Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-08-29
OnAE. i E1b lie
nANKTNG nEp RTMENT

t9t senate and assembly,, do eTldct as J0tt0aGSs
CHAPTER l.
BANKING DEPARTMENT..
SECTION l.. 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
management and control OF chief officer, who
shall be called the bank commissioner. ~.
SECTION 2. The bank commissioner shall be
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 the 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 inability of his principal
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
the bank commissioner shall decide, not, how
ever, to exceed that of the deputies and clerks
of the several state departments. The salaries
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 countcrsign
them. The state treasurer shall, upon the pre-
Sentatlon OF vouchers SO allowed and count ter
signed pay the amount of such expense. Within
fifteen days from the notice of thoir appoint
ment, respectively, the bank commissioner and
ais deputy shall take and subscribe the oath OF
office, prescribed by the constitution, and file
Fhe said bank commissioner and his deputy shall
sach give to the people of this state a bond in
the penal sum of twenty-five Thousand dollars,
with two more Sureties, or "a surety company,
to be approved by tho state treasurer, condi-
toned for the faithful discharge Of the duties
Of their respective Offices There shall be assigned
TO said bank commissioner Suita bic rooms in the
state capitol for conducting the businessof said
department.. :fe.
SECTION 8. The bank commissioner shall de.
Flse seal for the use of his Office, which shall
continue to be the seal of said department..
description of the seal with an impression there
of, shall be filed in the Office OF the secretary OF
state.
SECTION 4. It shall be the duty of the bank
commissioner, and he shall have the power by
nIilS! #, his deputy, or by any examiner he may
appoint Tor that purpose, to examine, at least
once III each year, tho cash, bills, cola terals,
securities, books of account, con ition and af-
fairs 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-
DOSlJOrS UDer0Ol, GOQCQlQR the aHa1rS ana OuSl-
ness of such institution. The bank commissioner
shall examine, cause to be examined any
bank when requested by the board of directors
IF 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 a 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 as stockholder, officer,
ampIOyee 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 examinations, except SO tar as
the public duty of such officer requires nm 10
report upon or take special action regarding
the affairs of any bank. If any bank commls-
sioner, deputy, examiner or clerk in such depart
ment, shall disclose the name of any debtor OF
any bank, or anything relative to the private
accounts or transactions of such bank, or sha!1
disclose any fact obtained in the course OF has
examination of any bank, except as herein pro-
Vided, he shall be subject. upon conviction
thereof, TO forfeiture of his office, and to the
payment of a fine 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 tAo! airs, 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
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
power. to examine such bank to ascertain the
facts. ard in case he shall find such impairment
or reduction of capital to require such bank to
pake good the deficiency SO appearing If any
bank shall refuse fail for ninety days atter
written notice to make good the deficiency SO
appearing or found to exist, it shall be the duty
of the bank commissioner, with the approval OF
the attorney general to institute proceedings or
the appointment of receiver of said bank to
wind up its business. In any case, where the
capital Of a bank shall have become impaired
the board of directors of such bank shall have
the power TO make pro rata assessment upon
all of the stock of said bank to ma Ike good such
deficiency, and may provide that the amount OF
such deficiency shall be due and payable at a
time to be fixed by such board OF directors, which
time shall be not less than ten days after notice
fail or neglect TO pay the amount of the assess
inent against his stock, for ten days after the
same shall have become so SU" and psya bio ~"