Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-08-29

notice OF sale 1V9 DublIC places IN the village
or city where such ban is located. Upon such
sale the purchaser shall forthwith pay the
amount of the assessment against said stock.
The amount received from the sale of said stock,
less the cost and expense of such sale, shall be
paid to the original owner of such stock.
SECTION 7. On becoming satisfied that any
bank has refused to pay its deposltors, IN &C.
cordance with the terms which such deposits
were received, or that any bank has become in
solvent, or that its pitaI has become impaired,
or that any bank has violated any OF the pro-
visions of this law, the bank commissioner may
forthwith take possession of the books. records
and assets of every description OF such Dank,
assets shall not be subject to any levles or at
tachments, until court of competent 3ur1sdlc-
ton can be applied to for the appointment OF a
feceiver for such bank, who, under the direction
Of the court, shall take possession OF the books,
records and assets OF every description collect
all debts, dues and claims, and sell or compound
all doubtful debts, and sell all real and personal
property on errh terms as the court aha direct,
%nt. il necessary enforce tc tattividu al liability
of stockholders. Such receiver shall pay over
all money by him received under the order or
the court, and shall also make report to the
bank commissioner, as often as required by him,
of his acts and proceedings
SECTION 8. In the event that any two banks
shall be doing business in. the same building,
upon the same floor, and In such close prox Unity
as to interfere with the proper examination OF
either bank the bank commissioner may require
either of said banks to remove Its banking office
to some other location, within such reasonable
time as may be fixed by the bank commissioner
= Al 6g t any RsRs
of his duties, shall he had in the county where
said bank is located, or III the supreme court OF
this state. All suits and proceedings arisang ont
of the provisions of this act, in which the state
or any Of its officers or agents, shall be paFties
shall be conducted under the direction and SUI
pervision OF the attorney-general, OVID moi.
in the office of the bank commissioner, certIned
by him, and authenticated by hJ3 seal OF ofhce:
shall be evidence in all cases, equally and OF
ikn a IA
SECTION Ii. During the month of December
of each year. the bank commissioner shall make
which report Shall be published and shall ex-
hibit the condition of the various banks of this
state. as of the day of the last report made to
the bank commissioner by such banks; and such
report shall contain a statement of the condi-
ton of every bank from which ports 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 resohces
and specifying the amount of lawful money held
by banks at the time of their several returns, and
shall give ia ulated statement OF the resources
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 amounto of their resources and
liabilities, and the amount paid to the creditors
thereof; also statement OF any banks organ.
lied 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 or Inc
clerks employed by him, and the whole amount
of the expense OF the banking observation-disclosures
the year preceding. ~
CHAPTER II. -.
SECTION /. 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
prescribed IN this act. The aggregate amoung
of the capital stock of any bank shall not be
less than ten thousand dollars. in villages or
cities having less than two thousand in h abi-
sand dollars, in villages 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, according
to the last official census.
SECTION z. The persons SO aSsoctdttng shall
make, sign and acknowledge written articles Of
Incorporation containing:
First. A declaration chat they associate for
the, purpose Of forming 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 whore
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 Or
ganized, not exceeding fifty years
SECTION 3. Such articles of incorporation
shall be executed in triplicate, 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 COM
missioner, and one shall be fled in the Office of
the secretary of state.
SECTIoN4. Upon making and fling of the
articles of incorporation the bank shall become
a body corporate, and as such shall have the
following powers:
klrst 70 make all contracts necessary, and
proper to effect its purpose and conduct its bust
ness
Second. To sue and be sued, to appear and
defend in all actions and proceedings under its
corporate name to the same extent as nat
ural person
Third. To have common seal and alter the
Fourth. To elect or appoint all necessary
officers, agents and servants, define their duties
and obligations fix their COMPENSATION, dis
Fifth. To make, amend and repeal bylaws
and regulations, not inconsistent with law or
its articles of organization, for its own govern.
ment, for the orderly conduct OF Its affairs and
the management of its property, for determln-
ing the manner of calling and, conducting its
GERS; and such others as shall be necessary or
convenient for the accomplishments OF its pur-
pose.
Sixth. To exercise by its directors, duly au.
thorized officers, or agents, all euch powers as
shall be necessary to carry on the business of
banking, by buying, discounting and negotiat-
ing notes bonds drafts bills ha OF e5
dences of debt; by receiving commercial and
savings deposits under such regulations as it
may establish: by huying 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 SO.
curity, as provided hereinafter.
SECTION 5. No bank shall transact any bust
ness except such as is incidental or necessarily
preliminary to it's organization, until it has
been regularly authorized by the bank commits
sioner to commence the business of banking.
SECTION6. 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 stock of every bank shall be
paid ill., in cash. before it shall be authorized to
commence 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 the capital, payable at the end
of each succeeding month, from the time it
shall be authorized by the bank commissioner
to commence business, and the payment of each
installment shall be certified to the bank COM
under oath, by some officer OF the
bank.
SECTION Z. Whenever articles of incorpora-
ton are fled with the bank commissioner, as
herein provided, and the bank transmitting 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
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