Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-07
REVISION OF THE BANK
ING Avn

ttNS GntNs
NOTICE IS FURTHER GIVEN, that at said
general election the following proposition is to
be submitted to the people in pursuance OF tbs
requirements of Chapter 303 of the laws OF 1885,,
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
in senate and assembly, do enact as joItO1s:
CHAPTER I.
BANKING DEPARTMENT.
SECTION /. There is hereby established 10 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 a chief officer, who
shall be called the bank commissioner,
SECTION 2 The bank COMMISSIONS shall be
appointed by the governor by and with the ad
vice and consent of tho senate and shall hold
bis 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 NOM
bers of the senate. He may appoint deputy,
and revoke such appointment at pleasure. Such
duties attached to the Office Of the bank com
missioner during vacancy in such office, and
during the absence or inability of his princip al.
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
"
shall be three thousand dollars per annum The
salary Of the deputy and such clerks as may be
employed, shall be at such rate per annum as
Che 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 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
~ t.Oyatr lnKN1
clerks incurred in the discharge of their duties,
shall be fully iter lied upon proper vouchers and
certified In the order indicated for the salaries
and presented to the secretary OF state. " al
lowed, the secretary of state shall counters sign
them. The state treasurer shall upon tho pre-
sanitation OF vouchers SO allowed and counter
signed, pay the amount of such expense. Within
fifteen days from the notice of their appoint
mont, respectively, the bank commissioner and
his deputy shall take and subscribe 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,
to be approved by the state treasurer, condi-
toned for the fa . hful discharge of the duties
OF their respective Offices There shall be assigned
to said bank commissioner suita BILE rooms in the
state capitol for conducting the business of said
department
SECTION 3. The bank commissioner shall de.
wise seal for the Of his office, which shall
continue to be the seal of said depaI tment.
description of the seal, with an impre sion there
of, shall be filed in the office of the secretary OF
state.
SECTION L. 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'
fairs OF each bank, savings association and pri-
vate bank doing business In this state. For that
purpose no may examine on oath any of the
officers, owners, agents, clerks, customers or de-
ness of such institution. The bank commissioner
shall 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 5. No bank commissioner, deputy or
examiner shall examine 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 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 examinations, except so far as
the public duty of such officer requires hi MO
report upon, or take special action regafu1n9
the affairs of any bank. If any bank commits
sioner, deputy, examiner or clerk In such depart:
mept shall disclose the name of any debtor OF
auy bank, or 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 the
payment OF 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 two years. or to both
such fine and imprisonment.
rel TT of any bank, or the bank commissioner
shall have reason to b. lieve, that the capital OF
any bank Is impaired or reduced below the
the hank Commissioner and he shall have the
o0wer 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 good the deficiency so appearing, If any
bank shall refuse or fail for ninety days after
written notice to make good the deficiency so
appearing or found to exist, It shah oe the dity
~ the hank commissioner, with the approval o.
the attorney general to institute proceeuinsS Tor
the appointment of receiver OF said bank 20
capital of a bank shall have become I'M paired
or reduced below the amount required ny law
the board of directors of such bank SHAH nave
eli n the stock of said bank to ma Ike good such
de iency and may provide that tie amount OF
amen deficiency shall be due and payable at
time to be fixed by such board OF
of said assessment; and ii any stockholder shaL
fail or neglect to pay the amount OF Ine ass. -
meut against his stock, for ten Gays aitet tus
same shall have, become SO due and payable, 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
notice of sale in five public places in the village
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 oe
paid to the original owner OF such stock.
SECTION T. On becoming satisfied that any
bank has refused to pay its depositors, IN &C.
dan rx TN the farms which such 0eDOSIES
were received or that any bank has become IL
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 thS same, and such BOOKS, Iecosos alie
tachments, until court of competent lurisd,c-
ton can be applied to for the appointment OF
receiver for such bank, who, under the diIectioa
of the court, shall take possession OF the Doors
records and assets of every description, coliect
all debts dues and claims, aud sell or compo'ihn
all doubtful debts. and sell all real ara I,essohai
property on such terms as the court shall direct,
and II necess ary enforce the individual liability
of stockholders. Such receiver shall pay over
all money Wy him received under the order OF
the court and shall also make report 10 the
bank commissioner, as often as required by MN,
of his acts and proceedings.
SErTIoN B. In the event that any two banks
shall be doing business in the same ouhding'
upon the same floor, and in such close proximity
as to interfere with the proper examination OF
either bank the bank commissioners may require
slther Of said banks to remove its banking ONCE
to some other location, within such reasonable
time as may be fixed by the bank comm, ssi9ne y.
SECTION 0. All proceedings By any bank 10
enioin the bank commissioner In the discharge
ofbis duties, shall he had in the county where
said bank is located, or in the supreme court OF
This state All suits and proceedings arising out
~ the provisions OF this act. in WHICH the state
~ anv ri it, officers or agents shall be sirties,
shall be conducted under the diTecuon anu sn'
neryision of the attorney general.
SECTION 10 Copies OF all records ana pap !
IN The Office OF the bank commissioner. certified
By him, and authenticated ny MS Sedi % nd II
shall be evidence In all cases, eqnaly anu vi
ike effect as the original
SEcTIoN H. During the month OF December
If each YEAR the bank commissioner shati maze
or ann,ai report TO the governor OF the state
rhich report Shall be published and shall sx-
hibit the condition Of the various banks OF TINS
state. a. OF the day OF the last report made e
-. h.rt corruuissioner hy such banks lAud suen