Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-08-25

SECTION r. The shares Of stock OF sIic.l bank
shall be deemed personal property. and shall
he rs1sferred Oh the books OF the bank in ac-
cordance With the method provided by Ia" for
transfer Of stock in corporations:
SECTION Il. At all stockholders meetings
each SHARE. of stock shall entIJle the owner of
record TO one vote. A srockholder may vote At
any meeting of the stockholders by proxy 10
president or cashier shall act as proxy i"F any
SECTION H. A bank may amend its articles
of association in any manner, not inconsistent
with the provisions of law. at any time, nE Il
vote Of its stockholders representing t~o-thlTds
of the capital stock. such vote TO be taken at Il
meeting called for that purpose \ con- OF sucI
certified by the PRESIDENT ana
cashier, shall be fled rs required 10" articles
uf ;i;2nrr0ra ton. No increase Of capita shall
be valid NATL the amount thereof ha- ve"'l sun.
scribed and actually paid in. No reduction OF
capital shall be made to a less amount man
Is required under the provisions OF thu act Tor
ca pital, nor be valid or warrant the cance.ihti"
of stock certificates. diminish the personal
liability of stockholders, until such rc.Uct"n
has been approved by the bank cOmmI- SioI'F
Such approval must be based upon 4 hndIn.~
By him that the security OF the eHlS'lE@ Cruz
tors will not be impaired by the proposed reduc-
ton.
SECTION Is \ bank may purchase. hold and
convey real estate for the following purposes
First. such as shall be necessary Cor on
vcnieut transaction Of its business. l"c-"dln@
with its banking offices other apartments /"
. mt as a source of income. No bank ~iatl IN
vesD in banking office, including aPHFt"i"Ii'-
connected Herewith. sum eEcecGtifi- - .';i'5,
five per cent of its paid in capital: ur"' lid
that this limitation shall not api'I' - thT
present holdings of banks now doIn. business
Second. Such as shall be conTevrd =" II IN
satisfaction of debts previously coh'"Hc'. !"
the course of its business
Third. Such as it shall purchase 1T $50 Oh
judgments, DEGREES, or mortgage ''' EF"N
under securities held by it: but bank IA B.: ~
bid at such sale larger amount thar i ''rHS'
sary to satisfy its debts and costs. No i' O.
tate acquired in the cases contemplate. . H.
second and third sub-d!visions precctI"''. 'i','
he held for a longer time than nEe yea. 'N-
cept IN extension Is granted by the bAF com
missioner. If such extension be not t",itf@n.
il must be sold at private or public %l.' o. nm
ninety DAYS thereafter. Nothing IN tliIS ~;' non
shall be construed TO prevent baHk lFnH' Joan,
ing money upon real estate security IL fr''.l ~"
by law Real estate shall be convr' cd "t,,"l
the corporate seal of the bank. and tl.' ''':l al
the president or vIce-pTestdent anu Cashier "I
SECTIoy l6 Every bank shall ma. a. il'.
bank commissioner not less than thu '""nTi*
durIug each calendar year, at such tl'l''' ~ thr
said commissioner shall require the >H'nr. az
cordug to the forms which he sha "rr.''tl3'
and furnish. Such forms shall conform a. r,'h!l\
as practica bic to that nov required az nA';"Hib
banks including the schedules. Such r'y"ft&
shall be signed and verified by til" cam or
affirmation of one of the officers of such hank.
and attested by at least two of tn" 'tl@"rtorS
Such report shall exhibit III detail a,!4 .'nieF
proper heads, the resources and ha"iIh - OF
the bank at the close of business OF aH '''-t thT
by the bank commissioner specified. az! .h}H
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 a newspaper III the village or city
or county. where such bank is located, in such
condensed form as may be prescribed by the
bank comm ssioH6F. Proof of publication shall
be furnished to said ban K GQmmis.i Toner At
least once each year every bank shall report to
the bank commissioner, on call by him, list
of its stockholders, their residence and the
amount of stock held by each, which report
e., j l., ~,
nation of one OF the officers of said bank. The
bank commissioner shall also have tho power
to call FOR SPECIAL reports from any bank,
whenever in his Judgment the same is necessary
to inform him fully OF the condition OF such
bank.
SECTION II. Every bank failing to make 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 failure to make
and transmit such report, the bank commits
sloner AZ haPs3g authorized to institute pro-
ccedinGs for the recovery Of SUCH Forfeiture.
SECTION Is. Whenever any stiicer IT 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 to be examined on
oath touching the concerns of the bank, the
bank commissioner may, with tie approval or
the Acknowledgement. institute proceedings for
the appointment Of receiver OF such bank to
wind I'D its business.
SECTION l9 Every officer GaEiQsR1 Of any
hank required By law to take any Ga lib 81 at
fi?lnation who shall wiifullg sWear or affirm
falsely upon any material matter shall be deem
Cd guilty OF perjury ana upon conviction there.
Of. shall be punlSnsd as PROVIDED DN the laws OF
this state for the punishment Ct nerluFy,
SECTION 20 Any bank organized under this
act may Fparganigo IN ler the laws of the United
States as a NATIONAL bank. AZ soon as srcG bank
ShaL nave Ootailed the c&.uHcate from the
COmDtIOII,r OF The currency, authorizing it to
commence business under tho United States
banklns law, such reorganlzed bank shalt take
ana h0Ld All 81 the assets real and personal, of
aI liabilities existing against said bank or.,I}-
lied under this act, at tlg time of such rp0trap-
iZatiou.
SECTION q. Any national bank authorized 10
dissolve and which shall have taken the neces-
SarF steps to effect dissolution. may rcOrCa0izn
Under this act. upon the consent in writing Of
the 0wucrs of two-tIirils Of the c1ritaI stock oF
such bank, and with the approval of the bank
commissioner. Such stockholders shall make
execute and acknowledge articles of Organizq-
ton as required by this act. and shall set forth
the said wci ten consent OF such stockholders.
Upon the filing of said articles as provided bv
this act. and upon the approval Of the bank
commissioner guch bank shall be deemed to be
reorcauizod under this act, and thcraU9on all
assets real anG pnrs0na1 Of cuch Dissolved nas
tionaI bank shalt be vested in and he and he
come the property of such reorcapized bank.
subject to all liabilities of such Iia+ional hanI5
not Iiduidata5 before sI7co rnoroa nizo+iOT
SECTION y, 4 bank which IS in Good faith
Wi0di0p II N it's bl7Ci0pss l,o Of
soIdatin@ VIII SoTnn cfh ~. Ill S,T or CF-
it's resources and liabilities TO tIe bgni- viii
which Il is in nrocsss of consoliIatio hnt 10
consolidation shall be made without tha consent
Of the bank commissioner. and mott then to defeat
or defraud any of the creditors in the c0IIection
Of their debts against said hanks or either 0F
them.
SECTION "a Anv ban iy aroanizo1 mr. Ioircr b,,o
mess undnr tho I,roTrieiC,1S IF +I;e 80 80, 20
info rnniG9tinT h., y tl9 "GS my 80
oWniIr twothirds Of the caTi+ai s+oc Wben9
ever vote is taken to 90 into li0lIija ion i
shah he Tho dntv Of f,S hoa-d of Iirt' ~
~ ~" - "A- ~ 'o1' ~
cause notice of this fact to be certified under
the seal of the hank nv its nreSdent and "a shier