Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-08-24

and ifabllltles OF each bank, and snch 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 tlssir resources and
Liabilities and the amount paid TO the creditors
thereof; also statement II any banks organ
ized during the year; aud shall also give list
OF the stockholders, their residence, and the
amount OF stock held uy 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 depa rtnent during
the year preceding.
CHAPTER II.
BANKS.
SECTION l. Any number of adult residents of
Wisconsin, not less than three. mas associate TO
establish a bank under this act, upon the terms
and conditions and subject 10 the Liabilities
prescribed In this act The aggregate amoung
OF the capital stock of any bank shall not be
less than ten thousand dollars, in villages or
cities -ha.ng less then two thousand inhabi-
tantsi 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 city having
more than six thousand inhabitants, according
to the last official census.
SEGTIoN2. The persons so associating 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 Lo 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 of not less than fifty
nor more than one hundred dollars each.
Fifth. The period for which such bank is orr
ganized, not exceeding fifty years,
SECTION 3. Such articles Of incorporation.
shall be executed in triplcate of which
shall be recorded in the office of the register of
deeds IN the comfy in which the hank 10 lncaFad
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 1. Upon making and fling OF the
articl5 of incorporation the bc rk shall become
body corporate, aud such shall have the
following powers:
First. To make all contracts necessary and
proper to effect its purpose and conduct is bust
ness.
Second. To sue and he sued. to appear and
defend in all actions and proceedings under its
corporate name, to the same extent 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 compensation, dis.
miss them, I'LL vacancies and require bonds.
Fifth. To fnSha 9reNoS aud repeal bylaws
and regulations, 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 determin-
ing the manner of calling and conducting its
GERS and such others as shall be necessary on
convenient for the accomplishment OF its pur-
pose.
Sixth To exercise by its directors, duly au.
thorized officers, or agents all such powers as
shall DO necessary to carry on the business of
banking, by buying, discounting and negotiat-
ing promissory notes, bonds, drafts bills of OK.
change, foreign and domestic, and other evil
dences of debt; by receiving commercial and
savings deposits under such regulations as it
may establish; by buying and selling coin and
hnlliop and nv h1Vpp md sailing axphapTn
foreign and domestic; issuing letters OF credit,
and by loaning money on personal or real Sc
curity, as provided hereinafter.
SECTION s. No bank shall transact any bust
iess, except such as is incidental or necessarily
preliminary to its organization, until it has
been regularly authorized by the be K commits
sioner to commence the business of l,.nking
SECTIoN6 The subscriptions to the capital
stock, and the direction Of the affairs of the
shall be in conformity with the statutes of this
state relating to corporations, regulating such
matters, so far as applicable. At least fifty per
cent of the capital stock of every bank shall De
paid in, In cash, before it shall be authorized u
commence business, and tho remainder OF the
capital of such bank shall be paid in, in cash.
in monthly installments of at least ten por cent,
on the whole of the capital, payable at the end
of each succeeding month, from the time it
shall be authorized by the bank commissioner
to commence business, and the payment of each
installment shall be certified to the bank COM
missioner, under oath, by some officer of the
bank.
SECIION ., whenever articles OF lnCpFpOrd-
ton filed with the bank commissioner, as
herein provided, and the bank transmitting the
same notifies the bank commissioner that at
least fifty per cent of its capital has been duly
paid in, and that such bank has complied with
all of the provisions of this act, required before
the bank shall be authorized to commence busi-
ness, th9 bank commissioner shall examine INTO
the condition OF such bank, ascertain the
amount of money paid in on account of its capt.
tai the name and place of residence of eachof its
directors, and whether such bank has complied
llaft no 10 trad IN ar
title it to engage in the business of banking.
If upon such examination it appears that such
bank is lawfully entitled 70 commence business,
such bank 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 OF the
attorney general withheld the certificate herein
mentioned.
SECTION 8. The bank shall cause the certifi-
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.
SECrIoS 9. Whenever any subscriber for
stock or his assignee, fails to pay any install.
ment the stock when the same is required to
be paid hereunder, the directors of such bank
sell the stock OF such delinquent STOCK SuO'
scriber 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 bank, with
any cost incurred, the amount previously pale
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, anC
II not sold, it shall b Cancelled and deducted
from the capital stock of the bank. II sold, an!
surplus over the amount due on said STOCK tt
eaiA hank inolndinQ the cost incurred thereon
18th interest on the amount due shall be re.
turned to the subscriber, his heirs or assigns.
II such cancellation shall reduce the capital of
the bank below the minimum required by law,
the said capital shall, within thirty days from
the date of such cancellation, be increased to
,tons. In event of the failure of said bank to
increase such capital as herein provided, the
bank commissioner shall apply for 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-
ness; provided, that when the Number of direc-
tors shall exceed nine, they may, once In six
months, designate by resolution nine members,
any Ave of whom shall constitute Q, quorum;
In the first instance the directors shall be elected
at meeting held before the bank is authorized
to commence business by the bank commits
of the stockholders, Ia be held during the month
,of July or January; aGd ii for any reason an
election Is not had at that meeting, 1t may be
had at subsequent meeting called for nat
purpose. of which due notice shall be given as
provided in the bylaws of such bank Every
direct or shall take and subscribe an oath that
he will diligently and honestly perform his duty
in such office. and will not knowingly violate or
permit violation of any provision OF this act;
that he is the owner in good faith OF stock In me
bank, standing in his name on the books OF the
bank Such oath shall be transmitted to the
bank commissioners and filed in his office. Any
vacancy in the board of directors shall be filed
BY the board and the director so appointed
shall hold Office until the next election The
officers of the bank shall be elected by the board
of 1irectorsand hold their offices for one year,
and until their successors are elected ana
qualified, unless sooner removed By the board
of directors
SECTION H. Every hank shall keep a stock
book, which shall at all times during the usual
hours for transacting business be subject TO the
inspection of the officers, directors and stock
holders of the bank Such stock book shall
show the name, residence and nnmner OF SHARES
held by each stakeholder. refusal by the Off
GERS OF such bank to exhibit such book to any
person rightfully demanding inspection thereof,
shall subject such officer to forfeiture OF hfty
dollars. In all actions, suits and proceedings,
such book shall be presumptlEe evidence oil the
facts therein stated
SECTION r. The shares of stock of such bank
shah be deemed personal property, and shall
be transferred on the books OF the bank in ac-
cordanns with the method provided by law for
transfer of stock in corporations,
SECTION Il. At all Stockholders meetings
each share of stock shall entitle the owner OF
record to one vote. stakeholder may vote at
any meeting of the stockholders hy proxy. No
president or cashier shall act as proxy Tor any
SEcTIoN H. A hank may amend its articles
OF ASSOCIATION in any manner, not inconsistent
with the provisions of Law, at any time, by a
vote CT its stockholders representing two-thlrds
of the capital stock, such vote TO be taken at
meeting cal led for that purpose copy q suca