Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-10-06


forfeiture.
Section Is. Whenever any officer OF a
hank shall refuse to submit the books, pa
pers and concerns of such bank to the in
spection OF the bank commissioner his
deputy or examiner appointed hereunder,
or refuse to be examined on oath touching
the concerns of the bank, the bank COM
missioner may, with the approval Of the
attorney general, institute proceedings for
the appointment of a 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 affirmation, who shall wilfully swear or
affirm falsely upon any ma terial matter,
shall be deemed guilty of perjury, and
as provided by the laws of this state for
the punishment of perjury.
Section 20. Any bank organized under
this act may reorganize under the laws Of
the United States as national bank. AS
soon as such bank shall have obtained the
certificate from the comptroller of the cur
rency. authorizing it to commence business
under the United States banking law, such
reorganized bank shall take and hold all
bank organized undX this act, lets subject to
all liabilities existing against said bank or
ganized under this act, at the time Of such
reorganization.
Section q. Any national bank author
lied to dissolve, and which shall have ia
ton, may reorganize under this act, upon
the consent in writing of the owners OF
two-thirds of the capital stock of such
commissioner. Such stockholders shall
make. execute and acknowledge articles OF
organization 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 commissioner, such
bank shall be deemed to be reorganiZed
under this act, and thereupon all assets,
real and personal, of such dissolved ma
tional bank, shall be vested in, and be and
become the property of such reorganlzed
bank, subject to all liabilities of such ma
tional bank not 1quidated before such re-
organization.
Section %. A bank which is in good faith
winding up its business, for the purpose of
consolidating with some other bank. may
transfer it's resources and liabilities to the
bank with which it is in process of con-
solidation; but no consolidation shall be
made without the consent of the bank COM
missioner, and not then to defeat or de-
fraud any of the creditors in the collection
of their debts against said banks, or either
of them.
Section %. Any bank organized or doing
business under the provisions OF this act,
may go into liquidation by vote OF It's
stockholders owning tWo-thi-ds of the capt.
tai stock. Whenever vote is taken to sc
into liquidation, it shall be the duty OF the
board of directors to cause notice OF TINS
fact to be certified, under, the seal OF the
bank by it's president and cashier, to the
bank commissioner, and publication there
of, notifying the creditors to present their
be made once in each week for eight sue
cessive weeks in the official state paper,
and also in a newspaper published In the
village, city or county IN which the Dark
published, then in the newspaper published
at the nearest county seat.
Section a. Every bank shall keep Oh
hand at all times at least fifteen per cent
Of which shall be in lawful money, and the
balance of such percentage may be on de-
post in banks approved by the bank COM
missioner as reserve banks; except in the
case of banks which shall be approved by
the bank commissioner IS reserve banks
which banks shall at all times keel, or
total deposits, at least tWo-fifths Of which
shall be in lawful money, and the balance
may be on deposit in banks approved py
the bank conlElissioner as reserve baa an s.,
bank shall fall below the amount required
herein to DC kept. such bank SHAH not IN
crease it's loans or discounts otherEIse tnan
by discounting or purchasing bllls OF eA-
change, payable at sight or on demand
and the bank commissioner shall notify
any bank whose reserve may oe below the
amount herein required, 20 MAKE 5000 sutn |,
reserve. and in case the bank fails Tor thirty
days thereafter to make good sucn re-
serve, the bank commissioner may, with
the approval of the attorney-Gencfai, m
stitute proceedings for tne appointnlent OF
a receiver, and to wind up the business OF
the bank.
Section
person, co-partnership or corporation. to
any bank, for money borrowed, including
in the liabilities of the co-partnersnIp, the
liabilities Of the several members Thereon,
exceed fifteen per cent of the amount OF
capital and surplus of such bank; Dut the
discounting of bills OF exchange, drawn IN
good faith against actually eXlStllg values
and the discounting of commercial or bust
ness paper actually owned by the person
Negotiating the same, shall not pc eons1d-
cred as money borrowed; Prog1dea' tt1at by py
biIities of any person, co-partnefslp or
corporation, may be increased to total
sum not exceeding twenty-five per cent OF
the capital and surplus OF such bank.
Section q, no bank shall take for securi-
ty, for any loan or discount q lien upon
any part of it's capital stock. No bank
shall be the holder OF or purchaser Oh any
purchase shall be necessary to prevent loss
upon q debt previously contracted IN 5000
faith Stocks so purchased Snal IN no
case be held by the bank for longer time
than sig months, If the stock can be sold
for the amount OF the claim of the bank
against the same, and it must be sold Tor
the best price obtainable within one year,
or it shah be Cancelled, and shall then
amount to O. reduction Of the capital stock,
provided. that if such Teduct!oh shal re-
duce the capital stock below the nlllnIntl M
required by law, such capital stock snail
he again increased to the amount required
by law. as provided herein.
Section 2S 1t shall not be lawful for any
bank to loan to any of its officers, directors,
clerks or employees, any OF the FUNDS o.
the bank unless the same snail nave peeh
authorized both as to amount and secuf-
ity, by resolution of the board OF directors
to be recorded.
Section %. No bank shall lend an
amount exceeding twenty per cent OF It's
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 pei, cent OF
the aggregate of it's capital, surplus and
deposits; and provided, that banks doing
business in villages or cities having less
than six thousand inhabitants, under the
fast official census, may loan sum not TO
exceed thirty-three and one-th1rd per
cent of the aggregate of it's CAPT,
tai. surplus and deposits upon real
estate security. The limitation IN
shis section shall not preclude any
hank from taking real estate security. upon
any indebtedness previously contracted IN
good faith upon personal security; and pro-
yided. further, that any bank having taken
real estate security for such debts so pre-
viously contracted, which shall have car
ried its percentage of loans on real estate
above the amount hereinbefore limited.
-, Ny .,ifhi0 CiA. month