Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1913-08-29

ss,f,ou a. This act shah take effect and be in
force from and after It's passage and publication.
Approved August .. 1913
No gso Al Published August g. 1913,
CHAPTER 74s, LAWS or 1913.
AN ACT To amend sutsections and of section
2O9l-6 and to amend sections 2O24-l2 2O24-ls,
202i-38 and section 2024-77k OF the statutes, re-
latng to the Incorporation capital ana powers Oh
The people Of ths state Of Wisconsin represented In
Senate and Assembly. DO enact follows;
Section l. Subsection ] Of section 2o24-8 Of the
tlatutes IS amended to read: Section 2O24-6. l.
Any number On adult persons. residents OF
Wisconsin not less than FIVE desiring 70 associate
for the purpose Of transacting banking business
under this chapter shall first make application TO the
commissioner ~ banking according to the form which
he shall prescribe and furnish. Such application shall
set Forth the and title OF the bank 70 be re-
served. its capital. It's location. population OF the
village or city names and addresses ana the occupa-
OF the applicants and the number OF shares TO %
subscribed for by each Of them and the financial
worth Of each and such other information az the com
missioner Of banking may demand. II shall be the
duty Of tho commissioner Of banking 70 ascertain
within sixty days from the date u the Cling o. such
arDIcafon the character financial standing. ana
Other qualifications Of each person named In SUCH
application and to make his determination upon the
Ia VINE. her tho organizers Of such bank. OF any
n them shall have been previously officers Of another
bank which shall have become insolVent while they,
OF any them officers Of such insolvent bank
% Whether Of the organizers Of such proposed
new bank shall have been convicted Of any crime
pgainst the banking laws Of the United States, or Of
Any state in the Union;
(C) Whether the bank sought 20 30 0FKarl7eu Wtu
b. under the financial control Of person. persons.
having dominant interest in or more other banks
IN this other states and Will become one on a
string Of banks under the control OF such dominant
interests.
In the event tho application to organize shall have
been dlsapproved by the commissioner and the aDpi
sants feel agTrieye6 at such decision they may sp
peal % the board Of review hereby constituted. and
which said board Of review shall consist Of the
governor. the secretary q state. and the attorney
general The governor shall be chairman OF the
board Applicants so appealing shall file notice
Ha~N
from BIS decision made such application to the
board of review hereinnboTe constituted. Upon the
fling o. such notice. the commissioner Of banking
shall certify such application together with his de-
rd0n thereon and the notice Of appeal 70 the Ccv-
rrnor Upon the ming OF slnh prooeeulsas win the
governor. the said board Of review shsn Ok time
and place for hearing such appeal. and saAn notify
The applicants and the commissioner OF banking
khercof. Tho proceedings SHAH ee reviewed By said
board Of review. and the board shall make order
either affirming reversing the order Of the com
missioner Of banking Within three dayh after such
determination by the board Of review. all records and
proceedings pertaining 70 such application shall be
Temitted 70 The commissioner Of banding and the
decision and determination Of the said boaNd Of review
shall be Anal and conclusive and shall govern the
Mturo action Of the commissioner Of banking
Section . Subsection Of section 2O24-6 OF the
statutes Is amended 20 read; (Section 2024-Sl 2.
The aggregate amount Of the capital stock Of any
bank shall not be less than ten thousand dollars in
towns villages cities having less than fifteen hum
hred inhabitants: and shall not be less than twenty
thousand dollars In towns. villages cities having
more than fifteen hundred and less than thirty I've
hundred Inhabitants: and shall not be less than
twenty i've thousand dollars In any village city
having more than thlrty-aVe hundred and less than
five thousand Inhabitants; and shall not be less than
thirty thousand dollars In any city having than
five thousand and less than ten thousand inhabit-
ants and shall not be less than fifty thousand dollars
81 any city having than thousand inhRbit-
ants and shall not be less than fifty thousand dollars
~ 9uy city OF the first class according to the last
pacia census provided that In town Of any popula
ton not having within its limits Incorporated or
utine9rporaed city Of Village with population OF
bfecn hundred Inhabitants or more this section shall
not require capital stock in Of ten thousand
dollars.
