Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-12

cording to the forms which he shall prescribe
aud furnish. Such forms shall conform as nearly
as practicable to that 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 hy at least two of the directors,
| Such report shall exhibit in detail and under
! proper heads. t.:S resources and liabilities of
the bank the close Of business OF any past day
| by tie bank commissioner specified and shall
| be transmitted TO said bank commissioning with.
IN ten days after the receipt Of request therefor
| from hlm. such reports shall be published by
i the bank IN newspaper in tho village or city
| or county, where such bank is located in such
/ condensed form as may be prescribed by the
i bank comm, ssioner. Proof Of publication shall
be furnished to said bank commissioner At
least once each ysar every bark shall report to
1 the bank commissioner on call by him list
/ OF its stockholders their residence. and the
/ amount Of stock held by each. which report
shah be signed and verified by the oath or atfir-
nation OF one OF the officers of said bank. The
bank commissioner shall also have the power
! 10 cali for special reports from any bank, ,
whenever 10 his Judgment the same is necessary
| bank. y
SECTION IL; Every bank failing to make and
| transmit TO the bank commissioner any of the
| reports required by this act, shall be subject 10
| forfeiture of one hundred dollars for encb dav
arter Tue time required for making such reports
| whenever any bank fails or refuses to pay the J
| forfeiture herein Imposed for failure to m. ke
| anu transmit such report the bank commits. \
sioner Is hereby authorized To institute pro.
/ ceeGings tor the recovery OF such forfeiture
I SECTION Is Whenever any officer of bank |
| saau refuse TO submit the books, papers and |
concerns OF such bank to the inspection of the
| bank commissioner, bis deputy examiner an
| poinsea hereunder. or refuse Ia be examined on
oath touching the concerns of the bank the
| bank commissioner may. with the approval OF
! The attorney-general institute p oceedings for
4 the appointment of a receiver of such bank TO
wind up its business
! SECTION is. Every officer or employee of am
/ bank. required by law iotake any oath or af
hrmstion. who shall wifully swear or affirm
falsely upon any material matter. shall be deem.
ed guilty of perjury, and upon conviction there.
| Of, shall be punished as provided by the laws OF
| shIs state for the punishment of perjury.
| SECTION 20. Any bank organized under this
act may reorganise under the laws of the United
| States as national bank. As soon as such bank
shall have obtained the certificate from the
| comptroller of the currency. authorizing il to
| commence 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
ali Liabilities existing against said bank organ
lied under this act, at tho time of such reorgan-
ization.
/ SECTION q. ANY national bank authorized to
! dissolve and which shall have taken the peces.
| eary steps to effect dissolution, NAV reoreanize
| 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 organiza-
| ton as required by this act and shall set forth
| tic said written consent of such stockholders
| Upon the filing of said articles provided by
this act, and upon the approval Of the bank
! commissioner such bank shah be doomed to DO
| reorganized under this act and thereupon ali
tional bank, shalt be vested in, and be and be-
| come the property of such reorganized bank
subject to all liabilities of such national bank
not liquidated before such reorganization.
| SECTION o. 4 bank which is in good faith
winding up its business, for the purpose of con-
solldating with some other bank, may transfer
| its resources and liabilities to the bank with
which il is in process of consolidation; but no
consolidation shall be made without the consent
of the bank commissioner, and not then to defeat
or defraud any of the creditors in the collection
Of hair laft fart hnt, be atFh r1ft
them.
SECTION Is, Any bank organized or doing bus
mess under the provisions of this act. may go
into liquidation by vote OF its stockholders |
owning two-t thirds of the capital stock When |
ever vote is taken to go into liquidation, il !
shall be the duty of the board of directors to |
cause notice of this fact to be certified under |
the seal of the bank by its president and cashier
70 the bank commissioner, and publication
thereof notifying the creditors 10 present their
claims against the bank for payment, shall be |
made once in each week for eight successive |
newspaper published in the village, city OF
county in which the bank is located and If nc |
newspaper is there published, then in the news |
paper published at the nearest county seat.
SECTION a. Every bank shall keep on hand al |
all times, at least fifteen per cont of its tota
de 2osts at least sixtfteenths Of which shall be
in lawful money, and the balance OF such per:
centage may be on deposit in banks approved by |
the bank commissioner as reserve banks except |
in the case of banks which shall be approved by |
the bank commissioner rs reserve banks, which |
banks shall at all times keep on hand at least |
nty-tive per cent. of their total deposits at
least two-HfthS of which shall be in lawful |
money, and the balance may be on deposit in |
banks approved by the bank commissioner as |
reserve banks.
