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

sane Ii public SAFE upon ten days notice:
to be given by postins copies OF notlce OF
city where such bank is located. Upon
such sale the purchaser shall forthwith
pay the amount Of the assessment agalns.
said stock. The amount received from the
sale of said stock, less the cost ana ex-
pense of such sale. shall be paid to the
original owner of such stock.
Section T. On becoming satisfied that
any bank has refused to pay its depositors,
in accordance with the terms on which
such deposits Were received, or that any
bank has become insolvent or that It's cap
ital has become impaired, or that any bank
has violated any of the provisions or TINS
law, the bank commissioner may forth
with take possession of the books records
and assets of every description or such
bank, and hold the same, and such BOOKS.
records and assets shall not be subject TO
any levies or attachments, until a court or
competent jurisdiction can be applied 70
for the appointment of a receiver for sucn
bank, who under the direction of the court,
shall take possession Of the books: record lS
debts. dues and claims, and sell or com,
pound all doubtful debts, and sell
all real and personal property ON such
essary, enforce the individual liability OF
stockholders. Such receiver shall pay over
all money by him received under the orCer
of the court. and shall also make report TO
the bank commissioner, as often as requir-
ed by him, of his acts and proceedings.
banks 'e shall be doing business in the same
building, upon the same floor, and IN sucn
close proximity as to interfere with the
proper examination OF either bank, the
bank commissioner may require either OF
said banks to remove its banking office to
some other location, within such reasona-
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: All 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 10. Copies of all records and pa
pers in the Office Of the bank commissioner,
certified by him. and authenticated by ms
seal of office, shall be evidence IN al cases.
equally and of like effect as the original.
Section II. During the month OF Decem-
Der of each year, the bank commissioner
ernor of the state, which report shall be
published and shall exhibit the condition
Of the various banks OF this state, as OF tue
day of the last report made to the pank
commissioner by such banks; and such re-
port shall contain a statement OF the con-
dition of every bank from which reports
the whole amount of capital returned by
them, the whole amount of their liabilities,
the total amount of resources, and specl-
flying the amount of lawful money held by
and shall give tabulated statement or the
resources and liabilities Of each bank, and
such other information as in his Judgment
may be required. Such report shall also
contain a statement of the banks whose
business has been closed during the year,
the amount Of their resources ana llapl1i-
ties and the amount paid to the creditors
thereof; also a statement OF any banks Or
ganized during the year; and shall 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 suDlect
to the liabilities prescribed In this act. The
aggregate AMOUNT OF the captal 81 soof thoI Oh
sand dollars, in villages or cities haVlnS
less than two thousand inhabitants; ana
shall not be less than twenty thousand + aoi,
two thousand and less than six thousand
Inhabitants and shall not be less than fifty
thousand dollars in any village or city hay tI
ing more than six thousand inhabitants,
according to the last official census.
Section 2. 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 pa bank K, De
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,
which shall be 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 g. Such articles of incorporation
shall be executed in triplicaue, one of which
shall be recorded in the office Of the regis
ter of deeds in the county in which the
bank is located, one shall be filed in the
Office of the bank commissioner, and one
shall be filed in the office OF the secretary
of state.
Section 4. Upon making and filing of the
articles Of incorporation the bank snail
become body corporate, and as such shall
have the following powers:
First. To make all contracts necessary
and proper to effect it's purpose and con-
duct it's business.
Second To sue and be sued, to appear
and defend in all actions and proceedings
under it's corporate name, to the same ex-
tent as natural person.
Third. TO have common seal and alter
the same at pleasure.
Fourth. To elect or appoint all necessary
officers, agents and servants, define their
duties and obligations fix their compensa-
ton, dismiss them fill vacancies and re-
quire bonds.
Fifth. To make, amend and repeal by
laws and regulations, not inconsistent with
law or it's articles of organization, for it's
own government, for the orderly conduct
of its affairs and the management Of it's
property for determining the manner of
calling and conducting it's meetings, the
tenure of Office of it's several officers; and
such others as shall be necessary or con-
venient for the accomplishment of it's pur-
pose.
Sixth To exercise, by it's directors, duly
authorized officers, agents, all such
powers as shall be necessary to carry on
the business of banking by buying, dis
counting and negotiating promissory notes,
bonds drafts, bills of exchange, foreign
and domestic, and other evidences of debt;
by receiving commercial and savings de-
posits under such regulations. as 1t may es--
tablish by buying and selling coin and
bullion, and by buying and selling ex-
change, foreign and domestic; issuing let
tiers of credit and by loaning money on
personal or real security, as provided here
matter.
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