Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-22

same at public sale upon ten days notice.
sSila Ii i've piIbifc places ii the Village or
CRY where such bank is located. Upon
such sale the purchaser shall forthwith
pay the amount of the assessment against
said stock. The amount received from the
sale Of said stock, less the cost and e1-
pense Of such sale, shall be paid to the
original owner Of such stock
Section Z. On becoming satisfied that
any bank has refused to pay its depositors,
in accordance with the terms on which
such deposits were received, or that any
bank has become insolvent, or that its cap
ital has become impaired, or that any bank
has violated any of the provisions OF TINS
law, the bank commissioner may forth
with take possession OF the nGoRs' Tsco ,leS
bank, and hold the same, and Sucn DOCKS
records and assets shall not be subject TO
any levies or attachments, until couTt o. o.
for the appointment of a receiver Ior sucn
bank, who, under the direction or the court,
shall take possession of the books. RECORDS
and assets of every description, collect an
debts, dues and claims, and sell or com,
pound all doubtful debts, and sell
all real and personal property on sucn
essary, enforce the individual liability OF
stockholders. Such receiver shall pay over
all money by him received under the oroer
Of the court, and shall also make report to
the bank commissioner, as often as reQur-
ed by him, of his acts and proceedings.
ban geo shall Ii be doing business in the same
building. upon the same floor. and In sucn
close proximity as to interfere with the
proper examination Of either bank, the
bank commissioner may require either OF
said banks to remove its banking office 70
some other location, within such reasona-
BILE time as may be fixed by the bank COM
Section 9. All proceedings by any bank
to enjoin the bank commissioner In the o1s-
charge of his duties, shall be had In the
county where said bank IS located, or IN
the supreme court Of this state: All suits
and proceedings arising. out of the pro-
visions of this act, In which the state, or
any of It's officers or agents, shall De par
ties shall be conducted under the direc-
ton and supervision OF the attorney-sen-
eral.
Section 10. Copies Of all records and pa
pers in the Office Of the bank commissioner,
certified by him, and authenticated by his
seal of office, shall be evidence IN all cases
Section Ii. During the month of Decem-
Der of each year, the bank commissioner
shall make an annual report to the gov
published and shall exhibit the condition
Of the various banks Of this state, as OF the
day of the last report made to the pank
commissioner by such banks; an no sue sncn co re-
dition of every bank from which Reports
have been received, with an abstract or
the whole amount Of capital returned by
them. the whole amount Of their liabilities,
the total amount OF resources. ana Specl-
flying the amount of lawful money neld by
banks at the time OF their several returns rs
and shall give tabulated statement OF the
resources and liabilities Of each bank, and
such other information as In MS 1uogment
may be required. Such report shan also
contain a statement of the banks whose
business has been closed during the year,
the amount Of their resources ana llabAl-
ties, and the amount paid to the credltors
thereof; also statement OF any banks or
gained during the year; ana snail also
give a list of the stockholders, their resi-
dence, and the amount of stock held by
4I,oI 0Af 10
officers Of each bank. He shall also report
the names and compensation OF the clerks
employed by him, and the whole lea amount cunt
of the expense of the banking department
during the year preceding.
CHAPTER II.
Section 1. 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. The
aggregate amount OF the capital STOCK OF
any bank shall not be less than ten thou
sand dollars in villages or clties haV1 i1g
less than two thousand Inhabitants; ana
shall not be less than twenty thousand dol
lars, in 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 hav-
ing more than six thousand inhabitants,
according to the last official census.
Section 2. The persons SO associating
articles of incorporation containing:
First. A declaration that they associate
for the purpose of forming banking cor
poration under this act.
Second. The name of such bank. Such
name shall be in no material respect SINH
lar to the name of any other bank IN the
same county, whether such other BANK pc
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.
1rth IL,
which shall be divided into shares OF not
less than fifty nor more than one hundred
dollars each.
is organized, not exceeding fifty years.
Section 8. Such articles Of incorporation
shall be executed in triplicare, one OF which
ter of deeds in the county in which the
bank is located one shall be filed in the
Office of the bank commissioner 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 SHAH
become a body corporate, and as such snail
have the following powers:
First. To make all contracts necessary
and proper TO effect its purpose and con-
duct its business
and defend in all actions and proceedings
under its corporate name, to the same eA-
tent as natural person.
Third. To have q common seal and alter
the same at pleasure.
Fourth. 10 elect or appoint all necessary
officers, agents and servants, define their
duties and obligations, fix their compensa-
ton, dismiss them, fill vacancies and re-
quire bonds.
Fiji. TO make, amend and repeal by
laws I'D regulations. not inconsistent with
law or it's articles Of organization, for its
own government, for the orderly conduct
of it's affairs and the management Of it's
property for determining the manner Of
calling and conducting its meetings. the
tenure OF Once of it's Sel eraI officers; and
such others as shall be necessary or con-
venient for the accomplishment of it's pur-
pose.
Sixth. TO exercise, by it's directors, duly
authorized officers, or agents, all such
powers as shall be necessary to carry on
the business of banking. by buying, dis
counting and negotiating promissory notes.
bonds, drafts, bills Of exchange, foreign
and domestic, and other evidences of debt;
by receiving commercial and savings de-
posits under such regulations as it may es-
tablsh; by buying and selling coin and
bullion, and by buying and selling eX-
change, foreign and domestic; issuing let
tiers of credit, and by loaning money on
personal or real security, as provided here
matter.