Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-11-02

o. hhtfHttlt OCuDto, Was ara iron.
Representative of Congress for the tenth
congr ietal district, consist ng of fhe counties
OF B. yh Id, Douglas. Burle I, Sawyer, Wash
burr, TX, Barron, Chippewa, ST. CIoix, Dunn
md PierJe
REVISION OF THE BANK
ING LAW.
NOTICE IS FURTHER GIVEN, that at said
general election the following proposition Is to
be submitted to the people in pursuance of the
requirements Of Chapter 3os, of the laws OF 1897,
which chapter reads as follows
CHAPTER 3o3, LAWS 1897.
AN ACT to revise the laws authorizing the bust
ness of banking.
The people Of the state Of Wisconsin, represented
tf senate and assembly, DO enact as (otLolUS.
CHAPTER l.
BANKING DEPARTMENT.
SECTION l. There is hereby established in this
state 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
management and control of chief officer, who
shall be called the bank commissioner.
SECTION 2. The bank commissioner shlll be
appointed by the governor, by and with tue ad
vice and consent of the senate, and shall hold
his office for the term of five years. unless sooner
removed by the governor, for good cause, and by
and with the consent of two-thirds of the men,
bers of the senate. He may appoint deputy,
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 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 AMMAN. The
salary of the deputy and such clerks as may be
employed, shall be at such rate per anDum as
thA hank lSSIOuAr shall decide. not. how
ever, to exceed that of the deputies and clerks
of the several state departments. The salaries
of the bank commissioner, deputy and clerks
shall be paid monthly by the state treasurer,
upon voucher countersigned by the secretary
of state. Vouchers for the deputy and clerks
salaries must be first approved by 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 itemiZed upon proper vouchers and
certified in the order indicated for the salaries,
and presented to the secretary of state. Ii al
lowed, the secretary of state shall countersign
them. The state treasurer shall, upon the pre-
sentation of vouchers so allowed and counter
signed pay the amount of such expense Within
fifteen days from the notice of their appoint.
ment, respectively, the bank commissioner and
his deputy shall take and 10 bscribe 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 bond in
the penal sum of twenty-five thousand dollars,
with two or more sureties, or surety company,
10 De HppTOFBU Uy bIe SUdV6 UTbHSuTbFt CcHul-
toned for the ia hful discharge of the duties
of their respective offices There shall be assigned
to said bank commissioner suta BILE rooms in the
state capitol for conducting the business of said
SECTION 8. The bank commissioner shall de,
wise seal for the of his office, which shall
continue to be the seal 81, said department
description of the seal wi h an impression there
of, shall be filed in the Office of the secretary of
state.
or.Ah he hall tha Inv
himself, his deputy, or by any examiner he may
appoint for that purpose, to examine, at least
once in each year, the cash, bulls, collaterais,
securities, books of account, condition and af.
fairs of each bank, savings association and pr-
vate bank ing business in this state. For that
purpose he nav examine on oath any of the
officers, owners agents, clerks, customers or de-
positors thereof to- Ting the affairs and BUSH
hess of such institute, y The bank commissioner
shall examine. or cause TO be examined, any
bank when requested by the board of direc. ors
of such bank. The bank commissioner shall
also ascertain whether such Gank trlnsacts its
business at the place designated In tie articles
of incorporation, and whether its business Is
conducted in the manner prescribed By law.
