Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-11-03
CHAPTER SOB, LAWS 1897.

cOo' OF tne laws or 1871. which chapter reads
as follows:
CHAPTER SOB, 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:
CHAPTER I.
BANKING DEPARTMENT.
Section 1. There is hereby established in
this state banking department. which
shaH nave 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 chief officer who
shall be called the bank commissioner.
Section ?. The bank commissioner shall
De appointed by the governor, by and with
the advice and consent of the senate, and
shall hold his office for The term of I'VE
years, unless sooner remove ed by the gov
ernor. for good cause, and by and with the
consent of two-thifds of the members OF
the senate. He may appoint deputy and
revoke such appointment at pleasure
Such deputy shall possess all powers and
perform the duties attached to the office
of the bank commissioner during a va
cancy in such Office and during the al-
senee 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
bank commissioner shall be three thousand
dollars per annum. The salary of the dep
uty and such clerks as may be employed.
snall De at such a rate per annum as the
bank commissioner shall decide, not how
ever, to exceed that of the deputies and
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 a voucher coun-
tersigned by the secretary of state. Nouch-
ers for the deputy and clerks salaries
must be first approved by the bank COM
missioner All actual and necessary trav-
cling expenses of said bank commissioner
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 countersign 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
appointment. respectively, the bank COM
missioner and his deputy shall take and
subscribe the oath of office prescribed by
the constitution, and file the same in the of
fce of the secretary of state. The said
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
state treasurer, conditioned for the faith
full discharge of the duties of their respect
i've offices. There shall be assigned to said
bank commissioner suitable rooms in the
state capitol for conducting the business of
said department
Section g. The bank commissioner shall
devise a seal for the use OF his office. which
shall continue to be the seal of said de-
paTtment description of the seal, with
an impression thereof, shall be filed in the
office of the secretary of state.
Section 4. Il 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. cnHaterals securities. books of
account. condition and affairs of each
bank, savings association and private bank
doing business In this state. For that
purpose he may examine on oath any of
the officers owners, agents clerks Gus
TONERS or deposltors thereof, touching the
o fairs 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 the art
icles OF Incorporation, and whether Its busi-
syy law. S0'''uV'S' - '"S manner p'Ss'''Oso
Section s. No hank commissioner. denutv
or examiner shall examine bank in which
he is Interested as stakeholder, officer. en-
ploYee or otherwise Nc bank commission
er deputy or examiner shall examine a
bank located in the same village. city or
county with any hank 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 eNamina-
tons except SO far as the public duty Of
such officer requires him to report uuon, or
take special action regarding the affairs OF
any bank. IL 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-
ctpt as herein provided. he shall be sub
q. aDf1xs fhnFanf -
Of his office. and to the payment OF hne
of not less than one hundred dollars nor
more than one thousand dollars or impris-
| 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 com
| missioner shall have reason 10 believe, that
the capital OF any bank Is impaired or re-
/ duced below the amount required by law.
/ eioner and he shall have the power. TO ex-
| anime such bank to ascertain the facts,
| and in case he shall find such impairment
| or reduction or capital. 10 require such
| hank 10 make good the deficiency APP
| pearing II any hank shall refuse or fail
| for ninety days after written notice 70
| make good the deficiency so appearing or
| found to exist. II shall be the duty OF the
| bank commissioner with the approval OF
the attorney general. 70 institute proceed
| said hank to wind UP Its business In any
| case where the capital of bank shall
have eeoome impairetd "a. OF reI .1 below
directors OF such bank shall have the pow
er 20 make a pro rata assessment upoa a.
of the stock OF said hank 10 make gooi
such Cieiicief.Cv. and may provide that ths
amount OF such deficiency shan be due an
payable at time 10 be nNed by sucf
board Of directors, which time shall be no.
| less than ten days after notice Of said as
! Eessnaent. and " any stockholder shall fai
o. neslsct 70 pay the amount e the a.
{ after the same shall have become 50 du.