Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-13

| when report shall be published and shall eX-
hibit the condition of the various banks of this
| state, as of the day of the last report madelto
/ the bank commissioner by such banks: and such
! report shall contain a statenentsof the condi-
/ ton of every bank from which reports have been
/ received, with an abstract of the whole amount
+ of capital returned by them, the whole amount
of their liza bites the total amount of resources,
| and specifying the amount of lawful money held
by banks the time of their several returns, and
shall give 4 tabulated statement of the resources
| and liabilities of each bank and such other in
| formation as in his Judgment may be required.
| Such report shall also contain-a statement of
| the banks whose business has baen 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
| clerks employed by him, and the whole amount
| of the expense of the banking department during
| the year preceding.
CHAPTER II.
| BANEs
| SECTION /. Any number of adult residents of
Wisconsin, not less than three, may associate to
establish bank under this act, upon the terms
| and conditions and subject to the liabilities
| prescribed in this ac5 The aggregate amoung
| 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
tants; and shall not be less than twenty thou
sand dollars in villages or cities having more
than two thousand and less than six thousand
thousand dollars in any village or city having
more than six thousand inhabitants, according
to the last official census.
SECTION 2. The persons so asyociating shall
make, sign and acknowledge written articles of
incorporation containing:
First declaration that they associate for
| the purpose of forming 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. ~ 49,.
SECTION 3. Such 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
missioner and one shall be flied in the Office of
the secretary of state.
| SECTION 4. Upon making and filing of the
articles of incorporation the bank shall become
body corporate, and as such shall have the
First TO make all contracts necessary and
proper to effect its purpose and conduct its bus-
| ness.
Second. To sue and be sued, to appear and
defend in all actions and proceedings under its
| corporate name, to the same extent nat
uraI person.
Third. To have a common seal and alter the
| same a 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 regula lions, not inconsistent with law or
its articles Of organization, for its own govern
ment for the orderly conduct Of its affairs and
| the management of its property, for determine
| ing the manner of calling and conducting its
meetings, the tenure of Office of its several Off
| GERS; and such others as snail be necessary or
| convenient for the accomplishment of its pur-
| pose.
Sixth. To exercise, by its directors, duly au-
| thorIzed officers or agents, all such powers rs
| shall be necessary to carry on the business of
| banking, by buying, discountlng and DegOtiat-
ing prOmissory notes. bonds, drafts. bills of eI-
| change, foreign and domestic. and other evil
Gencos of debt; by receiving commercial and
savings deposits under such regulations as it
may establish; by buying and selling coin and
bullion, and by buying and selling exchange,
foreign and dOmestlc issuing letters of credit,
| and by loaning money on personal or real Sc
curty, as provided hereinafter
| SECTION 3. No bank shall transact any bust.
moss. except such is incidental or necessarily
| preliminary to its organization. until it has
| been regularly authorized by the bank commits
| sioncr to commence the business of banking.
| SECTTON6. The subscriptions to the capital
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 as applicable. At least fifty per
cent. of the capital stock of every bank shall be
commence business, and the remainder of the
capital of such bank shall be paid in, in cash,
in monthly instaIIments OF at least ten per cent;
on the whole of the capital, payable at the end
of each succeeding month, from che time 1t
shall be authorized by the bank commissioner
| to commence business and the payment Of each
nstalmont shall be certified TO the bank com
missioner, under oath, by some o.acer OF the
oauk.
SEcTToN :. Whenever articles of iacorpora.
ion are fled with the bank commissioner, as
herein provided, and the bank transmitting the
Name notifies the bank commissioner that at
least fifty per cent OF its capital has been duly
paid in. and that such bank las complied with
oil OF the provisions Of this act required before
| the bank shall be authorized to commence bust
ness, the bank commissioner shall examine INTO
| the condition of such bank, ascertain tho
| amount Of money paid in on account of its apl-
tai, the name and place of residence of eachuf Its
| directors, and whether such bank has complied
with all Of tho provisions OF law required to en-
| titIG it to engage in the business OF banking.
| II upon such examination 1t appears that such
! baak is lawfully entitled TO commence business,
| the bank commissioner shall forthwith give TO
| such bank q certificate, under his hand and
| official seal, that such bank is authorized to
commence business. 1t the said bank commits
| sioner 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.
| cate issued hereunder, TO be published in some
newspaper printed in the village, city or county
/ where such bank is located within ten days
after the receipt of such certificate. II no news
| paper Is published in such county. then such
! publication shall be made at the nearest county
| seat. Proof of publication shall be fled with
! the bank commissioner.
| SECTION g. Whenever any subscriber for
| stock or his assignee fails to pay any INSTALL
! meut 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 su To-
scriber at public sale, having first given the de-
| linquent subscriber twenty days notice per-
| lIyg lN. ts,-A
! If no bidder can be found who viii pay for such
! stock the amount due thereon to the bank, with
any c9st incurred, the amount previously paid
! shall be forfeited to the bank, and such stock
shall be sold the directors may or'e r, within
| sixty days from the time of such forfeiture, and
| IL 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,
! turned to the subscriber, his heirs or assigns,
! II such cancellation shall reduce the capital OF
/ 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 receiver
! to close up the business of the bank.
SECTION 10. The affairs OF the bank shall be
managed by q board OF not less than three diT52r
| tors, who shall be elected By the stockholders
and hold Office for one year and until their sue
cessorS have been elected aud have qualified.
A majority OF the board of directors shall con-
stitute quorum for the transaction of uusi-
ness; provided, that when the number of dIrec-
tors shall exceed nine, they may. once in six
months, designate by resolution, nine members,
any five of whom shall constitute a Quorum.
In the first instance the directors shall be elected
at meeting held before the bank is authorized
to commence business by the bank commits
sioner, and afterwards at the annual meeting
of the stockholders, to be held during the month
of July or January; and if for any reason an
election is not had at that meeting, 1t may be
had at 4 subsequent meeting called for nat
purpose. OF which due notice shall be given as
nrnNiAnl In tho Lr- ~ VS. Of sr,cll honL- Ernrr