Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-08

provisions Of law reQaEs eoatls 1t to
engage in the busineSs banking. II
upon such examination It appears that
such bank is lawfully entitled to commence
business, the bank commissioner snail
forthwith give to such bank certihcate,
under his hand and official seal, that. such
bank is authorized to commence business.
If the said bank commissioner has reason
to believe that the stockholders have
legitimate business contemplated by TINS
act, he may. with the advice and consent
OF the encouragement Withnold the GER
tificate herein mentioned.
Section g. The bank shall cause the GER
tiicate issued hereunder, to be published
In some newspaper printed in the village,
within ten days after the receipt of such
certificate. If no newspaper is publlshed
in such county, then such publication SHAH
be made at 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 IN
stallment on the stock when the same is
required to be paid hereunder, the directors
of such bank may sell the stock or sucn
delinquent stock subscriber at pubic sale,
having first given the delinquent subscriber
twenty days notice. personally or by man,
at his last known address. If no bidder
the amount due thereon to the bank, with
any cost incurred, the amount previously
paid shall be forfeited to the bank, ana
such stock shall be sold as the directors
may order, within sixty days from the time
of such forfeiture and If not sold, it shall
be Cancelled and deducted from the capltal
over the amount due on said stock to said
bank, including the cost incurred thereon,
with interest on the amount que, shan De
returned to the subscriber. his heirs OF as
signs If such cancellation shall reduce
the capital Of the banksbelow the minimum
required by law. the said capital snan,
within thirty days from the date or sucn
cancellation, be Increased to the required
amount by additional subscriptions In
event Of the failure OF said bank to increase
such capital as herein provided, the bank
close up the business of the bank.
Section 10. The affairs of the bank snail
be managed by board OF not less tn ian
stockholders and hold office FOR one year
and until their successors have been elect
ed and have quallned ~ "A m,aJqrits "a ouo
rum Tor the transaction of business; pro
vided, that when the number OF directors
months, designate by resolution, nln nine
members, any five of whom shall consul
tute quorum. In the first instance the al,
rectors shall be elected at a meetins neaa
business by the bank commissioner, anu
afterwards at the annual meeting OF tne
stockholders, to be held during the montn
of July or January; and If for any reason
an election is not had at that meeuns, II
may be had at subsequent meeting ca!ieu
for that purpose, OF when que noslc 81 such such
bank Every director shall take and SUBJ
scribe an oath that he will diligently ana
and viii not knowingly violate or permit
violation Of any provision of this act; tnas
he is the owner In good faith Of stock IN
books of the bank Such oath shall be
transmitted to the bank commissioners ana
filed in his Office. Amy vacancy IN the
board of directors shall be filled by the
board, and the director so appointend, I'D, shall al
hold Office until the next election Inc Oh
ficers of the bank shall be elected by the
board of directors ana hoia tner are
elected and qualified, unless sooner re-
moved by the board of directors
Section II. Every bank -, shall shall Keep del;nse
the usual hours for transacting business
be subject to the inspection OF the ofncers'
directors and stoekholders Of OF the oa aas.
dence and number of shares held by each
stockholder. A refusal by the oi1lcers OIL
such bank to exhibit such book to any Per,
son rightfully demanding inspection 'i
thereof shall subject such officer, to for
fixture of fifty dollars. In all actions,
suits and proceedings, such book snall De
presumptive evidence OF the FACTS there1i'
stated -. u,,,,
Section r. The shares Of stock of such
bank shall be deemed personal property
and shall be transferred on the DOCKS OF
thc bank in accordance with the method
provided by law for transfer Oh STOCK Al
corporations. ,,, 4.o.
each share OF stock shall entitle the owner
of record to one vote. \ stockholder may
vote at any meeting of the stockholders by
proxy No president or cashier snail ACT
as proxy for any Stockholder. .
Section IA. A bank may amend Its artl-
cles of association in any manner. not IN
consistent with the provisions OF law, at
any time by vote of It's stockholders rep
resenting two-thrds of the capital stock,
such vote to be taken at meeting cameo
for that purpose. A copy Of such amend
ment, certified by the president and cash.
Ter, shall be filed as required for articles OF
Incorporation. No increase OF capital shaE
he valid until the amount thereof has been
subscribed and actually paid IN NO re-
duction of capital shall be made, to a less
amount than is required under the proVls-
ions of this act for capital, nor De Vallu OF
warrant the cancellation of stock certlfl.
Gates, or diminish the persona! liability OF
stockholders, until such reduction mas peen
approved by the bank commissioner. Such
approval must be based upon finding py
him that the security of the existing cred,
tors will not be impaired by the proposed
Section IS. A bank may purchase. hold
and convey real estate for the following
purposes and no others:
First. Such as shall be necessary Tor the
convenient transaction of Its business, IN
Guiding with it's banking offices other
apartments to rent as source OF income.
No bank shall invest IN banking once
Including apartments connected Herewith.
a sum exceeding twenty-five per cent OF
its paid in capital provided, that this linn
itaton shall not apply to the present mold
ings Of banks now doing business.
Second Such as shall be conveyed to 1t
in satisfaction Of debts previously contract
ed in the course Of It's business.
Third Such as it shall purchase at sale
on judgments, decTees, or mortgage fore
closures under securities held by 1t; but a
bank shall not bid at such sale a larger
amount than is necessary to satisfy Its
debts and costs. No real estate acquired
in the cases contemplated in the second
and third subdivisions preceding. shall be
held for a longer time than five years, ex-
cept an extension is granted by the bank
commissioner. If such extension be not
granted, it must be sold at private or pub
lie sale within ninety days thereafter at,a;
to prevent a bank from loaning money
upon real estate security as provided 1td by
the corporate seal of the bank, and the
hand of the president or vice-pres1dent and
cashier or assistant cashier.
Section 16. Every bank shall make to the
bank commissioner not less than three re-
ports during each calendar year, at such
Times as the said commissioner shall re-
quire the same, according to the. forms
-l.-I. u.