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Capital stock.

bing for, and

same.

NO. 32.

AN ACT to incorporate the State Bank of Wisconsin.

Be it enacted by the Council and House of Representatives of the Territory of Wisconsin,

SECTION 1. That a Bank shall be established within the Territory under the name and style of the State Bank of Wisconsin-that the capital of said bank shall be one million of dollars, to be formed and procured by means of a loan or loans, to be made by the directors of said bank, in manner and form, and on the terms hereinafter prescribed.

SEC. 2. That the books of subscription for the sum of five hundred thousand dollars, to be subscribed by citizens or residents of the Territory, to be divided into shares of one hundred dollars each, and Mode of subscri- intended to secure in part of the said loan of one million of dollars, apportioning the shall be opened as soon as may be after the sanction of Congress shall have been obtained to this charter, seventy days notice thereof having been previously given, in all the newspapers in the Territory, that the said books shall be opened, and the subscription to the stock of said bank, received by managers appointed as hereinafter provided, under the superintendence of twenty-one commissioners. The said books shall be kept open every day, from ten o'clock, A. M. to three o'clock, P. M., at Madison, the seat of government of said Territory, and at each of the organized counties in the Territory, for the space of six days, and until the whole amount of the capital stock is subscribed for; that the books of subscription so opened at the several county seats, and at Madison, shall be at the court-house or clerk's-office, (if there is no court-house) under the inspection of three managers at each of the aforesaid places, and the said managers in addition to the notices in the newspapers shall post up at four of the most public places in the county. notice of the time when andthe place where the books shall be opened, and the said managers shall immediately after the subscription of the amount of stock alloted to each county by the commissioners, or within two weeks from the time the books were opened, [to] transmit to the commissioners, at Madison, the seat of government, the books of subscription so opened by them at the aforesaid places, together with the mortgages and all other papers and other documents that may have been deposited with them. If the subscription to the stock of said bank shall exceed the sum of five hundred thousand dollars on the part of individual stockholders, then the commissioners hereinafter

provided for, or a majority of them, shall make a correct statement of the same, and shall deduct the overplus therefrom, first by striking off all subscriptions based upon property, the title to which shall be ascertained to be bad or doubtful; secondly by striking off first the cash subscription of non-residents; and thirdly, by deducting from the largest subscriptions, in such manner that no subscription shall be reduced in amount while there remains one larger: Provided, however, That if after the expiration of the said term of six days, during which the said books are directed to be kept open, it shall be found by the commissioners that the whole amount has not been subscribed, the said commissioners may direct the oooks to be again opened, and be kept open until the whole amount shall be subscribed, but in that case no deduction of stock shall be made, for the books must be considered to be in fact closed so soon as the amount necessary to fill them shall be subscribed and the sum last subscribed, should it exceed the capital stock, must be stricken 'off.

be secured by form the basis of

SEC. 3. That subscriptions to the capital stock of said bank shall be guaranteed and secured by mortgages, subject to such subscriptions to rules, regulations, and restrictions, as may be hereafter provided: mortgage, and which mortgages shall form the basis of, and stand as full security form! for the loan or loans and the interest thereon, which the said directors are authorised to make, and designated in the first section of this act, as forming the capital of said bank, and it shall be competent for all persons who shall be citizens or residents, and in good faith, the owners and possessors of real estate within the Territory 10 become subscribers to the capital stock of said bank under the rules and regulations established by this act.

Commissionera

SEC. 4. That in order to facilitate the commissioners or directors of said bank in negociating or obtaining the loan or loans aforesaid, authorized to which is to form the capital thereof, the commissioners or directors emit bonds. shall be, and they are hereby authorised and empowered to issue the bonds of the said bank, signed by the president and countersigned by the cashier thereof, and made payable at the expiration of the charter, which bonds shall be of the following tenor or effect: "Be it known by these presents that the State Bank of Wisconsin promises to pay on the day of with interest at the rate of

per annum, payable semi

annually at (the place stated in the endorsement) to wit: the Form

day of

final payment of the principal

of each year until

in witness whereof, the president of the State Bank of Wisconsin

How secured.

unul mortgages

are executed and certified.

has signed and the cashier has counter-signed these presents, and affixed the seal of said bank, this

day of

18
" which bonds the directors of said bank are hereby
authorized and empowered to emit and negociate, and fix the place
where the capital and interest thereon, shall be redeemable and
payable, and for the payment of which, the mortgages to be given
by the stockholders by virtue of this act, shall remain as a perpetual
pledge to the holder or holders of the said bonds in the manner
prescribed by this act, until the expiration of the charter and the
liquidation of the affairs of said bank and the just and true payment
and extinction of all the bonds that may be made and negociated as
aforesaid; hereby granting at all times to the holder or holders of
said bonds all or any of them, the most summary process of the
law on the said mortgages to enforce the payment of the whole or
any part thereof, in case of non-payment.

SEC. 5. That no bonds shall be issued or negociated by the Not to be issued said directors until mortgages shall be executed according to the true intent and meaning of this act, by the subscribers to said stock; and to insure the same, it shall be the duty of said commissioners or directors to cause the emission of said bonds to be accompanied by a statement of the mortgages so executed, duly certified by the public officer or officers before whom they are executed and acknowledged, together with a certificate thereon, of the proper recording officer or officers, of their being duly recorded, and by the Governor of the Territory under seal of state that such persons are the proper officers, and that full faith and credit is due to their

Value of lands mortgaged.

