Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-08-25

t % aiJen nv nosting copies Of notice of
sale in 1--WE public places in the village or
CITY where such bank Is LOCATED. OpotL
such sale the purchaser shall IortnWlLn1
nav the amount of the assessment against
said stock The amount received from the
sale of said stock, less the cost and ex-
pense of such sale, shall pc pald 10 l1ie
original owner Of such stock
Section 7. On becoming satisfied that
any bank has refused to pay Its depositors,
in accordance with the terms on when |
bank has become insolvent, or that its cap
ital has become impaired, or that any bank
has violated any of the PROVISIONS OF thus
law the bank commissioner may Lofttl-
with take possession of the books, records
and assets of every description OF sven
bank, and hold the same, ana such DOCKS,
records and assets shall not pc subject 70
any levies or attachments, until court OF
competent jurisdiction can pc applied 70
for the appointment Of receiver Tor socn
bank, who, under the direction OF the eourt,
shall take possession of the books, records
and assets of every description, collect al
debts, dues and claims, and sell or corr
pound all doubtful debts, ana sen
terms as the court shall direct and Il nee.
essary, enforce the individual liability OF
stockholders. Such receiver shall pay over
all money by him received under th5 EfleI
Of the court, and shall also make report .
the bank commissioner, as often as feQaAr-
Section g. In the event that any two
banks shall be doing business in the same
building, upon the same floor. ana n soGn
close proximity as to interfere with the
proper examination Of either bank, the
bank commissioner may require either or
said banks to remove ITS banking oIlloG 70
some other location, within such reaSona-
BILE time as may be fixed by the bank com
missioner. :,
Section g. All proceedings by any bank
to enjoin the bank commissioner in the dis
charge Of his duties, shall be had III the
county where said bank IS located, or IN
the supreme court OF this state ~ suits
4 aTiS
visions of this act, in which the state, or
any OF its officers or agents, snail oe par
ties, shall be conducted under the dlfec-
tion and supervision of the attorney-gen-
, eral.
Section TO- Copies Of all records and pa
peTs in the Office of the bank commissioner,
certified by him. and authenticated by MS
seal OF Office, shall be evidence III al cases
equally and OF like effect as the original
Section H. During the month OF DeceIn-
Der OF each year, the bank commissioned
shall make an annual report to the gov
elnor of the state, which report shall be
published and shall exhibit the coa "a len
day Of the last report made to the panh
commissioner by such banks; and such re-
port shall contain a statement OF the con-
dit:on 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 liabilities
the total amount of resources, and speci-
tying the amount of lawful money held by
banks at the time Of their several returns.
resources and liabilities of each bank ana
SUCH other information rs in his Judgment
may be required. Such report shall also
contain statement Of the banks whose
business has been 0loged during tn8 Yea:s
the amount Of their resources and llablll-
ties, and the amount paid to the creditors
thereof; also statement OF any banks Or
sanized during the year; and Shail also
give list of the stockholders, their resi-
dence, and the amount Of stock t held py
each, and the names OF the directors ara
officers Of each bank. He shall also report
the names and compensation of the clerks
employed by him, and the whole amount amount
of the expense of the banking department
during the year preceding.
CHAPTER II.
BANKS.
Section /. Any number Of adult residents
OF Wisconsin, not less than three, may as
sociate to establish a bank under this act,
UPON the terms and conditions and subject
to the liabilities prescribed IN this act. 1he
aggregate amount of the capital stock or
any bank shall not be less than ten thou
sand dollars, in villages or cities having
less than two thousand Inhabitants; and
shall not be less than twenty thousand DOL
lars, III villages or cities having more than
two thousand and less than six thousand
inhabitants; and shall not be less than fifty
thousand dollars in any village Or city hay
Ing more than six thousand lnhaotta1lts, !
according to the last official census.
S9Gtt2n Ths gSFso27s 50 assoejati n
articles OF Incorporation containing,
for the purpose of forming 8 banking cor /
poraton under this act.
Second. The name of such bank. Such
name shall be IN no material respect SINH |
IaG, 10 the name OF any other bank IN the
same county, whether such other bank be /
organized under this act or under the laws
OF tie United States.
rhlrd. The village OF 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 organized not exceeding fifty years.
Section 3. Such articles Of incorporation
shall be executed In tripltcare, one of which
shall be recorded in the office OF the regis
ter OF deeds in the county IN winch the
bank IS located one shall be filed III the
Once OF the bank commissioner, and one
shall be fled IL the office Of the secretary
Section A. Upon making and ming Of the
articles OF incorporation the bank 5-1ai
become body corporate, and as SUCH shall
have the following powers:
First. TO make all coDtracs IS necessary
and proper TO effect its purpose and con-
duct its business.
Second. 10 sue and be sued, to appear
and defend in ali actions and proceedings |
under it's corporate name, to the same eX-
tent as q natural person.
Third. TO have q common seal and alter
the same at pleasure
Fourth. TO elect or appoint all necessary
officers agents ana servants, define their
duties ana obligations, TX their cornpensa-
ton, dismiss them, I'll vacancies and re-
quire bonds.
Firth To make, amend and repeal by
laws and regulations not inconsistent with
law or its articles of organization, for it's
own government, for the orderly conduct
of it's affairs and the management Of its
property, Tor determining the manner of
calling and conducting its meetings, the
tenure of Office of its several officers; and
such others as shall be necessary or con-
venient for the accomplishment of its pur
pose.
authorized officers, or agents. all such
powers as shall be necessary to carry on
the business of banking. by buying, dis
bonds, drafts, bills Of exchange, foreign
and domestic, and other evidences of debt; |
by receiving commercial and savings de- |
posits under such regula tons as it may es- |
tablish; by buying and selling coin and
bullion, and by buying and selling ex-
change foreign and domestic: issuing let |