Section g. Section aO2&--l2 Of the statutes Is
amended 70 read: Section 2024-I2 Whenever ar
tcles OF Incorporation fled with the commi oner
az bgnkng as herein provided and the bank trans-
hitting the notifies the commissioner Of bank
ing that It's capital has been duly paid in. in cash.
and THAI such bank has complied with all the pro-
visions Of this chapter required before the bank shah
be authorized 20 commence business. the commissioner
q banking shall examine into the condition OF such
bank ascertain whether not the capital has been
IGiy paid In the name and place Of residence Of each
az It's directors and whether such bank has complied
with all Of the provisions Of law required to entitle
u 70 engage N the business OF banking II upon such
examination IL appears that such bank IS lawfully
Fulfilled % commence business the commissioner Of
hsndng shan forthwith give 20 such bank certificate
Under HIS hand and oicial seal. that such bank IS
authorized % commence business. II the said COM
missioner o. banking has reason 10 believe that the
stockholders haye fomei the for any other than
the legitimate business contemplated by this chapter
be may. With the advice ard OF the attorney
GENERAL withhold the certificate herein mentioned
Section Z. section 2O2t--ls Of the statutes ia
amended 70 read: Section 2o2s-1S. A bank may
lnconsis'cni Ulth the provisions Of law AZ any time
by vote Or its stockholders representing two-tirds
q Tie capital stock such vote % Re taken at
meeting called for that purpose. Such amendment
colthed 10y The president and cashier shan be alei
rs required FOR articles Of Incorporation :
No increase Of the capital shall he valid until the
amount thereof has been subscribed and actually paid
In: provided that the euure surplus fund Of bank.
nr much thereof may BE required, may be de-
clared and paid ont as a stock dividend 70 apply
nj, aud hc converted into such Increase Of captal
No reduction Of capital shan be made 10 q less
FF17a tkf-
Rct for capital he valid or warrant the CANCEL
lsiion Of stock certificates diminish the personal
liability Of stockholders uutil such reduction has been
approved hy the commissioner or banking Such an
proyal must be based upon finding by him that the
security az the existing creditors Wiz not be Impaired
by The proposed reduction
section ). Section 2024--S6 Of the statutes ia
amended 70 read: Section 2o24-Ss. No bank =
or hank officer shall give preference 70 depoeitor
or creditor BY pledg1nG the assets OF the bank as
collateral security provided. thst state bank may
deposit VIII the treasurer Of the UHited States 50
much OF its assets may be necessary under the act
Of Congress approved luue %. 1910 ana al amend
iuens thereof qualify as depository For postsl-
savings funds; and provided that any bank may bor-
moray for temporary purposes and may pledge
assets d the bank not exceeding fry per cent in
excess Oh the amount borrowed collateral security
therefor; but It shall be unlawful fer any bank TO
borrow money unless resolution stating the amount
naming he bank from which It shan be borrowed
and designating two onicers % sign the promissory
note egfdencing such DEBT. shall have been dnlv
adopted By the board Of directors and spread Of
record in the minute book. Provided. that
whenever it shell appear that a bank is borrowing
hahi aaly for the purpose Of rcoaning the commits
sioner IF Banking may require such hank TO pay of
such borrowed money. Nothing herein contained shall
prevent any bank from rediscounting In good faith
aud indorsng any q It's negotiable notes Il shah
be unlawful fer any hank 10 issue Its certificate Of
deposit fof the purpose Of borrowing money. Neither
shall any haak make partial payments upon certi-
fioates OF deposit In no shall oTerdTaft OF
more than ninety days standing be allowed as an
asset OF the bank
Section g. Section 2024-77k OF the statutes is
amended D read: Section 2024-fIk Any such cor
poration shall have the following powers;
~ To make all contracts necessary and
proper to effect its purpose and conduct its bust