Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-05


formation as In his Judgment may be- reqriyed.
such report shall also contain statement of
the banks whose business has been Closed dur
Ing the year, the amount of their resources and
liabilities, and the amount paid 70 the creditors
thereof. also a statement If any banks Organ
l1ed nnrins ne year. and shall also give iist
OF tine stockholders, their residence and the
amount of stock held by each and the names on
the directors and officers Of each bank. He shall
also report the names and con- Iseasation OF the
clerks employed by him. and the VIII Sc amount
OF the expense of the banking Department during
the year preceding.
CHAPTER II.
BANKS
SECTION l. Any number of adult residents Of
WI 'cunsin not less than three may associate to
establish a bahk under this act npon the terms
ana conditions and subject to the liabilities
prescribed in this act, The aggregate amonng
OF the capital stock of any bank shall not bs
less than ten Thousand dollars, 10 villages or
cities haEng less than two thousand inhabi-
tants; and shall not be less than twenty thon-
sand dollars, ia villages or cities having moro
than two thousand and less than six thousand
inhabitaits: and shall not be less than fifty
Thousand dollars In any village or city having
more than six thousand Inhabitants according
to the last official census.
SEcrIoS2 The persons so associating shall
make, sign and acknowledge written articles OF
incorporation containing:
First declaration that they associate for
the purpose OF forming banking corporation
under this act.
SECOND. The name of such bank. Such name
shall be IN no material respect similar to tho
name of any other bank in the same county,
whether such other bank be organized under
thlS 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 captal stock which
shall be divided into shares of not less than fifty
nor more than one hundred dollars each.
Flfth. The period for which such batk Ia or-l
ganized, not exceeding fifty years.
SECTION 3. Such articles of incorporation
shall be executed in triplicate one of which.
shall be recorded in the office OF tls register az
deeds IN the gOnutV which the ha l. Is rad
one shall be fied in the Office of the bank COM
missioner, and one shall be filed in the office of
the SECRETARY of state.
SECTION I. Upon making ind filing OF the
articles OF incorporation the bank shall become
0 body corporate, and as such shall have the
First. To mako all contracts necessary and
ness
Second. To sue and be sued to appear and
defend In all actions and proceedings under its
corporate name, to tho same extent as q nat
ural person.
Third. To have common seal and alter the
Fourth. To elect or appoint all necessary
officers, agents and servants, define their dutes
and obligations, fix their compensation, dis
miss them i'll vacancies and require bonds.
Fifth. TO mako, amend and repeal bylaws
and regulations, not Inconsistent with law or
its articles OF organization, for its own govern,
mont, for tho orderly conduct of its affairs and
the management of its property, for determin-
ing the manner OF calling and conducting its
meetings, the tenure Of office Of its several OFF,
GERS and such others as shall be necessary or
convenient for the accomplishment OF its pnr-
poSe.
Sixth. To exercise, by its directors, duly an.
thorized officers, or agents all such powers as
shall be necessary to carry on the business of
banking, by buying dlsconpting g Ngotiat-
ing pro pgomiss r noteS bonds drattS OF of
dences Of debt; by receiving commercial and
savings deposits under such regulations as 1t
may establish; by buying and selling coin and
N call
foreign and domestic issuing letters OF credit,
and by lpaning money on personal or real So
curity, as provided hereinafter.
SECTION 5. No bank shall transact any bust
less, except such as is incidental or necessarily
preliminary to its organization, until 1t has
been regularly authoFpl a BY the bank commits
SECTIoN6. The subscriptions to the capital
stock, and the direction " the affairs Of the
shall be In conformity with the statutes OF this
state. relating to corporations, regulating such
matters, so far as applicable. At least fifty per
cert of the capital stock Of every bank shall be
commence business, and the remainder of tho
capital of such bank shall be paid in, in cash.
in monthly installments of at least ten per cent.
OF the whole of the capital, payable at the end
of each succeeding month, from the time it
shalt be authorized by the bank commissioning
to commence business, and the payment of each
installment shall be certified to the bank COM
missioner, under oath, by some officer OF the
bank.
SECTION 7. Whenever articles of incorpora-
ton are fled with the bank commissioner. as
herein prov ided, and the bank transmitting the
same notifies the bank commissioner that at
least fifty PEI 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 bust
ness, the,bank commissioner shall examine into
the condition of such bank, ascertain the
amount of money paid 10 on account OF its capt.
tai the name and place O. residence of eachufit its
directors, and whether surh bank has complied
with all of the provisions of law required to en-
title il to engage in tho business Of banking.
