The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1898-08-11

the banks whose business has been closed dur
ing the year, the amount of their resources and
liza bilities, and the amount paid to the creditors
thereof; also statement of any banks organ
lied during the year and shall also give 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. He shall
also report the names and compensation OF the
clerks employed by him, and the whole amount
of the expense of tho banking department during
the year preceding.
CHAPTER II.
BANKS.
SECTION l. Any number of adult residents of
Wisconsin, not less than three, may associate to
estab lish bank under this act, upon the terms
and conditions and subject to the Liabilities
prescribed in 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 inhabl.
tants and 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 hay!ng
more than six thousand inha bitants, according
to thelast official census.
SECTION 2 The persons so associating shall
make, sign and acknowledge written articles of
First declaration that they associate for
the purpose of forming a banking corporation
Second. The name of such bank. Such name
shall be 10 no material respect similar to the
name of any other bank in the same county
whether such other bank be organized under
this act or under the laws of the United States.
Third The village 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 or
ganized, not exceeding fifty years.
SECTION 3. Such articles of incorporation
shall be executed in triphcate, one OF which
shall be recorded 10 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
SECTION 4. Upon making and filing of the
articles of incorporation the bank shall become
body corporate, and as such shall have the
First TO make all contracts necessary. and
proper to effect its purpose and conduct its bus1-
ness.
defend 10 all actions and proceedings under its
corporate name, to the same extent as nat
ural person.
Third. To have a 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 compensation, dis
miss them, fill vacancies and require bonds:
Fifth. To make, amend and repeal bylaws
and regulations, not lnconsistent WIN law OF
its articles of organization, for its own govern,
ment, for the orderly conduct of its AFFAIRS ana
the management of its property, for determ!n-
ing the manner of calling and conducting It's
meetings. the tenure of Office of its several OIL
GERS and such others as shall be necessary or
convenient for the accomplishment of its pur-
! Sixth. To Exercise, by it's directors, duly au-
thorized officers, or agents, all such powers as
shall be necessary to carry on the business OF
banking, by buying, dlscountlng and negotlaC-
ing prOmissOry notes. bonds, drafts, bulls OF eX-
change foreign and domestic, and other EVIL
| dences of debt; by receiving commerclaI and
savings deposits under such regulations as 1t
may esta blish; by buying and selling com and
bullion, and by buying and selling exchange
foreign and domestic; issuing letters OF credit
and by lOanlng money on personal or real Sc
curity, as provided hereinafter.
SECTION 5. No bank shall transact any buSl-
ness, except such as is incidental or necessarily
preliminary to its organization, until it has
been regularly authorized by the bank commits
siOner to commence the business of banking.
SECTION6 6. The subscriptions to the capital
stock, and the direction Of the affairs OF the
corporation prior to the election OF directors,
shall be in conformity with the statutes OF th1S
state, relating to corporations, reguIatlnS Such
matters, so far as applicable. AT least fifty per
cent of the capital stock Of every bank shall be
paid in III cash before it shall be authorized to
commence business, and the remainder of the
capital of such bank shall be paid IN, IN cash,
in monthly installments of at least ten per cent
on the whole of the capital, payable at the enc
of each succeeding month, from the time 1t
shall be authorized by the bank commissioner
to commence business, and the payment Of each
installment shall be certified to the bank com
missioner, under oath, by some officer OF the
bank.
SECTION 7. Whenever articles of incorpora-
ton are filed with the bank commissioner, as
herein provided, and the bank transmitting the
same notifies the bank commissioner that at
least fifty per cent of its capital has been duly
paid in and that such bank has complied with
all of the provisions of this act required before
! the bank shall be authorized to commence busI-
ness, the bank commissioner shall examine into
| the condition of such bank, ascertain the
| amount of money paid in on account of It's capt.
tai the name and place of residence of eachOt It's
directors, and whether SUCH bank mas complleo
| title it to engage in the business of banking.
| If upon such examination it appears that such
bank is lawfully entitled to commence business,
| the bank commissioner shall forthwith give to
! such bank a certificate, under his hand and
official seal, that such bank is authorized to
| commence business. If the said bank commits
| sioner has reason to believe that the stock
| holders have formed the same for any other than
| the legitimate business contemplated by this
| act, he may, with the advice and consent of the
attorney -general, withheld the certificate herein
/ mentioned.
SECTION g. The bank shall cause the. certif-
| cate 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 certificate. If no news
| paper is published in such county, then such
/ publication shall be made at the nearest county
| seat. Proof of publication shall be filed with
| the bank commissioner.
4 SECTION 9. Whenever any subscriber for
stock, or his assignee, fails to pay any install
| ment on the stock when the same is required to
| be paid hereunder, the directors of such bank
may sell the stock of such delinquent stool sub
scriber at public sale having first given the de-
| linuuent subscriber twenty days notice, per-
| sonally or by mail, at his last known address.
|
| stock the amount due thereon to the bank, with
| any cost incurred the amount previously paid
/ shall be forfeited TO the bank, and such stock
shall be sold as the directors may order, within
sixty days from the time of such forfeiture, and
/ if not sold, it shall be cancelled and deducted
| from the capital stock of the bank. If sold, any
| surplus over the amount due said stock to
| said bank including the cost incurred thereon,
with interest on the amount due, shall be re-
| turned to the subscriber his heirs or assigns.
| 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 subscrip-
/ tions. In event of the failure of said bank to
| increase such capital as herein provided the
bank commissioner shall apply for receiver
| to close up the business of the bank.
| SECTION 10. The affairs of the bank shall be
| managed by board of not less than three direc-
tors who shall be elected by the stockholders
and hold Office for year, and until their sue
| cessors have been elected and have qualified.
A majority of the board of directors shall con-
stitute quorum for the transaction of bust
ness provided, that when the number of direc-
| tors shall exceed nine, they may, once in six
months, designate by resolution, nine members,
any five of whom shall constitute a quorum.
In the first instance the directors shall be elected
| at meeting held before the bank is authorized
| to commence business by the bank compis-
sioner, and afterwards at the annual meeting
of the stockholders, to be held during the month