Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-22
such book shall be presurnptive evidence III the
facfs tharair ted

such book shall be presumptive evidence Of the
SECTION II. The shares of stock of sue, "ank
shall be deemed personal propertE; and @haH
be transferred on, the books; Of the baIA IN &C
cordauce with the method provided By itT for
transfer of stock in corporations.
SECTION Il. At all Stockholders meetings
each share of stock shall ectitIe the owner OF
record to one vote 4 stockholder may vote as
any meeting of the stockholders by proxy. NO
president cashier shall act as proxy for any
stakeholder.
SECTION IL A bank 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-thIrds
of the ca ptal stock, such vote TO De taken a a
meeting called for that purpose copy OF such
amendment, certified by tho president and
cashier, shall be filed as required for articles
of incorporation. No increase of capita shall
be valid until the amount rEerTrf ha> Ueau sub
scribed and actually paid IL. No reduction of
capital shall be made to less amount than
is required under the provisions of this act for
capital, nor be valid or Warrant The cancellation
of stock certificates, or diminish the personal
liability of stockholders. until such reduction
has been approved by the bank commissioner.
Such approval must be based upon finding
by him that the security of the existing credi-
tors will not be impaired by the proposed reduc-
ton.
: SECTION Is. A bank may purchase, hold and
convey real estate for the following purposes
md no others:
venient transaction of its business, including
with its banking offices other apartments to
rent as a source of income. No bank shall IN
vest in a banking office, including apartments
connected Herewith, a sum exceeding twenty
five per cent. of its paid in capital; provided,
that this limitation shall not apply to the
present holdings of banks now doing business.
Second. Such as shall be conveyed to it in
satisfaction of debts previously contracted II
the course of its business.
Third Such as it shall purchase at sale on
ind or foreclosures
under securities held by it: but bank shall not
bid at such sale larger amount than Is neces-
sary to sa tisfy its debts and costs. No real es-
tate acquired in the cases contemplated IN the
second and third subdivisions preceding, shall
be held for a longer time than five years. e1-
cept IN extension is granted by the bank com
missioner If such extension be not granted,
it must be sold at private or pubic sale within
ninety days thereafter. Nothing in this section
shall be construed to prevent bank from loan,
ing money upon real estate security as provided
by law. Real estate shall be conveyed undcr
the corporate seal of the bank, and the band OF
the president or vice-president and cashier or
SECTION Is. Every bank shall make to the
bank commissioner not less than three reports
said commissioner shall require the, same, ac-
cordiug to the forms which he shall prescribe
and furnish. Such forms shall conform as nearly
as practical BILE to that now required of national
banks including the schedules. Such reports
shall be signed and verified by the oath or
affirmation of one of the officers of such bank,
attGSfed
Such report shall exhibit in detail and under
proper heads, the resources and liabilities OF
the bank at the close of business OF any past day
by the bank commissioner specified, and shall
be transmitted to said bank commissioner with
in ten days after the receipt of request therefor
from him. Such reports shall be published by
the bank in newspaper in the village city
or county, where such bank is located, in such
condensed form as may po De PreseTibed by =, the
be furnished to said bank commissioner. At
least once each year every bank shall report to
the bank commissioner, on call by him, list
of its stockholders, their residence and the
amount of stock held by each, which report
shall be signed and verified by the oath or affir-
nation of one of the officers of said bank. The
bank commissioner shall also have the power
to call for special reports from any bank,
whenever in his Judgment the same is necessary
to inform him fully of the condition of such
bank.
SECTION II. Every bank failing to make and
transmit to the bank commissioner any of the
reports required by this act, shall be subject to
a forte iture of one hundred dol lars for each day
after the time required for ma king such reports
Whenever any bank fails or refuses to pay the
forfeiture herein imposed for a failure to ma ke
and transmit such report, the bank commits
siOner is hereby authorized to institute pro-
ceedings for the recovery of such forfeiture.
SECTION Is. Whenever any officer of a bank
shall refuse to submit the books, papers and
concerns of such bank to the inspection of the
bank commissioner, his deputy examiner ap-
pointed hereunder, or refuse to be examined on
oath touching the concerns of the bank, the
bank commissioner may, with the approval of
the attorney-general institute proceedings for
the appointment of receiver of such bank to
SECTION IS. Every officer or employee of any
bank, required by law to take any oath or af-
frmation, who shall wilfully swear or affirm
falsely upon any material matter shall be deem
cd guilty of perjury, and upon conviction there
of. shall be punished as provided by tine laws of
this state for the punishment of perjury:
SECTION 20. Any G~t organized under this
act may rcorcanizc III: the laws of the United
States as national b2r. As soon such bank
shall have obtained 4. certificate from the
comptroller of the cuT&-. :cy, authorizing 1t to
commence business under the United States
banking law, such reOrganized bank shall take
and hold all of the assets, real and personal, Of
such bank organized under this act, subject to
all liabilities existing against said bank organ
lied under this act, at the time of such reorgan-
izatiOn.
dissolve, and which shall have taken the neces-
sary steps to effect dissolution, may reorganize
under this act upon the consent in writing of
the owners of two-thirdS of the capital stock of
such bank, and with the approval of the bank
commissioner. Such stockholders shall make,
execute and acknowledge articles of organiza-
ton required by this act, and shall set forth
the said written consent of such stockholders.
Upon the filing of said articles provided by
this act, and upon the approval of the bank
commissioner, such bank shall be deemed to be
reorganized under this act, and thereupon all
assets, real anG personal, of such dissolved ma.
come the property of such reOrganized bank
subject to all liabilities of such national bank
not liquidated before sucn reorganization.
SECTION ~. A bank which is in good faith
winding up its business, for the purpose of con.
solidating with some other bank, may transfer
its resources and liabilities to the bank with
which it is in process of consolidation; but nc
consolidation shall be made without the consent
of the bank commissioner and not then to defeat
or defraud any of the creditors in the collection
of their debts against said banks, or either OF
them.
SECTION %. Any bank organized or doing bus
mess under the provisions of this act. may &C
into liquidation by vote of its stockholders
owning wo-thirds of the capital stock. When
ever vote is taken to go into liquida ton, il
shall be the duty of the board of directors tc
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
thereof notifying the creditors to present their
claims against the bank for payment, shall be
made once in ach week for eight successive
weeks in the OFFICIAL state paper, and also IN
newspaper published in the village, city or
county in which the bank is located, and if no
newspaper is there published, then in the news
paper 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 six-ffteenths Of which shall be
in lawful money, and the balance of such per.
centage may be on deposit in banks approved by
the bank commissioner as reserve banks; except
in the case of banks which shall be approved by
the bank cOmmiSS Toner as reserve banks, which
banks shall at al tunes keep on ha a az least
least two-ffths 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 increase its loans OF
discounts otherwise than by discounting or pur
chasing bills of exchange payable at sight on
demand, and the bank commissioner shall notify
any bank whose reserve may be below the
rpOnlrp1. such
serve and in case the bank fails for thirty days
thereafter to make good such reserve, the bank
commissioner may, with the approval of the at
orney-general, institute proceedings for the