Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-07

tion Of every bank from which reports Ia We been
received, with an abstract Of the whole amount
OF capital returned by them, the whole amount
OF their liabilities the total amount OF resources
and specifying the amount of la wful money held
by banks ct the time qf their several retutts and
shaii giys tabuldted Statement Of the resources
ana liabilities OF each bank, and such other in
formation as In his Judgment may be required.
Such report shall also contain statement of
the banks WHOSE business has been closed dur
ing the year. the amount of their resources and
liabilities, and the amount paid TO the creditors
thereof; also statement Of any banks organ.
aed ib aarhg the And shall ase give list
amount OF stock nel,. 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
pf the expense Of the banking department during
the year preceding.
CHAPTER II.
BANKS
SECTION l. Any number OF adult residents of
Wisconsin not less than three. may associate to
establish bank under this act upon the terms
and conditions and subject TO the liabilities
OF the capital stock of any bank shall not DO
less than ten thousand dollars, in villages or
cities haEing less than two thousand inhabi-
tants: and shall not be less than twenty thou
sand dollars. in villages cities having more
than two Thousand and lie than six Thousand
inhabitants, and shall - be less than fifty
thousand dollars in any vi age or city having
moro than six thousand inhabitants, according
to the last official census.
o4LIlON Z. lie persons SO aSSOciatlng shall
mako, sign and acknowledge written articles OF
incorporation containing:
First. declaration that they associate for
the purpose OF forming banking corporation
under this act.
second. The name OF such bank Such name
shall be 10 no material respect similar to the
s ag 9 Sbsr a anf b Oh, dS8 Sss;
TIL act or under the laws of the United States.
Third, The village or city and couhty where
such bank IS to be located.
E,nfrth Tho Of anifat efao
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 or
ganized, not exceeding fifty years
SECTION 3. Such articles of Incorporation
shall be executed In triplicate, one Of which
shall DO recorded In the Office Of the register of
one shall be fled In the office OF the bank com
missioner, and one shall be filed In the office of
the secretary Of state. 4
SECTION I. Upon making and filing OF the
articles Of IL corporation the bank shall become
q body Corporate, aud as such shall have o
First To make all contracts necessary and
proper to effect Its purpose and conduct It's bust
ness.
Second. To sue and be sued, to appear and
defend In all actions and proceedings under its
corporate name, to the same extont as a nat
ural person.
Third. To have common seal aud alter Inc
Fourth. TO elect or appoint all necessary
officers, agents and servants define their duties
and obligations. Ak their compensation, dis
miss them, I'LL vacancies and require bonds.
Fifth To rf6kA EmtAa and repeal bylaws
and regulations, not inconsistent with law or
its articles of Organization for its own govern.
ment, for the orderly co duct Of its affairs and
he management of its property, FJr determin-
ing the manner of calling aud conducting its
meetings, the tenure OF of" of its several OFF,
ers and such others as shall be necessary or
convenient for the accomplishment of its pur
pose.
sixth. To exercise, by its directors, duly au.
M al az
shall be necessary to carry on the business OF
banking, by buying, discounting and negotiat-
ing promi ssory notes, bonds, drafts bills OF ex-
change, foreign and domestic, and other evil
dences Of debt; by receiving commercial and
savings deposits under such regulations as it
may establish; by buying and selling coin and
foreign and domestic; issuing letters OF credit,
and by loaning money on personal or real &C.
curity. as provided hereinafter.
SECTION 5. No bank shall transact any bust
1885, except such as is incidental or necessarily
preliminary to Its organ i2ation, until II has
been regularly authorized by the bank commits
sioner to commence the business OF banking.
SECTIoN8 The subscriptions to the capital
stock, and the direction of the affairs of the
corporation prior to the election of directors,
shall be in conformity with the statutes of this
state, relating to corporations, regulating such
matters, so far as applicable. At least fifty per
cent of the capital stoc k of every bank shall be
paid in, In cash, before it shall be authorized u
comDlehee business, and the remainder of the
capital of such bank shall be paid In, in cash,
In monthly installments of at least ten per cent,
on the whole of tho capital payable at the end
of each succeeding month, from the time it
shall DO authorized by the bank commissioners
to commence business, and the payment pr each
installment shall be certified to the bank coui-
missioner, under oath. by some officer of the
bank.
