Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-08-17

aha Oh 6HGtf DaIlk, ana such other
formation as ip his Judgment may be required
Such report shall also contain a statement of
the banks whose business has been closed dur
Ing the year, the amount of tlesir resources and
liabilities, and the amount paid to the creditors
JheTeofs also statement Of any banks organ
i5ed 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 ais report the names and compensation OF tho
clerks employed by him, and the whole amount
81 the expense OF the banking department during
the year preceding.
CHAPTER II.
BANKS
SECTION l. ANY number OF adult residents Of
WiscoGsin not less than three may associate TO
establish bank under this act, upon the terms
and con2itions and subject 10 the liabilities
prescribed la this act The aggregate ainoung
OF the capital stock of any bank shall not be
less than ten thousand dollars, In villages or
cities having less than two thousand inhabi-
sand dollars. in villages cities having more
than two Thousand aud less than six thousand
Inhabitants, and shall not be less than City
Thousand dollars in any village or city having
more than six thousand Inhabitants, according
to the last official census.
SECTION 2. The persons SO associating shall
make, sign and acknowledge written articles OF
incorporation containing:
First. A declaration that they associate for
under this act.
Second. The name Of such bank Such name
shall be IN no material respect similar to the
whether such other bank be organized under
this act or under the laws of the United States
Third The village or city and 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. Tho period for which such bank Is or
ganized, not exceeding Atty years.
SECTION 8. Such articles Of incorporation
shall DO executed In triplicate, one of which
shall be recorded Ia the office u the register Oh
deeds In the county ih 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
SECTIONS. Upon making and filing of the
articles CT Incorporation the bank shall become
q body corporate, and as such shall have the
First TO make ell contracts necessary and
proper to effect Its purpose and conduct Its bust
ness.
Second. To sue and be sued to appear and
defend Id all actions and proceedings undet Its
corporate name, to the same extent as nat.
ural person.
Third. To have common seal and alter the
same at pleasure,
Fourth, 20 elect or appoint all necessary
officer, 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 inconsistent with law or
its articles OF organization, for It's own govern
ment, FOR the orderly conduct of its affairs and
the management Of It's property. for, detsrtnin-
Ing the ,bs Of a u e and TO IT,
GERS and such others as shall be necessary o.
convenient for the accomplishment of Its pur
pose
thorized officers, or agents, all such powers as
shall be necessary to carry on the business of
banking, by buying, disconntlne and ;psso.iat-
CHANGE foreign and domestic, and other evil
fenc6s Of debt; BY receiving commercial and
nav esstabsh by buying guam and sailing coin aud
bullion, and by buying and selling exchange;
foreign and domestic; issuing letters OF credit
and by iosning money On personal or real So
5ECTfoN 5. No bank shall transact any bust
ess, except such as is incidental or necessarily
preliminary TO its organization, until It has
sioner to commence the business OF banking
sEcTIoN6 The subscriptions to the capital
stock, and the direction Of the affairs of tho
corporation prior to the election of directors
shall be in conformity with the statutes OF this
state, relating to corporations, regulating such
matters, 80 far as applicable. At least fifty per
cent OF the capital stock Of every bank shall DO
paid ID. In cash, before 1t shall DO authorized r.
commence business, and the remainder of tho
capital of such bank shall be paid in in cash.
on the whole of the capital, payable 1t the eud
of each succeeding month, from the time 1t
shall 10 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 I. 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 shal II be authorized to commence bust
ness, thesbank commissioner shall examine into
the condition OF such bank, ascertain the
amount of money paid in on account OF Its CAPT
tai the name and place of residence of eachof its
directors and whether such bank has complied
with all OF the provisions OF law required to Oh
title it to engage in the business of banking.
II upon such examination It appears ihat such
bank is lawfully entitled to commence business
the, Bank commissioner, shall forthwith give to
such bank certificate, under his hand and
ca sa that ach bank sas sup to
sioner has reason to believe that the stock
holders have formed the same for any other than
tho legitimate business contemplated by this
act he may with the advice and consent of the
attorney withheld the certificate herein
mentioned. 3.,-,...:. ....s
cate issued hereunder, to be published in some
newspd per printed In the village, city or county
where such bank located, within ten days
after the receipt of such certificate. Ii no news
paper Is published in such county, then such
publication snall be made at the nearest county
seat. Proof of publication shall be filed With
SEoT16N ). Whenever any subscriber for
stock OF his assignee. fails to pay any install
Inent on the stock when the same L. REQUIRED to
may sell the stock of such delinquent stock sub
Fcriber at public sale, having first given the de-
nqpsnt spbscrbor Twenty days n9tcd9d per
If no bidder can be found who will pay for sucL
stock the amount due thereon to the bank, witt
any cost incurred, the amount previously p aife
shall be forfeited to the bank, and such stocl
shall be sold as the directors may order, within
sixty days from the time of such forfeiture, ant
If not sold, 1t Y be Cancelled and deducted
from the capital stock of the bank. If sold, an!
surplus over the amount due on said stock x
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-
increase such capital as herein provided, the
bank commissioner shall apply for 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 direc-
tors who shall be elected by the stockholders
and hold office for one year and until their sue
majority of the board { directors shall con-
lstitute quorum for the transaction of bust
ness; provided, that when the number of direc-
tors shall exceed pine, 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
to commence business by the bank commits
sic Ter, 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
,lection is not had at that meeting, ~ may be
had at subsequent meeting called for nat
purpose of which due notice shall be given as
provided in the bylaws of such bank. Every
direct or shall take and subscribe an oath that
he will diligently and honestly perform his duty
in such office, and will not knowingly violate or
hermit violation of any provision OF this act;
that he is the owner in good faith ofstock In the
bank standing in his name on the books OF the
bank. Such oath shall be transmitted to the
bank commissioners and filed in his office. Any
vacancy in the board of directors shall be filled
by the board. and the director so appointed
slall hold Office until the next election, The
officers of the bank shall be elected by the board
OF 5irectors.and hold their offices for one. year,
and until their successors are elected and
qualified unless sooner removed by the Or ard
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 ocefs diretsoEs anu Ss e6a
show the name, residence and number OF shares
held by each stakeholder refusal by, the OH
GERS of such bank TO exhibit such book to eny
shall subject such officer to forfeiture u MO
dollars. In all actions, salts and proceedinga,
such book shall be presdmptive evidence OF the
SECTION L. The shares of stock of such bank
shall be deemed personal property, and shall
be transferred on the books of the bank In &C
cordance with the method provided by law for
transfer of stock in corpor; :; On
SECTION 10. At all stockho- iers' meetings
each share of stock shall ertitle the owner of
record to one vote stakeholder may vote at
any meeting of the stockholders by proxy. no
president or cashier shall act as proxy for any
SECTGoN H. A bank may amend its articles
of association in any manner, not inconsistent
with the provisions of law, at any time, by q
vote CT its stockholders representing two-thirdS
of the capital stock such vote to be taken at
meeting called for that purpose copy OF SUCH
amendment. certified by the president and