SECTION 5. No bank conmissi oner, aeputy or
examiner shall examine a bank n which he is
interested as stockholder, Office emp oyee or
9th erwise. No bank commission er, deputy or
efa miner shall examine bank Aocatsd IN the
Same village, city county with any bank IN
which he is interested as as stockhoi5sr! otflcer'
deputy, and every clerk in his department, and
examiner, shall be bound by oath to keep secret
all &c 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
s,oner, deputy, examiner or clerk in such depart.
ment shall disclose the name of any debtor OF
any bank, or anything relative 70 the private
accounts or transactions of such bank, or shall
disclose any fact obtained in the course OF has
exaInina zion IF any bank, except as herein pro-
vided, he 81 all be subject, upon convlctlon
thereof, TO forfeiture of his office, and to the
payment OF fne of not less than one hundred
dollars 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
SEorIoN g. Whenever it shall appear from the
raj rt of any bank, or the bank mmlssioner
shall have reason to believe, that the capital oil
any bank Is impaired or REDUCED 9elow the
amount REQUIRED by law, it shall be the duty OF
the bank commissioner, and he shall nave me
power, to examine such bank to ascertain the
or reduction of capital, to require such bank to
make good the deficiency SO appearing II any
bank shall refuse or fail for ninety Gays aItet
written notice to make good the denclency 50
annearing or found to exist, it shall be the duty
~ the bank commissioner with the approval y
the attorney general, u institute proceedings ioi
tha snpointment of a receiver of said Dank &c
wind m its business. In any case, where the
canital of bank shall have become impaired
or reduced below the amount required ny law
the hoard of directors OF such bank shaIl haFt
tho ,owar To make pro rata assessment ppor
III y the stock OF said bank to make good such
a iency. and may provide that the amount o.
deficiency shall be dae era which
time shall be not less than ten Gays al1eI nosc
Of said assessment; and II any stockholder snal
fair r me- ect 70 pay the amount 90 .ii fer ~
sar.e shall nave become so due and payable he
directors of such bank may of.er SAID stock for
sale, and sell the same at public sale upon ten
days e A. gysb5 o IL Se ppe
or city where such bank is. located. Upon SUCH
sale the purchaser shall forthwith pay the
amount of 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,
hanE bp rsiusesd e pay Is depostof
cordance with the terms on which such deposits
we're received, or that any bank has become IN
solvent or that its nta mas become sb REQ
visions of this law, the bank commissioner may
forthwith take possession of the books RECORDS
and q every 6s book 81
assets shall not be subject TO any ieyles or at
tachments until a court OF competent JnIisd,c.
ion can Be spplssa e I9b ,n nnaeP tbe asctoa
Of the court. shall take possession o. me po9ks
records and assets OF every description, collect
81 debts dps 9d ssaEI eli az sp persons
Ar, p<,rty on such terms as the conIt shall direct
knd II necessary enforce the indiyIdual iiaotiify
~ ckhOlders. Such receiver sueh pay ofet
iii money by him received under the order OF
The court and shall also make report 10 lhe
Ga nj commissioner as often as required py MN,
az his acts and proceedings.
SECTIoy g. In the event that any fWC oanks
shaIl Be doing business in the same ouiinlne
anon the same floor. and in such close proxI unity
as 10 interiors with the proper examination OF
sither bank the bank comm ssloner paf Feqaifs
eifhar al said banks TO remove Its baRking ONCE
"a some other location, within sucb reasonaoie
tins a NAV be fixed BY the bank com missioner.
SECTION !. All proceedings 81 any bank 70
.nInin the bank commissioner ia the discharge
"a bis iufies shall he had in the county where
said bank "a lasa ted, or in the supreme !2rt OF
This state All suits aud pFneesdf9g rs ne ont
* The provisions OF this act 10 shiga ts,s atst
x anyof its officers or agents, snali ne ~ fltSss
* ali be conducted under the nlTegfIop anusn
reryision Of the attorney general.
FaRCTToN TO- Copies OF all records epd pa per!
in ffs affics OF The bank commissioner csftsnsu
X I'm and authenticated by his seal OF ONCE,
x n re- evidence in all cases, equally ana 81
Ne eject as the original
srcTios IL. During the month OF DeSenper
~ each war the bank commissioner shaA ma
- annual report 10 the governor q the sIs e
Shich report shall BE published and shsH *
XIII the conditf. . of the various banks OF lbs
go. as Of the day OF the last report msde q
- Srak eonuiasionsr hy suca banks iana saes