Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-08-24

said commissioner shall require the same &C.
| cording 10 the forms which he shall prescribe
and furnish. Such forms shall conform as nearly
az practicable TO that now required of national
banks including the schedules. Such reports
snaii 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 leas.a, the resources and liabilities of
the bank at the close of business of any past dav
| BY the bank Commissioner specified aud shall
be transmitted to saisi hank commissioner with
in ten DAYS after the receipt of request therefor
| from him, such reports shall be published by
| 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 year every bank shall report to
the bank commissioner, on call by him, list
| OF its stockholders, thoir residence. and the
| amount Of stock held by each, which report
shall De signed and verified by the oath or atiir
| nation OF one OF the officers OF said bank. The
| bank commissioner shall also have the power
| 70 can Tor special reports from any bank.
Whenever 10 his lndgu emit the same is necessary
to inform him fglly 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 be subject TO
| forfeiture of one hundred dollars for each day
after the time required for making such reports.
whenever any bank fails or refuses to pay the
forfeiture herein imposed for failure TO m. ko
| aud transmit such report, the bank commits
sioner Is hereby authorized TO institute pro-
ceedings for the recovery of such forfeiture
| SECTION Is Whenever any officer of bank
shall refuse TO submit the books, papers and
concerns of such bank to the inspection of the
bank commissioner, his deputy examiner APP
pointed hereunder refuse TO be examined on
oath touching the concerns of the bank, the
| bank commissioner may, with the approval OF
the attorney general, institute p oceedings for
the appointment of receiver of such bank TO
wind up its business
SECTION 49, Every officer or employee of any
| bank. required by law To take any oath or af.
| firmation, who shall wilfully swear or affirm
| falsely upon any material matter. shall be deem
| ed guilty OF perjury, and upon conviction there
| Of, shall be punished provided by tine laws OF
this state for the punishment of perjury:
/ SECTION 90 Any bank organized under this
| act may reorgaulze under the laws of the United
| States national bank. As soon as such bank
| shall have obtained the certificate from the
| comptroller of the currency, authorizing it to
| commence business under the United States
| banking law, such reorganized 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 under this act at the time of such reorgan-
I ization.
SECTION u. 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. Such stockholders shall make,
| execute and acknowledge articles of organiza-
ton as required by this act, and 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
/ commissioners, such bank shall be deemed G. fa
reorganized under this act: and thereupon all
assets, real and personal, of such dissolved ma
tional bank, shall be vested in, and be and be-
| come the property of snch reorganzed 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 IL is in process of C DnSolidation; but
consolidation shall be made without the consent
f4ff han DRf 70 daft
defraud any of the creditors in the collection
| of their debts against said banks or either q.
| them
| SECTION d. Any bank organized or doing bus
| mess under the provisions of this act may go
| into liquidation by vote of its stockholders
| owning two-thirds of the capital stock When
| ever vote is taken to so into liquidation, it
| 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 he
made once In each week for eight successive
weeks in the official state paper, and also in q
newspaper published in the village, city OF
county In which the bank is located, and if nc
newspaper is there published, then in the news
paper published at the nearest county seat.
SECTION "a. Every bank shall keep on hand al
de oosits, at least six.tfteenths Of which Shall be
III lawful motley, 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 ali times keep on hand at least
twenty five per cent of their total deposits, at
least two-ffths of which shall be in lawful
n .ley, and the balance may be on deposit in
tanks 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 its loans or
discounts otherwise than by discounting or 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 in case the bank fails for thirty days
thereafter to make good such reserve, the bank
commissioner may with the approval of the at
toney general, institute proceedings for the
appointment of a receiver, and to wind up the
business of the bank.
SECTION rs. The total labilites OF any Der.
son, co-partnership or corporatieu, TO any bank,
for money borrowed, including N the Liabilities
of the co-partnership, the liabilities CT the sew
eral members thereof, rHraT 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 discounting of commercial or business paper
actually owned by the person negotiating the
rowed provided, that by two-thirds 7ote of the
directors, the liabilities of any person, part
total sum not exceeding twenty-five per cent. of
the capital and surplus of such bank
SECTION u. No bank shah take for security
for any loan or discount a lien upon any part of
its capital stock. No bank shall be the holder
of or purchaser of any portion of its capital
stock, unless such purchase shall be necessary TO
prevent loss upon debt previously contracted
in good faith. Stocks so purchased shall in no
case be held by the bank for longer time than
six months, II 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
tainable within one year, or it shall be Cancelled,
and shall then amount to reduction of the APP
ital stock provided. that if such reduction shall
educe 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 q. 1t 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 20. Nc bank 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 a 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 cities having less than six thousand
inhabitants, under the last official census. may
loan sum not to exceed thirty three and one
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
Their, that any bank having taken real estate Sc
curity for such debts so pre- ciOusly contracted,
which shall have carried its percentage OF loans
on real estate above the amount hereinbefore
limited, such bank shall, within SIX months
thereafter either by sale or collection, reduce
its real estate loans to the amount hereinbefore
limiteds
SECTION 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 &C
cordlng to the ordinary usages of banking Insti-
tutions, and TO charge for collecting foreign or
domestic bills, or other evidences of debt the
usual current rate of exchange. In the compu-
tation OF time. thirty days shall be considereda
month and twelve months year.
SECTION 81. All debts due TO any bank, on
which interest is past due and unpaid for
well secured and in process OF collection. shall
heConsdered bad debts and shall be charged off
10 the profit and loss account at the expiration
of ere year
may declare dividend from 50 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 declared, not less than one
tenth of the net profits Of the bank for the pre-
cedinR half year OF for such period as Is covered
by the dividend shall be carried To surplus
fund, until such surplus fund shall amount to
twenty per cent NJ the capital stock. No dlvl-
dend shall be declared before tue capital stock
Is fully paid
SECTION 80 Every president director. cash
Ter. officer, teller, clerk agent OF any bank or
savings association who embeZzles abstracts or
wilfully misa applies, any OF the moneys. funds,
credits or property 0 ithe bark or savings assoc
citation, whether owned by II or held IN trust, or
who without authority of tee directors, issues
or puts forth any certificate pf deposit. draws
any order or bill Of exchange, axes any accept