Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

thousand dollars in any village or city
having more than thirty-f1ve hundred and
less than five thousand inhabitants: and
shall not be less than thirty thousand
, uolars In any city having more than five
thousand and less than ten thousand in
habltants; and shall not be less than fifty
thousand dollars in any city having more
imam ten thousand inhabitants; and shall
not be less than fifty thousand dollars in
any city OF the first class according to
the last official census provided that in
town OF any population not having
within its limits an Incorporated or unin-
corporated city or village with a popula-
tom or hfteen hundred inhabitants or
more, this section shall not require a
capltal stock in excess of ten thousand
Section 8. Section 2024-12 of the stat
utes Is amended to read: Section 2O24-
IL. Whenever articles of incorporation
are MED with the commissioner of bank
ing, as herein provided, and the bank
transmitting the same notifies the COM
missioner Of banking that it's capital has
been duly paid in, in cash, and that such
bank has complied with all the provisions
OF this chapter required before the bank
snail be authorized to commence bust
ness, the commissioner of banking shall
examine into the condition of such bank,
aascertaln whether Or not the capital has
been fully paid in, the name and place
or residence of each of its directors and
whether such bank has complied with all
OF the provisions Of law required to en-
ing. If upon such examination it ap-
pears that such bank is lawfully entitled
TO commence business, the commissioner
OF banking shall forthwith give to such
pank certificate, under his hand and
official seal, that such bank Is authorized
TO commence business. If the said COM
missioner of banking has reason to be-
| lieve that the stockholders have formed
the same for any other than the legiti-
mate business contemplated by this chap
ter, he may, with the advice and con-
sent of the attorney general. withhold
the certificate herein mentioned.
Section a. Section 2024-18 of the stat
utes is amended to read: Section 2024-
IL. A bank may amend it's articles Of
association In any manner not inconsis-
tent with the provisions of law, at any
time, by vote of it's stockholders rep
resenting two thirds Of the capital stock,
such vote to be taken at meeting called
for that purpose. Such amendment, GER
titled by the president and cashier, shall
be filed as required for articles of incor-
poration. No increase of the
capital shall be valid until the amount
| thereof has been subscribed and actu-
ally paid in; provided, that the entire
surplus fund of bank, or as much there
of as may be required, may be declared
I and paid out as stock dividend, to ap
ply on, and be converted into, such in
! crease Of capital. 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
approved by the commissioner of bank
ing. Such approval must be based upon a
finding by him that the security Of the
existing creditors will not be impaired by
the proposed reduction
Section 5. Section 2024--36 of the stat
| utes is amended to read: Section 2024-
SO. No bank or bank officer
shall give preference to any depositor or
creditor by pledging the assets of the
bank as collateral security; provided,
that state bank may deposit with the
treasurer of the United States so much
of its assets as may be necessary under
the act of Congress-, approved June rs,
1910, and all amendments thereof, to
qualify as depository for postal-savings
| funds; and provided, that any bank may
borrow money for temporary purposes,
and may pledge assets of the bank not
exceeding fifty per cent in excess of the
amount borrowed as collateral security
therefor; but it shall be unlawful for any
bank to borrow money unless a resolu-
ton stating the amount, naming the bank
from which 1t shall be borrowed, and
designating two officers to sign the
promissory note evidencing such debt,
shall have been duly adopted by the board
OF directors and spread OF record in the
minute book. Provided, that
whenever it shall appear that bank is
borrowing habitually for the purpose
OF reloaning, the commissioner Of
pdHhIiiS may require SuCn p2nK
to pay off such borrowed money.
Nothing herein contained shall pre-
vent any bank from redscounting in
good faith and indorsing any of its ne
gotiable notes 1t shall be unlawful for
any bank to issue it's certificate of de-
post for the purpose of borrowing money.
Neither shall any bank make partial pay
ments upon certificates of deposit In no
case shall an overdraft of more than
ninety days standing be allowed as an
asset of the bank.
Section 6. Section 2024-77k OF the
statutes is amended to read: Section
2024-77k. Any such corporation shall
have the following powers:
CD To make all contracts
necessary and proper to effect its pur-
pose and conduct its business.
(O To sue and be sued, to
appear and defend in all actions and pro-
ceedings under it's corporate name to the
same extent as a natural person.
go To have a common seal
and alter the same at pleasure
ca To elect or appoint all
necessary officers, agents, and servants
to define their duties and obligations, fix
their compensations, dismiss them, fill
vacancies, and require bonds.
60 To make, amend, and re-
peal bylaws and regulations not incon-
sistent with law or it's articles Of organ
ization, for it's own government, for the
orderly conduct of it's affairs and the
management of its property, for deter
mining the manner of calling and con-
Quoting it's meetings. the tenure of office
of it's several officers; and such others as
shall be necessary or convenient for the
accomplishment of it's purpose.
CO. Any such corporation
shall have power in and by it's corporate
name, to take, receive, hold, pay for, re-
convey, and dispose of any effects and
property, real or personal, which may be
granted, committed, transferred, or con-
veyed to it with its consent, upon any
terms or upon any trust or
trusts at any time, by any per-
son or persons, including married women
and minors, bodies corporate, or any
court, including the courts Of the United
States, and to administer, fulfill, and dis
charge the duties of such trust or trusts
for such remuneration as may be agreed
upon. Nothing herein shall be held or
construed to give minors or married wo-
men any other or different power or right
than they now have as to transferring or
disposing Of any of their property or eff
fects, personal or real; and when any
money or other property is entrusted to
any such corporation by or in he name
of any minor or married woman the same
may be held in the manner provided in
section. 2024-46, and the receipt of such
minor or married woman shall have the
effect provided in said section.
60 And any such corporation may act