Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-06
CHAPTER BOB, LAWS 1897.

| CHAPTER 3O3, LAWS 1897.
An Act to revise the laws authorizing the
business of banking.
The people OF The state OF Wisconsin. repre-
scented in senate and assembly, do
enact as follows:
CHAPTER l.
BANKING DEPARTMENT.
Section /. 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 man
agement and control of a chief officer, who
shall be called the bank commissioner.
Section 2 The bank commissioner shall
be appointed by the governor. by and with
the advice and consent of the senate, and
shall hold his office for the term OF five
years, unless sooner removed by the gov
ernor, for good cause, and by and with the
consent of two-thirds OF the members OF
the senate. He may appoint a deputy, and
revoke such appointment at pleasure
Such deputy shall possess all powers, and
perform the duties attached to the office
OF the bank commissioner during a 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 annum. The salary Of the dep
uty 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 of the bank commissioner, dep
uty and clerks snail 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 trav-
cling 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. If allowed, the sec
rotary of state shall counterslgu 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
missioner and his deputy shall take and
subscribe the oath of Office, prescribed by
the constitution, and file the same In the Of,
flee 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 a
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 tho
state capitol for conducting the business OF
said department.
D.
devise seal for the use of his office which
shall continue to be the seal of said de-
partment. A description Of the seal, with
an impression thereof, 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 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
oVtngS "A association and nTiydtp hank
doing business in this state. For that
purpose he may examine on oath any OF
the officers owners agents. clerks, Gus
toners or depositors thereof. touching the
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 shall also
ascertain whether such bank transacts It's
business at the place designated in the art
icles of Incorporation, and whether its busi-
ness is conducted in the manner prescribed
by law.
or examiner shall examine a bank In which
he is interested as stakeholder officer. en-
ployee or otherwise. No bank commission
err, deputy or examiner shali examine
bank located in the same village, city or
county with any bank In which he Is In
terested as stockholder. 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 eNanina-
tons 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 commissioner, dep
uty examiner or clerk in such department.
shall disclose the name OF any debtor or
any bank or anything relative to the prl-
waite accounts or transactions or SuCh BANK,
or shall disclose any fact obtained IN the
course of his examination Of any bank, ex-
cept as herein provided, he shan be SUB
iett. upon conviction thereof. TO forfeiture
of his office, and to the payment OF me
of not less than one hundred doiiars nor
more than one thousand dollars, or lmpris-
onment in the state prison not less INA. =,
six months nor more tnan rwo ye'''' u "
Section g. Whenever it shall appear from
the report of any bank, or the oSnk com.
missioner shall have reason 10 pelleEe' that
the capital of any bank Is impaired or re-
duced below the amount required uy law
in shall be the duty OF the bank commits
sioner. and ne shall have the power to eN-
amino such bank 20 ascertain the facts,
and in case he shah find such impairment
or reduction Of capital, 70 require suCH
bank TO make good the dChceAcE . ~,
nearing If any bank shall refuse or IAN
fnr ninety days after written notice 70
make good the deficiency SO alp-Hi ~
found 10 exist, 1t shall be the duty OF ths
hank commissioner. with the apPIoFa g'
tbs attorney general. 70 institute proceed.
inps for the appointment OF a receiver ~
safd bank to wind up its business. In any
case where the capital OF a oanA snati
haye become impaired or reduced below
the amount required by law, the BOARD OF
S{raS,ors Of such bank shall have the pow
or 10 make a pro rata assessment upon az
OF the stock OF said bank TO maze sooa
such deficiency, and may provide that ths
amount Of such deficiency shall be due ani
navable at time TO be fixed ~ such
hoard OF directors, which time shall ps nor
loss than ten days after notice OF said IS
.essment. and II any stakeholder shan TAN
or neglect 10 pay the amount OF the as
sexsnent against his stock, Tor zen 49,
stter The same shall have become 20 oo'