Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-21

tion of every bank from which reports have beer
received, with an abstract OF the whole amount
OF capital returned by them. the whole amount
of their iiabilitiesNh total amount Of resources
and specifying the amount OF lawful money held
by banks at the time Of their several returns anc
snaii give tabuIated statement of the resource:
and liabilities of each bank, and such other in
formation as in bis Judgment may be req~ired
such report shall also contain statement 81
the banks whose business has been closed dur
ing the year, the aEsount of their resources and
liabilities, and the amount paid to the creditor.
thereof also statement q any banks organ
ized during the year. and shall also give list
| of the Stockholders their residences and thf
amount of stock held by each and the names 81
the directors and officers of each bank. He shall
also report the names and compensation of the
clerks employed BY him an the whole amount
ofthe expense OF the banking department during
| the year preceding.
CHAPTER II.
BANKS.
SEcTIoNi 1. Any number of adult residents Of
| Wisconsin. not less than three may associate ia
esta olish bank under this act. upon the terms
| prescribed ia this act, The aggregate amoung
| OF the acltal stock of any bank shall not be
less than ten Thousand dollars, iu villages OF
cities ha-ng less than two Thousand inha BIZ
| tantst ana shall not be less than twenty thou.
| sand dollars, in villages or cities having more
than two thousand aud less than six thousand
inhabitants; 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
SECTION 2. The persons SO associatine shall
| make, sign and acknowledge written articles of
| incorporation containing:
| First. declaration that they associate 1or
| the purpose OF forming banking corporation
| under this act.
| SECOND The rsme o: 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 DE divided into shares of not less than fits
| nor more than one hundred dollars each
| Fifth. The peiio.i for which such bank is or
| ganized. not exceeding fifty years
| SECTION g. Such articles of incorporation
snail be executed in ,triplicate. one of which
shs Il be recorded in the Office of the register of
deeds in the county in which the bank Is located
one shall be filed in the office of the bank com
missioner, and one shall be filed in the Office of
| the secretary of state.
| SECTION 1. Upon making end filing of the
| articles OF Incorporation the bank shall become
body corporate, and as such shall have the
First To make all contracts necessary and
proper to effect its purpose and conduct its BUSH
| ness.
Second. To sue aud be sued, to appear and
defend in all actions and proceedings under its
| corporate name, TO the same extent as nat
| ural person.
Third. To have a common seal and alter the
same at pleasure.
Fourth. To elect or appoint all necessary
officers, agents and servants define their duties
| ana oDHgatlons, Tx their compensation, dis
miss them, fill vacancies and require bonds
FHth 70 make. amend and repeal bylaws
and regulations, not inconsistent with law or
| It's articles Of organization for its own govern
ment, for the 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 CT
convenient FOR the accomplishment of its pur-
pose.
Sixth. To exercise, by its directors, duly au-
| thorized officers, or agents, all such powers as
shall be necessary to carry on the business of
banking, by buying, discounting and negotiat-
lng promIssory notes, bonds, drafts bills OF ex.
| change, foreign and domestic. and other evil
| dences of debt; by receiving commercial and
savings deposits under such regulations as it
may establish; by buying and selling coin and
| bullion, and by buying and selling exchange,
| foreign and domestic issuing letters of credit,
and by ioaning money on personal or real Sc
curity, as provided hereinafter.
SECTION 5. No bank shall transact any bust
TESS, except such as is incidental or necessarily
preliminary to its organization, until it has
been regularly authorized by the bank commits
| sioner to commence the business of banking,
SECTIONS. The subscriptions to the capital
stock, and the direction OF the affairs of the
corporation prior to the election of directors,
shall be in conformity with the statutes of this
state, relating to corporations, regulating such
matters so far rs applicable. At least fifty per
cent of the capital stock of every bank shall be
paid in, In cash before it shall be authorized t.
commence business, and the remainder of tho
capital of such bank shall be paid in, in cash,
Il l.
on the whole of the capital payable at the end
of each succeeding month, from this time it
shall be authorized by the bank commissioner
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 T. Whenever articles of incorpora-
ton are filed with the bank commissioner, as
herein provided, and the bank transmitting the
same notifies the bank commissioner that at
least fifty per cent of its capital has been duly
maid in and that sucb hank has pOrnRia1 wit h
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 in on account of its CAPT.
tai the name and place of residence of 3chof its
directors and whether such bank has complied
with all of the provisions of law required to en-
title it to engage in the business of banking.
