River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-08

directors and hold their offices for one
year. and until their successors are elect
ed and qualified. unless sooner removed
by the board of directors.
Section II. Every bank shall keep a
stock book. which shall at all times, dur
Ing the usual hours for transacting bust
ness, be subject To the inspection of the
officers, directors and stockholders of the
bank. Such stock book shall show the
name residence and number of shares
held by each stakeholder. A refusal by
the officers Of such bank to exhibit such
book to any person rightfully demanding
inspection thereof, shall subject such of
all actions, suits and proceedings, such
book shall be presumptiYe evidence of
the facts therein stated
Section r. The shares of stock of such
bank shall be deemed personal property.
and shall be transferred on the books of
the bank in accordance with the method
provided by law for transfer OF stock in
corporations.
Section 10. At all stockholders meet
ings each share of stock shall entitle the
owner of record to one vote. a stock
holder may vote at any meeting of the
stockholders by proxy. No~president or
cashier shall act as proxy for any stock
holder.
Section A. bank may amend its ar
ticles of association In any manner not
inconsistent with the provisions of law,
a any time, by vote of its stockholders
representing two-thirds of the capital
stock, such vote to be taken at a meet
ing called for that purpose. A copy of
dent and cashier. shall be filed as re-
quired for articles of Incorporation No
increase of capital shall be valid until the
amount thereof has been subscribed and
actually paid In. No reduction of capital
shall be made to a less amount than is
required under the provisions of this act
for capital nor be valid or warrant the
cancellation of stock certificates, or
diminish the personal liability of stock
holders until such reduction has been APP
proved by the bank commissioner. Such
a fg,r
by him that the security of the existing
creditors will not be impaired by the pro-
posed reduction.
Section Is. A bank may purchase, hold
and convey real estate for the following
purposes and no others:
First-Such as shall be necessary for
the convenient transaction of its bust
ness, including with its banking offices
other apartments to rent q source of
income. No bank shall invest in a bank
ing office, including apartments connected
herewith, sum exceeding twenty-five
per cent of it's paid in capital; provided
that this limitation shall not apply to the
present holdings of banks now doing
Second-Such as shall be conveyed to it
in satisfaction of debts previously con-
tracted in the course of its business.
Third-Such as 1t shall purchase at sale
on judgments, DEGREES. or mortgage fore
closures under securities held by it; but
a bank shall not bid at such sale a larger
amount than is necessary to satisfy its
in the cases contemplated in the second
and third subdivisions preceding, shall
be held for a longer time than five years,
except an extension IS granted by the
bank commissioner. If such extension be
not granted, it must be sold at private
or public sale within ninety days there
after Nothing in this section shall be
construed to prevent bank from loan
ing money upon real estate security as
provided, by law Real estate shall be
bank. and the hand of the president or
vice-prcsident and cashier or assistant
Section 16. Every bank shall make to
the bank commissioner not less than
three reports during each calendar year,
at such times as the said commissioner
shall require the same, according 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, 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 within 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 commissioner.
Irooi q Puplcalloil shdH % lul4'sileu
each year every bank snail report to the
bank commissioner, on call by him, a
list of its stockholders, their residence,
and the amount of stock held by each.
which report shall be signed and verified
by the oath or affirmation Of one of the
officers of said bank. The bank com
missioner shall also have the power TO
call for special reports from any bank,
whenever in his Judgment the. same Is
necessary 10 INFORM MN tuiiy OF the CON
dition of such bank.
Section II. Every bank failing to make
ana transmit TO the bank Commissioners
any of the reports required by inns ACT,
Shall be subject TO a forfeiture OF one
hundred dolIarS Tor each day after the
utne required Tor making Such .tePoIt y.
heheNer any pahk iaIlS OF refuses 10
pay the forfeiture herein imposed LOT a
failure to make and transmit Such report,
the BANK commissioner Is herepS autHoI-
ized 10 institute proceedings LOT tle re-
c9yery OF SucR iordGlIure oe7cor ne
section IL. whenever any oInceT or
oahk snali reluSe 10 submit me poohs,
ptlperS anu eo4SeihS q SurlI p.tM - IL ~
iilsptCtioil VI ny Jain IA ~
oeputy OF dpg9lilleu ny. tI
i,, ~ co,cerrs 81 NJ bonl The banl,
80 - ~ -, ~, y,itb ~ annr0vai If
goT ipefit,,ta nroceed
i 60. ~ ;, = -, tr,a,, 10 a ra,eiy,er ~
IilS5 ~ w PI'Qrtt I nc ~ " :,
suCu 'ltiH ~ " wiz ~ - - 100 .
oecfLoIt - ~ W. - " ~ tni,e ony
N
oaln OF an ",o ,1t ,1ateriI
sWtal ~ 9llih III L0i5 5Sl ,{i.y - 80
mIuter 5" ,ro "e con,intion tbereof SHAH
he punished nc nrovided bvgthe laws of
this state for the punishment Of perjury.
Section 90 ANY bank organized under
mis- act may re9rganiZe under the laws
NJ tho Tinted States as national bank
As soon as such bank shall have OBJ
tajna5 tbo certiGcate from the comptroIIer
~ tbe c,trrency aufhOrizrna IT to com
mcnce business under the United States
hanlsine, law such reorganized bank shall
+alya at9d hold an of tho assets real and
,areonai ~ e,lcb hank organized under
mic act subiect Ia an liabilities existing
against said hank organized under this
act, at the time of such reorganization.
Section q. ANY national bank author
lied to dissolve. and which shall have
taken the necessary steps to effect dis
solution. may reorganize under this act
upon the consent In writing of the owners
OF two-thfrds of the capital stock of
such bank. and with the approval of the
bank commissioner. Such stockholders
shall make, execute and acknowledge
articles of organization as required by
this act and shall set forth the said
written consent Of such stockholders
Irnon the filing Of said articles as pro
yided NV this act and uDOD the approval
of tbe hank "Reminiscences such bank
shall be deemed to be reorganized under
this act, and thereupon all assets real
and personal OF such dissolved national
bank. shall be vested in. and be and be-
come the property of such reorganized
bank, subject to al liabilities OF such
national bank not iquidated before such
Section % A bank which is in good
faith winding mn IFS business for the
purpose of consolidating with some other
hank NAV transfer its resources and
liabilities to the bank with which it is
in process of consolidation: but no con-
solidation shall be made without the con
sent of the bank commissioner. and not
then. to defeat or defraud any OF the