II upon such examination it appears that such
bank Is lawfully entitled to commence business,
the bank commissioner shall forthwith give to
such bank certificate, under his hand and
official seal, that such bank is authorized to
commence business. II tho said bank commits
sioner has reason to believe that the stock
holders have formed the same for any other than
the legitimate business contemplated by this
act, be may, with the advice and consent of the
attorney general, withhold the certificate herein
SECTIos !. Tho bank shall cause the certia-
cato issued hereunder, to be published in some
printed in the village sty or county
after the receipt of such certificate. 1t no news
paper is published In such county. then such
publication shall be made at the nearest county
seat. Proof of publication shall be fled with
the bank commissioner.
SECTION 8. Whenever any subscriber for
stock or his assignee falls to pay any insta, y,
10 coid hereunder, the directors of such bank
mag sell the stock of such delinquent stock sub
gcriber at public SALE having first given the de-
linquent subscriber twenty days notice, per
sonally or by mail, at his last known ADDRESS
II no bidder can be found who will pay for such
stock the amount due thereon to the bank, WIZ
any cost incurred, the amount previously paieS
shall be forfeited 20 the bank, and such stoci
shall DO sold as tho directors may order, within
sixty days from the time OF such forfei tnIe ane
from the capital stock Of the bank II sold, an.
surplus over the ,amourit due on said stock Z
said bank including the cost incurred thereon
with interest on the amount due, shall be re-
turned to the subscriber, his heirs or assigns:
If such cancellation shall reduce the apital of
the bank below the minimum required By law,
the said capital shall. Within thirty days from
the date Of such cancellations be increased to
the required amount by additional subscrpL
lions. In event of the failure of said bank to
increase such capital as herein provided, the
bank 'c6pimiss 'oner shall apply fer p receiver
SECTION 10. The affairs Of the bank shall be
managed by board Of notices. than three direc-
tors, who shall be ELECTED BY The Stockholders
eessors have been elected and have qualified,
A majority of the board, Of directors shall con-
stitute quorum for tho transaction OF bust
ness provided, that when the number of direc.
tors shall exceed nine, they may, once In six
months designate by resolution, nine members
any five of whom shall constitute q quorum;
at q meeting held before the bank is authorized
to commence business by the bank commits
sioner, and afterwards at the annual meeting
of the stockholders, to be held during the month
tof July or January; and il for any reason an
election is not had at that meeting, it mas be
had at d subsequent meeting called for nat
purpose. of which due notice shall be given as
provided in the bylaws of such bank. Every
direct or shall take and subscribe an oath that
he will diligently and honestly perform his duty
in such 6fiice and will not knowingly violate or
permita violation Of any provision of this act;
flint he IL theowner in good faith OF stock In the
bank, standing in his name or the books Of the
bank commissioner and fled in his office. Any
vacancy in the board of directors shall be filled
by the board. and the director so appointed
OF SSnfs q sS sfe ed thef SSts tqF hr
and until their successors are elected and
qualified, unless sooner removed by the BOARD
sEeTles i. Every bank shall keep 2 stock
book, which shall at al times, during. the usual
tps q ks oeeTs Tctprs and soek
holders Of tho bank. Such stock baak Shall
show the name. residence and number OF sharSs
GERS OF SUCH bank to exhibit such boob, TO any
porSqA rEitfully femandn 9spgGt}loa thetsesol,
shall subject SPch otiicaF e tqiseirats II hssy
susl, book shall be. presnmptlFe EVIDENCE al the
facts m rein stated
Siren LON ~. The shares OF stock OF such oanS
shall be doomed personal property, and shaIi
be transferred on the books OF the bank in &C
cordance with the method provided by law for
transfer of stock IN corporations.
SECTION 10. At all stockholders meetings
each share of stock shall entltle the owner OF
record to one vote A stockholdar may vote at
any meeting of tho stockholders by PROXY. No
president or cashier shall act as proIy for any
stakeholder.
SECTION a. A bank may amend its articles
of association in any manner, nct ilfon s:::te:t
with the provisions of law; at any timet by a
vote Of its stockholders representing fwo-tnircs
of the canital stock, snch vote to be taken at a
meeting called for that purpose. A copy OF such
amendment, certified by the president and
cashiersshall be fled as required for. articles