section a. bank may amend its ar
| ticles of association In any manner not
! inconsistent with the provisions of law,
at any time, by vote of its stockholders
| representing two-thirds Of the capital
/ stock. such vote to be taken at a meet
! ing called for that purpose. A 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
| amount thereof has been subscribed and
| actually paid in. No reduction of capital
| shall be made to a less amount than is
| required under the provisions of this act
/ 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 APP
/ 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-
/ posed reduction.
] ba nh Y11aH ho1
! and convey real estate for the following
! purposes and no others:
| First-SuCh as shall be necessary for
\ the convenient transaction Of its bust
! ness, including with its banking offices
/ other apartments to rent as source of
income. No bank shall invest in a bank
/ ing office, including apartments connected
/ herewith, sum exceeding twenty-five
/ per cent of its paid in capital; provided
/ that this limitation shall not apply to the
| present holdings of banks now doing
! business.
! Second-Such as shall be conveyed to it
| in satisfaction of debts previously con-
| tracted in the course of its business.
| Third-Such as 1t 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 a larger
! amount than is necessary 10 satisfy its
debts and costs No real estate acquired
| in the cases contemplated in the second
and third subdivisions preceding, shall
| be held for longer time than five years,
| except an extension IS granted by the
| bank commissioner. If such extension be
not granted, ii must be sold al 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
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 published by the
! bank in a newspaper in the village or
! city 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 its 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,
! whenever in his Judgment the same is
necessary to inform him fully of the con-
| ditiou of such bank.
| Section II. Every bank failing to make
| and transmit to the bank commissioner
| any of the reports required by this act,
! shall be subject to 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 a
! failure to make and transmit such report,
| the bank commissioner is hereby author
| ICED to institute proceedings for the re-
| coVery of such forfeiture.
Section Is. Whenever any officer of a
| bank shall refuse to submit the books,
| papers and concerns of such bank TO the
| inspection of the bank commissioner, ms
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 attorncy-general. institute proceed
/ ings for the appointment of a receiver or
such bank to wind up its business.
Section 10. Every officer or employee If
| any bank required by law to take any
! oath or affirmation who shall wilfuily
! swear or affirm falsely upon any material
matter. shall be deemed guilty 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
/ a X
/ As 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 and
| personal of such bank organized under
/ this act subject to all liabilities existing
I against said bank organized under this
| act at the time of such reorganization.
Section 21 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
! this act and shall set forth the said
| written consent of such stockholders.
| Upon the filing of said articles as pro-
vided by, this act, and upon the approval
| shaI DC deemed 10 De IeofRatllAeu uilueI
! THIS act. ana t9efeuPo4 aIl assets. real
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