Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-11-03

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of the provisions OF this act in which the state,
or any OF its officers or agents, shall be parties,
shall be conducted uLder the direction and su-
per71sIon of the attorney-general
SECTION TO- Copies of all records and papers
| In the Office of the bank commissioner, certified
by him, and authenticated by his seal of Office,
shall be evidence in all cases, equally and of
| like effect as the original.
i SECTION IL. During the month of December
! of each year, the bank commissioner shall make
| an annual report to the governor of the state
| 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 adesto
| the bank commissioner by such banks: and such
report shall contain a statement of the condi-
| ton of every bank from which reports have been
received, with an abstract OF the whole amount
| of capital returned by them. the whole amount
of their liza bites, the total amount of resources
| and specifying the amount of lawful money held
by banks the time of their several returns, and
shall give a tabulated statement of the resources
| and liza blities of each bank and such other in
| formation as in his judgment may be required.
Such report shall also contain a 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.
| lied during the year; and shall also give 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 employed by him, and the whole amount
| of the expense Of the banking department during
| the year preceding.
CHAPTER II.
BANKS.
| SECTION 1. Any number of adult residents of
Wisconsin, not less than three, may associate to
| establish a bank under this act, upon the terms
and conditions and subject to the liabilities
| prescribed in this act. The aggregate amoung
| of the ca pital stock of any bank shall not be
| less than ten thousand dollars, in villages or
| cities having less than two thousand inhabi-
tants; and shall not be less than twenty thou
sand dollars, in villages or cities having more
than two thousand and less than six thousand
inha bitaIts; and shall not be less than fifty
more than six thousand nhabitants, according
to the last official census.
SECTION. The persons so associating shall
make, 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 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.
Fifth The period for which such bank is or
ganized not exceeding fifty years
SECTION g. Such articles of incorporation
shall be executed in triplicate, of which
shall be recorded in the office of the register Of
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 A. 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 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
| uraI person.
Third. To have common seal and alter the
same al pleasure
Fourth. To elect or appoint ali necessary
officers agents and servants, define their duties
and obligations fix their compensa ton, dis.
miss them, fill vacancies and require bonds.
Fifth. To make, amend and repeal bylaws
and regulations, not inconsistent with law or
It's articles OF organization, for It's own govern
ment, for the orderly conduct of its affairs and
the management of its property, for determin-
ing the manner of calling and conducting its
meetings, the tenure of office of its several ot-
GERS: and such others as shall be necessary or
convenient for the accomplishment of it's pur-
| pose.
Sixth. To exercise, by its directors, duly au-
| thorized officers, or agents, all such powers
| shall be necessary to carry on the business of
| banking, by buying, discounting and negotiat-
| ing promissory notes, bonds, drafts, bills of
change, foreign and domestic, and other evil
dences of debt; by receiving commercial and
savings deposits under such regulations as it
may esta blish; by buying and selling coin and
bull ion and by buying and selling exchange,
foreign and domestic; issuing letters of credit
and by loanlng money personal real Sc
curity, as provided hereinafter.
SECTION 5, No bank shall transact any bust.
ness, 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.
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 applicable. At least fifty per
cent. of the capital stoc of every ban shall be
paid in in cash before it shall be authorized to
capital of such bank shall be paid in, in cash,
in monthly installments of at least ten per cent
on tho 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
iustalment shall be certified to the bank com.
missioner, under oath, by some officer of the
bank.
SECTION T. 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
hl of the provisions of this act, required before
the bank shall be authorized to commence busi-
! ness, the bank commissioner shall examine into
| the condition of such bank, ascertain tho
amount of money paid in on account of its capt.
tai the name and place of residence of eachvf its
| directors, and whether such bank has complied
with all of the provisions of law required to cd
| title it to engage in the business of banking.
| bank is lawfully entitled to commence business,
| the bank commissioner shall forthwith give to
| such bank 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, withhold the certificate herein
! mentioned.
SECTIoN s. The bank shall cause the certif-
ale issued hereunder, to be published in some
newspa per printed in the village, city or county
! where such bank is located. within ten days
| a for he Irfn nc "a n
| paper Is published in such county. then such
publication shall be made at the nearest county
| seat. Proof of publication shall be fled with
| the bank commissioner
| SECTION 8. Whenever any subscriber for
stock, or his assignee, fails to pay any INSTALL
| ment on the stoc 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-
| linquent subscribe twenty days notice, per-
| sonally or by mail, at his last known address.
! If 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 paid
| shall be forfeited to the bank, and such stock
| shall be sold the directors may order, within
sixty days from the time of such forfeiture, and
if not sold, it shall be Cancelled, 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 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,
tie said 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
| 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 ana have qualified.
| majority of the board of directors shall con-
| stitute a Quorum for the transaction of bust