Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-19

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 the time OF their several returns and
shati give tabulated statementof the resources
aud liabilities OF each bank, and such other in
formation as IN his judgment may be required.
Snch report shall also contain a 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 statement Of any banks organ.
lied durIne the year; aud shall also give list
OF the stockholders, their residence, and the
amount of stock held by each, and the names Of
the directors and officers Of each bank He shall
also report the names and compensation of the
cier'Is employed BY him, and the whole amt Mt
q the expense q the banking department dai e
the year preceding
CHAPTER II.
BANKS.
SECTION !. 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 ia this act The aggregate amoung
OF the capital stock of any bank shall not be
less than ten Thousand dollars, IN villages or
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
inhabitaLts; 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 OF forming banking corporation
under this act.
second. The name OF such bank Such name
shall be in no material resy = similar to the
name OF any other bank in The same county
whether such otller bank be organized under
this act or under he 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 fnot less than fifty
nor gore than one hundred dollars each
Fiffn. The period for which such bank Is orr
sapizefi, not exceeding fifty years
! SECTION 3. Such articles OF incorporation
/ shall oe executed 10 triplicate, one OF which
shall bs 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 end filing of. the
| articles of incorporation the bank shall become.
= body corporate, aud as such shan have the
First TO make all contracts necessary and
proper to effect its purpose and conduct Its busl
| hess.
Second. TO sue and be sued TO appear aud
! defend Ia all actions and proceedings under its
| corporate name, to the same extent as nat
ural person.
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 make, amend and repeal bylaws
and regulatcas, not inconsistent with law or
4 its articles of organization, for Its own govern
meht, for the orderly conduct of its affairs and
! the management OF its property, for deterrnin-
! 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.
| thorized officers, or agents, all such powers as
| shall be necessary to carry on the business OF
| banking, by buying, dlscophting and negotiat-
ing proa lssory notes, bonds, drafts. bills OF ex-
! change foreign and domestic, and other eyl,
| dences o. debt; by receiving commercial and
| savings deposits under such regulations as 1t
| may establish n; by buying and sailing coin and
| bullion, and by buying and selling exchange,
| foreign and domestic; Issuing letters OF credit,
and by loai.ing money on personal or real Sc
| curity, as provided hereinafter.
| SECTION 5 No bank shall transact any busi-
.ess, EXCEPT such is incidental or necessarily
preliminary to its organization; dntil it has
| been regularly authorized by tuS bank commits.
| sioner TO commence the business Of banking.
SEoTIoN g.. 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 as applicable. At least fifty per per
paid In, in cash, before it shall be authorized q
! commence business, and the remainder Of the
capital Of such bank shall be paid in, in cash,
| in monthly installmepts Cf at least ten per ceut:
on the whole of the CAPITA payable at the end
| of each succeeding month, from the time it
shall be authorized by tue 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
SECTION l. Whenever articles of incorpora.
! ton are filed with the bank commissioner, as
! herein provided, and the bank transmitting the
! same notifies the bank commissioner that at
least fifty per cent ST 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 bust
| ness, the,bank commissioner shall examine into
! the condition of such bank, ascertain the
amount of money paid in on account OF its capt
tai, the 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 su"h examination it appears that such
bank is lawl lily entitled TO commence business,
! the bank commi sioner shall forthwith give TO
| such bank certificate, under his hand and
| official SEAL that such bank II 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
| act, lac may. with the advice and consent OF tbs
! attorney general withheld the certificate hereit
! SFCTIoN 3. 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. II no news
/ paper il published in such county. then sucf
! publication shall be made at the nearest county
! seat Proof Of publication shall be filed with
| the bank commissioner.
| SECTION 9. Whenever any subscrl6er fol
| stock or his assignee. fails to pay any &stall
| ment on the stock when the same is required tS
be paid hereQndef the directors OF s,cn pam smh
! scriber at public sab. having first given the de
linquent subscriber twenty days notice, per
! sonally or by mail at his last known asadresj
| stock the amount due thereon to the bank wlti
any cost incurred, the amount previously pal;
shall be forfeited to the bank. AID such stocl
shall be sold as the directors may order, wlthl
! sixty days from the time of such forfeiture, AM
! if not sold, it shall! be cancelled and deducte
from the capital stock OF the bank. u SOLD, an
surplus over the q.,1O mt due on said stock t
said bank, including the cost incurred Thereon
| turned to the subscriber, his heirs or assigns
| If such cancellation shall reduce the capital OF
| tho bank below the minimum required by law
! the said capital shall within thirty days from
the date of such cancellation, be increased IL
! the required amount by additional subscrlp
/ 'stons. In event of the failure of said bank tt
bank commissioner shall apply for a receiver
to close up the business Of the bank
SECTION TO- The affairs Of the bank shall bt
managed by board of not loss than three direc
1 tors, who shall be elected by the stockhoider'
| and hold Office for one year and until their sue
.cessors have been elected and have qualified
| majority of the board of directors shall con
| lstitute quorum for the transaction OF busi
| ness; provided, that when the number OF dlrec
tors shall exceed nine, they may: once IN 81
| months, designate by resolution, nine members
| any five of whom shall constitute quorum
In the first instance the directors shall be elected
| lat a meeting held before the bank is authorized
| to commence business by the bank commits
| .sioner, and afterwards at the annual meeting
of the stockholders, to be held during the month
| iof July or January and il for any reason az
/ election is not had at that meeting, IL may OF
| had at a subsequent meeting called for ma
| 't1rpose. of which due notice shall be given a.
! provided in the bylaws Of such bank. Ever
! direct or shall take and subscribe an oath ma
he will diligently aud honestly perform MS dutl
in such office and will NOT knowingly vtoiate OF
hermit violation of any provision OF tins act
that he Is the owuerin good faith OF STOCK IN ms
ba nix, standing IN his name on the books of the
| '.,ank Such oat, shall be transmitted to the
! bank commiss' Jner and filed in his office AM
| vacancy in the board of directors shall be hlleo
| by the board and the director 20 appointeG
shall hold office until .he next election, The
officers of the bank shall be elected By the boare
of directors and hold their offices for one year
| and until their successors are elected an6
qualified unless sooner removed by the boar
| Of directors.
! book, which shall al all tines, during the usua
| hours for transactinG business be subject TO tins
inspection of the officers, directors and stock
holders of the bank. such stock DOCK shaI
| show the name, residence and number OF share
| held BY each stakeholder A refusal by the ON
! GERS OF such bank to exhibit such book to any
Shall subject such officer to forfeiture Of NIFTY
! dollars. In all actions, suits and proceedings
such book shall be presumptiFe evidence OF th'
| facts therein stated
SECTION y. The shares of stock of such bank
shall be deemed personal property, ana shaI
| be transferred on the books of the bank In &C
cordance with the method provided oy Ia" ioi
transfer of stock in corporations
| SECTION 49, At all stockholders meetings
| each share of stock shall entitle the owner OF
record 70 one vote. stockholder may Fote q
any meeting of the stockholders by proxy. Nc
/ president o, cashier shall act as proxy Tor an!
stakeholder .;l.,