River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-10-13


I building, upon the same floor and in such
I close proximity as to interfere with the
4 proper examination of either bank. the
Z bank commissioner may require either ot
/ said banks to remove its banking office
I TO some other location. within such
/ reasonable time as may be fixed by thu
( bank commissioner
Section O. All proceedings by any banf
7 to enJOin the bank commissioner in this
! discharge of his duties, shall be had il
! the county where said bank is located
or in the supreme court of this state
! All suits and proceedings arising oui
of the provisions of this act, in which the
( state or any of its officers or agents
shall be parties. shall be conducted undel
the direction and supervision of the at
/ torney-general.
Section TO- Copies of all records anG
! papers in the Office of the bank com.
/ missioner, certified by him. and authehti.
/ Gated by his seal of office, shall be evil
! effect as the original.
Section Il. During the month of Deem
/ Der of each year, the bank commissioned
| snail make an annual report TO the
! governor of the state, which report shall
! be published and shall exhibit the con-
! dition OF the various banks of this state
( as of the day of the last report made to
! the bank commissioner by such banks
4 and such report shall contain a state
/ ment of the condition Of every bank
/ from which reports have been received
/ with an abstract of the whole amount OF
| capital returned by them, the whole
amount of their liabilities, the total
/
amount of lawful money held by banks
! at the time Of their several returns. and
| shall give a tabulated statement or tho
/ resources and liabilities of each bank
! and such other information as IN his
/ judgment may be required. Such report
1 shall also contain a statement OF the
/ banks whose business has been closed
| during the year, the amount of their re
! sources and liabilities, and the amount
paid TO the creditors thereof; also state
| ment OF any banks organized during the
! year; and shall also give a list of the
/ stockholders. their residence, and the
amount Of stock held by each and the
| names of the directors and officers OF
| each bank. He shall also report the
! names and compensation of the clerks
employed by him, and the whole amount
/ of the expense of the banking depart
| ment during the year preceding.
CHAPTER II.
Banks.
Section l. Any number of adult rest
| dents of Wisconsin, not less than three
/ may associate to establish bank under
! this act, upon the terms and conditions
! and subject to the liabilities prescribed
/ in this act. The aggregate amount of the
| capital stock of any bank shall not be
| less than ten thousand dollars. in village
| or cities having less than two THOUSAND
| inhabitants; and shall not be less than
| twenty thousand dollars, in villages OF
| cities having more than two thousand
| and less than six thousand habitants;
and shall not be less than fifty thousand
/ dollars IN any village or city having
! more than six thousand inhabitants, ac-
! cording TO the last official census.
! Section 2 The persons so associatfng
/ shall make, sign and acknowledge written
/ articles of incorpdtion containing:
| First. A declaration that they associate
/ for the purpose of forming a banking
| corporation under this act.
Second. The name of such bank. Such
! name shall be in no material respect
| similar to the name Of any other bank
| in the same county, whether such other
| bank be organized under this act or
under the laws of the United States.
| Third. The village or city and county
| where such bank is to be located
Fourth The amount of capital stock
which shall be divided into shares of not
| less than fifty nor more than one hundred
! dollars each.
Fifth. The period for which such bank
| is organized, not exceeding fifty years,
Section g. Such articles of incorpora-
| ton shall be executed in tripltcate one
of which shall be recorded in the office
Of the register of deeds in the county in
which the bank is located, one shall be
filed in the office of the bank commits
sioner. and one shall be filed in the office
| of the secretary of state.
Section 4. Upon making and filing of
! the articles of Incorporation the bank
! shall become a body corporate, and as
such shall have the following powers:
First. To make all contracts necessary
| and proper to effect its purpose and con-
! duct its business.
Second. To sue and be sued, to appear
| and defend in all actions and proceed
| ings under it's corporate name, to the
| same extent as a natural person,
Third. To have a common seal and
| alter the same at pleasure
Fourth To elect or appoint all neces-
| sary officers agents and servants define
| their duties and obligations fix their
! COMMUNICATION. dismiss them. fiji vacancies
| ana require bonds
ESifth To make amend and rpneal NV
| latEs and reg1IIat tons NOT irconsiete1t
! win law or lis articles of organization'
| for i+e own govarnnsnt for nc ordarIt,
| conduct of It's affairs and the ,nanage-
,Iart ~ its nroDarf1t for da+er,,,i,i,,fy r. a
meetings the tenure of office OF lis
several officers; and such others as shal
be necessary or convenient for the ac-
cOmplishment of its purpose.
Sixth. To exercise, by its directors,
such mowers as shall be necessary to
! carry on the business of banking by buy
! ing discounting and negotiating promis-
| sorry notes bonds drafts bills of ex-
| change foreign and domestic and other
| evidences of debt; by receiving com
| poercial and savings deposits under such
| raoIIIations as il may establish: by buy-
! ing and selling coin and bullion and by
| iiSs22,irer and selling EXCHANGE FOREIGN nd
| domestic Issuing letters of credit and
| nv Ioaning money on personal or real
| security as provided hereinafter.
| Section ) No bank shall transact any
| bIsiuess except such as is incidental
| or necessarily preliminary to its organize
| lion until IL has been regularly author
! 80 nv the bank commissioner TO com
| r1enca the business of banking
! section G. The subscriptions to the
a
! affairs vi the corporation prior to the
| election of directors, shall be in con-
! forInity with the statutes of this state,
| relating TO corporations, regulating such
/ matters so far as applicable At least
fifty per cent of the capital stock of
| every bank shall be paid in, in cash, be-
! fore Ii shall be authorized to commence
| business, and the remainder Of the capital
! of such bank shall be paid in, in cash,
| IN monthIv instaIlments Of ut least ten
| nor cent on the whole of the capital paw
| 5Lia At no end Of each succeeding month.
| Tho hank commissioner 70 commence bust
necs ma me nayrneut Of each INSTALL
| ,,oant sboil he oertfflpd RI tbp In nix conn
,1fss{o,Ier ,nder oatb IL, some ofTicer Of
he bani5
S.artjI,' yK-bcpa,.er ar+iclea Of moor
1eG tior a IT, fIed Heitb he hank com
| missioner as herein provided. and the
| hank tranernirtiner the same notifies the
| hank commissioner that az least fifty per
| cent of its capital has been duly paid in.
| and that such bank has complied with
all Of the % DIVISIONS or this act required
| commence business. the bank commits
| sioner shall examine into the condition
| of such bank. ascertain the amount of
| money paid in on account of its capital.
| the name and place of residence of each
! of its directors and whether such bank
| of law REQUIRED to entitle It to engage
| i'm the business of banking. If upon such
| examination it appears that such bank
| is lawfully entitled to commence business,
| the hank commissioner shall forthwith
| rive TO such bank certificate under his
| authorized to commence business. II the
said bank commissioner has reason to be
| iieye that the stockholders have formed the
same for any other than the legitimate