River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-08-25

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banks shall be doing business in the same
building. upon the same floor and in such
close proximity as to interfere with the
proper examination of either bank the
bank commissioner may require either of
said banks to remove its banking office
10 some other location, within such
bank commissioner
Section 8. All proceedings by any bank
TO enJoin the bank commissioner In the
discharge of his duties shall be had in
the county where said bank is located.
or In the supreme court of this state.
All suits and proceedings arising out
of the provisions of this act in which the
state, or any Of It's officers or agents,
shall he parties. shall be conducted under
the direction and supervision of the at
torney general
Section 10 Copies of all records and
papers in the Office of the bank com
missioner, certified by him, and authenti-
Gated by his seal Of office. shall be evil
dence in all cases, equally and of like
effect as the original.
Section u. During the month Of Decem-
Der Of each year, the bank commissioner
shall make an annual report TO the
governor Of the state which report shall
be published and shall exhibit the con-
as Of the day of the last report made to
the bank commissioner by such banks;
ana such report shall contain state
ment of the condition of every bank
from which reports have been received
with an abstract of the whole amount of
capital returned by them, the whole
amount of resources, and specifying the
amount Of lawful money held by banks
at the time of their several returns and
shall give tabulated statement or the
resources and liabilities of each bank,
and such other information as In his
judgment may be required. Such report
snail also contain statement of the
banks whose business has been closed
during the year. the amount of their re-
sources and liabilities. and the amount
paid to the creditors thereof; also a state
nf nv qllz org mi ZaA n la
year; and shall also give a 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 depart
mcnt during the year preceding.
CHAPTER II.
Banks.
Section !. Any number OF adult resi-
dents of Wisconsin. not less than three.
may associate to establish bank under
this act. upon the terms and conditions
and subject to the liabilities prescribed
In this act The aggregate amount of the
capital stock of any bank shall not be
less than ten thousand dollars, in villages
or cities having less than two thousand
inhabitants; and shall not be less than
twenty thousand dollars, in villages or
cities having more than two thousand
and less than six thousand inhabitants;
and shall not be less than fifty thousand
more than six thousand inhabitants, ac-
cording to the last official census
Section , The persons so associating
shall make. sign and acknowledge written
articles of incorpauon containing:
First A declaration that they associate
for the purpose of forming banking
Second The name of such bank. Such
name shall be in no material respect
similar to the name of any other bank
in the same county, whether such other
bank be organized under this act or
under the laws of the United States.
Third. The village or city and county
where such bank is to be located.
Fourth. The amount of capital stock.
which shall be divided into shares of not
less than fifty nor more than one hundred
dollars each
Firth. The period for which such bank
is organized, not exceeding fifty years.
Section 3. Such articles of fncorpora-
lion shall he executed in trinltcate one
of which shall be recorded IN the office
of the register of deeds in the county in
filed in the office of the bank commits
sioner, and one shall be filed In the office
of the secretary of state.
Section 4. Upon making and filing of
the articles of incorporation the bank
shall become a body corporate, and as
such shall have the following powers:
First TO make all contracts necessary
and proper to effect its purpose and con-
duct it's business.
Second. To sue and be sued, to appear
and defend in all actions and proceed
same extent IS a natural person.
Third. To have a common seal and
alter the same at pleasure.
Fourth To elect or appoint all neces-
sary officers, agents and servants, define
their duties and obligations. fix their
compensation, dismiss them, fill vacancies
and require bonds.
Fifth. To make, amend and repeal by
laws and regulations. not inconsistent
with law or its articles of organization,
for its own government, for the orderly
conduct of its affairs and the manage
ment of its property, for determining the
manner of calling and conducting its
meetings. the tenure of office of its
several officers; and such others as shall
be necessary or convenient for the ac
Complishment of its purpose.
Sixth. TO exercise. by its directors,
duly authorized officers. or agents, all
such powers as shall be necessary to
carry on the business OF banking, by buy
ing, discounting and negotiating promis-
sorry notes. bonds. drafts, bills of eX-
change foreign and domestic. and other
evidences OF debt; by receiving COM
mercial and savings deposits under such
regulations as il may establish; by buy
ing and selling coin ana bullion, and by
buying and selling exchange, foreign and
domestic. issuing letters Of credit, and
by loauing money on personal or real
security. as provided hereinafter.
Section >. No bank shall transact any
business. except such as is incidental
or necessarily preliminary to its organiza
ton. until 1t has been regularly author
lied by the bank commissioner to COM
menCe the business of banking.
Section 6. The subscriptions to the
capital stock, and the direction of the
affairs of the corporation prior to the
election of directors. shall be in con-
formity with the statutes of this state,
relating to corporations. regulating such
matters. so far as applicable. At least
fifty per cent of the capital stock of
every bank shall be paid in, in cash, be-
fore IL shall be authorized to commence
business, and the remainder Of the capital
of such hank shall be paid in, in cash,
In monthly installments of at least ten
per cent on the whole of the capital, pay
able at the end of each succeeding month,
from the time 1t shall be authorized by
the bank commissioner to commence bust
ness. and the payment of each INSTALL
ment shall be certified to the bank COM
missioner under oath, by some officer of
the bank
poration are filed with the bank com
missioner. as herein provided. and the
bank transmitting the same notifies the
bank commissioner that AT least nifty per
cent of its capital has been duly paid in,
and that such bank has complied with
all Of the provisions of this act, required
before the bank shall be authorized to
commence business. the bank commits
sioner shall examine into the condition
of such bank ascertain the amount of
money paid in on account or It's capital.
the name and place of residence of each
of its directors. and whether such bank
has complied with all of the provisions
of law required to entitle II to engage
in the business of banking II upon SUCH
examination II appears that such bank
Is laWtUilN emitted 10 commence bHSiiltSSs
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 be-
lieVe 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
attorney withhold the certificate
herein mentioned.
Section ). The bank shall cause the
certificate issued hereunder, to be pub
village. city or county where such bank
is located. within ten days after the re-
Ceipt 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 inStallment 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
lnQuent subscriber twenty days notice,
personally or by mail. At his last known
address. If no bidder can De found who
will pay for such stock the amount due
thereon to the bank, with any cost In
CURED. the amount previously paid shall
he forfeited to the bank. and such stock
shall he sold as the directors may order,
within sixty days from the time of such
forfeiture and If not sold. it shall be cam
Ccllcd 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 10 the subscriber. his heirs OF
assigns. II such cancellation shall re-
duCe the capital of the bank below the
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