Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-26

formation as :. his judgment may be reaaired
such report shall also coilsa:::. statement OF
tue banks whose business has been closed dur
ing the year, the amount of their resources and
liabilities, and the amount paid to the creditors
iheIeof also a statement u any banks organ,
lzed during the year, ard shall also give list
OF the stockholders, their residences and the
amount OF stock held b, each and the names ~
the directors and officers of each bank. He shall
clerks employed ~ him. and the whole amount
% the expense OF the banking department during
the year preceding.
CHAPTER II.
BANKS.
SECTION !. Any number OF adult residents OF
Wisconsin, not less than three may associate 10
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 naTsng less than two thousand iuhabi.
tantsi aud shall not be less than twenty thou
sand dollars, Ia villages or cities having more
IMAM two thousand and less than six thousand
4hAaoifaLtsi and shall not be less than fifty
Thousand dollars in any VILLAGE or city having
more th"n six Thousand inhabitants, according
TO the last official census.
SECTION z. The persons SO associating shall
make. sign and acknowledge write us1rticies of
incorporation containing:
First declaration that they associate for
the purpose of forming banking corporation
under this act.
Second. Tie name Of such bank. Such name
SHAH be 10 no material respect similar to the
AZ
whether snch other bank be organized under
tins act or under the laws of the United States
Third. The village or city and county where
such bank is TO be located.
Fonrth The amount of capital stock which
shall DE divided into shares OF not less than Atty
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 incorpora tion,
shall be executed in triplieate, one of which
shall be recorded in the office Of the register of
deeds IN the county in which the bank is local ted
one shall be filed in the office OF the bank COM
missioner, and one shall be filed in the Office of
the secretary of state.
SECTION 4. Upon making end filing OF the
articles OF Incorporation the bank shall become
body corporate and as such shall have the
First. To make oil 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 q nat
ural person. :,
Third. To have common seal and alter thu
same at pleasure.
Fourth. To elect or appoint all necessary
officers, agents and servants, define their duties
and obligations, fix their compensation dis
miss them, fill vacancies and require bonds.
Fifth. To make amend aud repeal by Laws
and regulations, not Inconsistent with law or
ITS articles OF ganizatinn, for is own govern
ment, for the gderly Conduct OF its affairs and
the management of Its property. fox determin-
ing the manner OF calling and conducting its
GERS; and such others as shall be necessary or
convenient for the accomplishment OF its pur-
pose.
Sixth. To exercise, by its directors, duly au.
thorized officers, or agents, all such powers as
shall be necessary to carry on the business OF
banking, by buying, discounting and nesotat-
ing promlssory 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 it
may establish; by buying apd 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 Sc
curity, as provided hereinafter.
SECTION 3. No bank shall transact any bust
1885, except such as is Incidental or necessarily
preliminary to its organization, until it has
been regularly authorized by the bank commits
sioner to commence the business OF banking.
SEoT1oN6. The subscriptions to the capital
stock @nd 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. Al least fifty per
cent of the capital stock of every bank shall be-
paid In, in cash, before it shall be authorized b
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 Ivy the bank commissioner
to commence business, and the payment of each
installment shall oe certified to the bank com
missioner, under oath. BY some officer of the
bank.
4.
tion are filed 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
al Of tho provisions of this act, required before
the bank shall be authorized 20 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 oapt-
tai the name and place of residence of eachot its
directors and whether such bank has complied
with rIl of the provisions of la rnQuirpd to n
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. If the said bank commits
sioner has reason to believe that the stock
holders have formed the same for any other than
the legitimate business contemplated by this
act he may with the advice and consent of the
attorney general, withheld the certificate herein
mentioned.
SECTION 8. 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
aftsr the receipt OF such certificate. II no news
paper Is published in such county, then such
publication. shall be made at the nearest county
eeat. Proof of publication shall be filed With
tho bank commissioner.
SECTION 8. Whenever any subscriber fog
stock or his assignee, fails to pay any &stall
menk on the stock when the same Is required to
be paid hereunder the directors OF such bank
NAV sell the stock or SuCh delinquent SLocF sut3
scriber at public sale, having first given the de-
linquent subscriber twenty days notice, per
sonally or by mail, at his last known address.
IL no bidder can be found who will pay for such
stock the amount due thereon to the bank, with
any cost incurred, the amount previously palo
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, ane
IL not sold, it shall be Cancelled and deducted
from the capital stock of the bank. Il Sold am
surplus over the amount due on SAID STOCK u
hop IL pal1 linn thn ngf
with interest on the amount due, shall be re.
turned to the subscriber, his heirs or assigns.
II such cancellation shall reduce the Capital of
the bank below the minimum required by law,
the ;aid capital shall, within thirty days from
the date of such cancellation, be increased TO
the required amount by additional subscrip-
tions. 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 hank.
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 IA, We been elected and have qualified,
! majority of the board of directors shall con-
istitnte quorum for the transaction of bust
ness; provided, that when the number of dlrec-
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
lat meeting held before the bank is authorized
to commence business by the bank commits
of the stockholders, to be held during the month
iof July or January; and if for any reason an
election is % t had at that meeting, it may be
had at oSequent meeting called for nat
purpose. of which due notice shall be gwen 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
permit violation OF any provision OF this act;
tho 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 transmtttsd TO the
bank commissioner and fled in his office. Any
vacancy in the board OF directors shan De hlled
by the board and the director so appointed
shall hold office until .he next election The
officers of the bank shall be elected by the board
OF jirecors'and bold their offices for one year,
and until their successors are elected ana
qualified unless sooner removed by the board
of directors
SECTION H. Every bank shall keep a stock
hours for transacting business, be subject to the
Inspection of the officers, directors and STOCK;
,helaers Of the bank Such stock book shau
show the name, residence and number OF shares
held by each stockholder. a refusal by the ON
GERS of such bank TO exhibit such book TO any
person rightfuly demanding Inspection thet e
Shall subject such officer to forfeiture o. nity
dollars. In all actions. salts and proeeedings,
such book shall be presumptiye evidence OF the
SECTION II. TIE shares OF stock of such bank
shall be deemed personal property, and shall
be transferred on the books OF the bank In &C
transfer of stock in corporations.
SECTION -. At all stockhoiuers meetings
each share OF stock shall entitle the owner of
record 10 one vote stockholder may vote at
any meeting of the stockholders by proxy. NO
president or cashier shall act as proxy for ans
stakeholder.
SECTION IA bank may amend its articles
of association In any manner, not ineonslgtent
with the provisions OF law. at any time. py a
vote of its stockholders representing two-tbirds
Of the capital stock, such vote to be takep az
meeting called for that purpose copy q suc1
amendment certified y the president and
Cashier shall be filed as required for atticles
81 incornofation No increase Of capital shall