Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-11-03

written notice to make good the deficiency so
enuearing or found to exist, ii shall be the duty
al the bank commissioner, with the approval OF
the attorney general, to institute pcocee for
the appointment OF receiver of said bank TO
wlud up its business. In any case, whore the
capital of bank shall have become impaired
or reduced below the amount required BY law
tie board OF directors of such bank shall have
the power to make pro rata assessment upon
All OF the stock of said bank TO make good such
defciency and may provide that tire amount Of
such deficiency shall be due and payable at q
time " be fixed 10y such board of directors which
time shall be not less than ten days after notice
of said assessment, and If any stakeholder shall
fail neglect 70 pay the amount of the assess
nent against his stock for ten days after the
: me shall have become so due and PAYABLE the
directors of such bank may offer said stock for
sale, aud sell the same at public sale upon ten
DAYS notice to be given by posting copies OF
notice of sale in five public places in the village
or city where such bank is located. Upon such
sale the purchaser shall forthwith pay the
aruouut of the assessment against said stock
Tie amount received from the sale of said stock
less the cost and expense of such sale, shall be-
paid TO the original owner of such stock,
SECTION T. On becoming satisfied that any
bank has refused TO pay its depositors, in ac-
cordauce with the terms on which such deposits
were received, or that any bank has become in
.,l,ti,. or that its ca pItai has become impaired
OF that any bank has violated any of the pro-
visions of this law, the bank commissioner may
forthwith take possession of the books records
aud assets of every description II such bank,
aud hold the same, and such books, records and
assets shall NOT be subject to any levies or at
tachmeuts, until "A court of competent jurisdic.
tiou can be applied TO for the appointment of
receiver for such bank, who, under the di, ectoo
of the court, shall take possession Of the bookk
zecoGds and assets OF every description, collect
all debts. dues and claims, aud sell or compound
al doubtful debts and sell all real and personal
property on such terms as the court shall direct,
and il necessary. enforce the individual liability
of stockholders. Such receiver shall pay over
all money by him received under the order OF
the court, and shall also make report to the
bank commissioner, as often as required by him,
of his acts and proceedings.
SECTION 5. In the event that any two banks
shall be doing business IN the same building,
upon the same floor, and in such close proximity
as 10 interfere with the proper examination OF
either bank, the bank commissioner may require
either of said banks to remove its banking office
to some other location, withiA such reasonable
time as may be fixeo by the bank commissioner.
SEcTIoN9. All proceedings by any bank 10
eninin the bank commissioner in the discharge
OF his duties, shall he had in the county where
said bank is loca ted, or in the supreme court Of
th- state. All suits and proceedings aris ing out
OF he provisions OF this act, in which the state,
or any of its officers agents, shall be parties,
shall be conducted under the direction and su.
peryision of the attorney-general.
SECTION 10. Copies of all records and papers
in the office of the bank commissioner, certified
by MIN, and authenticated by hj seal Of office,
shall be evidence in all cases, equally aud OF
like effect the original
SECTION IL. During the month of December
of each year, the bank commissioner shall make
an annual report TO the governor of the state
hihit the condition of the various banks of this
state, as OF the day of the last report made TO
the bank commissioner by such banks and such
report shall contain statement of the coudi-
ton of every bank from which reports have been
received, with an abstract of the whole amount
OF capital returned by them, the whole amount
OF their liabilities, the total amount OF resources,
and specifying the amount of lawful money held
by banks at the time of their several returns and
shall give a tabulated statement of the resources
and liabilities of each bank, and such other in
"A : m = IN
Such report shall also contain statement of
the banks whose business has been closed dur.
, in- the wear. the amount of their resources and
liabilities and the amount paid 10 the creditors
the eof; also a statement Of any banks organ
ized during the year; and shall also give Inst
of the stockholders, their residence, and the
amount of stock held by each, and the names Of
the directors and officers of each back. lie shall
also report the names and compensation OF the
clerks employed 10y him, ana the whole amount
of the expense Of the bankins department during
the year preceding.
CHAPTER H.
BANKS
SECTION |. ANY number OF adult residents OF
Wisconsin, not less than three may associate to
esi ablish bank under this act, upon the terms
ant conditions aud subject to the Liabilities
prescribed in this act The aggregate amouug
OF the capital stock of any bank shall not be
less thau ten thousand dollars in Villages or
cities having less than two thousand iuhabi-
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
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 asSociating shall
make, sign and acknowledge written articles Of
Incorporation containing:
First. declaration that they associate for
the purpose oil 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 prganized 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 be divided into shares of not less than nifty
nor more than one hundred dollars each.
Fifth. The period for which such bank is or
gained, not exceeding fifty years
SECTION 3. Such 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 fled in the office of the bank com
missioner, and one shall be filed in the office OF
the secretary of state.
SECTION 4. Upon making and filing of tho
al ticles of incorporation the bank shall become
a body corporate, and such shall have the
following powers:
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 ii Al actions and proceedings under its
cOrpp. ate name, TO the same extent as a nat
urAl IersOn.
Third, To have a common seal and alter the
same at pleasure.
Fourth. To elect or appoint all necessary
officers, agents aud servants define their duties
and obligations, fix their compensation. dis
miss hem, fill vacancies and require hplr1s.
Fifth 70 make. amend and repea. by laws
and regulations not Inconsistent with law or
its articles of organization, for its own govern
msnf. for the orderly conduct Of lts affairs and
the management of It's property, for determln-
aug the manner Of calling and conducting its
meetngs, the tenure Of office Of it, several oth-
GERS. and such others as shall be necessary or
convenient for the accomplishment of its pur-
pose.
SIKH. To exercise, by its directors, duly au.
thorized officers or agents, all such powers az
shall be necessary TO carry on the business OF |
banking by buying, dscountlng aud negotiat- |
iug prumissory notes. bonds, drafts, bills OF e1
change foreign and domestic. and other evl- |
deuces OF debt, by receiving commercial and
savings deposits under such regulations a. II |
NAV establish. by buying and selling coin and |
bullion and by buying aud selling exchange, |
foreign and domestic; issuing letters of credit /
and by loaning money on personal or real SCI |
curity. as provided hereinafter
SECTION 5 No bank shall transact any busi |
ness except such IS incidental or necessarily |
preliminary to its organization, until II has |
been regularly authorized by the bank commits |
sloncr to commence the business of banking
SECTION g. The sub ,criptions 10 the capital |
stock and the direction OF the affairs Of the |
.laN u. Ef a ]