Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-14

i report snail contain statement OF the condi
i ton OF every bank from which reports have been
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
Dy banks at the time of their several returns and
shall give tahnlated statementof tho resources
and liabilities OF each bank, and such other in.
/ Such report shall also contain a statement OF
the banks whose business has been closed dur.
ing the year, the amount of tlsair resources and
liabilities aud the amount paid to the creditors
/ thereof also a statement any banks organ.
ICED during the year; and shall also give list
| of the stockholders, their residences and the
| amount of stock held By EACH and the names OF
the directors and officers Of each bank He shall
also "Nort the names and compensation of the
| clerk Employed by him, and the whole amount
/ OF the expense OF the banking department Turing
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
4 prescribed in this act. The aggregate amoung
/ Of the capital stock OF any bank shall not be
/ less than ten Thousand dollars, in villages or
/ cities ha.ng less than two Thousand inhabi-
| tantsi and shall not be less than twenty thou
sand dollars, in villages cities having more
than two thousand and less than six thousand
inhabitants; and shall not be less than fifty
| Thousand dollars IN any village or city having
j more than six Thousand inhabitants acco cding
| TO the last official census.
| SECTION z. 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 srch bank Such name
/ shall be in no material respect similar to the
name OF any other bank IN the same county,
| whether such other bank be organized under
! this act or under the laws of the United States.
Third The village city and county where
such bank is to be located.
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shall be divided into shares OF not less than fifty
nor more than one hundred dollars each.
Fifth. The period for which such bank is or.
| ganized, not exceeding fifty years
SECTION Z. Such articles of Incorporation
! shall be executed in triplicate. one of which
shall be recorded in the Office of the register of
deeds in the county in which the bank is loca ted,
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 ms king and filing OF the
| articles of incorporation the bank shall become
body corporate, and as such shall have the
! First. To make all contracts necessary and
proper to effect its purpose and conduct its BUSH
ness
| defend in all actions and proceedings under its
corporate name, to the same extent as nat
| ural person.
Third. To have a common seal and alter the
same at pleasure.
Fourth. To elect or appoint all necessary
officers, agents and servants. define their duties
and obligations, AZ their compensation, dis
miss them, fill vacancies and require bonds.
Fifth. To sake, aIsHEa and repeal bylaws
and regulations, not Inconsistent with law or
its articles of organization, for its own govern.
| ment, for tins orderly conduct of its affairs and
| the management of its property for determin-
| ing the manner of calling and conducting it's
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.
| Sixth. To exercise, by its directors, duly au.
! thorized officers, or agents, all such powers as
| shall be necessary to carry on the business of
| banking, by buying, dlscounting and negotiat-
| ing promissory notes bonds, drafts bills of ex.
change foreign and domestic, and other evil
| dences of debt; by receiving commercial and
| savings deposits I'm der such regulations as it
may establish; by tuyiug aud selling coin and
| bullion, and by buYing and selling exchange,
foreign and domestic; issuing letters of credit,
| and by loaning money on personal or real Sc
! curity, as provided hereinafter.
SECTION 3. No bank shall transact any bust
less, except such is incidental or necessarily
preliminary to its organization, until it has
| been regularly authorized by the bank commits
sioner to commence the business of banking.
SECTION 8. The subscriptions to the capital
stock, and the direction OF the affairs of the
corporation prior to the election of directors,
shall be 10 conformity with the statutes of this
state, relating to corporations, regulating such
| matters, so far as applicable At least fifty per
cent. of the capital stock of every bank shall be
paid in, in cash, before it shall be authorized =.
| commence business, and the remainder of the
capital of such bank shall be paid in, in cash,
in monthly ipstallments of &c least ten per cent.
| on the whole of the capital, payable at the end
J of each succeeding p;onth, from the time it
shall be authorized by the bank commissioner
to commence business, aud the payment of each
| installment shall be certified to the bank com
/ missioner, under oath, by some officer of the
| bank
SECTION I. Whenever articles of ncorpora-
| 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 of it's capital has been duly
| paid in, and that such bank has complied with
/ lI . irod hafn
| the bank shall be authorized to commence bust
| ness, thebaak commissioner shall examine into
! the condition of such bank, ascertain the
| amount of money paid in on account of its CAPT.
