Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-27

this state. All suits and proceedings arising out
of the provisions of this act, in which the state,
or any of its officers CT agents, shall be parties,
! shall be conducted uLder the direction and su-
| pervision OF the attorney-general.
! SECTION 10. Copies of all records and papers
in the Office of the bank commissioner, certified
by him, and authenticated by his seal of office,
! shall 'pe 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 make
an annual report, to the, governor of the state
| which report shall be published and shall ex-
hibit 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: ard such
! report shall contain statement OF the cond1
! ton of every bank from.which reports have been
! received, with an abstract of the whole amount
| of ca pltaI returned by them. the whole amount
of their liabilities, the total amount of resources
and specifying the amount of lawful money held
by banks the time of their several returns, and
shall give tabulated statement of the resources
and liabilities of each bank, and SUCH other IN
formation as in his judgment may be required.
Such report shall also contain 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 a statement Of any banks organ.
| lied during the year; and shall also give list
of the stockholders, their residence, and the
| amount of stock held by each, and the names of
tie 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 1. 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 inhabi-
| 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
iD1 ali r. nd M ha
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 A 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
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 one hundred dollars each.
Fifth. The period for which such bank is
ganized, 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 filed 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 the
| articles of incorporation the bank shall become
| body corporate, and as 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 in all actions and proceedings under its
! corporate name, to the same extent as nat
| 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 compensation, dis.
miss them, fill vacancies and require bonds.
| Fifth. To make, amend and repeal bylaws
| and regula tions, not inconsistent with law or
| its articles Of organization, for its own govern
| ment for the orderly conduct of its affairs and
| the management of its property, for determln-
| ing the manner of calling and conducting its
meetings, the tenure of office of its several Off
GERS; and such others as shall be necessary or
convenient for the accomplishment of its pur-
| pose.
Sixth. To exercise, by its directors, duly au-
| thorized officers, agents, all such powers as
! shall be necessary to carry on the business of
! banking, by buying, diScOunting and negotiat-
ing promissory notes, bonds, drafts, bills of ex
| change, foreign and domestic. and other evil
| dences of debt: by receiving commercial and
| savings deposits under such regulations it
| may establish; by buying and selling coin and
| bullion, and by buying and selling exchange,
foreign and domestic; issuing letters of credit,
and by loanins money on personal or real Sc
| v,
| SECTION 5. No bank shall transact any bust.
ness, except such as is incidental or necessarily
preliminary to its organization, until 1T has
| been regularly authorized by the bank commits
| sioner to commence the business of banking.
| SECTION 6. The subscriptions to the capital
| stock, and the direction of the affairs of the
| 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 applicable. AT least fifty per
cent. of the capital stock OF every bank shall be
paid in, in cash. before 1t shall be authorized to
| commence business, and the remainder of the
| capital of such bank shall be paid in. in cash,
IN monthly installments Of at least ten per cent.
| on the 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
mstallment shall be certified to the bank com
| missioner, under oath, by some officer OF the
| Dank.
| SECTION :. Whenever articles of incOrpora.
| tion are filed 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 duly
| paid in, and that such bank las compiled with
ali of the provisions of this act, required before
| the 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 IFS capt.
tai, the name and place OF residence OF eaChUf 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.
| II upon such examination 1t appears that such
| bank is lawfully entitled 20 commence busi mess
| such bank a certificate, under his hand and
| official seal, that such bank is authorized to
| commence business. If the said bank commits
| sioner has reason to 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 the
attOrney-general, withheld the certificate herein
| mentioned.
SECTION s. The bank shall cause the certif-
cate 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 certificate. If no news
| paper 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 9. 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 sub
scriber at public sale, having first given the de-
| llnquent 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 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, 1t 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,
| with interest on the amount due, shall be re-
| T9rheGl 10 the suoscrIoeT' MS helrS or assigns;
| If such cancellation shall reduce the capital OF
! the bank below the minimum required by law
TIE 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 TO- The affairs of the bank shall be
! managed by board of not less than three direc-
tors, who shall be elected by the stockholders
and hold office for one year, and until their sue
| cessors have been elected and have qualified.
A majority of the board of directors shall con-
| stitute quorum for the transaction of bust
rnrnviGnH Thai when the nll1nh bar of Gi