Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-08
CHAPTER 3O3, LAWS 1897.
An Act to revise the laws authorizing the
business of banking.
The people of the state of Wisconsin, repre-
scented in senate and assembly. do
enact as follows:


The people of the state of Wisconsin,, repre-
Seuted in senate and assembly. 90
enact as follows:
CHAPTER I.
BANKING DEPARTMENT..
Section /. There is hereby established in
this state a banking department, which
shall have charge OF the execution Of the
laws relating to banks and the banking
business in this state. Such department
shall be designated as the state banking
department, and shall be under the man
agement and control of a chief officer, who
shall be called the bank commissioner =,
Section 2. The bank commissioner shall
be appointed by the governor, by and with
the advice and consent of the senate. and
shall hold his office for the term of five
years. unless sooner removed by the gov
ernor, for good cause, and by and with the
consent Of two-thirds of the members Of
the senate. He may appoint deputy, and
revoke such appointment at pleasure.
Such deputy shall possess all powers, ana
perform the duties attached to the office
of the bank commissioner during va
cancy In such office. and during the al, ap-
sence or inability Of his principal. The
bank commissioner may also employ, from
time to time such clerks to assist him and
his deputy, in the discharge Of the several
duties imposed upon him by this act, as
he shall find necessary. The salary of the
bank commissioner shall be three thousand
dollars per annum. The salary of the dep
uty and such clerks as may be employed,
shall be at such a rate per annum as the
bank commissioner shall decide not, how,
CLERKS Of the several state departments.
The salaries Of the bank commissioner, dep
uty and clerks shall be paid monthly by
the state treasurer, upon voucher coun-
tersigned by the secretary Of state. Vouch-
ers for the deputy and clerks salaries
must be first approved by the bank COM
cling expenses of said bank commissioner,
deputy or clerks, incurred in the discharge
Of their duties, shall be fully itemized upon
proper vouchers and certified in the order
indicated for the salaries, and presented to
the secretary of state. If allowed, the sec
rotary of state shall counterslgn them. The
state treasurer shall, upon the presenta-
ton of vouchers so allowed and counter
signed, pay the amount of such expense.
Within fifteen days from the notice of their
missioner and his deputy shall take and
subscribe the oath of office, prescribed by
the constitution, and file the same in the Of,
bank commissioner and his deputy shall
each give to the people of this state bond
in the penal sum of twenty-five thousand
dollars, with two or more sureties; or a
surety company, to be approved by the
state treasurer, conditioned for the faith
full discharge Of the duties of their respect
bank commissioner suitable rooms in the
state capitol for conducting the business OF
said department.
Section 8. The bank commissioner shall
devise seal for the use of his office, which
shall continue to be the seal of said de-
partment. A description of the seal, with
office Of the secretary of state.
Section 4. 1t shall be the duty of the
bank commissioner, and he shall have the
power by himself, his deputy, or by any
examiner he may appoint for that purpose,
to examine, at least once In each year, the
cash, bills, collaterals, securities, books of
bank, savings association and private bank
doing business In this state. For that
purpose he may examine on oath any OF
tomeps or thereo touchng the
affairs and business of such institution.
The bank commissioner shall examine, or
cause to be examined, any bank when re-
quested by the board of directors of such
bank. The bank commissioner shall also
ascertain whether such bank transacts its
business at the place designated IN tn the art
ness is conducted in the manner prescribed
by law.
Section S. No bank commissioner deputy
or examiner shall examine a bank in which
he is interested as stockhoder, officer, en-
ployee or otherwise. No bank commission
err deputy or examiner shall examine a
bank located in the same village, city or
county with any bank in which he is in
terested as stakeholder, officer, employee
or otherwise. The bank commissioner
deputy, and every clerk in his department,
and examiner, shall be bound by oath to
keep secret all Of the facts and information
obtained in the course of such examina-
lions, except so far as the public duty OF
such officer requires him to report upon, or
take special action regarding the affairs of
any bank. If any bank commissioner, Dep
uty, examiner or clerk in such department,
shall disclose the name Of any debtor of
any bank, or anything relative to the pri-
waite accounts or transactions of such bank,
or shall disclose any fact obtained In the
course of his examination of any bank, eX-
cept as herein provided, he shall be sub
ject, upon conviction thereof. to forfeiture
of his office, and to the payment of fine
of not less than one hundred dollars nor
more than one thousand dollars or 1mpris-
onment in the state prison not less than
both such fine ard imprisonment.
Section S. "'<s-r've" il s4.,.il appear f"on1
the report of any bank, or the bank COM
the capital of any bank is impaired or re-
duced below the amount required by law,
1t shall be the duty of the bank commits
sioner, and he shall have the power. to ex-
and in case ne shall find such impairment
or reduction Of capital, TO require such
bank to make good the deficiency so ap-
pearing. If any bank shall refuse or fail
make good the deficiency so appearing OF
found to exist, 1t shall be the duty OF the
bank commissioner. with the approval of
the attorney general. to institute proceed.
mgs for the appointment OF receiver OF
said bank to wind up Its business. In any
case. where the capital Of bank shall
have become impaired or reduced below
the amount required by law. the board OF
directors Of such bank shall have the DOW.
er ts make a pro rata assessment upon all
Of the stock OF said bank to make good
such deficiency. and may provide that the
amount Of such deficiency shall be due and
payable at a time to be fxed by such
board OF directors. which time shall pc not
Hessment: and If any stockholder shall TAIL
or neglect to pay the amount Of the as
gessuent against his stock. for ten days
after the same shall have become 80 due