Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-15

OF the provisions of this act in which the state
any of its officers agents, shall be parties,
shall be conducted under the direction and su-
pervISlOn OF the attOTney-general.
SECTION 10. Copies of all records and papers
in theoffice of the bank commissioner, certified
by him, and authenticated by his seal of office,
shall be evidence in all cases, equally and Of
like effect as the original.
/ SECTION Ii. During the month of December
of each year, the bank commissioner shall ma ke
an annual report TO the governor of the state
which report shall be published and shall e1-
hibit the condition of the various banks of this
state as of the day OF the last report made to
report shall conta III a statement of the condl-
ton Of every bank from which reports have been
received, with an abstract OF the whole amount
of ca pital returned by them. the whole amount
OF their liza blities, the total amount of resources
and specifying the amount OF lawful money held
by banks the time of their several returns, and
shall give Il tabulated statement of the resources
aud liabilities of each bank, and such other in
formation in his Judgment may be required.
Such report shall also contain a statement OF
the banks whose business has been closed dur
ing the year, the amount of their resources and
liabilities and the amount paid to the creditors
thereof; also q statement Of any banks organ
lied during the year; and shall also give a list
of the stockholders, their residence, and the
amount of stock held by each, and the names Of
the directors and officers of each bank. He shall
also report the names and compensation of the
clerks employed by him, and the whole amount
of the expense of the banking department during
the year preceding.
CHAPTER II.
BANKS.
SECTION /. Any number of adult residents of
Wisconsin, not less than three. may associate to
establish bank under this act, upon the terms
and conditions and subject to the liabilities
prescribed in this act. The aggregate amoung
of the ca pital stock of any bank shall not be
less than ten thousand dollars, in villages or
cities having less than two thousand inha BIZ
tants; and shall not be less than twenty thou
sand dollars, in villages or cities having more
than two thousand and less than six thousand
iuha bit3r and shall be less than tftV
thousand dollars in any village or city having
more than six thousand inhabitants, according
to the last official census
SECTION2. The persons SO as3ociating 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 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's
such bank is to be located.
Fourth. The amount of capital stock, which
shall be divided into shares ofnot less than fifty
nor more than enc hundred dollars each.
Fifth. The period for which such bank is or
gained, not exceeding fifty years.
SECTION 3. Snch articles of incorporation
shall be executed in triplicate. one of which
shall 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, ana one snail De ule(i III the ONCE OF
the secretary of state.
SECTION 4. Upon making and filing of the
articles of Incorporation the bank shall become
a body corporate, and as such shall have the
First. To make all contracts necessary and
proper to effect its purpose and conduct its bust
ness.
Second. To sue and be sued to appear and
defend in all actions and proceedings under its
corporate name, to the same extent d nat
ural person.
Third. To have common seal and alter the
same at pleasure.
Fourth. To elect or appoint all necessary
officers, agents and servants, define their duties
and obligations, fix their CONDENSATION dis.
miss them. fill vacancies and require bonds
Fifth. To make, amend and repeal bylaws
and Teguia lions, not inconsistent with law or
its articles Of organization, for it's 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 Oil.
GERS; and such Others as shall be necessary or
convenient for the accomplishment of its pur-
pose.
thOrized officers, or agents, all such powers as
shall be necessary to carry on the business of
banking, by buying dlscOuntlng and negOtlat-
ing prOmiSSOry notes, bonds, drafts. bills of Px-
change, foreign and domestic. and other evi-
dences of deot; by receiving commercial aud
savings deposits under such regulations As 1t
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 So
cuTity, as provided hereinafter
SECTION No bank shall transact any bust
moss. except such as is incidental or necessarily
preliminary to its organization. until it has
been regularly authorized by the bank commits.
si0uCr to commence the business of banking.
SECTION g. The subscriptions to the capital
stock, and the direction of the affairs of tho
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 as applicable, AT least fifty per
,1..t,,, r -l,n
paid in, in cash, before it shall be authorized to
commence business, and the remainder of the
capital of such bank shall be paid in. in cash,
in monthly lnStal!mentS of at least ten per cent.
on tine whole Of the capital, payable at the end
Of each succeeding month, from the time 1t
shall be authorized by the bank commissioning
to commence business, and the payment of each
iustal!mrnt shall be certified to the hank com
missioner, under oath, by some officer OF the
oank.
SECTION I. Whenever articles of incorpora.
iion are fled with the bank commissioner as
herein provided, and the bank transmitting the
eame notifies the bank commissioner that at
least fifty per cent of its capital has been Only
paid in. and that such bank has complied with
Ill of the provisions of this act required before
shc bank shall be authorized TO commence bust
ness the bank commissioner shall examine INTO
the condition of such bank, ascertain tho
amount of money paid in on account Of its ca pl-
tai. the name and place of residence OF eachut 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 1t appears that such
bank is lawfully entitled to commence business,
the bank commissioner shall forthwith give 10
such bank a certificate, unCer his hand and
official seal, that such bank is authorized to
commence business. If the said bank commits IS
siOner has reason 70 believe that the stock
holders have formed the same for any other than
the Legitimate business contemplated by this
act, he may, with the advice and consent of the
attorney withheld the certificate herein
mentioned.
SECTToN s. The bank shall cause the certif-
70 hnrnnDdnr RI 10
newspaper printed in the village, city or county
where such bank is located, within ten days
after the receipt of such certificate. If no news
p7ner is published 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 8. Whenever any subscriber for
stock or his assignee, fails to pay any install
ment on the stock when the same is required to
be paid hereunder, the directors of such bank
may sell the stock Of Such delinquent stock SUBJ
scrber 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 such
stock the amount due thereon to the ban k, 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. II sold, any
surplus over the amount due said stock to
| said bank, including the cost incurred thereon
| with interest the amount due, shall be re-
! turned to the subscriber, his heirs or assigns
If such cancellation shall reduce the capital OF
| the bank below the minimum required by law
t. e said capital shall. within thirty days from
the date of such cancellation. be increased to
! the required amount by additional subScrip-
tions 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 han three direc-
tors, who shall be elected by the stockholders
and hold office for wear. and until their sue
! cessors have been elected and have qualified.
! \ majority of the board of directors shall con-