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

commissioner is hereby aut{ceiEeA 70 !i2S1'
tute proceedings for the recovery OF sucn-
forfeiture.
Section Is Whenever any officer. of
rank shall refuse to submit the books, pa
pers and concerns of such bank TO the IN
spection OF the bank commissioner. his
deputy or examiner appointed hereunder,
or refuse to be examined on oath touching
the concerns of the bank, the bank COM
missioner may, with the approval OF the
attorney-general, institute proceedings Tor
the appointment of receiver Of such oanh
to wind up its business
Section 19. Every officer or employee or
any bank required by law to take any oath
or affirmation who shall wilfuliy swear or
affirm falsely upon any mater1a! 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
this act may reorganize under the laws on
the United States as q national bank. As
soon as such bank shall have obtained the
certificate from che comptroller OF the cur
rency. authorizing 1t TO commence business
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 or
ganiZed under this act, at the time or such
reorganization
Section 81 Any national bank author
lied to dissolve. and which shall have ia
ken the necessary steps to effect dissolu-
ton, may reorganiZe under this act upon
the consent in writing Of the owners of
two-thirds of the capital stock OF sucn
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, such
bank shall be deemed to be reorganiZed
under this act, and thereupon all assets,
real and personal, Of such dissolved ma
tional bank, shall be vested In, and be and
become the property OF such reorgai , 1e
tional bank not liquidated before such re-
Section p. A bank which is in good faith
winding up it's business, for the purpose OF
consolidating with some other bank, may
transfer it's resources and liabilities to the
bank with which it is in process or con-
solidation 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 49, Any bank organized or doing
business under the provisions or TINS act,
stockholders owning two-thi-ds Of the capi-
tai stock Whenever a vote Is taken to go
into liquidation, it shall be the duty or 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 rs to s she
be made once in each week for eight sue
cessive weeks in the official state paper.
and also in newspaper pupnShea IN tn ne
Is located, and If no newspaper Is tnere
published, then in the newspaper published
at 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-tifteenths
of which shall be in lawful money and the
balance of such percentage may De on ue-
post in banks approved by the bank com
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-tifths 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 25. Whenever the reserve OF any
bank shall fall below the amount required
herein to be kept, such bank shall not IN
crease it's loans or discounts otherwise than
by discounting or purchasing bllls OF eN-
change, payable at sight or on demand.
and the bank commissioner shall notty
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 sucn re-
serve, the bank commissioner may, with
the approval of the attorney-Seneral, IN.
stitute proceedings for the appointment OF
a receiver, and to wind up the business OF
the bank.
Section &C. The total liabilities Of any
person, co-partnership or corporation 10
any bank, for money borroWea, a,lGiuu ths
liabilities of the several members Thereon,
except special partners, shall at no tune
exceed fifteen per cent OF the amount OF
capital end surplus Of such bank; but the
discounting of bills of exchange, drawn III
good faith against actually existing values
and the discounting Of commercial or busl-
ness paper actually owned by the person
+iotir
cred as money borrowed; provided, tnat by
a two-thrds vote of the directors. the Ia
bilities of any person, co-partnershlp or
corporation, may be increased to total
sum not exceeding twenty-five per cent OF
the capital and surplus of such bank.
Section 27. No bank shall take for securi-
ty for any loan or discount q lien upon
any part Of it's capital stock No bank
shall be the holder of or purchaser OF any
portion of it's capital stock, unless such
purchase shall be necessary to prevent loss
faith Stocks so purchased shall IN no
case be held by the bank for a longer time
than six months, if the stock can be, SOLD
for the amount of the claim of the bank
against the same, and it must be sold for
the best. price obtainable within one year,
or it shall be Cancelled, and shall then
provided, that if such reduction shall re-
duce the capital stock below the minimum
required by law, such capital stock shall
be again increased roSdad 70 b tne amount required
""
Section %. 1t 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 have been
authorized both as to amount and 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 its
capital stock upon mortgages, or any other
form of real estate security, except on the
adoption of a resolution by a two-thirds
vote of the board Of directors, specifying
some larger amount which its officers may
loan upon real estate security; provided,
that in no event shall any bank so loan an
amount to exceed twenty-five pei, cent of
the aggregate of it's capital, surplus and
deposits; and provided, that banks doing
business in villages or cities having less
than six thousand inhabitants, under the
last official census, may loan a sum not to
exceed thirty-three and one-third per
cent of the aggregate of its CAPT,
tai. surplus and deposits, upon real
estate security. The limitation in
this section shall not preclude any
bank from taking real estate security. upon
any Indebtedness previously contracted in
good faith upon personal security; and pro-
Vided, further that any bank having taken
real estate security for such debts so pre-