If 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
commend business. Ii the said bank commits
sioner has reason to believe that the stock
holders have formed the same for any other than
the legii innate business contemplated by this
act, he may with the advice and consent OF the
att, ey-general, withheld the certificate herein
men Toned.
Sc TIoN 8. The bank shall cause the cerGif
"a te is med hereunder to be published in some
newspao DER printed in the village city or county
where such bank is located within ten days
afteI he receipt of such certificate If no news
published IN Such county, tneu SUCH
publication shall be made at the nearest county
seat. Proof of publication shall be fled with
the bank commissioner.
SECTION 9. Whenever any subscriber for
stock or his assignee, fails to pay any Install
ment on the stock when the same Is required 70
be paid hereunder. the directors of such bank
may sell the stock of such delinquent stock sub
scriber at public sale, having first given the de
linquent subscriber twenty days notice, per
sonally or by mail, at his last known address
If no bidder can be found who Will pay for sneE
e+OoE tho dine thereon to 10 Dp 4, WIFI
any cost incurred, the amount pre-. iUdsly palc
shall be forfeited to the bank, and such stocl
shall be- sold as the directors may order, within
sixty days from the time of such forfeiture, ant
If not sold, it shall be cancelled and deducted
from the capital stock of the bank. II sold an
surplus over the amount due on sald STOCK u
said bank, including the cost incurred thereon
with interest on the amount due, shall be re.
turned to the subscriber, his heirs or assigns
II such cancellation shall reduce the capital OF
the bank below the minimum required by law,
the said capital shall within thirty days from
the date of such cancellation, be u. INased to
the required amount by additional subscrip'
sions. In event of the failure of said bank to
increase such capital as herein provided, the
bank commissioner shall apply for receiver
to close up the business of the bank,
SECTION 10, The affairs of the bank shall be
managed by board of not less Ilan three direo-
tors. who shall be elected by the sttSockhol9ers
cessors have been elected and have qualited.
A majority OF the board OF directors shat! con-
tstItnfA quorum Tor SflI tf3HSaCttDH OF DuSl-
ness; provided, that when tie humber of diree-
tors shall exceed nine, they may. once IN SIX
months, designate by resolution, nine members
any five of whom shall constitute a quorum:
In the first instance the directors shall be elected
lat meeting held before the bank is authorized
to commence business by the bank connls-
soner, and afterwards at the annual meeting
of the stockholders, to be held during the month
lof July or January and II for any reason an
election is not had at that meeting, 1t may be
had at subsequent meeting called Tor NAT
s,ll m hp "a
provided in the b. laws of such bank. Every
direct or shall take and subscribe an oath that
he will diligently and honestly perform his duty
lin such office, and will not knowingly violate or
permit violation Of any provision OF TINS act
that hs is the owner In good faith OF stock IN the
bank, standing in his name on the BOOKS OF the
bank Such oath shall be transmitted to the
hank commissioner and filed in his Qtilce ANY
vacancy 10 the board of directors shah be I LED
by the board, and the director 90 appop t ted
shall hold office until he next election. The
officers of the bank shall be elected by the board
of directors and hold their offices for one year,
and until their successors are elected and
qualified, unless sooner removed by the board
SECTION H. Every bank shall keep a stock
book, which shall at all times during the usual
hours for transacting business, be subject to the
inspection of the officers, directors and stock
holders of the bank Such stock book shall
show the name, residence and number OF shares
held By each stakeholder. 4 refusal by the ON
GERS of such bank 10 exhibit such book 20 any
person right lily demanding inspection thereof
shall snbjec such officer to forfeiture Of nifty
dollars. In all actions, snits and proceedings,
such book shall be presumptIge evidence OF the
facts therein stated
SECTION IL. The shares of stock of such bank
shall be deemed personal property; and shan
be transferred on the books of the bank IL ac
cordanee with the method provided BY law for
transfer of stock in corporations.
2EcTIoE 10. At Al stockholders meetings
each share of stock shall entitle the owner OF
record to one vote stakeholder may vote at
any meeting of the stockholders BY proxy. No
president or cashier shall act as proxy for any
stockholdsF.