Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-06

engage in the business OF banking II
UPON sueh examination It appears that
| such bank Is lawfully entitled to commence
business; the bank commissioner shan
| tortnWtn give to such bank a certihcate
under his hand and official seal. that such
| bank Is authorized to commence business
! II the said bank commissioner has reason
| TO believe that the stockholders havs
formed the, same for any other than the
act, he may, with the advice and consent
OF the attorney general withhold the Ger
tifcate herein mentioned.
| Section 3. The bank shall cause the GER
| tificate Issued hereunder to be published
In some newspaper printed in the village
| city or county where such bank is located
| within ten days after the receipt of such
| ceruhcate II no newspaper is published
| In such county, then such publication shall
| be made at the nearest county seat Proof
| of publication shall be filed with the hant
| commissioner.
Section s. Whenever any subscriber for
| stock, or his assignee, fails to pay any in
stallment on the stock when the same il
required to be paid hereunder, the directors
| OF such bank may sell the stock OF such
delinquent stock subscriber at public sale
having first given the delinquent subscriber
! twenty days notice, personally or by mail
| at his last known address. II no bidder
can be found who will pay for such stock
the amount due thereon to the bank. with
| any cost incurred, the amount previously
| pau shall be forfeited to the bank and
| such stock shall be sold as the directors
| may order, within sixty days from the time
1
| be Cancelled and deducted from the capital
! stock of the bank. IfHsold. any surplus
! over the amount due on said stock TO said
| bank, including the cost incurred thereon
| with interest on the amount due. shall be
| returned to the subscriber his heirs or as
| signs. If such cancellation shall reduce
the capital of the bank below the minimum
required by law, the said capital shall
within thirty days from the date Of such
| cancellation, be increased to the required
amount by additional subscriptions In
IF he ia NJ ca ba n
such capital as herein provided, the bank
commissioner shall apply for a receiver to
close up the business of the bank.
Section TO- The affairs of the bank shall
! be managed by board of not less than
three directors, who shall be elected by the
| stockholders and hold office for one year,
| and until their successors have been elect
ed and have qualified. a majority of the
board of directors shall constitute a quo
! rum for the transaction of business, pro-
| vided that when the number of directors
shall exceed nine, they may, once in six
months designate by resolution, nlna
members, any hve OF whom shall const-
tute a quorum. In the first instance the d.
rectors shall be elected at a meeting held
| before the bank Is authorized to commence
| business by the bank commissioner and
| afterwards at the annual meeting OF the
! stockholders, to be held during the month
| of July or January and If for any reason
an election is not had at that meeting, II
may be had at a subsequent meeting called
| for that purpose, of which due notice shall
! be given a provided in the bylaws Of such
bank. Every director shall take and sub
scribe an oath that he will diligently and
honestly perform his duty in such office,
and will not knowingly violate or permit a
violation of any provision OF this act that
he is the owner in good faith of stock in
the bank, standing in his name on the
| books of the bank. Such oath snail he
transmitted TO the bank commissioner and
| filed In his office Any vacancy in the
! board of directors shall be hlled by the
! board, and the director so appointed shall
| hold office until the next election. The OIL
fcers of the bank shall be elected by the
| board of directors and hold their Offices Tor
one year and until their successors are
elected and qualified, unless sooner re-
moved by the board of directors.
Section II. Every bank shall keep
stock book, which shall AT all times, during
| the usual hours for transacting business,
| be subject to the inspection OF the officers,
! directors and stockholders OF the bank
| Such stock book shall show the name, resi-
| dence and number of shares held by eacn
! stakeholder A refusal by the oiucers OF
such bank TO exhibit sucn book TO any per.
son rightfully demanding Inspection
thereof, shall subject such officer to for
! fixture of fifty dollars. In all actions
| suits and proceedings, such book shall be
| presumptive evidence of the facts thereiE
| stated.
Section 70. The shares of stock Of such
bank shall be deemed personal property
! and shall be transferred on the books OF
! the bank In accordance with the hetho9
! provided by law for transfer OF STOCK ID
| corporations
Section 49, At all stockholders meetings
each share of stock shall entitle the owner
| of record to one vote. y stockhoider may
vote at any meeting of the stockholders uv
| proxy. No president or cashier shdu ae'
| as proxy for any stakeholder.
| Section a. a bank may amend IT'S aru'
| Giles of association in any manner, not IN
| consistent with the provisions of law, az
| any time, by a vote of It's stockholders rep
| resenting two-thirds of the capital stoch7
| such vote TO be taken at meeting Gales
| for that purpose. copy of such amend
| ment, certified by the president anu cash,
! Ter, shall be filed as required for articles o!
| INCORPORATION. No increase of capital shan
| be valid until the amount thereof mas beeh
| subscribed and actually paid in. NO re-
! duction of capital shall he made % iJss
| amount than is required under the proNs-
| ions of this act for capital, nor be Naild OF
| warrant the cancellation of stock GeruH.
Gates, or diminish the personal liaphity 9.
! stockholders until such reduction mas been
| approved by the bank commissioner. ouch
| approval must be based upon a undlhs py
| him that the security of the eXistlns ereui
| itors will not be impaired py the pFopoSeN
Section Is A bank may purchase hold
and convey real estate for the tollo"ih5
! purposes and no others:
First Such as shall be necessary Tor the
convenient transaction of It's business m
| GLIDING with its banking onces othe'
| apartments to rent as source OF ihc94le'
| No bank shall invest in BANKING OFFICE
| including apartments connected thereNllh;
| a sum exceeding twenty-five per CENT u
| It's paid in capital; provided, tudl TINS httn5
| itation shall not apply to the present hoiu-
| ings of banks now doing business
Second Such as shall be conveyed TO II
| In satisfaction of debts previously contract
| ed in the course of its business.
Third. Such as it shall purchase al saIo
| on judgments DEGREES, or mortgage iolt
closures under securities held by IT, out
bank shall not bid at such sale a latstl
amount than Is necessary TO satsly ~
debts and costs No real estate acquired
in the cases contemplated in the seGohu
and third subdivisions preceding, shaH o'
held for longer time than live years eN
cept an extension is granted by the DahA
commissioner. If such extension be NOT
granted 1t must be sold at private OF Puu
lie sale within ninety days theteaL1eI;
Nothing in this section shall be construct
TO prevent a bank from loaning money
upon real estate security as PROVIDED ~
law Real estate shall be conveyed uhuel
the corporate seal of the bank, ana lhg
hand of the president or vice-presldehl anu
cashier or assistant cashier.
Section Is. Every bank shall make 10 me
bank commissioner not less than three re-
ports during each calendar year, az suc'
times as the said commissioner shali -
quire the same according 20 the ior
which he shall prescribe and furnish. 81
forms shall conform as nearly as pracu
bile TO that now required of national pan
including the schedules. Such repo
-A.u 81, efonaR and verified bN the