tai, the name and place of residence OF eachOf ats
| 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.
| If upon such examination 1t appears that such
| bank is lawfully entitled to commence business,
| the bank commissioner shall forthwith give to
| such bank certificate, under his hand and
| official seal that such bank Is 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
the Legitimate business contemplated by this
act, lie may, with the advice and consent of the
attorney general, withheld the certificate herein
| mentioned.
SECTION g. 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 is published in such county. then such
| publication shall be made at the nearest county
| scat. Proof of publication shall be filed with
| the bank commissioner.
| SECTIoN 8. Whenever any subscriber for
stock or his assignee fails to pay any install
men n on the stock when the same is required to
be paid hereunder the directors of such bank
may sell the sto3 of such delinquent stock sub
scriber at public sale, having first given the de-
| linquent subscriber twenty days notice, per
sonally or by mail, at his last known address
| If 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 paid
| shall he forfeited to the bank, and such stoch
! shall be sold as the directors may order, witbit
sixty DAYS from the time of such forfeiture, anC
! if not sold, it shall be Cancelled and deducted
! from the capital stock of the bank. Ii sold, an!
| surplus the amount due ON SAID STOCK x
said bank, including the cost incurred thereon
with interest on the amount due. shall be re.
| II such cancellation shall reduce the capital of
| the bank below the minimum required by law,
| the said capital shall, within thirty days from
| the required amount by additional su5scrip-
! lions In event of the fail lure of said bank to
increase such capital as herein provided. the
| bank commissioner shall apply for receiver
| to close up the business of the bank.
| SECTION 10. The affairs of the bank shall be
| managed by board of not less than three direcr
| tors, who shall be elected by the stockholders
| and hold office for one year and until their sue
| cessors have been elected and have qualified,
! A majority of the board of directors shall con-
| stitute a quorum for the transaction of busi-
| ness; provided, that when the number of direo-
| tors shall exceed nine, they may, once IL six
| months, designate by resolution, nine members,
| any five of whom shall constitute a quorum.
In the first instance the directors shall be elected
| at 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
| of July or January: and If for any reason an
| election is not had at that meeting, IL may be
| had al a subsequent meeting called for nat
| purpose of which due notice shall be given as
| provided in the bylaws of such bank Every
! direct or shall take and subscribe an oath that
| he VIII diligently and honestly perform his duty
| lin such cffice and will not knowingly Violate or
| permit violation of any provision of this act
that he Is the owner in good falth OF STOCK IN ne
| bauk, standing in his name on the books OF the
| bank Such oath shall be transmitted to the
| bank commissioner and filed In ms once. ANY
| vacancy in the board of directors shall be flled
/ by the board, and the director 90 appointed
| shall hold Office until .he next election The
officers of tho bank shall he elected by the board
of directors and bold their offices for one year.
| and until their successors are elected ana
| qualified, unless sooner removed by the noard
| of directors,
| SEcTIoN H. Every bank shall keep stock
book, which shall at all times, during the usual
hours for tranSacting business, be subject 10 the
| inspection of the officers, directors and STOCK.
| holders OF the bank. Such stock book shall
/ show the name, residence and number OF SHARES
| held by each stakeholder. refusal by the OH
| GERS of such bank TO exhi bit such book TO any
| person riRhtfully demanding inspection thereof
shall subject such officer to forfeiture OF nity
! dollars. In all actions, suits and proceedings,
| such book shall be presumptiye evidence OF the
facts therein stated
| SECTION IL The shares OF stock of such bank
| shall be deemed personal property, and shall
/ be transferred on the books of the bank in &C
| cordance with the method provided by law for
transfer of stock in corporations.
| SECTION -. At all stockholders meetings
each share of stock shall entitle the owner OF
| record to one vote. stakeholder may vote at