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


act he may. with the advice and consent of the
attorney general, withheld the certificate herein
mentioned
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. IL news.
paper is published iii such county, then such
publication shall be made at the nearest county
seat, Proof of publication shall be filed with
the bank commissioner.
SECTIoS =, Whene,Ar 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 stock sub
scriber at public sale, having first given the de-
liuQueut subscriber twenty days notice, per
sonally or by mail, at his last known acHress.
Ii 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 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
IL not sold, il shall be Cancelled and deducted
from the capital stock Of the bank II sold, any
surplus over the amount due on said stock to
slid bank, including the cost incurred thereon,
with interest ON the amount due, shall be re-
turned - the subscriber his heirs or assigns:
If such cancellation shall reduce the capital OF
the bank below the minimum required b. ssw,
the said capital shall, within thirty days from
the date of such cancellation, be increased to
tons ' In event Of the failure of said bank %
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 one year and until their sue
cessors have been elected aud have quaiifed'
A majority of the board of directors shall CON
stitute quorum for the transaction OF bust
ness provided that when the number OF dttec-
tors shall exceed nine, they may. once III SIX
months, designate by resolution, nine members,
of WI
In the first instance the directors shall be electeu
at meeting held before the bank is authorized
to commence business oy the oank e"m n.ins,
of the stockhoders to be held during the month
OF July or january; and II for any reason an
election is not had at that meeting " may oo
had at subsequent meeting called tor 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 mar
he will diligently and honestly perform his duty
in such office aud will not knowingly violate or
permit violation of any provision OF thus act
that he is the owner III good fait of stock IN the
bank standing in his name on the hooks OF the
bank Such oath shall be transmitted to tho
bank commissioner and filed in his office, ANY
vacancy in the board of directors shall be hlled
by the board, and the director so appointed
shall hold office until the next election. Tho
officers of the bank shall he elected by the board
of irectors.and hold their offices for one year;
and until their SUCCESSORS are elected ana
qualified, unless sooner removed by the board
of directors.
SECTION Ii. Every bank shall keep a stock
book, which shall at all times. during the usual
hours for transactiuC business, be subject to the
inspection of the officers, directors ana STOCK,
holders of the bank, Such stock book Shall
show the name, residence and numneroi shares
held by each stakeholder. refusal by the ON
GERS of such bank to exhibit such book to any
person rightfully demanding inspection thereof,
shall subject such officer to forfeiture OF fttS
dollars. In all actions, suits and proceedings,
such book shall be presumptive evidence of the
facts therein stated
SECTION IL. The shares OF stock of such bank
shall be deemed pFSp shs ba ana in S ss
cordance with the method provided by law for
transfer of stock in corporaronS
SECTION b. At all stockholderS' meeting,
each share of stock shall ontitlc the owner OF
record to one vote. 4 stakeholder 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 articles
of association in any manner, not inconsistent
with the provisions of law, at any tune, by
vote Of its stockholders representing two-thirds
of the capital stock. such vote to be taken Mt a
meeting called for that purpose copyot such
amendment, certified by the president and
cashier, shall be filed as required FOR articles
of incorporation. No increase of capita shall
be valid until 'he amount thereof has been sub
scribed and actually paid in. No reduction of
capital shall be made To. less amount than
is required under the provisions of th:S act for
capital, nor he valid or warrant the cancellation
of stock certificates or diminish the personal
liability of stockholders, until such reduction
has been approved by the bank commissioner,
Such approval must be based upon a finding
by him that the security OF the existing credi'
tors will not be impaired by the proposed rednc'
ton.
SECTION Is bank may purchase, hold aud
convey real estate for the following purposes
and no others:
veuicnt transaction of its business, including
with its banking offices other apartments to
rent as a source of income. No bank shall in
vest in banking office, including apartments
connected herewith, a sum exceeding twcntv
five per cent. of its paid in capital; prnNrih
that this lir itation shall not, apply t" the
present hold.-s of banlr now d' ing hu 'in"sS
Second, Such shall be conveyed to It ~
satisfaction of debts previously contracted IN
the course Of its business
Third Such as it shall purchase at sale on
judgments, DEGREES or mortgage foreclosures
under securities held by il: but bank ~ha Dot
bid at such sale larger amount than i rrcr,.
sary to satisfy its debts and costs. No rcnl cs'
tate acquired in the cases cont omplatpd III the
second and third subdivisions preceding, shalt
be held for a longer time than five wears. e&.
cept an extension Is granted by the bank com
missioner. II such extension be not granted
it must be sold at private or public sale within
ninety days thereafter. Nothing IN this SCril ION
shall be construed to prevent a bank from loan.
ing money upon real estate security AS prov Idcd
by law. Real estate snail be conveyed under
the corporate seal of the uank and the hand OF
the president or vice.president and cashier or
assistant cashier.
bank commissioner not less than three r"ports
during each calendar year, at such times as the
said commissioner s',gll require tho same, &C.
cordiug to the forms which lie shall I5rosCribe
aud furnish Such forms shall conform nearly
as practicable to that now required of national
banks including the schedules Such reports
shall be signed and verified by the oath or
afiirma alton of one OF the officers Of such bank,
and attested by at least two of the dircc tors.
Such report shall exhibit in detail and under
proper heads the resources and liabilities OF
the bank at the close OF business " any past day
by the bank commissioner specified, and shall
b transmitted TO said bank commissioner with
in ten days after thu receipt OF request erefoe
from him. Such reports shall he published ~
the bank ia newspaper in the village or O.
or county, where such bank Is located, in such
condensed form may be prescribed by the
hank comm sSioner Proof of publication shall
I've furnished Ia said bank commissioner At
least once each year every bank shall report to
the bank commissioner. on call by HIM, "A list
Of lis stockIioIders thoir residence. and the
amount of stock held by each, which report
shall IL. signed and verified by the oath or at1ir-
nation uf one of the officer 81 said bank. The
bank commissioner shall also have the power
to call fOf special reports from any bank
whenever ia til, Judgment the same Is necessary
10 inform him fully Of the condition 81 such
bank
SECTION n. Every bank failing TO make and
transmit Ia the bank commi s-ioner any Of the
reports required Us this act, shall be subject to
a forfeiture az one hundred dollars for each day
after he time required for making such reports
Whenever any bank fails or refuses To pay the