Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-13


requirements Of Chapter 303, of the laws OF 1885,,
which chapter reads as follows:
CHAPTER 3o3, LAWS 1897.
AN ACT to revise the laws authorizing the bust
ness of banking.
Tie people Of the state Of Wisconsin, represented
1lt senate and assembly, do enact as JOttotCS:
CHAPTER l.
BANKING DEPARTMENT.
SECTION l. There is hereby established in thi
state banking department, which shall hay
charge of the execution Of the laws relating
banks and the banking business in this state
Such department shall be designated as the stat
banking department, and shall be under the
management and control Of 4 chief officer, who
shall be called the bank commissioner.
SECTION 2. The bank commissioner shall bc
appointed by the governor, by and with the ad
vice and consent OF the senate, and shall hold
his office for the term Of five years, unless sooner
removed by tie governor, for good cause, and by
and with the consent of tWo-thirds OF the mem
bers of the senate. He may appoint deputy,
aud revoke such appointment at pleasure. Such
deputy shall possess all powers and perform the
duties attached to the office of the bank com.
missioner during vacancy IN such Office, and
during the absence or ina bility 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 deputy and such clerks as may be
employed, shall be at such a rate per annum as
tie bank commissioner shall decide not, how
ever to exceed That OF the deputies and clerks
uf the several state departments. The salaries
Of the bank commissioner, deputy and clerks
shall be paid monthly by the state treasurer,
upon voucher countersigncd by the secretary
Of state. Vouchers for the deputy and clerks
salaries must be first approved 10y the bank COM
missioner, All actual and necessary travelling
expenses OF said bank commissioner, deputy or
clerks, incurred in the discharge of their duties
Shall be fully ltemized upon proper vouchers and
certIicd in the order Indicated for the salaries,
O l.
lowed, the secretary of state shall countersgn
them. The state treasurer shall. upon the nre-
Sentatlon Of vouchers so allowed and counter
SIGNED, nay the amount OF such expense. Within
fifteen days from the notice Of their appoint
mcnt, respectively, the bank commissioner and
his deputy shall take and subscribe the oath OF
Office, prescribed by the constitution, and file
the same in the office of the secretary of state.
The said bank commissioner and his deputy shall
each give to the people of this state a bond in
the penal sum of twenty-five thousand dollars,
with two or more surCtiCs, or a surety company,
to be approved by the state treasurer, cOndi-
toned Tor the faithful discharge OF the duties
of thclrrcspecrive offices. There shall be assigned
10 said banl commissioner suitable rooms in the
state Canitol for conducting the business of sand
Gp33rtment.
SECTION 3. The bank commissioner shall de.
wise seal for the use of his office, which shall
continue to be the seal of said department. A
description of the seal, with an impression there
OF, snail be tled in the Office of the secretary OF
state.
SECTION A. 1t shall be the duty of tho hank
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 account, condition and af-
fairs of each bank savings association and pri-
waite bank doing business in this state. For that
purpose he may examine on oath any of tho
officers, owners, agents, clerks, customers or de-
poSltorS thereof, touching the affairs and bust
nesSof such institution. The bank commissioner
shall examine, or cause to be examined, any
bank when requested 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 the articles
OF incorporation, and whether its business is
conducted IN tho manner prescribed by law.
SECTION 3. No bank commissioner, deputy or
examiner shall examine bank in which no is
interested as stakeholder, officer, employee or
otherwise. No bank commissioner, deputy or
examiner shall examine a bank located in the
same village, city or county with amy bank in
which he is Interested as stakeholder, officer,
employee or otherwise The bank commissioner,
deputy and every clerk IL his department, and
examiner, shall be bound by oath to keep secret
oil of the facts and Information obtained in the
course OF such examinations, 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. Ii any bank commits
sioner, deputy, examiner or clerk in such depart
nent shall disclose the namC of any debtor of
my bank, or anything relative to the private
accounts or transactions of such bank or shall
disclose any fact obtained in the course of his
examinat ton of any bank, except as herein pro-
sided, ne shall be subject, upon conviction
thereof, to forfeiture OF his Office, and to the
,loliars nor more than one thousand dollars, or
imprisonment in the state prison not less than
six months nor more than two years, or to both
such fine and imprisonment
SECTION 6. Whenever it shall appear from the
report Of any bank, or the bank commissioner
shall have reason to believe, that the capital of
SOY bank Is impaired or. reduced below tae
amount required by law, it shall be the duty of
the bank commissioner, and he shall have the
power, TO examine such bank 60 ascertain the
facts. ard in case he shall end such impairment
or reduction OF capital, 10 require such bank to
make good the deficiency so appearing, If any
bank shall refuse or fail for ninety DAYS after
written notice to make good the deficiency so
appearing or found to exist, it shall be the duty
az the bank commissioner, with the approval of
che attorney general to institute proceedings for
fhe appointment of 4 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 power TO make a pro rata assessment upuu
all OF the stock of said bank to make good such
deficiency, and may provide that tNe amount of
tacl deficiency shall be due and payable at
time to be fixed by such board Of directors, which
time shall be not less than ten days after notice
4! SAID assessment; and if any stakeholder shall
fail or neglect to pay the amount of the assess
aucnt against his stock, for ten days after the
same shall have become so due and PAYABLE the
directors OF such bank may offer said stock for
sale, ana sell the same at public sale upon ten
DAYS notice. TO be given by posting copies of
notice of sale IN five public places in the village
orclty where such bank Is located. Upon such
sale the purchaser shall forthwith pay the
amount or the assessment against said stock,
The amount received from the sale of said stock
less the cost and expense of such sale, shall be
paid to the original owner of such stock.
SECTION I. On becoming satisfied that any
bank has refused to pay its depositors, in ac-
cordance with the terms on which such deposits
were received, or that any bank has become in
solvent, or that its capital has become impaired
or that any bank has violated any of the pro-
visions of this law, the bank commissioner may
forthwith take possession of the books. records
and assets of every description of such bank
and hold the same, and such books. records and
assets shall not be subject to any levieS or at
tachments, until court of competent jurisdic-
ton can be applied to for the appointment of q
receiver for such bank, who, under the direction
of the court,-shall take possession of the books,
records and assets OF every description, collect
all debts, dues and claims, and sell or compound
all doubtful debts, and sell all real and personal
property such terms as the court shall direct,
and If necessary, enforce the individual liability
of stockholders. Such receiver shall pay over
ali money by him received under the order of
tke court, and shall also make report to the
bank commissioner, as often as required by him,
Of his acGS and proceedings.
SECTION s. In the event that any two banks
shall be doing business intthe same building,
upon the same floor and III such close proximity
to interfere with the proper examination of
either bank, the bank commissioner may require
eitEer Of said banks to reuoye its bankipG Office