SECTION !. Whenever articles OF incorpora-
ton are filed with the bank commissioner, as
herein provided, and the bank transmit ing the
same notifies the bank commissioner that at
least fifty per cent. of Its capital has been duly
paid in, and that such bank has complied with
all of the provisions of this act, required before
the blnk shall be authorized to commence bust
ness, the,bank commissioner shall examine into
the condition of such bank, ascertain the
amount of money paid In on account OF Its capt.
tai, the name and place OF estdence of eachof its
directors, and whether such bank has complied
with all OF the provisions of law required to en-
title it to engage in the business of banking.
II upon such examination it appears that such
bank Is lawfully entitled to commence business,
the bank commissioner shall forthwith give to
such bank a certificate, under his hand and
official seal, that such bank IS authorized to
commence business. II the said bank commits
holders have formed the same for any other than
the legitimate business contemplated by this
act be may, with the advice and consent of the
attorneygene al. withhold the certificate herein
SECTION g. The bank shall cause the certif-
cate 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 certificate. Ii no news
paper Il published In such county. then such
publication shall be made at the nearest county
seat. Proof of publication shall be nled Win
the bank commissioner.
SECTION 9. Whenever any subscribe. for
stock or his assignee falls to pay any Install
ment on the stock when the same Is required TO
be paid hereunder the directors OF such bank
may sell the stock of such delinquent stock sub
scriber at public sale, having first given the de-
linouent subscriber twenty days notice, per
sonally or by mail, at his last known address
If no bidder can be found who viii pay for such
stock the amount duo thereon to the bank, with
any cost incurred, the amount previously palo
shall be forfeited to the bank, and SUCH stocb
shall be sold as the directors may order, within
sixty days from the time of such forfeiture, anc
If not sold it shall be cancelled and deducted
from the capital stock of the bank. Ii sold, an!
surplus over the amount due on said stock u
said bank, including the cost incurred thereon
with interest on the amount due, shall b re-
turned to the subscriber, his heirs or assigns.
If such cancellation shall reduce the capital of
the bank below the minimum required by law,
the said capital shall, within thirty days from
the date of such cancellation, be increased to
the required amount by, additional subscrip-
'sions. In event OF the failure of said bank to
increase such capital as herein provided, the
bank commissioner shall apply for receiver
to close up the business of the bank.
SECTION 10. The affairs of the bank shall be
managed by board of not less than three direc-
tors who shall be elected by the stockholders
and hold office for one year, and until their sue
cessors have been elected and have quaNHed
majority of the board of directors sb1il con-
istitute quorum for the transaction of bust
ness; provided, that when the number of direc-
tors shall exceed nine they may, once IN SIX
months, designate by resolution, nine members,
any five Of whom shall constitute a quorum;
In the first instance the directors shall be elected
at a meeting held before the bank is authorized
to commence business by the bank commits
sioner and afterwards at the annual meeting
of the stockholders. to be held during the month
fof July or January; aud if for any reason an
election is not had at that meeting, 1t may be
had at a subsequent meeting called for nat
purpose. of which due notice shall be given as
provided in the bylaws of such bank. Every
direct or shall take and subscribe an oath that
he will diligently and honestly perform his duty
in such office and will not knowingly violate or
hermit violation of any provision or TINS fct ;
that he is the owner in good faith OF stock In the
bank standing in his name on the BOOKS OF the
bank Such oath shall be transmitted to the
bank commissioners and filed in his office. Any
vacancy in the board of directors shall be filled
By the board, and the director so appointed
shall hold office until the next election. The
officers of tho bank shall be elected by the board
of 1irectors,and hold their offices for one year,
and until their successors are elected and
qualified. unless sooner removed by the board
of directors.
SErTIoN IL. Every bank shall keep stock
book, which shall at all times, during the usual
hours for transactue business, be subject TO the
inspection of the officers, directors ana STOCK;
holders of the bank. Such stock book shall
show the name, residence and number OF Shares
held by each stakeholder. A refusal BY, the OIL
cers of such bank to exhibit such book to any
person rightfully demanding inspection thereof,
shall subject such officer to a forfeiture of fifty
dollars In all actions suits and proceedings,
such book shall be presumptive evidence OF the
facts therein stated
SECTION r. The shares of stock of such bank
shall DO deemed personal property, and shall
be transferred on the books of the bank In &C
cordance with the method provided by law for
transfer of stock in corporations;
SECTION 49, At all stockholders meetings
each share of stock shall entitle the owner OF
record 70 vote A stockholder may vote at
any meeting of the stockholders by proxy. NO
president or cashier shall act as proxy for any
stakeholder.