River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-10-20

] bank commissioner.
4 Section 8 All proceedings by any bank
/ to en1oin the bank commissioner in the
discharge of his duties shall be had In
i the county where said bank is located,
1 or In the supreme court of this state.
/ All suits and proceedings arising Out
/ or the provisions Of this act, in which the
/ state. or any of its officers or agents,
/ shall be parties shall be conducted under
! the direction and supervision of the at
/ torney-general.
Section 10 Copies of all records and
missioner, certified by him. and authehti-
/ Gated by his seal of office, shall be cvi-
1 denee in al cases, equally and of ike
effect as the original.
! Section II. During the month of Decem-
/ Der Of each year, the bank commissioner
| shall make an annual report to the
/ 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 shah contain a state
/ ment Of the condition of every bank
I from which reports have been received.
/ with an abstract OF the whole amount of
capital returned by them, the whole
4 amount of their liabilities. the total
amount of resources and specifying the
amount of lawful money held by banks
1 at the time of their several returns, and
! shall give tabulated statement or the
/ resources and liabilities OF each hank,
ard such other information as in his
/ judgment may be required. Such report
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 10 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
4 employed by him, and the whole amount
/ of the expense of the banking depart
ment during the year preceding.
| CHAPTER III.
Banks
Section !. Any number OF adult rest
! dents of Wisconsin, not less than three,
| may associate to establish Il bank under
| this act, upon the terms and condtions
| and subject to the liabilities prescribe6
/ in this act. The aggregate amount of the
capital stock of any bank shall not be
/ less than ten thousand dollars, in villages
/ or cities having less than two thousand
| inhabitants; and shall not be less than
| twenty thousand dollars, in villages or
| cities having more than two thousand
and less than six thousand inhabitants;
| 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 associating
! shall make, sign and acknowledge written
| articles of incorpation 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.
Firth The period for which such bank
| is organized, not exceeding fifty years.
Section 8. Such articles of incorpora-
! ffpO shall he executed in triDlipata
| OF which shall be recorded in the office
of the register of deeds in the county in
! hled IN the office Of the bank commits
| soner, 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 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 its corporate name, to the
same extent as natural person.
Third. To have common seal and
/ alter the same al pleasure.
Fourth. To elect or appoint all neces-
| sary officers, agents and servants define
| their duties and obligations fix their
! compensation, dismiss them, fill vacancies
| and require bonds.
! Fifth. TO make. amend and repeal by
| laws and regulations, not inconsistent
! with law or its articles Of organization,
! for it's own government, for the orderly
/ conduct of its affairs and the manage
! ment of it's property, for determining the
/ manner of calling and conducting it's
| meetings. the tenure of office of its
| several officers; and such others as shall
/ be necessary or convenient for the ac-
| complishment OF its purpose.
Sixth To exercise, by its directors,
| duly authorized officers, or agents, ali
such powers 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
! regulations as it may establish; by buy
/ ing and selling coin and bullion, and by
/ buying and selling exchange, foreign and
! domestic. issuing letters of credit, and
! by loaning money on personal or real
! security. as provided hereinafter
Section ). No bank shall transact any
| business, except such as is incidental
| or necessarily preliminary to its organiZa-
! ton, until it has been regularly author
| tied by the bank commissioner to COM
/ mence the business of banking.
! Section 6. The subscriptions to the
capital stock. and the direction of the
| affairs of the corporation prior to the
! election of directors. shall be in con-
| formity with the statutes of this state,
/ relating to corporations, regulating such
| matters so far as applicable. At least
| nveyv hank shall be paid in, in cash. be-
! fore 1t shall be authorized to commence
/ business, and the remainder of the capital
! Of such bank shall be paid in, in cash,
/
! per cent on the whole of the capital pay
! able at the end of each succeeding month,
| from the time ii shall be authorized by
| the bank commissioner to commence puSi-
| ness and the payment of each INSTALL
! ment shall be certified to the bank COM
! missioner, under oath, by some officer OF
Section I. Whenever articles Of incor-
| poration are filed with the bank COM
| missioner. as herein provided, and the
| bank transmitting the same notifies the
| bank commissioner that at least nifty 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 bank shall BE authorized to
| 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
| has complied with all of the provisions
| Of law required to entiue 1t to engage
| in the business OF banking. IL upon Sucn
| examination IL appears that Such bank
| is lawfully entitled to commence business,
| the bank commissioner shall forthwith
! give to such bank 4 certificate, under his
| hand and official seal that such bank is
| authorized to commence business. II the
| said bank commissioner has reason to be-
| Iieve that the stockholders have formed the
| same for any other than the legitimate
! business contemplated by this act. ne
/ may. with the advice and consent OF the
| Encouragement. withhold the certificate
! herein mentioned.
Section s. The bank shall cause the
/ certificate issued hereunder to be pub
| lished in some newspaper printed in the
| village. city or county where such bank
| is located. within ten days after the re-
! ceipt of such certificate. If no newspaper
| is published in such county. then such
! publication SHAH be made at the nearest
/ county seat. Proof of publication shall
/ be filed with the bank commissioner.
Section .. Whenever any subscriber
! for stock. or his assignee. fails to pay
| any iustallment 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 subscriber
! at public sale. having first given the de-
/ linquent subscriber twenty days notice,
/ personally or by mail, at his last known
| address If no bidder can De found who
/ thereon to the bank with any cost in
/ Cured the amount previously paid shall
/ be forfeited to the bank. and such stock
/ shall be sold as the directors may order,
/ within sixty days from the time OF such
/ forfeiture. and if not sold. il shall be cam
celled and deducted from the capital
stock Of the bank. If sold any surplus
/ over the amount due on said stock to SAID
/ bank. including the cost incurred thereon,
( with interest on the amount due shall be
( returned to the subscriber his heirs or
/ assigns. If such cancellation shall re-
duCe the capital of the bank below the
I minimum required by law. the said cap
] ital shall. within thirty days from the
! date of such cancellation, he increased
/ 10 the required amount by additional
/ subscriptions. In event of the failure OF
/ said bank to increase such capital as
| herein provided. the bank commissioner
/ shah apply for a receiver to close up the
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