Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-13

,snk shall refuse 10 submit the books. pa
ners 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 for
The appointment of a receiver of such bank
10 wind up its business.
Section 10. Every officer or employee Of
any bank, required by law 10 take any oath
or affirmation, who shall wilfuny swear or
affirm falsely upon any material matter,
shall be deemed guilty Of perjury, and
upon conviction thereof, shall be punished
as provided by the laws of this state for
the punishment of perjury.
Section 70. Any bank organized under
this act may reorganize under the laws Of
the United States as a national bank. As
soon as such bank shall have obtained the
certificate from the comptroller of the cur
rency, author .&ing it to commence business
under the Clted States banking law, such
reorganZe1 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 of such
reorganization
Section p. Any national bank author
tied to dissolve. and which shall have Ia
ken the necessary steps TO effect dissolu-
ton, may reorganze under this act, upon
the consent IN writing of the owners of
two-thrds of the capital stock of such
bank and with the approval of the bank
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 approvalof 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
tiona bank shall he vested in. and be and
become the property Of such reorganized
bank, subject 10 all liabilities of such ma
tional bank mot liquidated before such re-
organization.
Section % bank which is in good faith
winding up its business, for the purpose Of
consolidating with some other bank. may
transfer its resources anu Liabilities TO the
bank with which il is in process Of con
s0l!dation 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 sad banks, or either
OF them.
Section %. Any bank organized or doing
business under the provisions of this act,
may 20 into liquidation by a vote of its
stockholders owning two-thirds OF the capt.
tai stock. Whenever a vote is taken to 90
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 there
Of notifying the creditors to present their
claims against the bank for payment, shall
be made once in each week for eight sue
Cessive 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 newspaper is there
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-ntteenthS
OF which shall be in lawful money, and the
balance of such percentage may be on de-
pOsit 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 u. Whenever the reserve of any
bank shall fall below the amount required
herein To be kept. such bank shall not IN
crease its loans or discounts otherwise than
by discounting or purchasing bills of eX-
change payable at sight or on demand,
and the bank commissioner shall potlly
any bank whose reserve may be below the
amount herein required, to make good snch
reserve ana in case the bank fails for thirty
days thereafter to make good such re
serve, the bank commissioner may, WIN
the approval of the Encouragement, IN
stitute proceedings for the appointment OF
a receiver and to wind up the business OF
the bank.
person. co-partnership or corporation. to
any bank, for money borrowed, including
in the liabilities Of the co-partnershlp, me
liabilities OF the several members thereoI,
except special partners shall at no time
exceed fifteen per cent of the amount OF
capital and surplus of such bank; but the
discountiug Of bills Of exchange, drawn in
good faith against actually eNlsuns values
and the discountng of commercial or pusl-
ness paper actually owned 10y the person
negotiating the same, shall not be consd-
erred as money borrowed provided, that by
twO-thrds vote of the directors the Ia
bilites of any person, co-paItnershlp or
corporation, may be increased to a total
sum not exceeding twenty-five per cent OF
the capital and surplus of such bank.
Section r. No bank shall take for securl-
ty for any loan or discount lien upon
any part of its capital stock. NO pdhh
Shall be the holder of or purchaser OF any
portion Of it's capital stock, unless such
purchase shall be necessary to prevent loss
upon debt previously contracted IN sool
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 SOLO
for the amount of the claim OF the pank
against the same, ana II must he soIu LOT
the best price Obtanable within one year
or Il shall be Cancelled, and shall then
amount to a reduction Of the capital STOCK
urovi led that If such reduction shall re-
duce the capital stock below the minimum
required by law, such capital stock shali
be again increased to the amount required
by law as provided herein.
bank TO loan to any of its ollcefs' directors
clerks or employees, any OF the iuhus o.
the bank. unless the same Siill NC btti
authorized both as to amount ana secur-
lty. by resolution of the board of directors
10 be recorded.
Section 20 No bank shall lend an
amount exceeding twenty per cent or It's
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 It's officers may
loan upon real estate security, provided
that IN no event shall any bank so loan an
amount to exceed twenty-five per cent OF
the aggregate of its capital, surplus ana
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 70
exceed thirty-three and one-third per
cent of the aggregate of it's capt.
tal 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; ana pro
y.H-t further that any bank having taken
resi- estate security for such debts 50 pre-
vic. sy contracted, which shall have car
RE. lt, percentage of loans on real estate
above tne amount hereinbetore limited,
p tl shall within SIX months tnere-
after. either by sale or collection, reduce us
n De- amount nETElnHe-