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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 stock 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, bing for, and 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 tep 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’3-office, (if there is no court-house) under the inspection of three managers at cach of the aforesaid places, and the said managers in addition to the noticez iu the newspapers shall post up at four of the most public places in the county.notice of ine time when andıhe place where the books shall be opened, and the said managers shall immediately aster 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
form the basis
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 doubtsul; 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 books 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. · Sec. 3. That subscriptions to the capital stock of said bank shall be guaranteed and secured by mortgages, subject to such subscriptions to
d. be secured by rules, regulations, and restrictions, as may be hereafter provided : mortgage, ana which mortgages shall form the basis of, nad stand as full security for 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.
Sec. 4. That in order to facilitate the commissioners or directors of said bank in negociating or obtaining the loan or loans aforesaid, authorizedio which is to form the capital thereof, the commissioners or directors em 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
with interest at the rate of
per annum, payable semiannually at (the place stated in the endorsement) to wit: the Form day of
of each year uatil final payment of the principal in witness whereof, the president of the State Bank of Wisconsin
has signed and the cashier has counter-signed these presents, and
by the stockholders by virtue of this act, shall remain as a perpetual How mcured.
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 wforesaid ; 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 of any part thereof, in case of non-payment.
Sec. 5. That no bonds shall be issued or negociated by the Not to be issued unul mortgages
said directors until mortgages shall be executed according to the werdirecuted and 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
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 ascerValue of lands tained as hereinafter provided, shall be at least equal to twice the mortgaged.
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.
Szc. 7. That the subscribers 10 the capital stock of said bank
shall be, and they are hereby created a body politic aod corporate Stylo and powers
in law, under the name and style of "The State Bank of Wisconsın." and by that name may sue and be sued, implead and be im
of the corpo.13)
pleaded, and appear on all lawful occasions in all courts of jus-
Special deposites 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 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
elect is direct.
Powers of com. missioners.
of nine directors
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 subscri- to emit bonds bearing an interest, not exceeding seven per cent,
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.
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 m. and perform all the duties of directors of said bank, to elect a presi
dent 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 ofelection 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 shull vote in person or by proxy, and shall be How to be elect
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 Fifteen directors
choose their president, and shall be and iemain 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 ceasc, and it shail 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 oiher property belonging to said bank. Any Who, ellgił le to stockholder who shall be a citizen of the Territory, and who shall the cffice of
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, ihe 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 thot any of the elections herein provided for should not take place at the times herein specified, the said corporation shall not for that
to be elected.