Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-11-03


the said written consent Of such Stockholders
Upon the filing of said articles as provided by
this act, and upon the approval NJ the bank
commissioner, such bank shall be deemed Ia be
reorSanIsed under this act, and thereapon all
assets real anC. personal, Of such dissolved ma
tioual bank, shall be vested in, and be and be.
come the property of such reorcanisod bank.
subject to all liabilities OF such national bank
not hauidated before sucn REORGANIZATION,
SECTION -. bank which is in good faith
wtndtng mp its business, for the purpose of con-
Salidatipg with some other bAnk, may transfer
its resources and liabilities to the bank with
which II is l., process Of consolidation; but no
consolidation shall be made without the consent
of the bank commissioner, and not then IL defeat
or defraud any of the creditors in the collection
OF their debts against said banks, or either OF
them.
SKcrr-N N Any bank organized or doing bus
mess under he provisions " this act may 40
into liquidation by \ vote OF its Stockholders
owning two thirds of the capital stock, When
ever q vote Is taken to ~ tuto liQuidStiou 10
shall be 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 aud cashier
to the bank commissioner, aud publication
thereof, notifying the creditors to present their
claims against the bank for payment, shall b
made once in each 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 II no
paper published at the nearest county seat.
SECTION ~. Every bank shall keep on hand ~
all times at least fifteen per cent, of its total
deposits at least s,x,htteenthsot which shail %
centage may be ON deposit in bank approved by
the bank commissioner AS reserve banks; except
in the case of banks which shall he 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-tfths of which shal be in lawful
money, and the balance may bo on deposit In
banks approved by tho 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 or
discounts otherwise than by discountins or pur-
chasing bills of exchange, payable al sight or on
demand, and the bank commissi ner shat notify
any bank whose reserve may be below the
amount herein required, to make good such re-
serve, and in case the bank fails for thirty days
thereafter to make good such reserve, tho bank
commissioner may, with the approval of the at
torney general, institute proceedings for the
appointment of a receiver, and 10 wind up the
business of the bank
SECTION Is The total liabilities ot any per-
son, co-partnerShlp or corporation, 10 any bank,
for money borrowed including IN the liabilities
of the co-pnrtnerShtp, the liabilities OF the SOW
eral members thereof except special partners,
shall at no time exceed fifteen per cCnt 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 business paper
actually owned by the person negotiating the
same, shall not be considered as money Dor.
rowed provided that by Il two-thirds vote OF the
directors the liabilities of ANY person, CO-part-
ncrship or corporation, may he Increased to
total'sum not exceeding twenty five per cent, of
the capital aud surplus nf such bank
SECTION y. No bank shall take for security
for any loan or discount a lien upon any part of
its capital stock No bank shall he the holder
of or purchaser OF any portion of ITS capital
stock, unless such purchase shall he necessary to
prevent loss npCn debt prev louslr contracted
in good fifth Stocks purchased shall in no
case ha held by the bank for longer time tn IN
six months, il the stock can be sold for the
amount of the claim of the bank against the
same, and il must Toe sold for the best price ob.
tainablc within wear, or II shall he cancelled,
and shall then amount to reduction Of the cap.
ital stock provided, that II such reduction shall
reduce the capital stock below the minimum
required by law, such capital stock shall be
again increased to the amount required by law
as provided herein.
SrcTInN ~ 1t shall not be lawful for any
bank to loap to amy of its officers directors
clerks or employees, any OF the funds of tho
bank, unless the same shall have been author.
lied, both as to amount and security, hS u fcsnlu
ton of the board If directors, to be recorded
SECTION - No bank shall lend an amount
exceeding twenty per cent. OF ITS capita, stock
upon mortgages, or any other form of real estate
security, except on the adoption of resolution
by a two-thr,ls vote of the board of directors
specifying some larger amount which its officers
may loan upon rcal estate security; provided
that in no event shall any bank loan an
amount to exceed twenty-five per cent, of the
aggregate of it. capital, surplus and deposits,
and provided, that banks doing business in
villages or cities having less than six thousand
inha s, iIU Ter the last official census, may
loan II sum nat To exceed thirty-three and one
third per crut, al he aggregate of its capital
surplus and deposits, upon real estate security,
The limitation in his section shall not preclude
any bank from taking real estate security, upon
any indebtedness previously contracted in good
faith upon personal security aud provided, fur
Their that any bank having taken real estate So
curity for such debts so previously contracted,
which shall have carried its percentage of loans
ON real estate above the amount hereinbcfore
limited such bank shall within six months
thereafter, either by sale or collection. reduce
its real estate loans to tho amount hereinbeiore
limited
for loans or discounts a rate Of interest exceed.
ing that allowed by law to be taken and received
by individuals, excepting that it shall bn lawful
for any bank 20 receive interest in advance ac-
cordinR to the ordiparv usages OF banking instr
tutinns and '" charge 70 collecting foreign or
domestic bills, or other evidences Of debt the
usual current rate of exchange. In the compu.
lati"m OF tln,', th.rty days shall be considered
month and twelve months year.
SECTION a. All debts due to any bank, on
which interest j, past due aud unpaid for Q
t'n tod of twelve months, unless the same are
we'll secured and in process of collection, shall
br considered bad debts. aud shall be char ged of
10 the profit aud loss account At the expiration
of one year.
SECTION ~ Tho board OF directors Of bank
taat declare dividend from 81 much 81 It's not
pIbnIN. hllt IiltlNh.sliH tlf All tNiGnSAS lOsheS
interest aud thN"s accrued on due from said
bank, ~ thrA -iuil deem eEpcdient. but before
any such dividend i, declared not less than
tenth Of the net profits of the bank for the pre-
cedIuE half year 81 for such teriod as is covered
by the dividend, shall be carried to \ surplus
fund, until such surplus fund shall amount To
twenty per cent. az the capital stock. No diyi.
dcnd shall be declared before the ca ptal stock
Is fully paid.
SECTION SO, Every president director, cash.
icr. officer teller clerk OF agent OF any bank or
"a Niit:'s association who rmbpZlles abstracts or
NIliuiy mt~appliCs, any Of the moneys, funds,
credits, or property ithe bat or savings asso-
citation, whether owned hy IL or held in trust or
who. without authority Of the DIRECTOR issues
or puts forth any certificate OF deposit, draws
any order or bill uf exchange, makes any accept
anCp, assigns ANY note, bond draft. bill Of eL.
change, mortgage, Judgment or decree, or who
makes any false entry in any book, report or
sinicmnut II the biuk. with intent in either
case to iuIure or defraud the bank or savings AS
or any person or cofppration or to
de- any officer OF the bank or savings assoc.
affair. uf such bank or savings association or
an, larson vino. with like intent aids or abets
aul officer clerk aErut in The violation II this
srciipu. upon conviction thcner', shah no inn
iri-oned Ia the state prlsG7 LOT to exceed twenty
years.
SECTION a. II the board 81 directors, or q
quorum thereof II any bank shah knowingly
violate, or Knowingly permit any Of the officera
agents or .>nployes. OF the bank, 10 violate any
~ the provisions 81 this act and after warning
from the bank commissioner shall fail tu make
rosbd any loss or damage resulting from such