Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-11-03

such book shall BE- pFeSurnptire evid5 5f Tie
| facts therein stated
rsSEcTIoN The shares Of stock of=E-7 h3I1}s
shall be deemed personal properly. . .sflasf
be transferred the books OF the b. - III sic-
cordance with the method provided - "a" for
| transfer OF stock IN corporations.
! SECTION -. At all stockholders meetings
| each share of stock shall entitla the owner OF
| record to one vote. : stockholder may vote at
any meeting of the stockholders by proxy. 40
| president or cashier shall act as proxy for any
| stakeholder.
! SECTION H. A bank may amend It's articles
of association in any manner, not Inconsistent
| with the provisions Of law, at any time. by a
vote Of its stockholders representing t1VOthIris
of the pital stock, such vote to be taken at a
meeting called for that purpose AGONY OF such
amendment, certified BIZ the president and
cashier, shall be filed as required for articles
of iacar noration. No increase Of CT p.tai shall
be valid until the amount thereof has been sub
| scribed and actually paid II. No reduction of
capital shall be made to q less amount than
qs required under the provisions Of this act for
capital, nor be valid or warra n lie CANCELLATION
| of stock certificates, CT diminish The personal
| liability of stockholders, Unit. such reduction
! has been approved by the b2ts1 commit Siouer.
! Such approval must be based UpO2 finding
| by him that the security of the existing credi-
tors will not be impaired bJ the proposed reduc-
| ton.
/ 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 t. 9 con-
Venient transaction of its business, including
with its banking offices other aparJmeuts to
rent as a source of income. No bank shall in
Vest in banking Office, including apartments
connected Herewith, 4 sum exceeding twenty
five per cent. of its paid II capital; PROVIDED.
that this limitation shall not apply to the
present holdings of banks now doing business.
Second. Such as shall be convened 10 it in
satisfaction of debts previously contracted III
the course of its business
Third. Such as it shall purchase at sale on
JUDGMENTS DEGREES, or mortgage foreclosures
under securities held by il: but bank shalt h9t
bid at such sale a larger amount than l. u2ceS
sary to satisfy its debts and costs. No real c5-
tate acquired in the cases contemplated in tija
second and third Subdivisions preceding, shall
be held for longer time than five years, eX-
cept IN extension is granted by the bank com
missioner. If such extension be not granted,
it must be sold at private or public sale within
ninety days thereafter. Nothing in this section
shall be construed to prevent bank from loan
ing money upon real estate security as provided
by law. Real estate shall be conveyed unGnr
the corporate seal of the bank, and the l2ai:a at
the president or vice-presldent and cashier or
assistant cashier.
SECTION is. Every bank shall make f" tho
bank commissioner not less than three reports
during each calendar year. at such times Is the
said commissioner shall require the same az
cording to the forms which he shall prescribe
and furnish. Such forms shall conform as nearly
as practica BILE to that now required OF n2t"uai
banks including the schedules. Such reports
shall be- signed and verified by the cath or
and attested by at least two of the directors.
Such report shall exhibit in detail and under
proper n6auS, the resources ana lldOIlIiCS
the bank at the close of business Of any past day
by the bank commissioner specified, and shall
be transmitted to said bank commissioner With
in ten days after the receipt of request therefor
from him. Such reports shall be published by
the bank in a newspaper in the village or city
or county, where such bank is located, in such
condensed form as may be prescribed by the
bank comm ssioner. Proof of publication shall
be furnished to said bank commissioner. At
least once each year every bank shall report to
the bank commissioner, on call by him, a list
of its stockholders, their residence, and the
amount of stock held by EACH which report
shall be signed and verified by the oath or affir-
nation of one of the officers of said bank. The
bank commissioner shall also have the power
to call for special reports from any bank,
whenever in his judgment the same is necessary
to inform him fully of the condition Of such
bank.
SECTION II. Every bank failing to make and
transmit to the bank commissioner any of the
reports required by this act, shall be subject to
a forfeiture of one hundred dollars for each day
after the time required for making such reports.
Whenever any bank fails or refuses to pay the
forfeiture herein imposed for failure to make
and transmit such report, the bank cOmmlS-
sioner is hereby authorized to institute pro-
ceedings for the recovery of such forfeiture.
SECTION 18 Whenever any officer of bank
shall refuse to submit the books, papers and
concerns of such bank to the inspection of the
bank commissioner, his deputy or examiner ap-
pointed hereunder, or refuse to be examined on
oath touching the concerns OF the bank, the
bank commissioner 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 IS. Every officer or employee of any
bank required by law to take any oath or af-
firmation, who shall wilfully swear or affirm
falsely upon any material matter shall be deem
cd guilty of perjury, and upon conviction there
of shall be punished as provided by the laws of
this state for the punishment of perjury.
SECTION 20. ANY EG * organized under this
act may reorganize uGs the laws of the United
States as 2 national has,@ As soon as such bank
shall have obtained IL certificate from the
cOn1DtTOIiSr of the r. 3ufhOfI2Iuo If tn
commence business unC5r 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 to
all liabilities existing against said bank organ
lied under this act, at the time of such reorgan-
ization.
SECTION q. Any national bank authorized to
dissolve, and which shall have taken the neces-
sary steps to effect dissolution, may reorganize
under this act. upon the consent in writing of
the of two-thirds of the apital stock OF
such bank. and with the approval of the bank
commissioner Such stockholders shall make,
execute and acknowledge articles of organiZa-
ton 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 bani,
commissioner, such bank shall be deemed to be
| reorganlzed under this act, and thereupOn all
assets, real and personal, of such dissolved na-
tional bank, shall be vested in, and be and be-
come the property of such feOrganized bank,
subject to all liabilities of such national bank
not Iiquidated before sucn reorganization.
SECTION II. bank which Is IN good faith
winding up its business, for the purpose of con-
solidating with some other bank, may transfer
its resources and liabilities to the bank with
which it is in process of consolidation; but no
consolidation shall be made without the consent
of the bank commissioner, ant not then to defeat
defraud any of the creditors in the collection
of their debts against said banks, or either OF
| them.
| SECTION %. Any bank organized or doing bus,
mess under the provisions Of this act may go
into liquidation by vote of its stockholders
owning two-thirds of the canital stock When-
ever a vote is taken to go into liquidation, it
shall be the duty of the board of directors to
cause notice of this fact to be certified, under
the seal of the bank by its president and cashier
| to the bank commissioner, and publication
thereof, notifying the creditors to present their
claims against the bank for payment, shall be
made once in each week for eight successive
| weeks in the official state paper, and also in a
newspaper published in the village, city or
county in which the bank is located, and If no
newspa per is there published, then IN the news
paper published al the nearest county seat.
| SECTION "a. Every bank shall keep On hand at
all times, at least fifteen per cent of its total
deposits at least six-ffteenths of which shall be
! in lawful money, and the balance of such per-
! centage may be on deposit in banks approved by
| the bank commissioner as reserve banks; except
| in the case of banks which shall be approved by
| the bank commissioner as reserve banks, which
! banks shall al all times keep on hand at least
| twenty-five per cent. of their total deposits, at
| least two-ffths of which shall be IN lawful
money, and the balance may be on deposit in
| 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 shall not increase its loans
discounts otherwise than by discounting pur-
| chasing bills of exchange, payable atsight or on
| demand, and the bank commissioner shall notify
any bank whose reserve may be below the
amount herein required, to max good such re-
serve, and in case the bank fails for thirty days
thereafter to make good such reserve, the bank
! commissioner may, with the approval of the at
torney-general,. institute proceedings for the
| appointment of a receiver, and to wind up the
tI.l, ov,lx