SECTION .. Whenever the reserve OF any bank |
shall fall below the amount required herein to !
be kept such bank shall not increase its loans or
discounts otherwise than by diecountng or pur- |
chasing bills Of exchange, payable at sight on |
demand, and the bank commissioner shall notify |
any bank whose reserve may be below the |
amount herein required to make good such re-
serve, and in case the bank fails for thirty DAYS
thereafter to make good such reserve, the bank
commissioner may, with the approval Of the at
torney general, institute proceedings for the |
appointment OF receiver, and to wind up the |
business Of the bank.
SECTION rs. The total liabilities Of any per.
son, co-partnership or corporation, to any bank,
for money borrowed including in the liabilities |
OF the copartnership, the liabilities Of the sew,
eral members thereof except special partners, |
shall at time exeeed fifteen per cent. of the |
amount of capital and surplus of such bank but |
the dsoouuting of bills of exchange, drawn in |
good faith against actually existing values. and /
the disoounting OF commercial or business paper |
actually owned by the person negotiating the |
rowed provided, that by two-thirds vote OF the |
directors the liabilities of any person, co.part.
nership or corporation may be increased to
Z tai sum not exceeding twenty five per cent OF
the capital and surplus of such bank
SECTION u. No bank shall take for security
for any loan or discount lien upon any part OF
its capital stock. No bank shall be the holder
of or purchaser of any portion of its capital |
stock, unless such purchase shall be necessary 10
in good faith Stocks SO purchased shall in no
case be held b. the bank for longer time than
six months, if the stock can be sold for the
amount of the claim of the bank against the
same, and it must be sold for the best price Oh
taina BILE within one ear, or 1t shall be cancelled,
and shall then amount to reduction OF the cap
ita stock provided, that if such reduction shall
reduce the capital stock below the minimum
REQUIRED by law, such capital stock shall be
again Increased to the amount required by law,
sEcTIoN IS. 1t Shall not be lawful for any
bank to loan 70 any Of its officers, directors,
bank, unless tile same Shall have been author
ized, both as to amount and SECURITY by fasolu |
tSn Of the b hoaFd Of decGri f. be recorded
-4ceedng twenty per cent OF its capital stock
upon mortgages Of any other farm pf raal estate
by two-thirds vote of the board of directors,
specifying some larger amount WHICH its officers
may loan upon real estate security provided,
that IN 20 event, shall any bank SO loan an
amount to exceed twenty five per cent. Of the
aggregate OF its capital, surplus and deposits
villages or cities having less than six thousand |
inhabitants, under the last official census. may
loan a sum not to exceed thirty three and ono
third per cent. of the aggregate of Its capital |
surplus and deposits, upon real estate security. |
The limitation in this section shall not preclude
any bank from taking real estate security, upon
faith upon personal security and provided, fur |
ther, that any hank having ia ken real estate So
which shall have carried its percentage Of ioana
on real estate above the amount hereinhefore
limited, such bank shall, within six Hanths
thereafter, either by sale or collection, reduce
its real estate loans TO the as.ount heTeInhefore
limltedS
SECTION 30. No bank shall demand or receive
for loans or discounts rate Of interest exceed. |
ing that allowed by law to be taken and received |
by individuals, excepting til at it shall be lawful
for any bank to receive interest in advance &C. |
cording to the ordinary usnges of banking insti-
tutions and to charge for collecting foreign or
domestic bills. or other evidences Of debt the
usual current ratio of exchange. In the compu- |
tation of time thirty days shall be considered
meath and twelve months year.
SECTION 81. Al debts Arr 80 say bSas, oa
which inFeisst il past due and unpaid for
well secured and in process Of collection, shall |
be considered bad debts. and shall be charged of
TO the profit and loss account at the expiration
of one year. |
SECTION 80. The board OF directors Of Il bank
mas declare dividend from so much OF its net
profits, after providing for all expenses losses,
interest and taxes accrued or due from said |
bank, as they Shall deem expcdient but befofe |
any such dividend is declared, not less than one |
tenth of the net profits of the bank fot the pre- |
ceding half year or for such period as Is COVERED
by the dividend shall be carried TO a surplus |
fund, until such surplus fund shall amount 70
twenty per cent. Of the capital stock. No dtvi- |
dend shall be deflaieq before lhe rdPifaI sfoak
is fully paid 81
savings association who embeZzles, abstracts pr |
wilf4lly 'misapnlies any 9f the moneys tnnds,
credits or property ftbe back GT az Eiass asSl. |
citation, ghether owned IL II or held Ia trust, or
Who, @iIfant authority OF the directors, issues |
or puts forth any certificate of deposit, draws |
any order or bill Of exchange, makes any accept
ance, assigns any note bond. draft, bill OF ex; |
change, mortgage, Judgment or defFpei AZ WIG |