Style and powers
of the
corpan

acts.

SEC. 6. That for the purpose of securing the capital and interest of said bonds as aforesaid, the subscribers shall be obliged to furnish mortgages to the satisfaction of the commissioners, directors, or managers upon property, the value of which in cash to be ascertained as hereinafter provided, shall be at least equal to twice the full amount of the stock subscribed. Provided, that no lands not improved or cultivated shall be taken at a price exceeding one dollar and twenty-five cents per acre; no person shall be permitted to subscribe to the stock of said bank, who at the time he subscribes shall refuse to exhibit to the managers or commissioners a complete title to his lands, to be approved of by the said managers or commissioners.

SEC. 7. That the subscribers to the capital stock of said bank shall be, and they are hereby created a body politic and corporate in law, under the name and style of "The State Bank of Wiscon

sin," and by that name may sue and be sued, implead and be im

pleaded, and appear on all lawful occasions in all courts of jus-
tice, and shall possess and enjoy all the rights and privileges of
a bank to issue notes and bills of exchange, discount bills, notes
and bills of exchange, lend money on mortgages, and all
kinds of stock, buy, sell, and trade in gold and silver bullion,
and receive pledge thereof upon all such conditions and terms and
on such security as the commissioners or directors may think fit; to
have a common seal, the same to break or change at pleasure, to
make such by-laws, rules and regulations, as the said corporation
may judge necessary for the administration of its affairs, Provided,
the same be not contrary to the constitution and laws of the United
States, and of the Territory or future state of Wisconsin, to have
and enjoy all the rights, privileges, and immunities which are by
existing laws, granted or secured to like corporations, and be subject
to like penalties, Provided, that the rate of discount shall never Proviso
exceed six per cent per annum in advance upon all notes or bills not
having more than four months to run, nor more than seven per cent
per annum in advance upon all notes or bills that have more than
four and less than twelve months to run; and upon all monies
loaned upon real estate for twelve months, not exceeding eight
per cent per annum, and no loans or discounts shall be made
for a longer period than one year; excepting money received by the
bank under the provisions of the eighth section of this act, which
may be loaned for a term of time exceeding one year (and when so
loaned) at a rate of interest, not exceeding ten per cent per annum.
Provided, however, That the amount of all loans, discounts or
advances of whatever nature or kind soever, be not double the
amount of capital actually paid in, and provided also, that the debts
of said corporation, exclusive of deposites, shall never exceed
the double of said capital, and further, that the said bank shall
possess and enjoy the rights to receive monies, notes, bills and other
effects on deposit or for collection, and to take charge of special
deposites of all kinds.

SEC. 8. That the said bank may receive special deposites of money upon such interest as the directors, for the time being, may deem just and right, and upon such time as they may think proper; the same again to be loaned upon real estate as prescribed by this law.

SEC. 9. That the Governor of Wisconsin is hereby authorized

Special deposites

elect six direct

to subscribe the one half of the capital stock of said bank in behalf. Territory may of the Territory, and the Legislature shall have the power of take stock and appointing six directors at the first session after the first day of ors. September next, and annually thereafter; who are to enter into their duties at the time appointed for the commissioners to surrender up

their powers as provided for by this act, and for this purpose, the Governor in behalf of and for the Territory, is hereby authorized Mode of subseri. to emit bonds bearing an interest, not exceeding seven per cent, bing. redeemable in the year 1863, which bonds are to be delivered to the directors or commissioners to be by them disposed of and the rate of interest to be allowed by said bank shall be endorsed upon said bonds. The bonds to be tested by the signature of the Governor, and under the seal of the Territory, and counter-signed by the Secretary of the Territory.

missioners.

1

of nine directors

How to be elect ed.

held.

Fifteen directors to be elected.

SEC. 10. That the said commissioners appointed by this act shall be and continue in office until the first Monday in January 1840, and until the directors as provided for in this act, are elected and qualified, and the said commissioners are hereby authorized to do Powers of com and perform all the duties of directors of said bank, to elect a president and make all such officers as may be required for the transaction of the affairs of the bank, and if the stock of said bank be subscribed for previous to the first day of July next, then there shall be thirty Notice of election days notice given in all the newspapers in the Territory, for an when to be given. election of nine directors to be elected by said stockholders. Each of the stockholders shall vote in person or by proxy, and shall be entitled to one vote on each share held by them, provided the same shall not exceed fifty. The first election to be held on the first Elections when Monday in September next, and on the first Monday in September annually thereafter, the said fifteen directors thus elected, shall choose their president, and shall be and remain directors of said corporation from the first Monday in January 1840, to the first Monday in January, annually thereafter; and so soon as the directors shall have been elected and their president chosen, after the first Monday of January 1840, the functions of the commissioners shall cease, and it shall be their duty to deliver over to the said directors, the books of subscription and all papers and documents of whatever nature that may have come to their possession, as well as all monies and other property belonging to said bank. Any Who, eligible to stockholder who shall be a citizen of the Territory, and who shall have subscribed for ten shares shall be eligible as director. In case it should happen that any two or more persons should have an equal number of votes for directors, then, and in that case, the remaining directors shall by ballot choose from among the persons having an equal number of votes, the person or persons to be the director or directors, and in no case shall a director of any other bank be a director of this corporation. If any thing should happen that any of the elections herein provided for should not take place at the times herein specified, the said corporation shall not for that

the office of

director.

J

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