Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-01

engage in the business OF banking If
upon such examination i appears that
business. the bank commissioner shall
forthwith give to such bank 2 certificate,
under his hand and Official seal, that such
bank is authorized to commence business.
If the said bank commissioner has reason
to believe that the stockholders nave
fosisssd the same for any other than the
legitimate business contemplated by TINS
act, he may, with the ADVICE and consent
OF the attorney-geleral y-5naold the Ger
tificate herein mentioned.
Section 8. The bank sail cause the GER
tificate 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
in such Comfy taia So publication shall
be made at the nearest counEy seat. PROOF
of publication shall be filed with the bank
commissioner.
Section 9. Whenever ony subscriber for
stock, or his assignee, fits 70 pay any IN
stallment on the stock len the same Is
required to be paid hereunder, the directors
of such bank may sell tie stock OF such
delinquent stock subscrs per at pubic SAFE,
having first given the delinquent subscriber
twenty days notlse, n5s aally or by MAJ man.
can be found who III t5sy for such stock
the amount due the-eon to the bank. WITH
any cost incurred, tie amount previously
such stock shall be SD as the directors
may order, within s----ty oays from the time
of such forfeiture, I'd = not coiQ' 1t siltI i
stock of the BAN, rf Snld, any surplus
over the amount Que On sad stock to said
bank including tlle cost incurred thereon,
returned to the subsc.i',e1', his heirs or as
signs. II such canoe on snaH reduce
the capital of the panl1 oelo the MINIMUM l1
required by law, the said capital shan,
within thirty days from tie date OF sucn
cancellation be incre 8 to the required
amount by additionsI SUBSCRIPTIONS. IN IN
such capital as herein provided. the pank
commissioner shall apply for a receiver to
close up the business of the bank.
Section 10. The affairs Of the bank shall
three directors, who shall De elected by the
stockholders and hold office for one year
and until their successors have neen elect.
ed and have qualified. A majority OF the
board. of directors shall constitute quo
rum Tor the transaction of business; pro
vided, that when the number OF directors
months designate by resolution, nlna
members any five of whom shall consul
tute quorum. In the first instance the "a,
rectors shall be elected at a meeting held
before the bank is authorized to commence
business by the bank commissioner, ana
afterwards at the annual meeting OF Inc
stockholders, to be held during the monln
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 ca Le1 |
for that purpose, OF Wnle zen; que nue s of snch
bank Every director shall take and sub
scribe an oath that he will diligently ana
honestly perform his duty IN sucn once,
violation of any provision Q! TINS act, eha ~
he is the owner in good faith OF STOCK III
the bank n ba banE Such oah shah be
transmitted to the bank commissioner anu 1h
filed in his office Any vacancy IN me me
board of directors shall be TILED by In1
board and the director SO appointed shail
hold office until the next election. Inc o.
ficers of the bank she'll be elected by tne
board of directors and hold their offices Tor
elected and qualified unless sooner re-
moved by the board 81 directors. !
Section Ii. Every bank shall keep
stock book, which shall at all times, curing I
be subject to the inspection OF the ofhcers'
directors and stockholders OF the panK.
Such stock book shall show the name, resi-
dence and number of shares held by each
stakeholder A refusal by the officers or
such bank to exhibit slcn book to any per
son rightfully demanding lnspect no,
fixture of fifty dollars. In al actions,
suits and proceedings, such book shali ne
presumptive evidence of the facts therein
stated. .,,o1,
Section 12 The shares Of stock OF such
bank shall be deemed personal property
and shall be transferred on the DOCKS OF
the bank in accordance WIN the tlletiiG ~,
provided by law for transfer CT STOCK III
corporations. o+,xo.,
Section 10. At all stockholders meetings
each share Of stock sl22ll cnt1tle the owner
vote at any meeting C the stockholders by
proxy. No president or cas---ef shaA act
as proxy for any stockhc,G21.
Section a. A bank may amend its artl-
cles of association in any manner. not m
consistent with the provisions q law, at
any time, by vote OF us stcckcolo1ers 4 rep
resenting two-thirds of the capital stock,
such vote to be taken at meeting caned
for that purpose. A copy OF such amend-
ment, certified by the preside-lt ana casn.
Ter, shall be filed as required TO- articles OF
incorporation. No increase OF cSp!tal shaN
be valid until the amount theI&o- has been
subscribed and actually pal,t II. NO re-
duction of capital shall be made to less
amount than is required under tie proVls-
ions of this act for canst2l, ~ be valid or
warrant the cancellation OF stock certl1l.
Gates, or diminish TIC PERSONAL laplllty OF
stockholders, until sucL reduction mas Deen
approved by the bank co-Z1IllSsioner: ouch
approval must be based rpon hndlng py
hinsthat the security G. { e1lstih9 cred1
itors will not be iu-p~~.. @3 ~ the proposed
reduction, MA
and convey resi- est1t3 fer the following
PURPOSES and no CIT 5rs;
First Such az shall be z 2ass2fy for the
convenient transaction Of is business, M
Guiding with it's BANKING osiicSs otEse1
apartments to rent as q source OF INCOME
No bank shall invest in G banking office,
Including, apartments connected Herewith.
sum exceeding twenty per cent OF
its paid in can-tal provided that TINS ll1a-
ings Of banks low doing business.
Second. Such as shall be. conveyed to it
in satisfaction CT dec $ previously contract
ed in the course of it's business
Third. Such as it shall purchase at sale
on judgments, degrees, or mortgage fore
closures unuer securities held by it; but
bank shall not bid at such sale q larger
amount than is necessary to satisfy its
debts and costs. No real estate acquired
in the cases contemplated in the SECOND
and third subdivisions preceding, shall be
held for a longer tirlo than tive years, ex.
cept an extension is granted by the bank
conmissoner # such extension be be mot mot
lie sale within ninety days thereafter.
Nothing in this section shall be construed
upon real estate security as provided by
law Real estate shall be conveyed under
the corporate seal of tie bank, and the
hand of the president or vice-president and
cashier or assistant casF-o-.
Section Is. Every bank sail make to the
bank commissioner not less than three re-
ports during each calendar year, at such
times as the said commissioner shall re-
quire the same, according to the forms
f