The Alaska citizen., 1913-04-07
The nature of the busine SIS.

ht vi tiit AiItl 4
stock. which shall be divided int
shares of one hundred dollars eacI
The names and number Of tn
first board of directors. which boar
shall be composed of not less tina
five. a majority of whom shall b
residents of the Territory of Alaska
6.-The period for which sue
bank is organized and which sha1
not exceed fifty years.
The names and places OF resi-
dence of the incorporators
Such articles of incorporation
shall be signed and acknowledge.
before an officer authorized to tax,
acknowledgements and shall be eX
ecuted in quadruple one copy q
which shall be filed with the secra
tary of the territory. one shall b,
filed with the superintendent o
banks and one copy shall be file,
in the office of the clerk of thD
district court of the division r.
which the bank is to he located
and the fourth copy shall be retained
! by the corporation.
Such articles of incorporation. OF
a certified copy thereof. may h,
used as evidence in all courts OF
the TERRITORY for or against such
bank
Upon making and filing the articles
of incorporation asherein pre-
scribed. such bank shall be.
come a body corporate. ard as
herein prescribed. such bank shall
become a body corporate. and as
such shall have the power to adOn
a corporate seal; have succession
for the term of years mentioned ir
the articles of incorporation: 70
make contracts; to sue and be
sued the same as a natural person:
to elect directors. who shall have
power to appoint such officers as
may be necessary and convenient:
to define their powers and duties.
and to dismiss them at pleasure: and
also have general superintendent
and control of the affairs of such
corporation; to prescribe by is
stockholders bylaws. not inconsist-
ent with law, regulating the manner
! which its stock shall be trans
ferred. its directors and Officers
appointed, Its stockholders con-
vene for general or special meet
ings. its property transferred. is
general business conducted. and The
privileges as granted to il by law
exercised and enjoyed to exercise
by its board of directors. or dulg
authorized officers or agents. all
such powers as shall be neeessqr4
TO carry on the business a def
ed and regulated by this act proyid-
ed that no such bank shall trans
act any business, except such as
is necessarily preliminary to It's or
ganization until it is authorized b.
he ex-off clio superintendent Of
banks to commence the business of
banking
No corporation organized npder
this act shall be authorized to corr
menee business until the full amount
of its authorized capital has been
paid In cash. And no corporation
organized under this act shall issue
any share of stock until the PAR
value of such share has been act
ualy paid in in cash.
A list of the stockholders OF am
bank incorporated under this act
shall be transmitted 10 the super
intendent of banks by the president
or other executive officer of such
bank. Such list shall set out the
names and last residence of such
stockholders and the number o
shares paid for by him or his as
signee
When the articles of incorporation
shall have been duly filed as pro
vided in this act. and when the
president or other executive Off
Ger of such bank shall have filed
with the superintendent of bank
the list of stockholders as require
in this act, the superintendent of
banks shall ascertain from the best
sources of information at his com
mand whether the character and
general fitness of the persons name3
as stockholders and directors are
such as to command the confidence
of the public in which such back
is proposed to be located. If upon
such examination it appears that
said bank is lawfully entitled to
commence business and the stock
holders and directors are compe
tent to engage in the bus ness Of
banking, he shall forthwith issue
to such bank. under his hand and
seal. certificate or authority to
commence business
Every stakeholder of any bank
organized under this act, shall he
additionally liable for a sum equal
to the par value of stock owned
by him, and no more. Such Ia
bility may be enforced by actor
at law or suit in equity by any such
nj in of n or,
by any receiver succeeding to the
legal rights of such bank.
No bank shall invest any of its
funds in the stock of any other
bank or corporation, nor make any
loans or discounts on the security
Of the shares of its own capital
stock, nor be the purchaser or hold
er of any such stock unless such
security or purchase shall be neces-
sary to prevent loss upon a debt
previously contracted In good faith;
and any shares of stock thus ac-
CURED shall be sold and disposed
of within six months from the date
IF its purchase.
Any bank transacting business in
the Territory of Alaska may pur-
chase hold and convey real estate
mining claims and town lots. fDr
the following proposes and no other,
Such as shall be necessary for the
convenient transaction of business,
including Its banking Offices, as
say office. other apartments in the
came building to rent as source of
income. such as shall be purchased
or conveyed to 1t in satisfaction of
or on account of debts previously