Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-22

provisions Of law required ii esst3tla It TO
engRge in the business CT paas.l-as:s =
such bank IS lawfully entitled to commence
business, the bank commissioner stlaA
forthwith give TO such bank a certIAcate,
under his hand and Official seal, that suca
bank is authorized to commence business.
II the said bank commissioner has reason
to believe that the stockholders nave
legit. mate business contemplated By TINS
act, he may, with the advice and consent
of the attorney general withhold the GER
tificate herein mentioned.
Section g. The bank shall cause the GER
tificate issued hereunder, to be published
in some newspaper printed In the Vlilage,
within ten days after the receipt Of such
certificate. If no newspaper is pubilsheu
in such county, then such publication Snan
be made at the nearest county seat. frooI
of publication shall be filed with the bank
commissioner.
Section 8. Whenever any subscriber for
stock, or his assignee, fails to pay any IN
stallment on the stock when the same IS
required to be paid hereunder, the directors
of such bank may sell the stock OF sucn
delinquent stock subscriber at pubic SAFE,
twenty days notice, personally or by man.
at his last known address. II no Dlooer
can be found who will pay FOR Sucn STOCK
the amount due thereon to the bank, Win
any cost Incurred. the amount previously
paid shall be forfeited to the bank. ano
such stock shall be sold as the directors
Of such CHIC forfeiture, and If not sold. 1t shall
be Cancelled and deducted from tne capil. ,aa
stock Of the bank. II sold. any SURPLUS
over the amount due on said STOCK 20 sa10
with interest on the amount due, snail Dc
returned to the subscriber. his heirs or as
signs. II such cancellation snan rsuu .,I',
the capital Of the bank below the minimum I'm
required by law, the said capital shait,
within thirty days from the date OF sucn
cancellation, be increased to the requlrggu
amount by additional subscriptions IN
event Of the failure Of said bank to increase ,e
such capital as herein provided. the bank
commissioner shall apply for receiver 20
close up the business OF the Dank. a,.u
Section 10. The affairs OF the oanK snalI
be managed by a board OF not less t4 taa
three directors, who shall be elected by the
stockholders and hold once LOT one Sy, eet'
ed and have qualified. A majority Oh ZIG
board of directors shall constitute quo-
rum for the transaction or business, ~
shall exceed nine, they may once IN SIX
members, any five of whom shall consti-
tute a quorum. In the first instance the ~
rectors shall be. elected at meeting neld
before the bank Is authorized TO comllellcs
business by the bank commissioner, anu anu
afterwards at the annual d meet me u non o
of July or January; and II Tor any reason
an election is not had at that meetlngi, ~ ~
may be had at subsequent meetl1s o she II
be given as provided in the bylaws OF sucn
bank Every director shall take anu SUI.
scribe an oath that he will dlhgentiy anu
honestly perform his duty IN sucn oliice,
and will not knowingly violate or permit
violation of any provision of this act; thas
he is the owner in good faith OF stock IN IN
BOOKS boo sa Of the ' bank Such oath shall be
transmitted to the bank commissioner ana
filed in his Office. Any vacancy IN the
board Of directors shall be nlleo oy .n1
81 Amounted
hold Office until the next election. Inc o.
fcers of the bank shall be elected py tile
board of directors and hold their Offices ior
one year, and until their successors are
elected and qualified, unless sooner re-
moved by the board of directors.
Section IL. Every bank shall keep a
stock book which shall at all times, uurlns
the usual hours for transacting business
be subject to the inspection Of the othcers'
directors and stockholders OF the pank.
Such stock book shall show the name, RESI-,
dence and number of shares held by each
stockholder. A refusal by the officers OF
such bank to exhibit SUCH book to any per
son rightfully demanding Inspection
thereof, shall subject such officer. to a for
feiture of fifty dollars. In all actions.
suits and proceedings, such book snail pc
presumptive evidence of the facts therein
stated.
bank shall be deemed personal property
and shall be transferred on the BOOKS OF
the bank in accordance with the nle met ~
DrOV1C0Q ny Jaw AVA N@"AN""~N W.
Section I ID. At all stockholders meetings
each share of stock shall entitle the owner
of record to one vote stqoah6ldde l by
proxy. No president or cashier snail ac'
as proxy for any stakeholder.
Section "A. A bank may amend us al tn
cles of association in any manner, not IN
consistent with the provisions OF law, az
any time, by vote Of its stockholders rep
resenting tWo-thirds Of the capital STOCK,
for that purpose. A copy of such amend
ment certified by the president and cash.
ier shall be filed as required for articles OF
incorporation. No increase OF capital snaE
he valid until the amount thereof has been
subscribed and actually paid IN. NO re-
duction of capital shall be made to less
amount than is required under the proVls-
ions of this act for capital nor be valid OF
warrant the cancellation of stock certlf-
Gates, or diminish the personal haohlty OF
stockholders, until such reduction has been
approved by the bank commissioner. Such
approval must be based upon a tndlng by
him that the security of the existing cred
itors will not be impaired by the proposed
reduction. -,
Section Is. A bank may purchase, hold
and convey real estate for the folloW1nG
purposes and no others:
First. Such as shall be necessary for the
convenient transaction OF its business, in
GLIDING with it's banking Offices otheE
apartments to rent as a source OF income.
No bank shall invest in banking off!ce,
including apartments connected l1SlGWAt4A.
a sum exceeding twenty-five per cent OF.
it's paid in capital; provided, that this linz
itation shall not apply to the present hold-
ines of banks now doing business.
Second Such as shall be conveyed to ii
in satisfaction Of debts previously contract
ed in the course Of it's business.
Third. Such as it shall purchase at sale
on judgments, decsees, or mortgage fore
closures under securities held by it; but
bank shall not bid at such sale a larger
amount than is necessary to satisfy It's
debts and costs. No real estate acquired
in the cases contemplated in the second
and third subdivisions preceding, shall be
held for longer time than five years, ex-
cept an extension is granted by the bank
commissioner. If such extension be not
granted, it must be sold at private or pub
lie sale within ninety days thereafter.
Nothing in this section shall be construed
to prevent bank from loaning money
upon real estate security as provided by
law Real estate shall be conveyed under
the corporate seal of the bank, and the
hand of the president or vice-president and
cashier or assistant cashier.
Section 16 Every bank shall make to the
bank commissioner not less than three re-
ports during each calendar year, at such
timei as the said commissioner shall re-
n,1ire the same. according to the forms