River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-08-11


bank commissioner
Section g. All proceedings by any bank
to enjoin the bank commissioner in the
discharge 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 provisions of this act in which the
state, or any Of it's officers or agents
shall be parties. shall be conducted under
the direction and supervision of the at
toruey-general
Section To- Copies of all records and
papers in the Office Of the bank com
missioner, certified by him. and authenti-
Gated by his seal Of office, shall be evil
dence in all cases equally and OF like
effect as the original
Section u. During the month of Decem-
Der OF each year, the bank commissioner
snail make an annual report to the
governor Of the state. which report shall
be published and shall exhibit the con-
dition 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 report shall contain a state
ment OF the condition 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 specifying the
amount of lawful money held by banks
at the time Of their several returns and
shall give tabulated statement or the
resources and liabilities of each bank
and such other information as in his
judgment may he required Such report
shall also contain a statement of the
banks whose business has been closed
during the year, the amount of their re-
sources and liabilities. and the amount
paid to the creditors thereof; also state
ment of any banks organized during the
year, and shall also give list of the
stockholders. their residence and the
amount of stock held by each, and the
names of the directors and 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 depart
ment during the year preceding,
CHAPTER II.
Banks
Section |. Any number Of adult resi-
dents Of Wisconsin. not less than three
may associate to establish d bank under
this act. upon the terms and conditions
and subject 30 the liabilities prescribed
in this act. The aggregate amount of the
pit8l stock of any bank shall not be
less than ten thousand dollars. in villages
or cities having less than two thousand
inhabitants, and shall not be less than
twenty thousand dollars. 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 having
more than six thousand inhabitants. aC-
COTdiug to the last official census.
Section ?. The persons so associating
shall make, sign and acknowledge written
articles OF iucorpation containing:
First. a declaration that they associate
for the purpose of forming Il banking
corporation under this act.
Second. The name of such bank. Such
name shall be in no material respect
similar 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 he located.
Fourth The amount of capital stock
which shall bc 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 incOrpora-
ton shall be executed In triplicate one
of which shall be recorded in the Office
which the bank is located. one shall be
filed in the office of the bank commits
sioner, and one shall be filed in the office
of the secretary Of state.
Section Upon making and filing of
the articles of incorporation the bank
shall become a body corporate. and as
such shall have the following powers:
First To make all contracts necessary
and proper to effect its purpose and con-
duct its business.
Second. To sue and be sued, to appear
and defend in all actions and proceed
ings under its corporate name, to the
same extent as natural person.
Third To have common seal and
alter the same at pleasure.
Fourth. To elect or appoint all neces-
sary officers. agents and servants, define
their duties and obligations. fix their
compensation, dismiss them, fill vacancies
and require bonds
Fifth. TO make, amend ana repeal by
laws and regulations. not Inconsistent
with law or its articles of organization,
for its own government, for the orderly
conduct of its affairs and the manage
ment of its property, for 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 convenient for the ac-
complishment Of its purpose.
sixth TO exercise. by its directors.
duly authorized officers, or agents all
such powers as shall he necessary to
carry on the business of banking by buy
ing. diScOuuting and negotiating prOmis
sorry notes. bonds. d ats, bills of eX-
change. foreign and domestic, and other
evidences of debt, by receiving com
mercial and savings deposits under such
regulations as IL may establish: by buy
ing and selling coin and bullion. and by
buying and selling exchange. foreign and
domestic. issuing letters of credit. and
by lOanng money on personal or real
security. as provided hereinafter.
Section >. No bank shall transact any
business except such as is incidental
or necessarily preliminary to its organiza-
tiou until il has been regularly author
lied by the bank commissioner to com
mcnce the business of banking.
Section 6. The subscriptions to the
capital stock. and the direction of the
affairs of the corporation prior to the
election of directors. shall be in con-
formity with the statutes of this state,
relating to corporations, regulating such
matters SO far as applicable. At least
Gfty per cent of the capital stock of
every bank shall be paid in, in cash. be-
fore 1t shall be authorized TO commence
business and the remainder of the capital
of such bank shall be paid in. in cash,
in monthly iustallments of at least ten
per cent on the whole of the capital. pay
able at the end of each succeeding month.
from the time it shall be authorized by
the bank commissioner to commence bust
ness. and the payment of each install
ment shall be certified 10 the bank com
missioner, under oath, by some officer OF
the bank
Section :. Whenever articles of incor-
puration are filed with the bank com
missioner. as herein provided. and the
bank transmitting the same notifies the
bank commissioner that al least nifty per
cent of its capital has been duly PAID IN,
and that such bank has complied with
all Of the provisions of this act. required
before the bank shall be authorized to
commence business. the bank commits
Siouer shall examine into the condition
OF such bank ascertain the amount of
money paid I'm on account of its capital.
the name and place Of residence on eaCh
of its directors. and whether such bank
has complied with all of the provisions
Of law required to entitle II to engage
I'm the business of banking. If upon such
examination 1t appears that such bank
is lawfully entitled to commence business,
the bank commissioner shall forthwith
give to such bank a certificate, under his
hand and official seal. that such bank is
authorized to commence business. II the
~lid bank commissioner has reason TO be-
same for any other than the legitimate
business contemplated by this act he
may with the advice and consent of the
attorney general. withhold the certificate
herein mentioned.
Section $ The bank shall cause the
certificate issued hereunder TO Toe pub
lshed in some newspaper printed in the
village. city or county where such bank
is located within ten days after the re-
Ceipt of such certificate. If no newspaper
is published in such county, then such
publication shah be made a the nearest
county seat. Proof of publication shall
be filed with the bank commissioner.
Section 9. Whenever any subscriber
for stock. or his assignee, fails to pay
any inStallmeut on the stock when the
same is required to he paid hereunder,
the directors of such bank may sell the
stock of such delinquent stock subscriber
h0uutnt subscriber twenty days notice,
personally or by mail, at his last known
address. II no bidder can De found who
Will pay for such stock the amount due
thereon to the bank. with any cost In
CURED. the amount previously paid shall
be forfeited To the bank, and such stock
shall he sold as the directors may order,
within sixty DAYS from the time of such
forfeiture. and If not sold, it shall be can
Ctlled and deducted from the capital
stock of the bank. 1t sold. any surplus
ever the amount due on said stock to said
bank. including the cost incurred thereon.
returned to the subscriber. his heirs or
assigns. If such cancellation shall re-
du,e the capital of the bank below the
minimum required by law. the said cap
itai shah within thirty days from the
date Of such cancellation. he increased
90 the required amount by additional
subscriptions. In event OF the failure OF
said bank to increase such capital as
Shail apply for a receiver to close up the
business of the bank.