Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-11-03

( upon such examination IL appears that
such bank is lawfully entitled 10 commence
. business the bank commissioner shall
[ forthwith give 10 such hank a certificate.
( under his hand and official seal, tnat suen
bank Is authorized TO commence business
II the said bank commissioner mas reason
TO believe that the stock 1clderS nave
formed the same for any other than the
/ legitimate business contemplated py inns
act, he may, with the advice and consent
/ OF the attorney general withhold the Ger
ufieate herein mentioned.
/ Section S. The bank shall cause the GER
] tlflcate issued hereunder, TO be puDlisne1
/ IN some newspaper printed IN the village,
| city or county where such bank is located,
I within ten days after the receipt OF such
/ certificate. If no newspaper is published
! IN such county, then such publication snaIl
\ be made at the nearest county seat PROOF
\ OF publication shall be filed with the Dank
/ commissioner.
Section g. Whenever any subscriber for
/ stock, or his assignee fails to pay any IN
stallment on the stock when the same is
\ required to be paid hereunder, the directors
OF such bank may sell the stock OF sucn
delinquent stock subscriber al pubic safe
! having first given the delinquent subscriber
4 twenty days notice, personally or by mall
I at his last known address. If 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
such stock shall be sold as the directors
may order, within sixty days from the time
of such forfeiture, and IL not sold. it shall
be Cancelled ard deducted from the capital
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. II such cancellation shall reduce
the capital of the bank below the minimum
required by law, the said capital snail,
within thirty days from the date of such
cancellation, be increased TO the required
amount by additional subscriptions In
event of the failure of said bank 10 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 directors, who shall be elected by the
stockholders and hold office for one year,
ed and have qualified. A majority or the
board of directors shall constitute quo
rum for the transaction of business pro-
yided, that when the number of directors
shall exceed nine, they may. once IN SIX
months, designate by resolution, nine
members. any five of whom shall consul
tute quorum. In the first instance the di-
rectors shall be elected at a meeting held
before the bank is authorized to commence
business by the bank commissioner, anu
afterwards at the annual meeting or 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, 1t
may be had at a subsequent meeting called
for that purpose, of which due notice shall
be given provided in the bylaws OF such
bank. Every director shall take and sub
scribe an oath that he will diligently ana
honestly perform his duty in such Office,
and will not knowingly violate or permit
violation of any provision of this act; thae
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 De
transmitted 10 the bank commissioner and
filed in his office. ANY vacancy IN the
board of directors shall be filled by the
board. and the director so appointed shall
hold Office until the next election. The Of
ficers of the bank shall be elected by the
board of directors and hold their offices for
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-
stakeholder. A refusal by the officers of
such bank to exhibit sucn book to any per-
son rightfully demanding inspection
thereof, sh. II subject such officer TO a for
feiture of fifty dollars. In all actions,
suits and proceedings. such book shall be
presumptve evidence of the facts therein
Section r. 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 method
provided by law for transfer or stock IN
corporations.
Section 49, At all stockholders meetings
each share of stock shall entitle the owner
of record to one vote. stockhol9er may
vote at any meeting of the stockholders by
proxy. No president or cashier shall act
as proxy for any stakeholder.
Section IA A bank may amend its arti-
Giles of association in any manner, not in
consistent with the provisions OF law, at
any time, by vote of its stockholders rep
resenting two-thirds of the capital stock,
such vote to be taken at a meeting called
for that purpose. A copy OF such amend
ment, certified by the president ana CASH
Ter, shall be filed as required for articles OF
incorporation. No increase OF capital shaN
be valid until the amount Thereon mas been
AL, 81 "A
duction of capital shall be made to less
amount than is required under the proVls-
ions of this act for capital, nor be Vald o.
warrant the cancellation OF STOCK certI-
Gates or diminish the personal liaDilty OF
stockholders, until such reduction has Deen
approved by the bank commissioner. SUCH
approval must he based upon a finding by
him that the security of the existing cred
itors viii not be impaired by the proposed
Section u. A bank may purchase. hold
and convey real estate for the following
purposes and no others:
First Such as shall De necessary for the
convenient transaction of its business, IN
Guiding with its banking ofnces other
apartments to rent as source OF income
including apartments connected herewith,
a sum exceeding twenty-five per cent OF
its paid in capital; provided. that this linn
itation shall not apply to the present mold
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 It's business
Third. such as il shall purchase at sale
on judgments. DEGREES, or mortgage fore
closures under securities held by it; but
hank shall not bid at such sale a larger
amount than is necessary 10 satisfy us
6ebts and costs No real estate acquired
in the cases contemplated in the second
and third subdivisions preceding, shall De
held for a longer time than live years, eN-
cent an extension is granted by the bank
commissioner II such extension be not
granted, il must he sold at private or pub
lie sale within ninety days thereafter;
No+hing In this section shall be construed
70 prevent bank from loaning money
npon real estate security as provided by
law, Real estate shall be conveyed under
ne corporate seal of the bank. ana the
hand of the president or vice-presldent ana
cashier or assistant cashier.
Section 10 Every bank shall make TO the
hank commissioner not less than three re-
norts during each calendar year. at such
Zines as the said commissioner shall re-
o,Iire the same. according 70 the forms
which he shall prescribe and furnish Such
forms shall conform as nearly as practical
HE 10 that now required of national banks,
including the schedules. such reports
shall be signed and verified by the. oath
a. aff1rmation OF one of the officers of such
Sapl- and attested by at least two OF the