Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-08

general election the following proposition l. l.
tee submitted to the people III pursuance OF til
requirements Of Chapter :0% Of the laws o. 1S3'
which chapter reads as follows:
CHAPTER sos, LAWS 1897.
AN ACT to revise the laws authorizing the bust
of banking.
TIE people Of the state Of i$cOnSi1l, represented
t1t senate and assembly, do enact as tOLiOtCS:
CHAPTER l.
BANKING DEPARTMENT.
SECTION /. There is hereby established in this
state 4 banking department, which shall have
charge q 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 a chief officer, who
shall be called the bank commissioner.
SECTION :. The bank commissioner shall b.
appointed by the governor, by ana with the al
vice and consent of the senate, and shall hoiu
his office for the term of five years unless sooner
removed by the governor, for good cause, and b,
and with the consent "f two-thi"" 80 -
bers of the senate. He may appoint deputy,
and revoke such appointment at pleasure. Such
deputy shall possess all powers, and perform the
duties attacked to the office of the bank COM
missioner during vacancy in such office, and
during the absence or inability of his principal.
he 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
Il d
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, deputy and clerks
shall be paid monthly by the state treasurer,
upon voucher countersgned 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 OF
clerks incurred in the discharge of their duties,
shall be tully ltemlZed upon proper vouchers and
certified in the order indicated for the salaries,
and presented to the secretary of state. If al
lowed, the secretary of state shall CounterSign
them. The state treasurer shall. upon the pre-
SentatlOn OF vouchers allowed and counter
signed, pay the amount of such expense. Within
fifteen days from the notice of their appoint
ment, respectively, the bank commissionersand
his deputy shall take and subscribe the oath of
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 moro suretes, or a surety company,
TO be approved by the state treasurer, condi-
toned for the faithful discharge of the duties
of their respective offices. There shall be assigned
to said bank commissioner suitable rooms in the
state capitol for conducting the business of said
department.
SECTION 3. The bank commissioner shall de-
wise q seal for the use of his office which shall
continue to be the seal OF said department.
description of the seal, with an i'm preston there.
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 account, condition and af-
talrS OF each bank, savings association and pri-
vate bank doing business in this state For that
purpose he may examine oath any of the
officers, owners, agents, clerks, customers or de-
rOSltorS thereof, touching the affairs and bust
nesSOf such institution. The bank commissioner
snail 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 the manner prescribed by law.
SECTION ;. No bank commissioner deputy or
examiner shall examine Il bank in which he is
interested as stakeholder, officer, employee or
otherwise. No bank commissioner, deputy or
examiner shall examine bank located in the
same village, city or county with any bank in
which he is interested stakeholder, officer
employee or otherwise The bank commissioner
deputy, and every clerk in his deDa rtmeut and
examiner shall be bound by oath to keep secret
all of the facts and information obtained III tho
course OF such examinations, except so far as
the puOltc duty of such officer requires him to
report upon or tax SPECIAL action regarding
the affairs OF any bank. If any bank commits
slonor deputy, examiner or clerk in such depart
mont, shall disclose the namC of any debtor Of
any bank, OF anything relative to the private
accounts or transactions of such bank, or shall
disclose any fact obtained in the course of his
examination of any bank except as herein pro-
VIded, he shall be subject, upon conviction
thereof, to forfeiture of his office and to tho
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 tne and Imprisonment.
SECTION 6. Whenever it shall appear from tho
report of any bank, or the bank commissioner
shall have reason to believe, that the capital OF
any bank is impaired or reduced below the
amount required by law, it shall be the duty of
the bank commissioner, and he shall have the
nOwet, to examine such bank to ascertain the
facts, and IN case he shall find such impairment
or reduction of capital, to require such bank to
make go2d the deficiency SO appearing If any
bank shalt 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
OF tie bank commissioner, with the approval of
the attorney general, to institute proceedings for
the appointment of a receiver of said bank to
wind up its business. In any case, where the
capital of a bank shall have become impaired
or reduced below the amount required by law,
the board OF directors of such bank shall have
tho power to make pro rata assessment upon
sll of the stock of said bank to make GOOD such
deficiency, and may provide that TIE amount of
sCCh deficiency shall be due and payable at a
iiue to DC tXed by such board of directors, which
time shall be not less than ten days after notice
e sad assessment; and if any stakeholder shall
fan or neglect 20 pay the amount of the assess.
'nent against his stock, for ten days after the
,ame SHAH have become so due and payab le the
directors OF such bank may offer said stock for
sale, and sell the same at public sale upon ten
days notice. to be given by posting COPIES of
Gotlce of sale in five public places in the village
orcity 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
SECTION I. On becoming satisfied that any
bank has refused to pay its depositors, in ac-
cordance with the terms 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 anylevies or at
tachments, until court of competent jurisdic-
ton can be applied to for the appointment of
receiver for such bank who, under the direction
of the court Shalhta Ike 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
all money by him received under the order OF
the coUct. and shall also make report to the
bank commissioner, as often as required by him,
of his acts and proceedings.
SECTIONS. In the event that any two banks
shall be doing business in the same building
upon the same floor, and in such close proximity
as to interfere with the proper examination of
either bank. the bank commissioner may require
either Of said ba:lAs 10 rel2QIa its b2nkinG Office