Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-01

enioin the bank commissioner in the discharge
nj his duties shall he had in the county where
said bank is located, or III the supreme court of
this state All suits and proceedings arising out
of the provisions OF this act III WHICH the state,
or any of its officers agents, shall be parties,
shall be conducted under the direction and su-
pervision Of the attorney general
SECTION 10. Copies of all records and papers
in the Office of the bank commissioner, certified
by him, and authenticated by his seal of Office,
shall be evidence In all cases, equally and of
like effect as the original
SECTION IL. During the month Of December
of each year the bank commissioner shall make
an annual report to the governor of the state
which report shall be published and shau e1-
hibit the condition OF the various BANKS ofztnls
state as OF the .day of the last report Inadesto
the bank commissioner by suchbanks; andsnch
report shall contain statement of the, cendl.
ton of every bank from which reports have been
received, with abstract of the whole amount
of capital returned by them the whole amount
of their liabilities the total amount Of resources,
and specifying the amount OF lawful money heiu
by banks the time of their several returns, and
shall give tabulated statement of the resources
aud liabilities of each bank, and sEch other in
formation as in his Judgment may be required.
Such report shall also contain statement OF
the banks whose business has been, closed dur
ing the year, the amount of their resources and
liabilities and the amount paid to the creditors
thereof: also a statement Of any banks organ.
lied 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 report the names and compensation OF the
| of the expense of the banking department during
| the year preceding.
CHAPTER II.
BANKS.
| SECTION 1. Any number of adult residents of
! Wisconsin, not less than three, may associate to
| establish a bank under this act upon the terms
and conditions and subject to the nabnItles
| of the capital stock of any bank shall not be
! less than ten thousand dollars, IN villages or
cities having less than two thousand inha BIZ
Sbal he thOn-
| sand dollars, in villages or cities having more
than two thousand and less than six thousand
| inhabitants; and shall not be less than fifty
thousand dollars in any village or city having
more than six thousand inhabitants, according
| to the last official census.
| SECTION z. The persons SO aSSociatlns Shali
| make, sign and acknowledge written articles of
! Incorporation containing:
| First. declaration that they associate for
! the purpose of forming a banking corporation
! under this act
! Second. The name of such bank Such name
! shall be in no material respect similar to the
name of any other bank in the same county,
! 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. The period for which such bank is or
ganized, not exceeding fifty years:
| SECTION s. Snch articles of incorporation
| shall be executed in triplicate, one of which
shall be recorded in the Office Of the register of
deeds in the county in 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
| the secretary of state.
! SECTION 4. Upon making and fling of the
| articles of incorporation the bank shall become
| body corporate, and as such shall have the
First TO make all contracts necessary and
properto effect its purpose and conduct its bust
| ness.
Second. To sue and be sued, to appear and
defend in all actions and proceedings under its
corporate name, to the same extent 4 nat.
Third. To have common seal and alter the
same at pleasure.
Fourth. To elect or appoint all necessary
officers 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 its own govern
meut, for the orderly conduct of its affairs and
the management of its property, for determin
ing the manner of calling and conducting its
meetings. the tenure of office of its several OIL
| GERS; and such others as shall be necessary or
| convenient for the accomplishment Of its pur-
Sixth To exercise, by its directors, duly au.
| thOrlzed officers, or agents. all such powers as
! shall be necessary to carry on the business of
banking, by buying discounting and negotiat-
ing prOmsSOry notes, bonds. drafts bills of ex
change, foreign and domestic. and other evil
! deuCes of debt; by receiving commercial and
savings deposits under such reSuiatlonS as 1t
| may establish: by buying and selling coin and
| bullion, and by buying and selling exchange,
! foreign and domestic; Issuing letters of credit
| and by lOaning money personal or real Sc
| curity, as provided hereinafter.
SECTION ). No bank shall transact any bust
hess, except such as Is Incidental or necessarily
preliminary to its organization, until it has
been regularly authorized by the bank commits
sOucr to commence the business of banking.
! SECTION 6. The subscriptions to the ca pital
stock and the direction OF the affairs of the
! corporation prior to the election OF directors,
| shall be in conformity with the statutes OF this
! state, relating to corporations, regulating such
matters, so far applicable. At least fifty per
| cent of the cartal stock of every bank shall be
paid in in cash, before it shall be authorized to
| commence business, and the remainder of the
| capital of such bank shall be paid in in cash.
in monthly installmcRts Of at least ten per cent.
or the whole of the capital, payable at the end
| of each succeeding month, ir0Rl the time it
! shall be authorized by the bank commissioner
| to commence business, and the payment OF each
| installmcnt shall be certified to the bank COM
| missioner under oath by some officer of the
| bank.
SECTION :. Whenever articles OF iucorpora-
| ton are fled with the bank commissioner as
! herein provided and the bank transmitting tho
samc notifies the bank commissioner that at
least fifty per cent. of its capital has been duly
| paid Ia. and that such bank has complied with
hill of the provisions of this act, required before
! the bank shall gR authorised to commence bust
! ness, the bank coInmi iOner shall examine into
| the condition of such Rauk, ascertain tho
amount of money paid in on account OF It's capt.
tai the name and place OF residence Of eaGhut Its
/ directors and whether such bank has complied
VITA al Of the provisions of law required to en-
| little il ~ engage in the business OF banking.
! Ii upon sufl examination 1t appears that such
! bank is Lawfully eistited to commence business,
| the bank commissioners shall forthwith give to
! such bank a certificate, r,1tier his hand and
official seal, that such bank is R4ithoriZed to
/ commence business. If the said bank SQmmls-
! soner has reason to believe that the stock
| holders have formed the same for any other than
| the Legitimate business contemplated by this
| act, he may, with the advice and consent of the
attorney general, withheld the certificate herein
! mentioned.
SECTION s. The bank shall cause tic eertifi.
! cate issued hereunder, to be published in some
| pewspaper printed in the village, city or county
| where such bank is located, within ten days
after the receipt of such certificate. If no news
! paper is published in such county then such
publication shall be made at the nearest county
| seat. Proof OF publication shall be filed with
/ the bank commissioner
/ SECTION 8. Whenever any subscriber for
| stock, or his assignee, fails to pay any INSTALL
| rnent 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 al public sale, having first given the de-
! lnuuent subscriber twenty days notice per-
| If 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 the directors may order, within
sixty days from the time of such forfeiture, and
! If not sold, 1t shall be cancelled and deducted
| from the capital stock of the bank. If sold, any
surplus over the amount due on said stock to
| said bank, including the cost incurred thereon,
! with interest on the amount due, shall be re-
1 turned to the su bscriber, his heirs or assigns.
| If such cancellation shall reduce the capital Qt
! the bank below the minimum required by law,
! tie said capital SHALL within thirty days from
! the date of such cancellation. be increased to
/ the required amount by additional subscrip-
| tions. In event of the failure of said bank to
! increase such capital as herein provided, the
| bank commissioner shall apply for a receiver
| to close mp the business of the bank.
SECTION 10, The affairs Of the bank shall be
managed by a board Of not less than three direc-
! tors. who shall be elected by the stockholders