Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-21
REVISION OF THE BANK
ING Avn

INO LAW.
NOTICE is FURTHER GIVEN, that at said
general election the following proposition is TO
be submitted to the people in pursuance of the
which chapter reads as follows;
CHAPTER 800, 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, 40 enact as JoLloWS;
CHAPTER l.
BANKING DEPARTMENT.
SECTION l. There is here by esta blished in this
state banking department which shall have
chaI 'e of the execution of the laws relating to
banks and the banking business in this state.
Such department shall be desgna ted as the state
banking department, and shall be under the
management and control of chief officer who
shall be called the bank commissioner
SECTION z 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, ard by
and with the consent of twothirds of the mem-
bers of the senate. lie 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
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
the bank commissioner shall decide not, how
ever to exec. that of the deputies and clerks
of the several state departments. The salaries
of the bank commissioner, deputy and clerks
shall De paid monthly by the state treasurer.
upon voucher countersigned by the secretary
of state. Vouchers for the deputy aud 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 countersgu
them. The state treasurer shall. upon the pre-
sentatton of vouchers so allowed aud counter
signed, pay the amount of such expense Within
fifteen days from the notice of their aprons
ment, respectit sly. 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 comm lssloner and his deputy shall
each give to the people of this state bond in
the penal sum of twenty-five thousand dollars,
with two more sureties, or a surety company,
to be approved by the state treasurer. eondi-
toned for the ia 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
SECTION 3. The bank commissioner shall de.
wise seal for the use of his office, which shall
continue to be Il seal of said department.. A
description of the seal, with an impression there
of shall be filed in the office of the secretary OF
state.
SECTION 4. 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, 10 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 he may examine on oath any OF the
officers. owners, agents. clerks, customers or de-
positors thereof, touching the affairs and busi-
hess of such institution. The bank commissioner
shall examine. or cause to be examined. any
bank when requested by the board of direct ors
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 Ne .s
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,
employee or otherwise The ban6 commissioner,
deputy, and every clerk in his O. partment, and
examiner, shall be bound by oath to 1eep 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 him to
report upon, or take special action regarding
the affairs OF any bank. If any bank commits
sioner, deputy, examiner or clerk "a such depart:
ment, shall disclose the name of any debtor OF
any bank. or anything relative to the private
disclose any fact obtained In The c.rrse or his
examination of any bank, except AS herein pro-
yided. he shall be subject upon conviction ION
payment of fine of not less than one hundred
dollars nor more than one thousand dollars OF
imprisonment In the state prison not less thap
six months nor more than two years. or TO ooth
such fine and imprisonment
SECTION g. Whenever 1t shall appear from the
rel ct of any bank, or the bank commissioner
shall have reason to believe that the capital of
any bank is impaired or reduce peloW ths
amount required by law, 1t shall be the duty or
the bank commissioner and ne sns aafS ,hs
facts, ard ia case he shall find such Impairment
or reduction of capital, to require such oanK 10
make goIi r rs or fail Tor ninety days after
written notice to make good the denclsncy SO
apnea ring or found to exist, IL shall he the dpty
of the bank commissioner wlth the apREosai. ~
the attornay general to institute proceedings Tor
the annoinEmsut of receiver of said bank 10
wind up It's business. In any case, where tne
eanital of bark shall have become impaired
or nadTced below the amount required hy law,
fhe board OF directors of such bank sRalt havs
the power to make pro rata assessment upon
ali II the stock of said bank 70 make good such
"A iency and may provide that tue amount o.
sncn deficiency shall be due aud payaole az 2
time tn be fixed by such board OF directors, Wnen
time shall be not less than ten days at5eF notlGE
of said assessment: and il any stoekhoideF shaL
fail or neglect to pay the amount OF the asses
ment against his stock, for ten DAYS aieeF tns
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 re village a
sale ths 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 sails, shall be
paid to the original owner 81 such stock.
SECTION J. On becoming satisfied that any
bank has refused to pay its depositorsy IN &C
sordanSs With the terms on which sucll deposits
we're received, OF that any bank has become in
solvent, or that itseapltal has becope impaired
or that any bank has violated aay OK the pro
visions OF this law, the bank comg. issionar may
forthwith take possession OF the cooks. records
and assets OF every description of such bank;
and hold thu same, and such books, recqrds ana
assets shall not be subject to any levies or at
tachmsnts. until court OF eompstent 1uFiseic
,tion can be applied 70 for the appoisntFleLt o.
of the court, shall take possession OF tbs eooks.
rec rls and assets of every description. colieet
an debts, dues and claims, and sell or compound
f;,ronerty oa sueh terms as the court snail dlrect
and if necessary snfOFce the individual liability
OF stockholders. Such rssslveT shSn pay over
The cosrt and shall also make report 10 tne
hank commissioner, as often es required oy Fam,
of his acts snd proceedings.
SEcTLoE &. In the event that any TWO Dahks
shall be doing BUSINESS in the same building,
ppon the same floor. and in such close proximity
as TO intsrfeEa with the proper -
sither of q ID banks TO remove ats banking once
10 some DINER location, within sueh reasqnapls
tina as uay be fixed by the bank commissioner.
SECTION 8. All proceedings b. any BANK 20
enioin the bank commissioners 10 ths discharge
"a his duties, shall he had In the county Ehsre
g ia bank Is located or in the supreme court OF
shis state ALI suits and proceedings arising oct
ef the provisions OF this act IN when the stare
or any OF It's officers or sgeats. shall oe sTiiss'
shalI be conducted under the direction and So
neryision OF the attorney general
SECTION TO- Copies OF all records ans pa psrs
"a ne Office OF the bank commissioner, certified
b. him, and authenticated by his seal Of once,
shall be- evidence In all casss, sqaally aud Oh
uka effect as the original.
~ aarh wear the bank commissioner shatl mske
an annual report TO the governor q tIe Slsts
which repnrt shall be- published and shail z.
hihit the onditic,n Of the various banks OF dis
sfate. a. Of the day OF the last report mede e
- bank commissioner b. snch banks sal sncs