Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-11-03

or reduction of capital to require such bank to
make good the deficiency SO appearing. II any
bank shall refuse or fail for ninety DAYS after
written notice to make good the deficiency so
appearinE or found to exist, it shall be the duty
OF the bank commissioner with the approval OF
the attorney general to institute proceedings for
the appointment of q receiver of said bank to
wind up its business. In any case, where the
capital of bank shall have become impaired
or reduced below the amount required by law,
the board of directors of such bank shall have
the power to make a pro rata assessment upon
all OF the stock of said bank 10 make good such
deficiency, and may provide that the amount OF
such deficiency shall be due aud payable at q
time II be fixed by such board of directors which
time sna ne not less '2f ten dsyf sf1er no cue.
fail or neglect to pay the amount of the assess
ment against his stock for ten days after the
directors of such bank may offer said stock for
sale, and sell the same at public sale upon ten
days notice. to be given by posting copies OF
notice of sale in five public places in the village
or city where such hank is located. Upon such
sale the purchaser shall forthwith pay the
amount of the assessment against said stock.
The amount received from the sale of said stock,
less the cost ard expense of such sale, shall be
paid to the original owner of such stock.
SECTION :. GA becoming satisfied that any
bank has refused to- pay its depoSitors, in &C.
coriauce with the terms on which such deposits
wIru received, or thai ANY bank has become in.
solvent, or that its capital has lecome impaired,
OF that AMY bank has violated any of the pro.
visions of this law, the bank commissioner may
forthwith take possession of the books. records
and assets OF every description Of such bank,
aud hold the same, and such books, records and
assets shall not be subject TO any levies or at.
tachmettS until court of competent jurisdic.
tion can be- applied to for the appointment of
receiver for such bank. who under the direction
OF tbs court, shall take possession of the bookA
records and assets of every description. collect
all debts, dues and claims, aud sell or compound
all doubtful debts, and sell all real and personal
property on such terms as the court shall direct,
and il necessary. enforce the individual liability
OF stockholders Such receiver shall pay over
all money by him received under the order .S OF
bank commissioner, al often as required by hm'
of his acts and proceedings.
SECTIONS. In the event that any two banks
shall be doing business in the same building,
upon the same floor, and in such 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, withil such reasonable
time as may be flxeo by the bank commi Ssloner.
SECTION 9. All proceedings by any bank to
enjoin the bank commissioner in the discharge
of his duties, shall he had in the county where
said bank is located, or i'll the supreme court of
this state. All suits and proceedings arising out
of the provisions of this act in WHICH the state,
or any of its officers agents, shall be parties,
shall be conducted under the direction and SUI
pervision of the attorneS-gcneral.
SECTION TO- Copies of all records and papers
in the office of the bank commt ssioner, certified
By him, and authenticated by hi seal of office,
shall be evidence in all cases, equally and OF
like effect the original.
SECTION II. During the month of December
of each year the bank commissioner shall make
an annual report To the governor of the state
which report shall be published and shall ex-
hibit the condition of the various banks of this
state, as of the day of the last report made to
the bank commissioner by such banks and such
report shall contain n statement of the coudl.
ton of every bank from which reports have been
received, with an abstract of the whole amount
of capital returned toy them. the whole amount
of their liabilities, the total amount ut resources,
and specifying the amount of Lawful money held
by hank Ks at the time OF their several returns, and
ohuII tll1I "a ttlt hD
and liabilities of each bank, and such other in.
formation as in his Judgment may he required.
Such report shall also contain statement OF
the banks whose business has been closed dur.
ing the year, the amount of their resources aud
liabilities, aud the amount paid to the creditors
thereof also "A statement Of any banks organ
lied during the year; aud shall also give 4 list
of the stockholders, their residence, and the
amount of stock held by each, and the names of
the directors and officers OF each bank: lie sna i
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.
SECTIoNl Any number of adult residents OF
Wisconsin, not less than three, may associate to
establish a bank under this act, upon the terms
and conditions and subject to the liabilities
prescribed III this act. The aggregate amoung
of the capital stock of any bank shall not be
less than ten Thousand dollars, in villages or
cities having less than two thousand ihhabi-
tants; aud shall not be less than twenty thou.
sand dollars, in villages or cities having more
than two thousand and less than six thousand
inhabitants; and shall not be less than fifty
thousand dollars in any village or city having
more than six thousand Inhabitants, according
to the last official census.
SECTIoN2. The persons so associating shall
make, sign and acknowledge written articles OF
Incorporation ntaining:
First. declaration that they associate Tor
the purpose OF forming banking corporation
under this act
hall Ia fhA
name of any other hanI: in the same county,
whether such other bank he organized under
this act or nnder, the laws of the United States.
Third. The village or cit! aud county where
such bank is to be located.
Fourth The amount of capital stock, which
shall be divided into shares ofnot less than fifty
nor more than one hundred dollars each.
Fifth The period for which such bank is or.
ganized, not exceeding fifty years;
SECTION o. sdch articles ii OF lneoFPofah,iio oh
shall be recorded in the Office Of the register OF
deeds in the county in which the bank is located,
one shall be filed in the office of the bank com.
missioner and one shall be filed in the office OF
the secretary OF state
SECTIONS. Upon making and fling Of the
articles of incorporation the bank shall become
body corporate, and as such shall have the
following powers:
First To make all contracts necessary and
proper to effect its purpose and conduct its busi-
SECOND. To sne aud be sued to appear and
dNtpuh IL al actions ana proceedings under It's
curpotat e name, to the same extent as nat
urai person.
rhi:i. To have a common seal and alter the
same AT pleasure.
Fourth. To elect appoint all necessary
officers, agents aud servants, define their duties
aud obligations, fix their compensation. dis
miss them, fill vacancies and require bot&..
Fifth To make. amend aud repeat BY Jaws
aud regulations, not Inconsistent with law or
its articles of organization, for its own govern
ment for the orderly conduct of its affairs and
the management OF its property, for determine
ing tEa manner Of calling and conducting it's
meetings the Tenure of Office OF it, -nvnral Off
cers aud such Others shall be necessary or
convenient for the accomplishment at its pur-
pose.
Sixth Toexercise b. it, directors, duly au-
tborlznd officers, or agents, all such powers
shall b. necessary to carry on the business OF
banking, by buying. discuunting aud negntiat-
ing promissory notes, bonds, drafts, bills OF ex-
change. foreign and domestic, and other evil
deuces of debt: BY receiving commercial and
saving deposits under such regulations a. II
may establish: by buying aud selling coin and
bullion. and by buying and selling exchange,
foreign aud domestic; ISSUING letters Of credit
and by ioauing money personal or real Sc
curitN, n provided hereinafter.
SECTION 5 No bank shall transact ans bust
nes>, except such a. l. incidental or necessarily
preliminary to its organization. until 1t has
been regularly authnr lied by the bank commits
sinuer 10 commence the business Of banking