Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-01

same at PUBLIC sale upon ten Gays IiJlicS,
to be given by posting copies of notice or
sale In five public places in the village or
city 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 ana eN-
pense of such sale, shall be paid to the
original owner of such stock.
Section 7. On becoming satisfied that
any bank has refused to pay its depcsitors,
in accordance with the terms on Wnlcn
bank has become insolyent, or that its cap
ital has become impaired, or that any BANK
has violated any of the provisions ct TINS
law, the bank commissioner may forth
with take possession of the books, records
and assets of every description of such
bank, and hold the same, and such books.
records and assets. shall not be subject TO
any levies or attachments, until court OF
competent jurisdiction can be applied 70
for the appointment of receiver for sucn
bank, who, under the direction of the court,
shall take possession of the books. records
and assets of every description, collect all
debts. dues and claims, and sell or COM
pound all doubtful debts, and sell
all real and personal property on such
terms as the court shall direct, and II nee.
essary, enforce the individual liability OF
stockholders. Such receiver shall pay over
all money by him received under the order
of the court, and shall also make report to
the bank commissioner, as often as requlr-
ed by him. Of his acts and proceedings 4nas two
banks shall be doing business in the same
building, upon the same foor and In such
close proximity as to interfere terrier w1{h me me
bank commissioner may require either OF
said banks to remove it's banking ofhce TO
some other location, within suca Ieasolla-
BILE time as may be fixed by the bank COM
missioner.
Section 9. All proceedings by any, bank
to enjoin the bank commissioner in the dis
charge of his duties, shall be had in the
county where said bank is located, or in
the supreme court of this state: Al 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 be par
ties, shall be conducted under the dlrec-
ton and supervision Of the attorney-gen-
eral.
Section TO- 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.
equally and OF like effect as the original
Section II. During the month OF Decem-
Der. of each year, the bank commissioner
shall make an annual report to the gov
ernor of the state, which report shall pc
published and shall exhibit the CONDITION
of the various banks of this state, as OF the
day Of the last report made to the bank
commissioner by such banks; and such re-
port shall contain statement OF the con-
dition 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 llabllltles,
the total amount OF resources. ana specl-
flying the amount of lawful money held by
banks at the time of their several returns,
and shall give tabulated statement OF the
resources and liabilities of each bank, ana
such other information as in his judgment
may be required. Such report shall also
contain statement of the banks whose
business has been closed during the year,
the amount of their resources and uablll-
ties and the amount paid to the creditors
thereof; also statement of any banks or
gained during the year; and snail also
give a list of the stockholders, their resi-
dence, and the amount OF stock held by
each, and the names Of the directors ana
officers of each bank. He shall also report
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 as
sociate to establish bank under this act,
upon the terms and conditions and subject
to the liabilities prescribed in this act. Ihe
aggregate AMOUNT Of the capital STOCK tRo Oh
sand dollars, in villages or cities having
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 1lfty
thousand dollars in any village or city hay
ing more than six thousand inhabitants,
according to the last official census.
Section e. The persons so associating
shall make, sign and acknowledge written
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 be
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
Fourth. The amount OF capital stock,
yx1bic hal
less than fifty nor more than one hundred
dollars each.
Fifth The period for which such bank
is organized, not exceeding fifty years.
Section g. Such articles of incorporation
shall be executed in triplicare, one OF which
shall be recorded in tie office OF the regis
ter Of deeds in the county in which the
bank is located, one shall be filed in the
ONCE of the bank commissioner, and one
shall be filed in the office Of the secretary
of state.
Section i. Upon making and fling OF the
articles Of incorporation the bank shall
become q body corporate, and as such 5h2Li
have the following powers:
First. TO make all contracts necessary
and proper 70 eject its purpose and con-
duct It's business.
Second 10 sue anG be sued, to appear
and defend n all actions and procee4llIs5s
under its corporate name, to the same eA-
tent as a natural person.
Third. To have common seal and alter
the same at pleasure.
Fourth. TO elect or app pint all necessary
officers agents and servants, define theii
duties and Obligations fl their ccE1pensa-
ton, dismiss them, fill vacancies and re-
quire bonds.
Fifth To make, amend and repeal by
laws and regula tons, 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 CT its
property, Tor determining the manner OF
calling and conducting it's meetings, the
tenure of office of it's seN eraI officers; ano
such others as shall be necessary or con-
venient for the accomplishment of its pur
pose
Sixth To exercise, by its directors duly
authorized officers, or agents, all such
powers as shall be necessary to carry OF
the business of banking. by buying, dis
counting and negotiating promissory notes.
bonds, drafts, bills Of exchange, foreign
and domestic, and other evidences of dept.
by receiving commercial and savings de
posts under such regulations, as it may es
bullion, and by buying and selling ex
change, foreign and domestic; issuing let
personal or real security, as provided here
matter.
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