Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-11-03


commissioner. Such stockholders shall mai .
execute and &C. nowledge articles of organiga-
ton AZ required by this act, and shall set forth
the said written consent of such stockholders
Upon the fling of said articles as provided by
this act, and upon the approval Of the bank
commissioner. such bank shall be deemed In be
reorganized under this act. aud thereapon all
assets, real anC personal, of such dissolved ma
tional bank, shall be vested in, and be and be-
come the property OF such reorganized bank,
81 bject ~ all Liabilities OF such national bank
not hquidated before sucn reorganization.
SECTION %. A bank which is in good faith
winding up its business, for the purpose of con-
solidatlng with some other bank may transfer
its resources and liabilities To the bank with
which it is l. process of consultations but no
consolidation shall be made without the consent
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.
SEcTI- % Any bank organized or doing bus
mess under le provisions of this act, may go
into liquidation by vote OF its stockholders
owning two-thirds of the capital stock. When.
ever vote Is taken To go into liquidation, IL
shall be the duty of the board of directors 10
cause notice of this fact TO be certified, under
the seal of the bank by its president and cashier,
to the bank commissioner, and publication
thereof, notifying the creditors 10 present their
claims against the bank for payment, shall b
made once in each week for eight successive
weeks in the official state paper, and also In
newspaper published in the village, city. or
county In which the bank is located and IL no
newspaper is there published then in the news
paper published at the nearest county seat
SECTION -. Every bank shall keep on hand at
all times, at least fifteen per cent. of its total
deposits, at least six. tfeenths of which shall be
In lawful money, and the balance OF such per
centage may be on deposit in banks approved by
the bank commissioner 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
least two-ffths of which shall be in lawful
money, and the balance may DO on deposit in
banks approved 10y the bank commissioner AS
reserve banks.
SECTION Is. Whenever the reserve of any bank
shall fall below the amount required herein 10
be kept, such bank shall not increase its loans
discounts otherwise than by discounting or pur-
chasing bills of exchange, payable at sight or on
demand, and the bank commissioner shall notify
any bank whose reserve may be below the
amount herein required, to make good such re-
serve, and in the bank fails for thirty days
thereafter to make good such reserve, the bank
commissioners may, with the approval of the at
torncy general, institute proceedings for the
appointment OF receiver, and to wind up the
business of the bank.
SECTION Z6. The total liabilities of any per
son, co-partnershp or corporation, 20 any bank,
for money borrowed, including in the liabilities
of me partnership, the liabilities of the sew.
era members thereof, except special partners,
shah at no time exceed fifteen per cent of the
amount of capital and surplus of such bank; but
the discountiug of bills OF exchange. drawn IN
good taIth against actually existing values and
the discountinC of commercial or business PAPER
HCtQallN owned DN lne person negotiating the
same, shall not be considered as money Dor
rowed provided. that by "A two-thirds vote Of the
directors, the Liabilities of any person, co-part-
nrr-hip or corporation, may be increased 20 a
total sum not exceeding twenty-five per cent. of
the capital and surplus of such bank.
SECTION y. No bank shall take for security
for any loan or discount a lien upon any part OF
its capital stock. No hank shall be the holder
of or purchaser of any portion of its capital
stock, unless such purchase shall be necessary to
prevent loss upon debt previously contracted
in HG ] "a aaH II a "a,
case be held by the bank for longer tlno thln
six months, If the stock can be sold for the
amount OF tho claim of the bank against the
same and It must be sold for the best price OBJ
taiuable within one year, or IL shall be cancelled
and shall then amount to reduction Of the cap
ital stock provided that II such reduction shall
reduce the capital stock below the minimum
required by law, such capital stock shall be
again increased to the amount required 10y law,
as provided herein.
SECTION y. 1t shall not be lawful for any
hank TO loan to any Of its officers, directors,
clerks or employees, any Of the funds Of the
bank, unless the same shall have been author
lied, both as 10 amount aud security, h} rr-ulu-
tinn of the board If directors, TO be recorded.
SECTION %. Nc bauk shall lend an amount
exceeding twenty per cent of its capita. stock
upon mortgages, or any other form Of real estate
security, except on the adoption of a resolution
by two-thirds vote of the board Of directors,
specifying some larger amount which its officers
may loan upon real estate security; provided,
that in no event shall any bank SO loan an
amount to exceed twenty-five per cent OF the
aggregate Of lis capital, surplus and deposits,
and provided. that banks dong business in
villages or citin, having less titan six thousand
inha ouant- u.J Ter the last official census may
loan a sum iot TO exceed thlrty-three and one
third per Ger ~ the aggregate Of its capital,
surplus and uF,uslt~, upon real estate security
The limitation 30 his section shall not preclude
any bank from taking real estate security, upon
any indebtedness previously contracted IA good
faith upon personal security; and provided, fur
Their, that any bank having taken real estate se
curity for snch debts so previously contracted,
which shall have carried its percentage ot loans
on real estate above the amount hercinbeiore
limited, such bank shall, within six months
tbeteafte either by safe or collection, rcduce
its real estate loans TO the amount herelnbetore
limited.
SECTION 30 No bank shall demand or receive
for loans or discounts a rate Of interest exceed
ing that allowed by law to be taken and received
by individuals, excepting that IT shall be lawful
for any bank 10 receive interest In advance ac-
cording TO the ordinarY usases of banking insu'
buttons, and 10 chsrge 70 collecting foreign or
domestic bills, or other evidences OF debt the
usual current rJtte Of exchange. In the cOmpu-
tation of rime thirty days shall be considered
month and twelve months year.
SECTION a. All debts due to any bank, on
which interest is past due and unpaid for
period ~ twelve months, unless the same are
well secured and IN process OF collection, shall
he CON idered bad debts, aud shall be charged of
.g the profit aud loss account at the expiration
uf ore year.
81, RIOS ~ The board Of directors Of a bank
tdat tcclare % dividend from 50 mach If its net
profits. after providing Tor all expenses losses,
Interest aud taxes accrued or due from said
bank. a. they shall deem eXpedieut but before
ans such dividend H. declared, not less than one
icuth Of the net profits ~ the bank for the pre-
cedlug half year. OF for such period as is covered
hy thp dividend, shall be carried to a surpius
fund, until such surplus fund shall amount TO
twenty per cent IT the capital stock. No dii.
iend shall be declared before the capital stock
is fully paid
SGrrloN % Every president, director, cash.
l"F. U'ucer, teller clerk or agent uf any bank or