Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-22

commissioner Is hershy aIsEEl0r4zes ~ AtL7es
tute proceedings tcr J-29 EScSSe-9 -
section is. whenever any ofTicer q :
rank shall refuse to SUBMIT ing oocAs. ~
T,e,,s and concerns Of such bank TO the III
snnction OF the bank commissioner Als
deputy or examiner appointed heTel Lll5s
or refuse to be examined on oatn touctdIl IFS
the concerns of the bank, the pans 49, ~
missioner may, with the approval OF me
attorney-general, institute proceedings TOT
the appointment of q receiver OF saca oai'A
to wind up its business. -
Section 49, Every officer or ernpicA zee " y,
any bank, required by law to take any oae an
or affirmation, who shall Wllfuliy sMeat ~ y.
affirm falsely upon any materla! niA md q, nj
upon conviction thereof, shall be punlslee leu
as provided by the laws or TINS Stale LII
the punishment of perjury.
Section 20. Any bank organized unoes
this act may reorganize under the laws OF
the United States as a national oank; "A. As
soon as such bank shall have Obtained Ins
certificate from the comptroller OF sns , cas
rency authorizing 1t to commence business
under the United States banking law, SUCH en-
reorganized bank shall take and h9ld s,, az,
Of the assets real nd ard this aet subject
all liabilities existing against SAID DanH Oh s,
ganized under this act, at the time OK sucn
Section Il. Any national bank author
ized to dissolve. and which shall have ia
ken the necessary. steps to enece oisSoa sou,
ton, may reorganize under this act. upoi1'
two-thIrds Of the capital stock or sucn
bank. and with the approval Of the pan nlS
commissioner. Such stocknoloer.s, - sna ~
organization as required by this act. ana 10
shall set forth the said written consent q q
such stockholders. Upon the fling or salo
fhe as Of the bank
bank shall be deemed to be reorganlzteo
under this act. and thereupon All assets,
real and personal, Of such dissolved ma,
tional bank, shall be vested In, and be ano
become the property of such reorganlzeu
bank subject to all liabilities OF such ma
tional bank not hquidated before sucn re-
Section %. A bank which is in good faith
winding up it's business, for the purpose OF
consolidating with some o1ner Pans, I 4hs
bank with which 1t is In process OF con-
solidation; but no consolidation snall De
made without the consent OF the Dank co5il-
missioner and not then to defeat or De-
fraud any Of the creditors in the collection
of their debts against said banks, or either
Section %. Any bank organized or. doing
business under the provisions Of this act,
may go into liquidation by a vote OF IT'S
stockholders owning two-th1rds OF the capl s
into liquidation, 1t shall be the duty OF the
board of directors to cause notice or TINS
fact to be certified, under the seal OF the
bank commissioner, and publication there
of. notifying the creditors to present their
claims against the bank for payment, shall
be made once IN fha oea i etate
and also in a newspaper published IN the
village, city or county In which the pank
is located. and if no newspaper Is Tiers
at the nearest county seat.
Section "a Every bank shall keep on
hand at all times, at least fifteen per cent
of which shall be in lawful money, and the
balance of such percentage may be on de-
post in banks approved by the oank com.
missioner as reserve BANKS; except IN th h.,
the bank commissioner as reserve banks
which banks shall at all times keep on
hand at least twenty-five per cent OF ihelr
total deposits, at least two-fifthss of which
shall be in lawful money, and the balance
may be on deposit in banks approved by
the bank commissioner as reserve banks.
bank shall fall below the amount required
herein to be kept. such bank shall not in
crease it's loans or discounts otherwise than
by discounting or purchasing bills OF ex-
change, payable at sight or on demand,
and the bank commissioner shall notify
any bank whose reserve may be below the
amount herein required, to make good such
reserve, and in case the bank fails for thirty
days thereafter to make good such re-
serve, the bank commissioner may, with
the approval of the attorney-general, In.
stitute proceedings for the appointment OF
a receiver, and to wind up the business OF
the bank.
Section &C. The total liabilities Of any
person, co-partnership or corporation, 10
any bank, for money borrowed, mcludlns
in the liabilities of the co-partnershlp the
liabilities Of the several members Thereon,
exceed fifteen per cent of the amount OF
capital and surplus of such bank; Dut tne
discounting Of bills Of exchange, drawn IN
GOOD faith against actually existing values,
and the discounting of commercial or bust
ness paper actually owned by the person
negotiating the same shall not be Gonsld-
a tWo-thirds vote of the directors. the liza
bilities of any person, co-partnersh1p or
corporation, may be increased to a total
sum not exceeding twentyf i've pc per RI, cent Oh
Section q. No bank shall take for securi-
ty. for any loan or discount a lien upon
any part of it's capital stock. No bank
shall be the holder of or purchaser OF any
portion Of it's capital stock, unless such
purchase shall be necessary to prevent loss
upon a debt previously contracted in good
case be held by the bank for a longer time
than six months, if the stock can De sold
for the amount of the claim OF the bank
against the same, and it must be sold for
the best price obtainabIe within one yeaI,
or it shall be Cancelled, and shall then
amount to a reduction OF the capital stock;
provided that if such reduction shall re-
duce the capital stock below the 1alnirnuln
required by law, such capital stock shall
ce again increased to the amount required
by law, as provided herein.
Section rs. 1t snail not De lawful Tor any
bank to loan TO any of its officers, directors,
clerks or employees, any Of the funds q
the bank, unless the same shall have been
authorized, both as to amount and secur-
ity, by resolution Of the board OF directors,
to be recorded
Section 49, No bank shall lend an
amount exceeding twenty per cent OF its
capital stock upon mortgages, or any other
form of real estate security, except on the tn
adoption of resolution by two-thirds
vote OF the board of directors, specifying
some larger amount which it's officers p may "a
that in no event shall any bank so loan an
amount to exceed twenty-five PEI, cent OF Of
deposits; and provided, that banks doing
business in villages or cities having less
than six thousand Inhabitants, under the
last official census, may loan sum not to
exceed thirty-three and one-third per
cent of the aggregate of it's CAPT
tai, surplus and deposits, upon 291a real al
this section shall not preclude any
bank from taking real estate security, upon
any Indebtedness previously contracted in
good faith upon personal security. and pro
Vided, further, that any bank having taken
real estate security for such debts so pre-