Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-05

said commissioner shall require the SAND, nc.
cording to the forms which he shall prescribe
| and furnish, Such forms shall conform as nearly
as practtcablet to 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 to said bank commissioner with
in ten days after the receipt OF request therefor
non ba n,h sue Fepops fa pc BY
| or county, where such bank is located, in such
condeDsed form as may be prescribed by tho
bank comm ;ssioner. Proof of publication shall
be furnished to said bank commissioner. At
least once each year every bark shall report to
\ the bank commissioner, on call by him, list
| of its stockholders, their residence. and the
amount OF stock held by EACH VIII ih report
shall be sighed and verified By the oaf or atfir-
nation OF one of the oflic rs OF said bank. The
| bank commissioner shaa4 also have the powe.
! whenever in his judgment the same is necessary
| to inform him fully of the condition of such
| bank.
SECTION II. Every bank failing 20 make and
| transmit to the bank commissioner any of the
reports required by this act, shall be subject 10
| forfeiture of one hundred dollars for each day
| after the time required for making aach reports.
| Whenever ans bank fails or refuses to pay tho
forfeiture herein imposed for failure TO make
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, papars and
| concerns of such bank To the inspection of the
bank commissioner, his deputy or examiner ap-
/ oath touching the concerns of the bank, the
| bank commissioners may, with the approval OF
/ the attorney general, institute D oceedings for
tho appointment of receiver of such bank To
! wind up its business
SECTION 10. Every officer or employee of any
bank, required by law to take any oath or af.
, GRgk aha Al 9Th
| falsely upon any material matter shall be u n
1 cd guilty of perjury, and upon conviction there.
| Of, shall be punished as provided by the laws OF
| this state for the punishment of perjury.
| SECTION 20. Any bank organized under this
| act may reorRani2e under the laws of the United
States as national bank. As soon 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 reorganized bank shall take
and hold all of the assets, real and personal, of
| such bank organized under this act, subject to
| eli liabilities existing against said bank organ
| ICED under this act at the time of such reorgan-
| ization.
SECTION Fl. Any national bank authorized to
| dissolve, and which shall have taken the necas-
| 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.
| this act, and upon the approval of tho bank
| commissioner, such bank shall be doomed 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 y. bank which is in good faith
| winding up its business for the purpose OF con-
soiidating with some Their bank, may transfer
| its resources and liabilities to the bank with
| which 1t 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 %. Any bank organized or doing bus
| mess under the provisions of this act, may 60
| into liquidation by vote of its stockholders
| owning two thirds of the capital stock. When
| over vote is taken to go into liquidation, it
shall be the duty of tho board of directors to
cause notice of this fact to be certified under
the seal Of the bank by its president and cashier,
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 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 at
all times, at least fifteen per cent of its tota
deposits, at least six fteenths of which shall hs
III lawful money and the balance OF such FER.
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 all times keep on hand at least
twenty per cent. of their total deposits, at
| least twoffths of which shall be In lawful
money, and the balance may be on deposit in
banks approved by the bank commissioner
reserve banks.
SECTION rs. Whenever he 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-
chr Of vcna hleo ei,,hk
demand, and tho bank commissioner shall notify
any bank whose reserve may be below tho
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
torney general institute proceedings for tho
appointment of q receiver aud to wind up the
business of the bank.
SECTION IS. The total liabilities Of any per.
son, co'partnership or corporation, TO any bank,
for money borrowed including in the liabilities
OF the co-partners hip, the liabilities OF the
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 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 two-thirds vote of the
directors, the liabilities Of any person, copart
total sum not exceeding twenty-five per cent OF
the capital and surplus of such bank.
SECTION u, No OanK SnaIl take IOf security
for any loan or discount lien upon any part OF
its capital stock. No bank shall DO the holder
OF or purchaser of any portion OF its capital
stock, unless such purchase shall be necessary TO
in good faith Stocks so purchased shall in no
case be held BY the bank for longer time than
six months, il 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
BILE within one year, or 1t shall be Cancelled,
and shall then amount to a reduction Of the APP
ital stock provided that If such reduction shall
reduce tho capital stock below the minimum
required by law, such capita! stock shall be
again increased to the amount required by law,
as. provided herein.
sEcTIoN2@ II Shall not be lawful for any
bank to loan to any of its officers directors,
clerk ks 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, 70 be recorded,
SECTION 20 No bank shall lend an amount
exceeding twenty per cent. Of its capital stock
upon mortgages or any other formof real estate
security. except on the adoption of a RESOLUTION
specifying some large amount which its officers
may loan upon real @ tate security; provided,
that IN no shah any Paak So Gan an
aggregate Of its capital, surplus and deposits;
and provided, that banks doing business in
villages or cities having less than six Thousand
inhabitants, binder the last official census. may
loan sum not to exceed thirty-three and Qne-
third per cent. OF the aggregate of its capital,
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 So
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, within six months
thereafter, either by sale or collection, reduce
its real estate loans to the amount hereinbefore
limitedS 49,
SEcTIpN 80. 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 1t shall be lawful
for any bank to receive interest in advance ac-
cortiing to the ordinary usages of banking iasti
tut; IS, and to charge for collecting foreign or
domestic bills, OF other evidences Of debt the
usual curr9nt rate of exchange; In the ccompu-
tatioh of time, thirty days shall be considered
month and Twelve mouths year. 80
SECTION 81. All debts due TO sly bank, on
which thtsrSst ia past doe and unpaid for
period oi twelve months. unless the sane are
well Secured and In process Of collection, shall
be considered bad debts. and shall be charged off
to the profit aud loss account ~ the sxpitatlon
sEt4i6Sfs2. The board OF directors OF a bank
may declare dividend from SO much OF It's net
profits, after providing for all expenses losses,
interest and taxes accrued or due ,frem sail,
hank, fs fheg shall daen szpedienf; hat before
tenth Of the net profits of the bank for the pre-.
ceding half yea or for such period as Is covered
by the dividend. shall be. carried 70 a surplus
tE9a gPtl sue s9gtSplas gqa sa9tk aGaeai
dsnd shall be DECLARED before the captaI STOCK
Is fully paid -, -
Ter, officer teller, clerk or agent OF any bank or
savings association who embe2zies, aostracts or
%SePe.ss AK e easnss s
citation, whether owned bg It or held in trust, or
who, without authority of the directors, issues
any order or bill Of exchanges, makes any accept
ance assigns any note, bond, draft, bill OF ex-
change. MORTGAGE, judgment or decree; or who