River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-29

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| by the board OF directors.
| Section II. Every bank shall keen a
| stock book which shall at all times dur
| ing the usual hours for transacting BUSH
| ness be subject to the inspection of the
| officers. directors and stockholders of the
| bank. Such stock book shall show the
/ name, residence and number of shares
/ neId by each stockholdet. a refusal by
! the officers of such bank to exhibit such
/ book to any person rightfully demanding
! inspection thereof, shall subject such Of
| ficer to a forfeiture of fifty dollars. In
| all actions, suits and proceedings such
! book shall BE presumptive evidence of
| the facts therein stated.
| Section r. The shares of stock of such
I bank shall be deemed personal property,
! and shall be transferred on the books OF
! the bank I'm accordance with the method
/ provided by law for transfer of stock In
4 corporations.
| Section 13. At all stockholders meet
/ ings each share of stock shall entitle the
| owner Of record to one vote. A stock
! holder may vote at any meeting of the
| stockholders by proxy. No president or
! cashier shall act as proxy for any stock
| holder.
Section "A. A bank may amend its ar
| tiCles of association In any manner, not
! at any time, by vote of its stockholders
! representing two-thirds of the capital
| stock, such vote to be taken at a meet
! ing called for that purpose. A copy of
! such amendment. certified by the presi-
! dent and cashier, shall be filed as re-
/ quired for articles of incorporation. No
| amount thereof has been subscribed and
] actually paid in. No reduction of capital
| shall be made 70 a less amount than is
! required under the provisions of this act
/ for capital nor be valid or warrant the
! cancellation of stock certificates, or
diminish the personal liability of stock
| holders, until such reduction has been APP
proved by the bank commissioner. Such
! approval must be based upon a finding
! by him that the security of the existing
| creditors will not be impaired by the pro-
| posed reduction.
Section Is a bank may purchase, hold
! and convey real estate for the following
| purposes and no others:
| First-such as shall be necessary for
! the convenient transaction of its bust
| ness, including with its banking offices
! other apartments to rent as a source of
! income. No bank shall invest In a bank
| ing office, including apartments connected
! herewith, a sum exceeding twenty-five
! per cent of its paid in capital; provided,
| that this limitation shall not apply to the
| present holdings of banks now doing
Second-Such as shall be conveyed to it
| in satisfaction of debts previously con-
| tracted in the course of its business.
Third-Such as 1t shall purchase at sale
on judgments, DEGREES, or mortgage fore
| closures under securities held by it; but
| a bank shall not bid a. such sale a larger
| amount than Is necessary to satisfy its
| 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,
! except an extension is granted by the
| bank commissioner. If such extension be
! not granted, it must be sold at private
| or public sale within ninety days there
| after. Nothing in this section shall be
| construed to prevent bank from loan
| ing 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
Section &c. Every bank shall make to
| the bank commissioner not less than
! a1rn,el
at such times as the said commissioner
shall require the same, according to the
forms which he shall prescribe and
| furnish. Such forms shall conform as
nearly as practicable to that now required
of national banks including the schedules
| Such reports shall be signed and verified
by the oath or affirmation of one of the
officers of such bank, and attested by at
! least two of the directors. Such report
! shall exhibit in detail and under proper
| heads, the resources and liabilities of the
| bank at the close of business of any past
day, by the bank commissioner specified,
ana shall be transmitted to said bank
commissioner within ten days after the
receipt of request therefor from him.
Such reports shall be published by the
bank in newspaper in the village or
city or county, where such bank is
located. in such condensed form as may
| be prescribed by the bank commissioner.
Proof of publication shall be furnished
to said bank commissioner. At least once
each year every bank shall report TO the
bank commissioner, on call by him,
| llSt OF us STOCKHOLDERS, tnef IeSlueHCe,
and the amount of stock held by each;
which report shall be signed and verified
by the oath or affirmation of one of the
officers of said bank The bank COM
missioner shall also have the power to
call for special reports from any bank,
whenever in his judgment the same is
necessary to inform him fully of the con-
dition of such bank.
Section II. Every bank failing to make
and transmit to the bank commissioner
| any of the reports required by this act,
I n
| hundred dollars for each day after the
| time required for making such reports.
| Whenever any bank fails or refuses to
! pay the forfeiture herein imposed for a
| failure to make and transmit such report,
| the bank commissioner is hereby author
| lied to institute proceedings for the re-
| Covery of such forfeiture.
Section Is. Whenever any officer of
bank shall refuse to submit the books,
papers ana concerns of such bank TO the
| inspection of the bank commissioner, ms
deputy or examiner appointed hereunder,
or refuse to be examined on oath touch
ing the concerns of the bank. the bank
commissioner may, with the approval OF
the attorney-general, institute proceed
ings Tor the appointment OF a receiver Vi
| such bank to wind UP its business.
Section 70. Every officer or employee If
any bank. required by law to take any
| oath or affirmation, who shall wifully
| swear or affirm falsely upon any material
matter, shall be deemed guilty of per-
| jury and upon conviction thereof, shall
! be punished as provided by the laws OF
| this state for the punishment OF perjury.
| Section 20. Any bank ORGANIZED under
| this act may reorganize under the laws
! of the United States as a national bank.
| AS soon az such bank shall have OBJ
! tanned tho certificate from the comptroller
| of the currency, authorizing 1t to COM
| mence business under the United states
| banking law, such reorganized bank shall
| take and hold all of the assets. real and
| personal of such bank organized under
| this act subject to all liabilities existing
! against said bank organized under this
act, at the time of such REORGANIZATION.
Anu M
| lied to dissolve, and which, snail nave
! taken the necessary steps t9 erect dis
! solution, may reorganize under this act,
| upon the consent in writing Of the owners
/ of two-thirds 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 rs pro-
| Vided by this act, and upon the approval
| of the bank commissioner, such bank
! shall be deemed to be reorganiZed under
| this act and thereupOn all assets. real
| and personal of such dissolved national
| bank, shall be vested in, and be and be-
| bank, subject to all liabilities of such
| national bank not liquidated before such
| reorganization.
Section %. A bank which is in good
| faith winding up its business. for the
! purpose of consolidating with some other
| bank. may transfer its resources and
! in process of consolidation; but no con-
/ solidation shall be made without the con-
| sent of the bank commissioner, and not
| then to defeat or defraud any OF the
/ creditors in the collection of their debts
! against said banks. or either of them.
Section %. Any bank organized or do
ing business under the provisions of this
| act may go into liquidation by vote
| Of it's stockholders owning two-thirds OF
| the capital stock Whenever a vote is
taken to 20 into liquidation, it shall be
! the duty Of the board of directors to
cause notice of this fact to be certified,
under the seal of the bank by its prest-
dent and cashier. to the bank commits
sioner and publication thereof, notifYing
the creditors n 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 lsO in a newspaper published IN the
| is located. and If no newspaper Is there
| published. then in the newspaper pub
| iished at the nearest county seat.
Section o. Every bank shall keep on
! hand at all times. at least fifteen per
! cent Of its total deposits at least six
| fifteenths of which shall be in lawful
money, and the balance of such percent
age may be on deposit in banks approved
by the bank commissioner as reserve
which shall be approved by the bank
J commissioner as reserve banks. which
banks shall at all times keep on hand a
least twenty-five per cent of their total
deposfts al least two-ffths of which shall
be in lawful money, and the balance may
be on deposit in banks approved by the
bank commissioner as reserve banks
any bank shall fall below the amount
,a,,,gred herein n he kent. such bank