Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-28

salq commissioner snail require the same, ac-
and furnish. Such forms shall conform as nearly
as practicable to that now required of national
sb 81 ssnsa a sns yaes t.
affirmation of one of the officers OF such bank,
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, aud 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 newspaper In the village ar city
or county. where such bank Is located, In such
condensed form as may be prescribed by the
bank comm ssioner. Proof OF publication shall
be furnished TO said bank commissioner At
tbe ysaf eser ea IN epor1 e
OF its stockholders, their residence. and the
amount OF stock held by each, which report
shall be signed and verified By the oath or affir-
nation Of one OF the officers of said bank The
bank commissioner shall also have the power
to call for special reports frogl any bank,
whenever in his Judgment the same is necessary
bank.
SECTION H. Eycry bank failing to make and
transmit to the bank commissioner any OF the
reports required by this act, shall be subject to
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 ms o
and transmit such report, the bank commits,
stoner Is hereby authorized to institute pro-
SECTION Is Whenever any officer of a 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 10 be examined on
oath touching the concerns OF the bank, tla
bank commissioner my. with the approval OF
the nttorney-generGI. institute p greetings foI
the appointment OF a receiver of such bank to
wind mp its business
SECTION 10. Every officer or employee OF an,
bank, required by law to take any oath af,
frmaton who shall wiifully swear or affirm
falsely upon any material matter shall be deem.
ed guilty OF perjury. and npo!n ,c9nvc5iop there;
OF, shall be punished as provided by the laws OF
this state for the punishment Of perjury
SECTION 20. ANY bank organized under this
act may reorganize under the laws OF the United
states as national bank. As soon as such hank
shall have obtained the certificate from the
comptroller OF the currency, 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 10
all liabilities existing against said bank organ
lied under this act, at the time of such reorgan-
izatlon.
SECTION q. Any national bank authorized to
dissolve, and which shall have taken the neces
eary steps to effect dissolution, 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 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
this act, and upon the approval of the bank
commissioner, such bank shall be doomed 20 be
reorganized under this act, aud thereupon all
assets, real anG personal, Of such dissolved ma
tional bank, shall be vested In, and be and boz
come the property of such reorganized bank
subject to all liabilities of such national bank
not liquidated before such reorganization.
SECTION ~. A bank which is in good faith
winding up its business, for the purpose of con-
solidatlng 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 bauk commissioner, and not then TO defeat
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, NAV go
into liquidation by a 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
county in which the bank is located, and if nc
newspaper Is there published, then in the news
paper published at the nearest county seat.
SECTION "a. Every bank shall keep on hand a
all times, at least fifteen per cent of its tOta
deposits, at least six-ffteenths of which 10
I III lawful money, and the bala' 9 of such per.
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 at least
twenty-five per cent. of their total deposits, at
/ least two-flfths 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 rs. Whenever the reserve of any bank
shall fall below the amount required herein to
be kept such bank shall not ncreas Sc its loans or
discounts OtbarWiSn than nv OiSeOlntiup n MIR
chasing bills of exchange payable at sight or on
demand, and the bank commissioner shall notify
any bank whose reserve may be below the
amount ~ein required, to ma ke good such re-
serve, aud case the bank fails for thirty days
thereaitoI 70 make good such reserve, the bank
commissioneE may, with the approval OF the at
torney- general, institute proceedings for the
appointment of a receiver, and to wind up the
business of the bank.
SECTION Z6. The total liabilities OF any per-
son, co-partnership or corporation, to any bank,
for money borrowed, including in the liabilities
of the co-pa rtnership the liabilities of the sew
eral members thereof, except special partners,
shall at time exceed fifteen per cent. OF the
amount of capital and surplus Of such bank. but
the discounting OF bills OF exchange, drawn in
good faith against actually existing values, and
the dlscOunting OF commercial or business paper
actually owned by the person negotiating the
same. shall not be considered money Dor
roWed provided, that by a twothirds vote of the
directors, the liabilities of any person, copart-
nership or corporation, may be increased to a
total sum not exceeding twenty-five per cent. of
the capital and surplus 81 such bank.
SECTION u. No bank shall take for security
for any loan or discount a lien upon any part of
its capital stock. No bank shall be the holder
of or PIT rchaser of any portion of its capital
stock, unless such purchase shall be necessary to
prevent loss upon a debt previously contracted
in good faith Stocks SO purchased shall IN no
case be held by the bank for longer time than
six months, if the stock can be sold for the
amount of the claim of the bank against the
same and it must be sold for the best price OBJ
tainabie within one year, or 1t shall be Cancelled,
md hall hRf IN "a TanIs lion 81 n
tal stock; provided, that If such reduction shall
reduce the capital stock below the minimum
required by law, such capital stock shall be
again increased to the amount required by law,
as provided herein.
SECTION Is. 1t shall not be lawful for any
bank to loan to any of its officers, directors,
clerks or employees, any OF the funds Of the
bank. unless the same shall have been author.
lied, both as to amount and security, by resotu'
ton of the board of directors, TO be recorded
SECTION 29. No bank shall lend an amount
exceeding twenty per cent of its apital stock
upon mortgages. or any other form OF real estate
security except on the adoption of a resolution
by a two-tbiFds vote of the board OF directors,
specifying some larger amount which Its officers
may Dan upon real estate security; provided,
that in event shall any bank so loan an
amodnt TO exceed twenty five per cent of the
aggregate of its capital, surplus and deposits !,
and provided, that banks doing business IN
villages or cities having less than SIX thousand
inha bitants under the last official census may
loan a sum not to exceed thirty three and one
third per cent. OF the aggregate OF its capital,
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 &c d
faith upon personal security and provided fur
Their, that any bank having taken real estate Sc
curity for such debts so previously contracted,
which shall have carried its percentage OF lcan2
on real estate a bove the amount hereinbeiore
limited such bank shall, within SIX months
thereafter either by sale or collection, reduce
its real estate loans to the amount hereinoefore
limited~
for loans or discounts rate Of interest exceed:
ing that allowed by law to be taken and received
by individuals, excepting that 1T shall be lawful
for any bank to receive interest in advance aC-
cordng to the ordinary usages of banking insti-
buttons, and to charge for collecting foreign or
domestic bills, ~ other evidence. Of debt the
usual current rate Of exchange. In the compu-
tation of time thirty days shall be considered
meath and twelve months year.
SECTION 81. All debts due 70 any bank, on
which interest is past due and unpaid for a
period of twelve months unless the same are
we'll secured and in process of collection, shall
be considered BAD debts and shall be charged OF
to the profit and loss account at the expiration
SEcr1oN Sc. The boacd OF directors of bank
may declare dividend from SO much Of its net
prcits, after providing for all expenses losses,
interest and taxes accrued or due from, said
bank as they shall deem expedient; but before
any such dividend is declared, not less than one
tenth Of the net profits OF the bank for the pre-
ceding half year for such period as Is covereG
by the ditilsnd shall be carried TO surplus
fund unit Such surplus fund shall amount 70
twenty per cent Of the capital stock No divi-
dend shall be declared before the capital stock
is fully paid
SECTION 30 Every president. director. cash
Ter, officer teller, clerk or agent OF any bank or
savings association who mbezzles, abstracts or
wilfully misapplies, aav of the moneys. tunds,
credits, or property o ithe bark or savings asso-
citation whether owned by it or held IN trust, or
who, without authority of the directors issues
or puts forth any certificate of deposit, draws
any order or bill Of exchange. makes any accept
ance assigns any note bond. draft bill Of ex-
change mortgage, Judgment or decree or who