Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-10-13

i
| provisions Of law required to entitle 1t to
engage in the 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.
| If the said bank commissioner has reason
| to believe that the stockholders have
fo,m.d the same for any other than the
| legitimate business contemplated by this
| act, he may, with the advice and consent
| OF the encouragement withhold the GER
! tificate herein mentioned.
Section s. The bank shall cause the GER
| tificate issued hereunder. to be published
| in some newspaper printed in the village,
city or county where such bank is located,
within ten days after the receipt Of such
in such county then such publication shall
be made at the nearest county seat Proof
of publication shall be filed with the bank
commissioner.
Section g. Whenever any subscriber for
stock, or his assignee, fails to pay any in
stallnent on the stock when the same is
required to be paid hereunder. the directors
delinquent stock subscriber at public sale,
having first given the delinquent subscriber
twenty days notice, personally or by man,
at his last known address. If no bidder
can be found who will pay for such stock
the amount due thereon to the bank, with
any cost incurred, the amount previously
paid shall be forfeited to the bank, and
such stock shall be sold as the directors
may order, within sixty days from the time
Of such forfeiture, and if not sold, it shall
be Cancelled and deducted from the CAPITAL
stock OF the bank. If sold. any, surplus
over the amount due on said stock to said
bank, including the cost incurred thereon,
returned to the subscriber. his heirs or as
signs. If such cancellation shall reduce
the capital Of the bank below the minimum n
required by law, the said capital snali,
within thirty days from the date of such
cancellation, be increased to the required
amount by additional subscriptions In
event Of the failure of said bank to increase
such capital as herein provided, the bank
commissioner shall apply for a receiver to
close up the business of the bank.
Section 10. The affairs of the bank shall
be managed by a board of not less than
three directors, who shall be elected by the
stockholders and hold office for one year,
and until their successors have been eject
board of directors shall constitute quo
rum Tor the transaction of business; pro-
vided, that when the number OF directors
shall exceed nine, they may. once in six
members, any five of whom shall consti-
tute quorum. In the first instance the df-
before the bank is authorized to commence
business by the bank commissioner, ana
afterwards at the annual meeting OF the
stockholders, to be held during the month
of July or January; and if for any reason
an election is not had at that meeting, It
may be had at subsequent meeting called
for that purpose, Of which due notice sha!l
be given as provided in the bylaws CT such
bank Every director shall take and sub,
scribe an oath that he will diligently ana
honestly perform his duty in such othce,
and will not knowingly violate OF permit
violation Of any provision Of this act; thaa
he is the owner in good faith OF stock IN
the bank, standing in his name on the
books of the bank. Such oath snail p4
transmitted to the bank commissioner and
board Of directors shall be filled by the
board, and the director SO appointed shall
hold Office until the next election. Inc OIL
ficers 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 re-
moved by the board of directors.
Section Il. Every bank shall keep
stock book which shall at all times, during
the usual hours for transacting business,
be subject to the inspection Of the officers,
directors and stockholders OF the pahh.
Such stock book shall show the name, resi-
dence and number of shares held by each
stockholder. = refusal by the officers Ct
such bank to exhibit sucn book TO any per-
son rightfully demanding inspection
thereof, shall subject such ofTicer, to a Tor
fixture Of fifty dollars. In all actions,
suits and proceedings, such book shaIl pe
presunptiye evidence OF the f2ctS I+lefelh
stated
bank shall be deemed personal property,
and shall be transferred on the books OF
the bank in accordance with the method
PROVIDED Dy IL" 1oi >i'tiAf71FA ~ N7F1>r-N 49,
Corporations.
Section 10. Al all stockholders meetings
each Share Of stock shall enttle the owner
Of record to one vote. \ StocAhoLqef may
vote at any meeting Of the stGcAholdeTS ny
proxy. No president or cashier snail ac'
as proxy for any stockholder. 80.
Section a. A bank may amend It's artl-
cles of association in any manner, not IN
consistent with the provisions of law, at
any time, by vote OF us stocknoldets le ef
resenting two-thrds of the capital stock,
such vote to be taken at a meeting canea
for that purpose. A copy of such amend
nent, certified by the president ana cash.
Ter, shall be filed as required for articles OF
Incorporation; No increase OF capi5as S hal3
subscribed and actually paid In. NO re-
duction Of capital shall be made, to a less
amount than is required under the pToVls-
ions of this act for capital, nor be VaLd o.
warrant the cancellation of stock certlil.
Gates, or diminish the personal llablllty OF
stockholders, until such reduction mas Deen
approved by the bank commissioner. Such
approyal must be based upon finding by
him that the security Of the existing cred,
itors will not be impaired by the proposed
reduction. va
Section Is. A bank may purchase, hold
and convey real estate for the tolloWlnG
purposes and no others:
First. Such as shall be necessary for the n
convenient transaction of it's business, IN
GLIDING with it's banking Offices otheI
apartments to rent as a source OF income
No bank shall invest in banking o1lce'
.
a sum exceeding twenty-five per cent CT
its paid in capital; provided, that this linn
itation shall not apply to the present hold-
ings OF banks now doing business.
Second Such as shall be conveyed to 1t
in satisfaction of debts previously contract
ed in the course of it's business.
Third. Such as it shall purchase at sale
on Judgments deG&ees, or nortgage fore
closures under securities held by it; but
bank shall not bid at such sale larger
amount than is necessary to satisfy. its
debts and costs. No real estate 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 ai
granted, it must be sold at private or pup
lie sale within ninety days thereafter.
Nothing in this section shall be construed
to prevent a bank from loaning money
upon real estate security as provided by
law. Real estate shall be conveyed under
the corporate seal of the bank, and the
hand of the president or vice-president and
cashier or assistant cashier.
Section L. Every bank shall make to the
hank commissioner not less than three re-
ports during each calendar year, at such
fimel as the said commissioner shall re-
Quire the same, according to the forms
x,S~I. ~