Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-29

parN and concerns of such bank to the in
psnaction OF the bank commissioner. his
deputy or examiner appointed hereunder,
~ refuse to be examined on oath touching
,be concerns of the bank, the bank COM
missioner may. with the approval OF the
Encouragement institute proceedings for
the appointment OF receiver or such bank
10 wind up its business.
Section -. Every officer or employee OF
any bank required by law to take any oath
or affirmation. who shall wilfully swear or
gfrm falsely upon any material matter,
shall be deemed guilty of perjury, and
upon conviction thereof. shall be punished
as provided by the laws of this state for
me punishment of perjury.
Section 20 Any bank organized under
this act may reorganze under the laws OF
the United states as national bank As
soon as such bank shall have obtained the
certificate from the comptroller OF the cur
rency autho' ling 1t to commence business
under the U.ited States banking law, such
reorganiz.i bank shall take and hold all
of the assets. real and personal OF such
bank organized under this act, subject to
ali liabilities existing against said bank or
ganzed under this act, at the time OF such
reorganiza ton
section 81 Any national bank author
ICED TO dissolve. and which shall have ia
ken the necessary steps TO effect disSolu-
tion may reorganize under this act. upon
the consent in writing OF the owners of
1wo-thirds OF the capital stock OF such
bank. and with the approval of the bank
commissioner. Such stockholders shall
organization required by this act, and
shall set forth the said written consent OF
such stockholders. Upon the filing of said
articles as provided by this act and upon
The approvalo of the bank commissioner such
bank shall be deemed TO be reorganized
under this act. and thereupon all assets,
real and personal. OF such dissolved ma,
tiona bank shall be vested in. and be and
become the property Of such reorganiZed
bank subject to all liabilities of such ma
tional bank not liqudated before such re-
organization.
Section % A bank which is in good faith
winding up its business, for the purpose OF
consolidating with some other bank, may
transfer its resources and liabilities to the
bank with which 1t is in process of con-
solidation; but no consolidation shall be
made without the consent of the bank com
missioner, and not then TO defeat or de-
fraud any Of the creditors In the collection
OF their debts against said banks, or either
of them
Section 90 Any bank organized or doing
business under the provisions OF TINS act,
may go into liquidation by vote of its
stockholders owning two-thirds of the capi-
tai stock. Whenever vote Is taken TO go
into liquidation, il shall he the duty OF the
board of directors to cause notice of this
fact to be certified, under the seal of the
bank by its president and cashier, TO the
bank commissioner, and publication there
Of notifying the creditors to present their
claims against the bank for payment shall
be made once in each week for eight sue
cessive weeks in the official state paper.
village. city or county in which the BANK
is located, and if no newspaper Is there
published. then in the newspaper published
at the nearest county seat.
Section a. Every bank shall keep on
hand at all times. at least fifteen per cent
of its total deposits. at least sX-hiteenths
of which shall be In lawful money and the
balance of such percentage may be on de-
post in banks approved by the bank COM
missioner as reserve banks except in the
case of banks which shall be approved by
the bank commissioner as reserve banks,
which banks shall at all times keep on
hand at least twenty-five per cent OF their
total deposits, at least two-tifths of which
shall be in lawful money. and the balance
may be on deposit in banks approved by
the bank commissioner as reserve banks.
Section %. Whenever the reserve of any
bank shall fall below the amount required
herein to be kept such bank shall not IN
crease its loans or discounts otherwise than
by dscounting or purchasing bills or ex-
change. payable at sight or on demand
and the bank commissioner shall potiiy
any bank whose reserve may be belo" 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, win
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. to
any bank, for money borrowed, including
In the liabilities OF the cO-pdftnefSHlpi tHe
liabilities of the several members thereof
except special partners, shall at no time
exceed fifteen per cent OF the amount OF
capital and surplus of such bank but the
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 consid-
cred as money borrowed provided, that by
a two-thirds vote of the directors the Ia
bnities of any person, co-partnership 0,
corporation, may be increased TO totd a!
sum not exceeding twenty-five per cent OF
the capital and surplus OF such bank.
Section a. No bank shall take for securi-
ty, for any loan or discount a lien upon
any part of its capital stock. NO BANK
shall be the holder of or purchaser oil any
portion of it's capital stock, unless such
purchase shall be necessary to prevent loss
upon debt previously contracted III eool
faith Stocks SO purchased shall IN no
case be held by the bank for longer Tune
than six months, If the stock can be SOLO
for the amount of the claim OF the panK
against the same, and ii must be SOLD tof
the best price ohtainable within one year
or IT shall be Cancelled, and shall then
amount 10 a reduction of the capital stock
provided that If such reduction shali re-
duce the capital stock below the minimum
required by law, such capital stock shali
be again increased to the amount required
by law as provided herein.
Section 2S 1t shall not be lawful Tor any
bank to loan to any of its officers, directors
clerks or employees, any OF the lunus OF
the bank, unless the same Sndi nave peti
authorized both as to amount ana secuf-
ity, by resolution Of the board oil directors
10 be recorded.
Section 29. No bank shall lend an
amount exceeding twenty per cent OF It's
capital stock upon mortgages, or any othef
form OF real estate security. except on tne
ADOPTION of a resolution by a t~o-thlrds
vote of the board of directors, specifying
some larger amount which its officers may
loan upon real estate security; PROVIDED
that In no event shall any bank so loan an
amount to exceed twenty-five per cent OIL
the aggregate of its capital, surplus ana
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 70
exceed thirty-three and one-third per
cent Of the aggregate of its capi,
tai. surplus and deposits, upon real
estate security. The limitation ~
this section shall not preclude any
bank from taking real estate security, upon
any Indebtedness previously contracted IN
good faith upon personal security ana pro.
viIed further that any bank having taken
rell estate security for such debts so pre-
yl5usly contracted, which shall nave car
rl.d rs percentage OF loaps on real estate
above he amount hereinbefore limited
slch hank shall. within SIX months thete,
after either by sale or collection, reduce us
zeal rr;ate loans TO the amount herelhoe-
I..