Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-08-18
REVISION OF TIE BANK
INC | Eih,


NOTICE Is FURTHER GIVEN, that at said
general election the following proposition Is to
hc submitted TO the people III pursuance OF the
requirements Of Chapter BOB, of the laws o. 1871,
which chapter reads as follows:
CHAPTER sos, LAWS 1897.
An ACT to revise the laws authorizing the bust
ness of banking. --..,-.=..--,...
The people Of the state Of Wisconsin,, represented
NJ senate and assembly,, do enact as JOuOWS:
CHAPTER l.
BANKING DEPARTMENT.
SECTION l. There is hereby established in this
state banking department, hicl.s4a4l have
charge of the execution of the laws relating to
banks and the banking business in this state
Such department shall be DESIGNATED a. the state
banking department, and shall be under the
management and control of chief officer, who
shall be called the bank commissioner
SECTION :. The bank commissioners shall be
appointed by the governor, by ana with the adj
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,
and 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.
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 deputy and such clerks may be
employed, shall be a such 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, deputy and clerks
shall be paid monthly by the state treasurer,
upon Il voucher cOuntcrsigncd 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 ltemlZed upon proper vouchers and
certified in the order indicated for the salaries,
and presented to the secretary of state. If al
lowed, tho secretary of state shall countersign
them. The state treasurer shall. upon the pre-
Scntatlon of vouchers so allowed and counter
signed, pay the amount of such expense. Within
fifteen days from the notice of their appoint
ment, respectively, the bank COmmiSSOncr.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 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
GroartmCut.
SECTION 3 The bank commissioner shall de-
wise 4 seal for the use of his Office, which shall
continue to be the seal of said department A
description of the seal with an impression there;
Of shall be filed III the office of the secretary Of
state.
SECTION 4. 1t shall be the duty of tho 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 III each year, the cash, bills cOllaterals
securities, books of account, condition and aft
fairs of each bank, savings association and pri-
waite bank doing business in this state. For that
purpose he may examine oath any of tho
officers, owners, agents, clerks, customers de-
poSltors thereof, touching the affairs and bust
nesSof such institution. The bank commissioner
shall examine, or cause to be examined, any
bank whom 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 III the manner prescribed by law.
SECTION ,. No bank commissioner, deputy or
examiner shall examine bank in which he is
interested as StOckholdcr officer, employee or
otherwise. No bank commissioner, deputy or
examiner shall examine a bank located in the
same village, city or county with any bank in
which he Is interested as Stockholders, officer
employee or otherwise. The bank commissioner
deputy, and every clerk II his Department. and
examiner, shall he bound by oath to keep secret
all of the facts and information obtained in the
course Of such examinations, except 50 far as
In" public daty of such officer requires him to
report upon, or take special action regarding
the affairs of any bank If any bank commits
si0ucr deputy, examiner or clerk in such DEPART
mont, shall disclose the Ealuc of any debtor of
amy bank, or anything relative to the private
accounts or transactions of such bank. or shall
disclose any TACT obtained III the course of his
rXaHlnatIon of any bank, except as herein pro-
vldcd, ne shall be subject, upon conviction
thereof, to forfeiture of his office, and to tho
Iayment of fine of not less than one hundred
dollars nor more than one thousand dollars or
;mprlSoum mt in the state prison not less than
SIX months nor more than two years, or to both
such iinc and Imprisonment.
SECTION &. 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 he tho Inty of
the bank commissioner, and he shall have tho
poWer, 10 examine Sucn 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 appearing. If any
bank shall refuse fail for ninety days after
written notice to make good the deficiency so
appearing or found to exist. it shall be the duty
nf the bank commissioner with the approval of
The attorney general to Institute proceedings for
the appointment of a receiver of said bank to
wind mp 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 a pro rata assessment rn,,r,
al Of the stock of said bank to make good such
G'hctcncy and may provide that the amount of
EuCh deficiency shall be due aud payable at a
time to be fixed by such board of directors, which
time shall be not less than ten days after notice
efSald assessment; and if any stakeholder shall
iSlt or neglect to pay the amount of the assess.
r1ent against his stock, for ten days after the
same shall have become so due and paya bic tho
directors of such bank may offer said stock for
safe, 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
orclty, where such b nix is located. Upon such
sale the purchaser nail forthwith pay the
amount of the assessment against said stock.
The amouat received from the sale of said stock,
less the cost and expense of such sale, shall be
pad to the original owner of such stock.
SECTION !. On becoming satisfied that any
bank has refused to pay its depositors, in ac-
cordance with the terms on 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 NAV
forthwith tax possession of the books records
and assets of every description Of such bank,
ana hold the same, and such books. records and
assets shall not be subject to any,levies or IL
tachments, until court of competent jurisdic-
ton can be applied to for the appointment of q
receiver for such bank, who, under the direction
of the court shall take~possessiOn of the books,
all debts, dues and claims and sell or compound
all doubtful debts. and sell all real and personal
property On 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 court, and shall also make. report to the
bank commissioner, as often as required by him,
of his acts and proceedings.
SECTION g. In the event that any two banks
shall be doing business in the same building,
Npon the same floor, and in such close proximity
0s to interfere with the proper examination of
either bank. the bank commissioners require
either II said EalsG2 % LeG2E1 it, h2QkZ1- otica