Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-01

tute proceedings for the recovery OF such
forfeiture.
Eank shall refuse to submit the books, pa
cers 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 Dalk
to wind up its business.
Section 10. Every officer or employee OF
any bank, required by law to take any oatn
or affirmation, who shall Wlifuiiy swear OF
affirm falsely upon any material matter,
shall be deemed guilty of perjury, ana
upon conviction thereof shall be punished
as provided by the laws of this state Tor
the punishment of perjury.
Section 20. 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
rency authorizing it to commence business
under the United States banking law, such
reorganized 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 q. Any national bank author
lied to dissolve, and which shall have ia
ken the necessary steps to effect dissoiu-
ton, may reorganize under this act, upon
the consent in writing of the owners Of
two-thirds of the capital stock of such
bank, and with the approval of the bank
commissioner. Such stockholders shaii
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 approval of the bank commissioners such
bank shall be deemed to be reorganiZed
under tits act, and thereupon al assets
real and personal, of such dissolved ma,
tional rank, shall be vested in, and be and
become the property OF such reorganlzed
bank, subject to all liabilities of such ma
tional bank not liQuldated before such re-
organization.
Section o. bank which is in good faith
winding up it's business, for the purpose OF
consolidating with some other pank; may 1hs
bank with which 1t is IN process OF con
solidation; but no consolidation shal pc
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 said banks, or either
of them.
Section %. Any bank organized or doing
business under the provisions OF this act,
may go into liquidation by a vote OF It's
stockholders owning tWo-thi-ds OF the cap ao
tai stock. Whenever a vote is taken 70 20
into liquidation, it shall be the duty OF the
board of directors to cause notice OF TINS
fact to be certified, under the seal OF the
bank by it's president and cash1-r, TO the
bank commissioner, and publication there
of, notifying the creditors to present tne1r
claims against the bank for payment shall
be made once in each week TOT elsne SUI
and also in a newspaper published In the
village, city or county In which the nanh
is located, and if no newspaper Is th ere
published, then in the newspaper pubisheo
at the nearest county seat.
Section "a Every bank shall keep on
hand at all times, at least fifteen per cent
of which shall be in lawful money, and the
balance of such percentage may be on de-
post in banks approved by the pank com,
missioner as reserve banks; except IN tne
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 thelr
total deposits, at least two-ffths OF Whlch
shall be in lawful money, and the balance
may be on deposit in banks approved by
the bank commissioner as reserve BANKS.
Section g. Whenever the reserve OF any
bank shall fall below the amount required
herein to be kept. such bank shall not IN
crease it's loans or discounts otherWlse IMAM
by discounting or purchasing pllls OF e ed
change payable at sight or on demand,
and the bank commissioner shall notify
any bank whose reserve may be below tne
amount herein required, to make goou SUN
reserve. and in case the bank fails for thirty
days thereafter to make good such re
serve, the bank commissioner may, with
the approval of the encouragement, IN
stitllte proceedings for the appointment OF
a receiver, and to wind up the business OF
the bank.
Section 26. The total liabilities Of any
person. co-partnership or corporation. TO
any bank, for money borrowed, including
in the liabilities of the co-partnershlp, tne
liabilities of the several members thereol,
except special partners, shan at no no. tln ne
capital end surplus of such bank; but the
discounting of bills of exchange. drawn IN
good faith agaj nst actually existing vaLues'
and the discourting of commercial or busl-
ness paper actually owned by the person
Negotiating the same, shal not be ;,onsid-
cred as money borrowed; provided that py
a two-thirds vote of the directors. the liza
bilities of any person, co-partnershlp or
corporation, may be increased to a total
sum not exceeding twenty-five per cent OF
the capital and surplus OF such pank.
Section e. No bank shall take for secur1-
ty for any loan or discount Lien upon
any part of it's capital stock. NO bank
shall be the holder of or purchaser OF am
portion of it's capital stock, unless such
purchase shall be necessary to prevent loss
upon a debt previously contracted IN good
faith. Stocks SO purchased shall in 10
case be held by the bank for a longer time
than six months, if the stock can be sold
for the amount of the claim OF the baI>Iz
against the same, and It must be SOFA Tor
the best price obtainable within one year,
or it shall be Cancelled, and shall then
amount to a reduction of the capitat stock,
provided. that if such reduction shall re-
duce the capital stock below the minimizing
required by law, such capital stock shall
be again increased to the amount required
by lay, as provided herein.
Section %. It shall not be lawful for any
bank to loan to any Of it's officers, directors,
clerks or employees, any of the, funds OF
the bank, unless the same shall nave beeh
authorized, both as to amount and secur-
ity, by resolution Of the board of directors,
to be recorded.
Section 20. No bank shall lend an
amount exceeding twenty per cent OF its
capital stock upGl mortgages, or any othef
form of real estate security, except on the
adoption of 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 pei. cent of
the aggregate of it's capital, surplus and
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 to
exceed thirty-three and one-third per
cent of the aggregate of it's CAPT,
tai, 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; and pro-
Vided, further, that any bank having taken
real estate security for such debts SO pre-
Y,io,,clv contracted which shall have car