Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-08-29

shall be sold as the directors may order, within
sixty days from the time of such forfeiture, ana
if not sold it shall be Cancelled and deducted
from the capital stock OF the bank Ii solo' any
surplus over the amount due on sald STOCK 70
said bank, including the cost incurred thereon,
with interest on the amount due, shall oe re-
turned to the subscriber his heirs or assigns:
If such cancellation shall reduce the capltal OF
the bank below the minimum required py law Jaw,
the said capital shall, within thirty days from
the date of such cancellation, be increased 10
the required amount by additional suDsci l p
increase such capital as herein provsded, Cne
bank commissioner shall apply for receiver
to close up the business OF the bank.
SECTION 10. The affairs 1T the bank shall be
managed by a board of not less thahthFee dlTec
! tors, who shall be elected by the stockholders
and hold Office for one year. and until shelr sue
| cessors have been elected and have guaIlned
majority of the board OF directors sh al b Eoi
| ness: provided, that when the number OF dlrec,
! tors shall erraed Dirr. they may. once In SIX
any i've of whom shall constitute a quorum;
In the first instance the directors shall be electeo
at meeting held before the bank is authorized
| to commence business by the bank cornn1s-
sioner and afterwards at she annual meeting
of the stockholders, to be hel9 during the montn
| of July or January; and III for any reason an
! election is not had at that meeting, 1t may De
I had. at 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 office, and will NOT knowingly violate or
permit violation of any provision OF TINS aGe
that he is the 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
bank commissioner and filed IN ms ONCE. AN Any
vacancy in the board Of directors shall be niied
| by the board, and the director so appointed
| shall hold office until the next election The
officers of the bank shall be elected by the board
of directorsand hold their Offices for one year;
and until their successors are elected ana
| qualified, unless sooner removed By the board
| of directors
| book, which shall at all times, during the usual
hours for transacting business be subject TO tne
inspection of the officers, directors ana stpcS n
| sh0w.the name, residence and number OF shares
held by each stockholder. A refusal by the OH
| GERS of such bank. to exhibit such book to any
person rightfuly demanding INSPECTION thef6efGf
shall subject such officer to forfeiture OF MY
I dollars. II all actions, suits and proceeoiangs,
such book shall be presurhptlve evidence q the
| SECTION H. The shares of stock of such bank
4 shall be deemed personal property, and snali
I 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 al stockhoiderS meetings
1 each share of stock shall entitle the owner OF
record to one vote. a stockhoider may vote M
l president or cashier shall act as proxy for any
stakeholder. lsE
SECTION ii. bank may amend its articles
of association IN any manner, not inconsistent
4 with the provisions of law, at any time by q
vote of its stockholders representing two-thlrds
of the capital stock, such vote to be taken az 2
4 amendment. certified by the president, and
cashier, shall be filed as required for articles
Of incorporatton No iasrsase Ct CAPITA a snan
I scribed and actually paid in. No reduction OF
/ capital shall be made to less amount than
is required under the provisions OF this act for
capital nor be valid or warrant the cancellation
I of stock certificates, or diminish the personal
liability of stockholders, until such reduction
/ has been approved by the bank commissioner.
by him that the security Of the existing credi-
s tors will not be impaired by the proposed reduc-
= ton -
SECTION 15 bank may purchase, hold and
convey real estate for the following purposes
and no others:
! First. Such as shall be necessary for Il Q con-
venient transaction OF it's business, including
with its banking offices other apartments to
rent as q source Of income. No bank shall in
vest in a banking office, including apartments
connected Herewith, a sum exceeding twenty.
five per cent. OF its paid in capital; provided.
that this Limitation shall not apply to the
present hold IS Of banh3 now doing, business
Second. Such as shall be conveyed to it in
satisfaction of debts previously contracted in
the course of its business.
Third. Such as it shall purchase at sale on
judgments, DEGREES, or mortgage foreclosures
under securities held by it; but bank shall not
bid at such sale larger amount than is neces-
sary to satisfy its debts and costs. No real es
tate acquired in the cases contemplated IN the
second and third subdivisions preceding, shall
be held for longer time than five years. ex-
cept an extension is granted by the bank com
missioner. If such extension be not granted,
it must be sold at private or public sale within
ninety days thereafter. Nothing in this section
shall be construed to prevent bank from loan
ing money upon real estate security as provided
by law Real estate suau be conveyed under
the corporate seal of the bank, and the hand OF
the president or vice-president and cashier or
SECTION IT, Every bank shall make to the
bank commissioner not less than three reports
during each calendar year, at such times as the
cording to the forms which he shall prescribe
and furnish. Such forms shall conform as nearly
banks including the schedules. Such reports
shall be signed and verified By the oath or
affirmation of one of the officers Of such bank,
Such report shall exhibit in detail and under
proper heads, the resources and Liabilities OF
the bank at the close OF business Of any past day
be transmitted to said bank commissioner with
in ten days after the receipt Of request therefor
from him. Such reports shall be published by
the bank in q newspaper IN the village or city
condensed form as may be prescribed by the
bank mmissioner. Proof OF publication shall
be furnished to said bank commissioner. At
the hank commissioner, on call by him, list
of its stockholders, thoir residence. and the
amount Of stock held by ga zach WHICH repSrt
alton of one Of the officers OF said bank. The
bank commissioner shAu also have the power
10 call for special reports from any bank,
whenever in his Judgment the same ls necessary.
to inform him fully Of the condition Of such
bank.
SECTION H. Every banA failing TO make and
transmit to the bank eonmiss Toner any OF the
reports required by this act, shall be subject to
a forfeiture of one hundred dollars for each day
after the time required TOR making such reports.
Whenever any bank fails or refuses to pay the
forfeiture herein imposed for failure to make
and transmit such report, the bank commits
sioner is hereby authorized to institute pro-
ceedings for the recovery OF such forfeiture.
SECTION Is Whenever any officer Of bank
shall refuse to submit the books, papers and
concerns of such bank TO the inspection of the
bank commissioner, his deputy or examiner ap-
pointed hereunder, or refuse TO be examined on
oath touching the concerns Of the bank, the
bank commissioner may. With the approval of
the encouragement, institute proceedings for
the appointment OF a receiver of such bank to
wind up its business.
Section 10. Every officer or employee of any
bank required by law TO take any oath or af-
irmation, who shall wilfully 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
this state for the punish ment of perjury.
SECTION 90. Any bank organized under this
act may reorganize under the laws OF the United
States as national bank. AS soon as such bank
N -IA a-ASG l,n