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

No 230. AL Published August 4, 1918
CHAPTER 749, LAWS OF 1913
AN ACT-To amend subsections 1 and 2
of section 2o24-6, and to amend sec
tons 2024-12, 2024-18, 2024-36, and
section 2024-77k of the statutes, re-
lating to the incorporation, capital and
powers of banks.
The people of the State of Wisconsin,
represented in Senate and Assembly,
do enact as follows:
Section /. Subsection / of section
2024-6 of the statutes is amended 20
read: Section 2024-6. Any num-
Der of adult persons, residents of Wis
consin, not less than five. desiring to
associate for the purpose of transacting
a banking business under this chapter
shall first make application to the COM
missioner of banking, according to the
form which he shall prescribe and fur
nish. Such application shall set forth the
name and title of the bank to be re-
served, it's capital, it's location, popula-
ton of the village or city, names and
addresses and the occupation of the ap-
plicants and the number of shares to be
subscribed for by each Of them and the
financial worth of each, and such other
information as the commissioner of bank
ing may demand. 1t shall be the duty of
the commissioner of banking to ascertain,
within sixty days from the date of the
filing of such application, the character
financial standing, and other qualifica-
lions of each person named in such appli-
upon the following questions:
(a) Whether the organizers Of such
bank, or any of them, shall have been
previously officers of another bank which
Shall have become inSolvent while they
or any Of them, were officers in such in
solvent bank;
(b) Whether any of the organizers of
such proposed new bank shall have been
convicted of any crime against the bank
ing laws of the United States, or of any
state in the Union;
Co Whether the bank sought to be
organized will be under the financial con-
troll of a person, or persons, having DOM
inant interest in one or more other
banks in this or other states, and will
become one of string of banks under
the control of such dominant interests
In the event the application to organ
ize shall have been disapproved by the
commissioner, and the applicants feel ag-
grieved at such decision, they may ap-
peal to the board of review hereby con-
stituted, and which said board of review
shall consist Of the governor, the secre-
tary Of state, and the attorney general.
The governor shall be chairman of the
board. Applicants SO appealing shall file
a notice with the commissioner of bank
ing that they appeal from his decision
made on such application to the board
of review hereinbefore constituted. Upon
the filing of such notice, the commission
er of banking shall certify such applica-
ton, together with his decision thereon
ana the nOtlCe VI appear, 10 the governor.
Upon the filing of such proceedings with
the governor, the said board Of review
shall fix time and place for hearing
such appeal, and shall notify the appli-
cants and the commissioner of banking
thereof. The proceedings shall be re-
viewed by said board of review, and the
board shall make an order either affirm
ing Or reversing the order of the COM
missioner Of banking. Within three days
after such determination by the board of
review, all records and proceedings per-
tanning to such application shall be re-
mitted to the commissioner of banking,
and the decision and determination of the
said board Of review shall be final and
conclusive, and shall govern the future
action of the commissioner of banking
Section 2. Subsection of section
2024-6 Of the statutes is amended to
read: (Section 2024-6) 2. The aggre-
gate amount Of the capital stock of any
bank shall not be less than ten thousand
dollars in towns, villages or cities hav-
ing less than fifteen hundred inhabitants;
and shall not be less than twenty thou
sand dollars in towns, villages or cities
having more than fifteen hundred and
less than thirty-five hundred inhabitants;
and shall not be less than twenty five