Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-08

which report shall be published and shall eX-
hbit the condition of the various banks of this
state as Of the day Of the / st report made4to
the bank commissioner By such banks: and such
report shall contain a statement OF the. condl-
ton of every bank from which reports have been
received, with an abstract of the whole amount
of pital returned by them. the whole amount
of their liabilities, the total amount of resources,
and specifying the amount of lawful money held
by banks tie time OF their several returns and
shall give tabulated statement Of the resources
aud liabilities of each bank, and such other in
formation 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 a 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 re port 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 bank under this act, upon the terms
| and conditions and subject to the liabilities
| prescribed il this act The aggregate amoung
| 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
inhabitants; and shall not be less than fifty
'thOuS and dollars in any village or city having
more than six thousand inhabitants, according
to the last official census.
SECTIoN2. 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 banl in the same county,
I Ir,r,1
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 ofnot less than fifty
nor more than one hundred dollars each.
Fifth; The period for which such bank is or
gained, 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 filed in the Office of
the secretary of state.
SECTION 4. Upon making and filing of the
articles of incorporation the bank shall become
a 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 tie extent as ID nat
ural person.
1HiIu. 10 nave Il common seal ana after the
| 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. I'll vacancies and require bonds.
Fifth. To make, amend and repeal bylaws
and regula tiOns not inconsistent with law or
its articles Of organization, for its own govern
mont 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 Off
| 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 negotiat-
lug promlSSOry notes, hOlEiS, drafts, bills of
change, foreign and domestic and other evil
dences of debt; by receiving commercial aud
savings deposits under such regulations as it
may establish; by buying 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 Sc
CGrity, provided hereinafter.
SECTION :. 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.
! sioucr to commence the business of banking.
SECTION6. The subscriptions to the pital
| stock, and the direction of the affairs of the
| corporation prior to the election of directors,
shall be i'll conformity with the statutes of this
state, relating to corporations, regulating such
matters, so far applicable. At least fifty per
cent of the capital stock Of every bank shall be
paid in, 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 1t
shall be authorized by the bank commissioner
to commence business, and the payment of each
instalmcnt shall be certified to the bank com
missioner, under oath, by some officer of the
bank
SECTION I. Whenever articles of ircorpora.
iion are filed with the bank commissioner, as
| herein provided, and the bank transmitting tho
fame 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
oil 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 ltS capt.
tai the name and place of residence of eachot Its
| directors, and whether such bank has complied
with all Of the provisions OF law required to en-
! title it to engage in the business of banking.
| If upon such examination it appears that such
bank is lawfully entitled to commence business,
the bank commissioner shall forthwith give to
snch 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, withheld the certificate herein
| SECTION s. 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
after the receipt of such certificate. If news
! paper is published in such county. then such
publication shall be made at the nearest county
| seat. Proof Of publication shall be filed with
| the bank commissioner.
| SECTION 9. Whenever any subscriber for
| stock. or his assignee, fails to pay any INSTALL
| meut on the stock when the same is REQUIRED to
! be paid hereunder the directors of such bank
may sell the stock of such delinquent stock SUBJ
scri5er at public sale, having first given the de-
! linQUent subscriber 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 as the directors may order within
| sixty days from the time of such forfeiture and
| If not sold, 1t 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.
1t such cancellation shall reduce the capital OF
! the bank below the minimum required by law,
t e. 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
! bank commissioner shall apply for a receiver
/ to close up the business of the bank.
SECTION 10. The affairs Of the bank shall be
! tors, who shall be elected by the stockholders
and hold Office for one year. and until their sue
| c6SSOrS nave DeeD oIeCteI ana nave QuallIed.
A majority of the board of directors shall con-
stitute a quorum for the transaction of bust
| ness; provided that when the number of direc-
| 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
! at a meeting held before the bank is authorized
to commence business by the bank commits
sioler, and afterwards at the annual meeting
! of the stockholders, to be held during the month
| OF July or january; and If for any reason an
election is not had at that meeting, it may be
had at Il subsequent meeting called for nat
! purpose. of which due notice shall be given as
| nroEided in the hE-laMs of such bank. EEcrH