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

such bank is lawfully entitled 10 commence
business the bank commissioner shall
forthwith give TO such bank a certificate.
under his hand and official seal. that such
bank il authorized to commence business
II the said bank commissioner has reason
10 believe that the stockholders hays
formed the same for any other than the
legitimate business contemplated by this
act, he may, with the advice and consent
OF the Encouragement withhold the GER
tificate herein mentioned.
Section s. The bank shall cause the Ger.
tlhcate 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 newspaper 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 3. Whenever any subscriber for
stock. or his assignee fails to pay any in
stallment. 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 subscriber at public sale
having first given the delinquent subscriber
twenty days notice, personally or by mail
at his last known address. II 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
PAIN 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 II not sold. 1t shall
De Cancelled ana deducted from the capital
stock of the bank. II 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
returned to the subscriber his heirs or as
signs. If 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 the required
amount by additional subscriptions 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 Ot the bank.
Section 10. The affair." of the bank shall
be managed by a. board of not less than
three directors. who shall be elected by the
stockholders and hold office for one year
and until their successors have been elect
ed and have qualified majority of the
board of directors shall constitute quo
rum for the transaction OF business; pro-
vided, that when the number OF directors
shall exceed nine, they may, once In six
months. designate by resolution, nine
members any 1--WE of whom shall consti-
tute quorum. In the first instance the d.
rectors shall be eected at a meeting held
before the bank Is authorized to commence
business by the bank commissioner, and
afterwards al the annual meeting of the
stockholders to be held during the month
of July or January; and If for any reason
an election is not had at that meeting, II
may be had at a subsequent meeting called
for that purpose, of which due notice shall
bank Every director shall take and sub
scribe oath that he will diligently and
honestly perform his duty in such office.
ana Will not knowingly violate OF permit a
violation of any provision of this act, that
he is the owner In good faith OF stock IN
the bank, standing in his name on the
books OF the bank. Such oath shall be
transmitted to the bank commissioner and
filed in his office Any vacancy IN the
board of directors shall be hAed by the
board. and the director 80 appointed shall
i ~, ole IN a
ticers of the bank shall be elected by the
board OF directors and hold their offices for
one year, and until their successors are
elected and qualified, unless sooner re-
moved by the board of directors.
Section II. Every bank shall keep
stock book which shall at all times. during
the usual hours for transactng business,
be subject to the inspection of the officers,
directors and stockholders of the bank.
Such stock book shall show the name, resi-
dence and number of shares held by each
stakeholder. A refusal by the officers OF
such bank TO exhibit sucn book to any per-
son rightfully demanding inspection
thereof shall subject such officer TO for
fixture of fifty dollars. In all actions.
suits and proceedings, such book shall be
presumptive evidence of the facts therein
stated.
Section r. The shares OF stock OF such
bank shall be deemed personal property,
and shall be transferred on the books OF
the bank in accordance with the method
provided by law for transfer oil STOCK III
corporations.
Section 10. All all stockholders meetings
each share of stock shall entiue the owner
of record to one vote. A stakeholder may
vote at any meeting of the stockholders or
proxy. No president or cashier shall ae'
as proxy for any stockholder
Section IA. A bank may amend Its arti-
Giles of association in any manner. not In.
consistent with the provisions OF law. az
any time. by vote of It's stockholders rep
resenting two-thirds of the capital stock,
such vote to be taken at meeting GALES
for that purpose. A copy of such amend
ment certified by the president ana cash:
Ter shall be filed as required for articles o!
Incorporation. No increase of capital shah
be valid until the amount thereof has been
subscribed and actually PAID IN. no re-
duction of capital shall be made to a less
amount than Is required under the proVis-
ions of this act for capital, nor be valid or
warrant the cancellation OF stock certin.
Gates or diminish the personal liability or
stockholders until such reduction has been
approved by the bank commissioner. Such
approval must be based upon hnding oy
him that the security of t,.e existing ereu,
itors will not be impaired 10y the proposed
reduction. -
Section 10 bank may purchase. hold
and convey real estate for the tollowlhs
purposes and no others
First Such as shall DE necessary for the
convenient transaction of its business, IN
Guiding with its banking offices other
apartments to rent as source or income
No bank shall invest in banking Once
including rOilletltu
a sum exceeding twenty-five per cent OF
Its paid in capital; provided that this linz
itation shall not apply to the present hold
lngs of banks now doing business
Second Such as shall be conveyed to II
in satisfaction of debts previously contract
ed in the course of its business
Third Such as 1t shall purchase at sale
on judgments DEGREES or mortgage fore
closures under securities held by II. but a
bank shall not bid at such sale larger
amount than Is necessary TO satisfy us
debts and costs No real estate acquired
in the cases contemplated In the second
and third subdivisions preceding, SHAH be
held for longer time than i've years eG-
cept an extension is granted by the bank
commissioner. II such extension be nos
granted, il must be sold at private or pun
lie sale within ninety days Thereafter;
Nothing In this section shall be construct
TO prevent a bank from loaning money
upon real estate security AS provided by
law Real estate shall be conveyed under
The corporate seal OF the bank, and ths
hand Of the president or vice-president ana
cashier or assistant cashier.
Section l6. Every bank shall make TO the
bank commissioner not less than three re-
ports during each calendar year. at such
times as the said commissioner shall re-
uulre the same, according to the forms
which he shall prescribe and furnish Such
forms shall conform as nearly as practical
bic 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
h,rk and attasfFd hV a least two of the