Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-06


missioner.
Section 8. All proceedings by any bank
to enloin the bank commissioner In the dis
charge 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 pro
visions of this act in which the state, or
any OF It's officers or agents, shall De par
ties, shall be conducted under the dlrec-
ton and supervision of the attorney-gen-
erai
Section TO- Copies of all records and pa
pers In the office of the bank commissioner.
certified by him. and authenticated by his
seal of office, shall be evidence in all cases,
equally and of like effect as the original
Section IL. During the month of Decem-
Der of each year, the bank commissioner
shall make an annual report to the gov
erDor of the state, which report shall be
published and shall exhibit 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 re-
port shall contain statement OF the con-
d1tlCn or every bank from when reports
have been received, with an abstract OF
the whole amount OF capital returned by
them, the whole amount of their liabilities,
the total amount of resources, and specl-
flying the amount of lawful money held by
banks at the time of their several returns.
and shall give tabulated statement OF tne
resources and liabilities of each bank and
such other information as in his judgment
may be required. Such report shall also
contain a statement OF the banks whose
business has been closed during the yed!,
the amount of their resources and liabill-
ties, and the amount paid to the creators
thereof. also statement of any banks or
ganzed during the year; and snail also
give a list OF the stockholders, their resi-
dence, and the amount of stock heid ny
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. ana the whole amount
of the expense of the banking department
during the year preceding.
CHAPTER II.
BANKS.
Section l. Any number Of adult residents
Of Wisconsin, not less than three may as
sociate to establish a 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 snail not be less than ten thou
sand dollars, in villages or cities having
less than two thousand inhabitants and
shall not be less than twenty thousand dol
lars, in villages or cities having more than
two thousand and less tnan SIX thousand
Inhabitants ana shall not be less than nifty
thousand dollars in any village or city haV-
ing more than six thousand inhabitants.
according to the last official census,
Section 3 The persons so associatins
shall make, sign and acknowledge written
articles of Incorporation containing:
First declaration that they associate
for the purpose of forming banking cor
poration unuer this act
Second. The name of such bank. Such
name shall be in no material respect SINH
lar 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 nifty nor more than one hundred
dollars each.
Fifth. The period for which such bank
is organized, not exceeding fifty years
Section 3. Such articles OF incorporation
shah be executed in triphCaJe one OF which
shall be recorded IL the Office of the regis
ter of deeds in the county in which the
bank is located one shall be filed in the
office of the bank commissioner, and one
shall be filed in the Office OF the secretary
OF state,
Section A. Upon making and fling 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 ana con-
duct its business.
Second. TS sue and be sued, 70 appear
and def~~@ u all actions and =, Aceedings
under corporate name to az same eX
tent y. natural person.
Third To have a common seal and alter
the same at pleasure.
Fourth. 70 elect or appoint all necessary
officers, agents and servants, define their
duties ana obligations, fix their compensa-
quire bonds.
Fifth 10 make amend and repeal by
laws ana regulations not Inconsistent with
law or its articles Of organization, for its
own government, for the orderly conduct
OF its affairs and the management of its
property, Tor determining the manner OF
calling ana conducting Its meetings, the
tenure of Office OF its several officers, and
such others as shall be necessary or con-
veuient tor the accomplishment OF its pur-
pose.
Sixth. To exercise. 10y its directors duly
authorized officers, OF agents, all such
powers as shah be necessary TO carry on
the business Of banking. by buying, dis
counting and negotiating prOmiSsOry notes,
bonds, drafts. bills of exchange foreign
ana domestic, ana other evidences of debt,
10y receiving commercial and savings de-
posits under such regulations as II may es-
tablish, by buying and selling coin and
bullion, and boy buying and selling eN-
change. foreign and domestic; Issuing let
tiers OF credit, and by ioauing money on
personal OF real security as provided here
section 8. No bank shall transact any
business. except such as is incidental or
necessarily preliminary TO It's organization
until il has been regularly authorized by
the bank commissioner 90 commence the
business Of banking.
Section 8. The subscriptions TO The capi-
tai stock ana the direction OF the affairs
OF the corporation prior TO the election OF
direC tors shall Doe tu conformity with The
statutes OF this state, relating TO corpora
lions. regulating such matters, SO far as
applicable. At ltas. fifty per cent OF the
capital stock OF every bank shall be paid
in In cash. before 1t shall be authorized 10
commence business. ana the remainder OF
the capital OF such balk shall be paid IN
In cash in monthly installmeuts Of at
least len per cent ou the whole of the capt.
tal, payable at the end OF each succeeding
month from the time It shall be author
lied hv the bank commissioner 10 COM
menye business. and the payment OF each
installmeut shall be certified 10 the bank
commissioner. under oath, 10y some officer
OF the bank.
Section T. Whenever articles OF lncor-
poration are filed with the bank commits
sloner as herein provided, and the bank
Transmitting the same notifies the bank
commissioner that at least nifty per cent OF
lis capital has been duly paid in, and that
such bank has complied with all Of the pro
visions OF this act required before the
bank shall he authorized TO commence bust
ness the bank commissioner shall examine
into the condition OF such bank ascertain
the amount OF money paid IN on account
Of its capital. the name and place Of resi-