Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-20

forfeiture herein imposed for failure to
make and transmit such report. the bank
commissioner is hereby authorized to insti-
tute proceedings for the recovery OF suci.
forfeiture
Section 49, Whenever any officer OF
bank shall refuse 10 submit the books, pa
pers ana concerns OF such bank 10 he l-
specuou of the bank cnmmlssiot-r his
deputy or examiner appointed hereunder.
or refuse TO Oe examined on oath touchng
the concerns of the bank The bank com
missioner may, with the approval OF me
attorney general institute proceedings Tor
the appointment OF a receiver OF such bank
TO wind mp its business.
Section 49, Every officer or employee OF
any hank, required by law to take any oath
or affirmation, who shall wilfully swear or
affirm falsely upon any material matter,
shall be deemed guilty OF perjury, and
upon conviction thereof, shall he punished
as provided by the laws OF this state for
the punishment of perjury
Section 20 Any bank organized under
TINS act may reofganise under the laws OF
the United states as a national bank. As
soon as such bank shall have obtained the
certificate from the comptroller Of the cur
rency. autho' ling it 10 commence business
under the ldlted States banking law. such
reorgani2si bank shall take and hold all
OF the assets. real and personal of such
bank organized under this act. subject 10
all liabilities existing against said bank or
eanized under tAs act, at the time of such
Section o. Any national bank author
lied to dissolve, and which shall have ia
ken the necessary steps 10 effect disSou-
ton. may reorgauize under this act upon
the consent IN writing of the owners or
two-thlrcs OF the capital stock OF such
bank, and with the approval OF the bank
commissioner Such stockholders shall
make. execute and acknowledge articles OF
organization as required by this act, and
shall set forth the said written consent OF
such stockholders Upon the filing OF said
articles as provided BY this act and upon
the approvalof the bank commissioner, such
bank shall be deemed to be vCorganized
under this act and thereupon all assets,
real ana personal. OF such dissolved ma,
tional bank. shall be vested In, and be ana
become the property OF such reorganzeu
bank, subject to all liabilities Of such ma
tonal bank not lqutdated before such re-
orEaniZati ton
Section p A bank which Is In good faith
winding up It's business for the purpose OF
consolidating with some other bank may
transfer its resources and liabilities 10 the
bank with which il is In process OF con
sodatiOn. but no. consolidation snail be
made without the consent OF the bank com
missioner and not then 10 defeat OF de-
fraud any Of the creditors in the collection
OF their debts against sAid banks, or elihcr
Of them.
Section % Any bank organized or doing
business under the provisions of THIS act,
may so into liquidation Ny vote OF ils
stockholders owning two-thirds OF the capt-
tai stock, Whenever a vote Is taken 70 80
into liquidation. ii shall be the duty OF me
fact 20 he certified, under the seal OF the
bank by It's president and cashier, to the
bank commissioner, and publication there
Of, notifying the creditors 10 present their
claims against the bank for payment, shall
be made once in each week for eight sue
cessive weeks in the official state paper.
and also IN a newspaper published IN the
village. city or county IN which the bank
is located, and II no newspaper Is there
published then in the newspaper published
al the nearest county seat.
Section f. Every bank SHAH keep on
hand at all times, at least fifteen per cent
of its total deposits. at least siN-titoenths
of which shall be In lawful money, and the
balance OF such percentage may he on de-
post IN banks approved by the BANK com
missioner as reserve banks; except IN the
case of banks which shall be approved by
the bank commissioner as reserve banks,
which banks shall at all times keep on
hand at least twenty-five per cent OF their
total deposits at feast twO-iitths Of which
shall be I'm lawful money. aud the balance
may be on deposit In banks approved by
the bank commit ssioncr as reserve banks
Section 2j Whenever the reserve OF any
bank shah fall below the amount required
herein TO be kept. such bank snail not m
crease its loans or discounts otherwise than
by disCounting or purchasing bills OF eN-
change. payable at sight or on demand
and the bank commissioner shall pouly
any bank whose reserve may be below the
amount herein required. TO make good such
reserve. and IN case the bank fails for thirty
days thereafter to make good such re
serve, the bank commissioner may Win
the approval of the attorney-general, IN
stitute proceedings for the appointment OF
a receiver, and to wind up the business OF
Section Is The total liabilities of any
person, co-parlnership or corporation. TO
any bank for money borrowed, including
In the liabilities OF the co-partuershlp, ths
liabilities Of the several members thereof,
except special partners, shall at no tiIn9
exceed hfteen per cent Of the amount Of
CAPITAL and surplus of such bank but the
dscounting OF bills Of exchange, drawn IN
good faith against actually existing values
and the disCounting of commercial OF Dusi-
ness paper actually owned by the person
negotiating the same. shall not be consld-
cred as money borrowed provided, that ny
a tWo-thirds vote Of the directors. the lla-
bllitirs Of any person, co-partnershlp or
corporation may be Increased TO a total
sum not exceeding twenty-hv" per cent of
the capital ana surplus Of such bank.
Section y. No bank shall take Tor securi-
ty for any loan or discount lien upon
any part of its capital stock. No bank
shall be the holder OF or purchaser OF any
portion of its capital stock, unless sucn
purchase shall be necessary TO prevent loss
upon a debt previously contracted 10 sDul
faith Stocks SO purchased shah IN no
case be held by the bank Tor longer time
than six months il the stock can be SOLD
for the amount of the claim OF the bank
against the same, and II must be sold Tor
the best price ObtalnabIn WITHIN one year
or Il shall be Cancelled. and shal then
provided that II such reduction snail re-
1uce the capital stock below the minimum
required by law. such capital stock snail
be again increased to the amount required
by law as provided herein.
Section 2S II shall not be lawful for any
bank 70 loan TO any Of It's officers directors.
clerks or employees. any Of the funds OF
the bank unless the same shall have been
authorized both as to amount and secur-
ity by resolution Of the board OF directors,
to be recorded.
Section o. No bank shah lend an
amount exceeding twenty per cent Of us
capital stock upon mortgages, or any other
form Of real estate security. except 90 me
Abortion Of a resolution by a tw0-thrds
vote Of the board OF directors, specifying
some larger amount which its officers may
loan upon real estate security, provided,
that ia no event shall any bank 70 loan a..
amount 20 exceed twenty-five per cent ~
the aggregate of its capital, surplus and
deposits and provided, that banks doing
business in villages or cities having less
than six thousand inhabitants, under the
last official census, may loan o sum not %
exceed thirty-three and one-thrd per !
cent OF the aggregate OF IT'S capt.
tai surplus and deposits, upon real
estate Security The Limitation iH
his section shall not preclude any
bank from taking real estate security. upon
any Indebtedness previously contracted IN
good faith upon personal security ana pro-
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