Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-10-06
CHAPTER 303, LAWS 1897.

CHAF1ER 0U0, LAWS 1897.
An Act to revise the laws authorizing the
business of banking.
Inc people PEOPLES Of the state Of Wisconsin, repre-
sented In senate and assembly. do
enact as follows:
CHAPTER I.
BANKING DEPARTMENT.
section I. There is hereby established in
this state a banking department, which
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 2. The bank commissioner shall
pc appointed by the governor, by and with
shall hold his office for the term Of five
years, unless sooner removed by the gov
consent of two-thirds of the members OF
the senate. lie may appoint deputy and
revoke such appointment at pleasure.
Such deputy shall possess ell powers, and
perform the duties attached to the Office
of the bank commissioner during va
cancy in such Office, and during the alb
sence 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 annurn. The salary of the dep
utY ana SuCn clGFhS as may De Ell,
shall be at such a rate per annunl as the
ba Nnnlissioner shall decide, not, how
ever, 10 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 tray
cling expenses Of said bank commissioner,
t.f1= nnI fha leo on1C
OF their duties, shall be fully tented 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 counters1Gn 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
subscribe the oath Of office, prescribed by
the constitution, and file the same in the OF,
fee of the secretary Of state. The said
bank commissioner and his deputy shall
in the penal sum of twenty-five thousand
dollars with two or more suretles, or
surety company, to be approved by the
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 8. The bank commissioner shall
devise seal for the use of his office, Which
shall continue to be the seal of said de-
partn1ent. A description of the seal, with
an impression thereof, shall be filed in the
office of the secretary Of state.
Section A. 1t shall be the duty OF tne
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 affairs of each
bank, savings association and private bank s151S
purpose he may examine on oath any OF
the officers, owners, agents, clerks, Gus
toners or depositors thereof, touchlnS tne
affairs 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 snail also
ascertain whether such bank transacts It's
business at the place designated in the art
icles of incorporation and v ether It's Dilsl
ness is conducted in the manner prescribed
by law.
Section s. No bank commissioner, deputy
or examiner shall examine bank in which
he is interested as stockhoider' oiIlcef. EN-
pIoyee or otherwise. No bank commission
er, deputy or examiner shall examine a
bank located in the same village; CITY OF
county with any bank in which ne Is IN,
terested as stakeholder, officer, employee
or otherwise The bank commissioner
deputy, and every clerk in his department.
keep secret all Of the facts and information
obtained in the course OF SUCH EXAMINE
finns. except so far as the public duty OF
such officer requires MN 10 geR +e afairs Of
any bank. If any bank commissioner. uep-
uty, examiner or clerk in such department
shall disclose the name OF any oe tbe ri ~
vate accounts or transactions OF such pank
or shall disclose any fact obtalneo IN tne
course of his examination or any pa IN ~ eh
cent as herein provided, he shall be SUD
iect. upon conviction thereof. to forfeiture
of his office, and to the payment OF nns
of not less than one N nud dolars or imprs
onment in the state prison not less tnan
six months nor more than two s; Years OF TO
.ine Whenever it shall appear from
the report of any bank, or the pank CON- 2n.
missioner shall have reason to believe. tna'
the capital Of any bank Is impaired OF re-
a. ,nall he the duty of the bank commits
s;oner and he shall have the power, to ex-
smina such bank to ascertain the facts,
and in case ne sn ean nnn s &c require such
or Ied ~ make good the deficiency SO ap,,
Fearing. If any bank shall! refuse OF 1an
for ninety days aLter wr 50 appeap ne OF
Fn,,nd fo exist. it shall be the duty or the
honK Commissioner. with the approval OF
the attorney general 70 ln IS receiver OF
m ags hank bo to Wind up it's business. In any
case where the capital OF panK , shal,
hays become impaired or reouceq peio w
the amounff s,5ct bank shall have the pow,
u n Make a pro rata assessment upon an
Of stock Of said bank nr to a That sf the
such IF suoh deficiency shan be due and
naVable at time to be fixed by su 1at
Board directors w sfe1 ndfe s s # SAID ID as
less rnaH ar, and if any stockholder shall fan
~. neglect to pay the amount o. the / a e. +
sessment against his stock Tor zen 90 due due
after the same shall nave oeco4'io