Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-11-02


said commissioned shall require the same, &C.
! cordlng to the forms which he shall prescribe
1 and furnish. Such forms shall conform as nearly
as practicableto 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
and attested BY at least two of the directors.
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 10 said bank commissioner will l.
in ten days after the receipt of request therefor
1 from him. Such reports shall be published by
1 the bank IN newspaper IN the village or city
! or county, where such bank is located in such
condensed form as may be prescribed BY the
bank comm ssioner. Proof of publication shall
be Furnished to said bank commissioner. At
| least once each ysar eyery bank shall report to
the bank commissioner, gu call by him, list
| of its sto .anolders, their residence. and the
amount Of stock held by each, which report
shall be signed and verified By the oath or atfr-
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
| 70 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 he subject to
| forfeiture of one hundre dollars for each day
after the time required for making such reports.
Whenever any bank fails refuses to pay the
forfeiture herein imposed for failure TO m.ka
and transmit such report. the bank commits
sloner is hereby authorized 10 institute pro-
ceedings for the recovery OF such forfeiture
SECTION Is Whenever any officer of a bank
shall refuse TO submit tbs books, papers and
concerns of such bank TO the inspection of the
bank commissioner, his deputy or examiner APP
pointed hereunder refuse TO be examined on
oath touching the concerns Of the bank, the
bank commissioner NAV, with the apDrIwal OF
the attorney general, institute d ocet dines for
the appointment of receiver of sucl bank to
wind up ITS business
SECTION 10. Every officer or employee of any
bank, required by law TO take any oath or at
frmation, who shall wilfully swear or affirm
falsely upon any material matter, shall be deem
ed guilty of perjury. aud upon cony lotion there
Of, shall De punished as provided by tine laws OF
this state for the punishment of perjury.
SECTION 70. Any bank organized under this
act may reorganize under the laws % the United
States as national bank. As sce- as such bank
shall have obtained the certificate from the
comptroller of the currency, authorizing il to
commence business under the United States
banking law such rsorganized 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 older this act, at the time of such reorgan-
ization.
SECTION 81. ANY national bank authorized to
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. Snch stockholders shall make,
execute and acknowledge articles of organiza-
ton as required by this act aud shall set forth
the said written consent of such stockholders.
Upon the filing OF said articles as 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
tional bank, shall be vested in and be and be-
come the property Of such reorganized bank
subject to all liabilities of such national bank
not liquidated before such reorganization
SECTION ~. 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 no
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 q. Any bank organized or doing bus
mess under the provisions of this act may go
into liquidation by vote of its stockholders
owning two-t thirds of the capital stock When
ever vote is taken to go into liquidation, il
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 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 each week for eight successive
weeks in the official state paper, and also in a
newspaper published in the village, city OF
county in which the bank is located. aud if nc
newspaper is there published then in the news
paper published at the nearest county eat.
SECTION "a. Every bank shall keep oa hand al
all times at least fifteen per cent. of it's total
do oosits at least six ffteenths of which shall De
liz 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 commissioner as reserve banks, which
banks shall at ell times keep on hand at least
twenty five per cent. of their total deposits, at
least two-ffths of which shall be in lawful
money, and the balance may be deposit in
banks approved by the bank commissioner as
reserve banks.
SECTION Is. Whenever the reserve of any bank
shall fall below the amount required herein to
be kept, such bank shall not increase It's loans
discounts otherwise than by discounting pur-
chasing bills of exchange, payable at sight or on
demand, and the bank commissioner shall notify
any bank whose reserve may be below the
amount herein required, TO make good such re-
serve, and il case the bank fails for thirty DAYS
thereafter to MAKE good such reserve, the bank
commissioner may. with the approval of the at.
torney general, institute proceedings for the
appointment of a receiver, and to wind up the
business of the bank.
SECTION 70. The total liabilities Of any per-
son, CO. partnership or corporation, TO any bank
for money borrowed, including in the liabilities
of the co-partnership the liabilities of the sew
eral members thereof, except special partners
shall at no time exceed fifteen per cent. 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 dlscouDtIng of commercial or business paper
actually owned by the person negotiating the
same, shall not be considered as money bor-
rowed provided. that by a twothirds vote of the
directors, the liabilities of any person, co-part-
nership or corporation. may be increased to
total sum not exceeding twenty-five per cent of
the capital and surplus of such bank.
SECTION n. No bank shall take for security
for any loan or discount a lien upon any part of
its capital stock. No bank shall be the holder
of purchaser of any portion of its capital
stock, unless such purchase shall be necessary to
pre- event loss upon a debt previously contracted
in good faith Stocks so purchased shall IN no
case be held by the baak for longer time than
six months, If the stock can be sold for the
amount of the claim of the bank against the
same, and it must be sold for the best price OBJ
tainab within one year, or it shall be Cancelled,
and shall then amount to a reduction of the cap
ital stock provided that If 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.
SECTION 2S. Ii shall not be lawful for any
bank to loan to any of its officers, directors,
clerks or employees, any of the funds of the
bank, unless the same shall have been author
lied both as to amount and security, by resolu
ton of the board of directors, TO be recorded
SECTION 49, Nc batk shall lend amount
exceeding twenty per cent. of its capital stock
upon mortgages or any other form of real estate
security, except on the adoption of resolution
by a two-thirds vote of the board of directors
specifying some larger amount which its officers
may loan upon real estate security, provided,
that in no event shall any bank SO loan an
amount to exceed twenty-five per cent of the
aggregate OF its capital, surplus and deposits;
and provided, that banks doing business IN
villages or cities having less than six thousand
inhabitants, under the last official census; may
third per cent. OF the aggregate of its capital
surplus and deposits, upon real estate security.
The limitation in this section shall not preclude
any bank from taking real estate security, upon
any Indebtedness previously CONTRACTED in good
faith upon personal security; and provided, fur
ther, that any bank having taken real estate
curity for such debts so previously contracted,
which shall have carried its percentage of loans
on real estate above the amount hereinbefore
limited, such bank shall, wlth,n slx months
thereafter. either by sale or collection, reduce
its real estate loars to the amount hereInbefore
SEcTiSN 30. No bank shall demand or receive
for loans or discounts rate of interest exceed.
ing that allowed by law to be taken and received
by individuals, excepting that it shall be lawful
for any bank to receive interest in advance ac-
cording to the ordinary usages of banking instl-
tutions, and to charge for collecting foreign or
domestic bills. or other evidences Of debt the
usual current rate of exchange In he compu-
tation of time thirty days shall be considered a
mouth and twelve months year.
SECTION 81. All debts due to any bank. on
which interest is past due end unpaid Tor
period Of twelve months unless the same are
well secured aud in process Of collection shall
be considered bad debts. aud shall be charged off
to the profit and loss account at the expiration
SECTION 49, The board Of directors Of bank
may declare dividend from so much OF its net
profits, after providing for all expenses losses
interest and taxes accrued or due from said
bank, as they shall deem expedient; but before
any such dividend is decia red, not less than one
tenth Of the net profits OF tue BANK t?F tne pre-,
by the dividend, shall be carried 70 surplus
fund. until such surplus fund shall amount TO
twenty nsf cent. 81 the capital stock. No divi-
dend shall be declared before the CAPITA stock
Is fully paid
SEcIIos 81 Every president. director. casa
Ter, officer. teller. clerk agent of any bank or
savings association who embezzes, abstracts or
-ilfully misapplies, any OF the moneys. funds,
credits, or property 1.-THE bark or savings asso-
citation. whether owned by il or held in trust or
who without authority OF the directors, issues
or puts forth any certificate of deposit, draws
apy order or bill of exchange, makes any accept
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