Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-07


cording to the forms which he shall prescribe
and furnish. Such forms shall conform as nearly
as practicable 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 bank
end attested BY At least two Of the directors.
| Such report shall exhibit In detail and under
proper heads, the resources aud 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 q newspaper in the village or city
| or county, where such bank Is located, hi such
condensed form as may be prescribed by the
| bank commissioner. Proof OF publication shall
be furnished to said bank commissioner. AT
least once each year every bank shall report TO
the bank con missioner on call by him. list
OF its stockh piders, thor residence, and the
amount OF stock held by each. which report
shall be signed and verified by the oath atfir;
nation of one of the officers of said bank The
bank commissioner shall also have the powor
% cali for special reports from any bank
| bank.
SECTION II. Every bank failing to mako 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 a faiiure to mako
aud transmit such report, the bank commits.
sioner is hereby authorized to institute pro-
ceedings 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 APP
pointed hereunder, rofuse to be examined on
oath touching the concerns of the bank, the
bank commissioner may, With the approval OF
the attorney-geueral, institute p oceedings for
the Fppoihtnent of receiver of such bank to
| @i1d tip its business
SEcrIoN ~. Every officer of employee of any
bank. required by law to take any oath or al.
| hrmgtion, who shall wilfully swear or affirm
| falsely Upon any material matter shall be deem
ed guilty of perjury, and upon conviction there
Of, shall be punished as provided by the laws of
| this state for the punishment of perjury.
SECTION ~. Any bank organized, under TIN
| States as national bank. AS soon as spch bank
| 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 to
oil liabilities existing against said bank organ
tied 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 capitol stock Of
such bank, and with the approval q 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 deemed TO be
reorganized under this act. and thoreupon all
assets, real and personal, of such dissolved ma
| tional bank, shall be vested in. and be and be-
come the property, of such reorganized bank,
| subject to ell liabilities of such national bank
| not liquida' Cd before such reorganization.
| SECTION 2. A bank which is in good faith
winding up ~ business, for the purpose of con
solidatng viii h some other bank, may transfer
! its resources aud liabilities to the bank with
| which 1t is In process of consolidation; but no
| consolidation shall be made without the consent
of the bank conn Nssioner, and not then to defeat
or defraud any CT the creditors in the collection
| of their debts against said banks, or either of
them.
SECTION %. ANY bar k organized or doing bus
mess under the provisions of this act. may go
| into liquidation by a vote of Its stockholders
owning two thirds of the capital stock. When
ever a vote is taken to go 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 theiI
| 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
| county in which the bank is located, and if ne
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 tcCa
deposits, at least six hfteenthso of which shall be
! In lawful money, and the balance of such per-
| eentage 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 at least
twenty five per cent of their total deposits al
| least two-afths 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 25 Whenever tie 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 at sight 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
| torney- general, institute proceedings for the
| appointment of a receiver and to wind up the
| business of the bank.
| SECTION e. Tho total liabilities OF any per-
| son. co-partnership or corporation, to any bank,
| for money borrowed including in the liabilities
of the co-partnership, the liabilities OF the sew
| eral members thereof except special partners
| shall at no 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 dscOunting OF commercial or buslne IS paper
| actually owned by the person negotiating the
| same, shall not be coQsidered as money be-
| Towed provided, that by two-thlrds vote vi the
directors, the liabilities of any person, eo-part.
| pership or corporation, may be increased to q
total sum not exceeding twenty-five per cent. OF
1
| SECTION n. No bank shall take for security
| for any loan or discount lien upon any part OF
| its capital stock. No bank shall be the holder
| of or purchaser of any portion of its capital
stock unless such purchase shall be necessary to
| prevent loss upon a debt previously contracted
| in good faith. Stoc ks 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
tanab BILE within one year. or 1t shall be Cancelled,
| and shall then amount to reduction of the cap
ital 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.
| SECrIoN %. 1t shall not be lawful for any
| bank to loan to amy of its officers, directors,
| clerks or employees, any of the funds of the
| bank unless the same shall have been author
| lied, both as co amount and security, by resolu
| ton of the board of directors, to be recorded
| SECTION 20. No bank shall lend an amount
| exceeding twenty per cent of its capital stock
upon mortgages, or any other form of real estate
| security, except on the adoption of resolution
| by two-thirds vote of the board of directors,
specifying some larger amount which its officers
may loan upon real estate security, provided,
| that In no event shall any bank SO loan an
| amount 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
| Inhabitants, 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 good
faith upon personal security ana provided, iur-
| curity for such debts so previously contracted,
which shall have carried its percentage of loans
| on real estate above the amount hereinbeiore
| limited, such bank shall, within six months
| thereafter, either by sale or collection reduce
its real estate loans to the amount hereinbofore
limited~
| SECTION 80. No bank shall demand or receive
for loans or discounts rate of interest exceed.
ing that allowed by law to be taken and received
I by individuals excepting that 1t shall be lawful
| for any bank to receive interest IN advance &C
| cording to the ordinary usages of banking lnsti
| tutions and to charge for collecting foreign or
| domestic bills or other evidences OF debt the
| usual current rate of exchange. In the compu-
tation of time, thirty days shall be considered
! month and twelve months year.
SECTION 81 All debts due to amy nna G@nk for on
period of twelve months. unless the same are
well secured and in process Of collection, shall
| be considered bad debts. aud shall be charged of
| to the profit and loss account at the expiration
| of one year.
| SECTION 3D. The board of directors Of bank
| may declare dividend from SO much OF lis net
profits 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 ono
tenth OF the net profits of the bank for the pre-
ceding half year or for such period as II coVerea
| by the dividend shall be carried to surplus
fund, until such surplus tuno snalt aiio ~ "
! dend shall be declared before the capital stock
| is fully paid
| SECTION 80 Every president, director. cash
Ter officer teller clerk or agent of any bank or
| savings association who embezzles, abstracts or
| wilfuiiy misapplies, any of the moneys. funds,
credits, or property 1.-THE 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 exchange; makes any accept
assigns bond draft. bill OF eX-
| change, mortgage Judgment decree; or who
| L. falsn entrr In HOOK ranOrt or