Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-15

forfeiture herein imposed for failure to
make and transmit such report. the bank
commissioner is hereby authorized to insu-
tute proceedings for the recovery OF such
forfeiture.
Section - Whenever, any officer Of q
Rank shall refuse to submit the books, pa
pers and concerns of such bank to the in
spection of the bank commissioESr. his
deputy or examiner appointed hereunder,
the concerns of the bank, the bank COM
missioner may, with the approval of the
attorney--general, institute proceedings for
the appointment of a receiver OF such bank
to wind up its business.
Section 19. Every officer or employees of
any bank, required by law to take any oath
or animation, who shall wflfully swear or
afnrm falsely upon any material matter;
shall be deemed guilty of perjury, ana
upon conviction thereof, shall be punished
as provided by the laws of this state for
the punishment of perjury.
Section 20. Any bank organized under
TINS act may reorganiZe under the laws or
the United states as q national bank. AS
soon as such bank shall have obtained the
certncate from the comptroller of the cur
rency. authorizing it to commence business
under the United States banking law, such
reorganized bank shall take and hold all
OF the assets, real and personal, OF such
bank organized under this act, subject 10
all liabilities existing against said bank or
ganized under this act, at the time of such
reorganization.
Section 81 Any national bank author
lied to dissolve, and which shall have ia
ken the necessary steps to e1iect dissolu-
the consent in writing of the owners OF
two-thirds of the capital stock of such
bank, and with the approval Of the bank
commissioner Such stockholders shall
make. execute and acknowledge articles OF
organization as required by this act and
shall set forth the said written consent OF
such stockholders. Upon the filing OF SAID
articles as provided by this act and upon
the approval OF the bank commissioner ucn
bank shall be deemed to be reorganized
real and personal, of such dissolved ma
tional bank, shall be vested In, and be ana
become the property OF such Programmed
bank, subject to all liabilities of such ma
tonal bank not liquiGated before such re-
OrganiZati ton.
Section % bank which is in good faith
winding UP its business, for the purpose OF
consolidating with some other bank, may
transfer its resources and liabilities to the
bank with which it is in process of con-
soldation; but no consolidation shall be
made without the consent Of the bank COM
missioner, and not then to defeat or de-
fraud any of the creditors in the collection
of their debts against said banks, or either
of them.
Section g. Any bank organized or doing
business under the provisions OF this act,
may so into liquidation by vote OF Its
stockholders owning tWo-thirds Of the capt.
tai stock. Whenever a vote Is taken TO go
into liquidation, it shall be the duty OF the
board of directors to cause notice OF TINS
fact to be certified, under the seal of the
bank by it's president and cashier, to the
bank commissioner, and publication there
Of notifying the creditors to present their
claims against the bank for payment, shali
be made once in each week for eight sue
cessive weeks in the official state paper,
and also in a newspaper published IN the
village, city or county IN when the t Ranh
is located, and If no newspaper Is there
published then in the newspaper pupllshed
at the nearest county seat.
Section "a. Every bank shall keep on
hand at all times, at least fifteen per cent
nf 6pn0SltS least
of which shall be in lawful money, and the
balance Of such percentage may be on de-
post. in banks approved by the BANK com m
missioner 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-fifths OF when
shall be in lawful money, and the balance
may be on deposit III banks approved by
the bank commissioner as reserve banks.
Section %. Whenever the reserve OF any
bank shall fall below the amount required
herein to be kept. such bank snail not IN
crease it's loans or discounts otherwise tnan
by discounting or purchasing bills OF ex-
change, payable at sight or on demand,
and the bank commissioner shall notlIy
any bank whose reserve may be below the
amount herein required, to make good such
reserve, and in case the bank fails for thirty
days thereafter to make good such re |
the approval of the attorney general, In.
stitute proceedings for the appointment OF
a receiver, and to wind up the business OF
Section 2e. The total liabilities of any
person, co-partnership or corporation TO
any bank, for money borrowed mcluoiilg
in the liabilities of the co-partnershp, the
liabilities of the several members thereof,
except special partners, shan at no tiLle
exceed fifteen per cent or the amount OF
capital end surplus OF such BANK; , nqI tn ne
good faith against actually existing values
and the discounting of commercial or bust
ness paper actually owned by the person
negotiating the same. shall not be eons1d-
a two-thirds vote of the directors. the la
bilities Of any person, co-partnersnlp OF
sum not exceeding twenty-five per cent OF
the capital and surplus Of such bank
Section ~. No bank shall take for secur1- |
s an A Dart sN Of its capital stock No bank
shan be the holder Of or purchaser OF any
portion Of its capital stock. unless such
purchase shall be Necessary 10 prevent 91 1osS
faith, Stocks SO purchased shall IN no
case be held by the bank for longer time
than six months. II the stock can De soia
against the same, and 1t must be sold for !
the best price obtainable within one year,
or 1t shall be Cancelled. and shall then |
amount to reduction OF the eapltal a s1oc en-
duce the capital stock below the minimum |
required by law. such capital stock shall
be again increased TO the amount IclNLA GU
bY law. as provided herein.
Section g. It shall not be lawful for any
bank to loan to any of its officers, directors,
clerks or employees. any of the funds OF
the bank, unless the same shall nave peel
authorized, both as to amount ana secur-
ity, by resolution Of the board OF directors
to be recorded.
Section 20. No bank shall lend an
amount exceeding twenty per cent OF It's
capital stock upon mortgages, or any otner !
form Of real estate security, except on the
adoption of a resolution by tWo-thlrdS
vote of the board of directors, specifying
some larger amount which it's 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 it's capital, surplus ana
deposits; and provided, that banks doing
business in villages or cities having less
than six thousand inhabitants, under the
last official census, may loan sum not 10
exceed thirty-three and one-thlrd per
cent Of the aggregate of its CAPT
tai. surplus and deposits, upon real
this section shall not preclude any
hank from taking real estate security. upon
anv indebtedness previously contracted IN
good faith upon personal security; ana pro
yided. further, that any bank having taken
real estate security for such debts SO pre-
LNe|@ ,;oI,c sLoI1 hoIra "a r.