Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-15

.uch book shall be presumptive evidence of the
, SECTION u. The shares of stock of such bank
shall be deemed personal property, and snail
be transferred the books of the bank IN ac-
cordance with the method provided by law for
transfer of stock in corporations.
o SECTION -. At all stockholders meetings
each share of stock shall entitle the owner OF
record to one vote. A stakeholder may vote at
any meeting of the stockholders by proxy. No
president or cashier shall act as proxy for any
stockholder.
SECTION II. bank may amend its article,
of association in any manner, not inconsistent
with the provisions of law, at any time, by a
vote CT its stockholders representing two-thirds
of the capltal stock, such vote to be taken at
meeting called for that purpose. 4 copy of such
amendment certified by the president and
cashier. shall be fled as required for articles
of ii;cnr pora ton. No increase of capital shall
be valid until the amount thereof has been sub
scribed and actually paid il. No reduction of
capital shall be made to less amount than
is required under the provisions of this act for
capital, nor be valid or warran t he cancelatlon
of stock certificates diminish the personal
liability of stockholders, until such reduction
has been approved by the bank commissioner
Such approval must be based upon Il finding,
by him that the security of the existing credI-s
tors will not be impaired by the proposed reduc-
ton.
! SECTION Is. A bank may purchase, hold and
convey real estate for the following purposes
md no others:
! First Such as shall be necessary for II Q cons
genient transaction of its business, including
with its banking offices other apartments to
rent as source of income. No bank shall in,
vest in banking office, including apartments
connected Herewith, sum exceeding twenty!
five per cent. of its paid in capital; provided,
that this Limitation shall not apply to the
present holdings of banks now doing business.
Second. Such shall be conveyed to 1t In
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 it, but bank shall not
bid at such sale larger amount than Is neces-
sary to satisfy its debts and costs. No real eS-
tate acquired in the cases contemplated IN the
second and third subdivisions preceding, shall
be held for longer time than five years. ex-
cept an extension is granted by the bank COM
missioner. If such extension be not granted,
it must be sold at private or public sale within
shall be construed to prevent bank from loan
ing money upon real estate security as provided
by law. Real estate shall be conveyed under
the corporate seal of the bank, and the hand of
the president or vice-presldent and cashier or
assistant cashier.
SECTIoN Is. Every bank shall make to tho
bank commissioner not less than three reports
during each calendar year, at such times as the
said commissioner shall require the same, ac-
cording to the forms which he shall prescribe
and furnish. Such forms shall conform as nearly
rs practica BILE to that now required of national
banks Including the schedules. Such reports
shall be signed and verified by the oath or
affirmation of one OF the officers OF SUCH hank,
and attested by at least two of the directors.
Such report shall exhibit In detail and under
proper heads, the resources and Liabilities OF
the bank at the close of business of any past day.
by the bank commissioner specified, and shall
be transmitted to said bank commissioner with
in ten days after the receipt of request therefor
from him. Such reports shall be published by
the bank in a newspaper in the village or city
or county, where such bank is located, in such
condensed form as may be prescribed by the
bank comm ssioner. Proof of publicat ton shall
be furnished to said bank commissioner. At
least once each year every bank shall report to
a
of its stockholders, their residence. and the
amount of stock held by each, which report
shall be signed and verified by the oath or atfir-
nation of one of the officers of said bank. The
bank commissioner shall also have the power
to call for special reports from any bank,
to inform him fully of the condition of such
bank.
SECTION II. Every bank failing to make and
transmit to the bank commissioner any of the
reports required by this act, shall be subject to
a forfeiture of one hundred dollars for each day
after the time required for making such reports
Whenever any bank fails or refuses to pay the
forfeiture herein imposed for failure to make
and transmit such report, the bank commits
sloner IS hereby authorized to Institute pro-
ceGdingS for the recovery of such forfeiture.
SECTION Is. Whenever any officer of bank
shall refuse to submit the books, papers and
concerns of such bank to the inspection of the
bank commissioner, his deputy or examiner ap-
pointed hereunder, or refuse to be examined on
oath touching the concerns of the bank, the
bank commissioner may, with the approval Of
the ACKNOWLEDGEMENTS, institute proceedings lot
the appointment of a receiver of such bank to
wind up its business.
SECT1oN - Every officer or employee of any
bank, REQUIRED by law to take any oath or af-
firmation, who shall wilfully swear or affirm
falsely upon any material matter shall be deem
cd guilty of perjury and upon conviction there
of. shall be punished provided by the laws of
this state for the punishment of perjury.
SECTION 20. Any hn~k organized under this
act may reor@anizr III tie laws of the United
States as Il narional bE AS soon as such bank
shall have obtained / certificate from the
comptroller of the CUT. cy. authorizing it to
commence business unGGr the United States
banking law, such reOrCanized 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 organ
lied under this act, at the time of such reorgan-
ization.
SECTION q. Any national bank authorized to
dissolve, and which shall have taken the neces-
Sary steps to effect dissolution, may reorganize
under this act upon the consent in writing of
the owners of two-thirds of the ca pital stock of
such bank, and with the approval of the bank
commissioner. Such stockholders shall make,
execute and acknowledge articles of organiza-
ton 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 approval of 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.
tional bank, shall be vested in, and be and be-
come the property of such reorganzed bank,
not liquidated before suCn reorganization.
SECTION 22 A bank which is in good faith
winding up its business for the purpose of con-
sOlidating with some other bank, may transfer
its resources and liabilities to the bank with
which it is in process of consolidation; but no
consolidation shall be made without the consent
of the bank commissioner, and not then to defeat
or defraud any of the creditors in the collection
of their debts against said banks, or either of
them.
SECTION %. Any bank organized or doing bus
mess under the provisions of this act. may go
into liquidation by vote of its stockholders
owning two thirds of the capital stock. When
ever vote Is taken to so 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
thereof, notifying the creditors to present their
claims against the bank for payment, shall be
made once in each week for eight successive
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 news
paper 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 x-fifteenths of which shall be
in lawful money, and the balance of such per-
centage may be on deposit in banks approved by
the bank commissioner 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 a { least
TWENTY-FIVE per cent. of their total deposits, at
least two-ffths 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 % Whenever the reserve of any bank
shall fall below the amount required herein to
be kept such bank shall not increase its loans or
discounts otherwise than by discounting pur-
chasing bills of exchange, payable atsight or on
demand, and the bank commissioner shall notify
any bank whose reserve may be below the
amount herein required, to make good such re-
serve, and in case the bank fails for thirty days
thereafter to make good such reserve, the bank
commissioner may, with the approval of the at
lorney-general, institute proceedings for the
appointment of receiver, and to wind up the