Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-29
CHAPTER 3o3, LAWS 1897


be submitted TO the people in pursuance of the
requirements of Chapter BOB, of the laws OF 1897,
which chapter reads as follows:
CHAPTER 3o3, LAWS 1897.
AN ACT to revise the laws authorizing the bust
of banking.
The pcop?co Of the state of WISCONSIN represented
tlt senate and assembly, do enact as JottOUS;
CHAPTER l.
BANKING DEPARTMENT.
SECTION 1. There is hereby established in this
state a banking department, which shall have
charge OF tine execution of the laws relating tu
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 chief officer who
shall be called the bank commissioner.
SECTION ,. The bank commissioner shall be
appointed by the governor, by ana 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, and by
and with the consent of two-thirds of the mem
bers of tho senate. He may appoint a deputy
aud revoke such appointment at pleasure. Such
deputy shall possess Ill 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
me hank 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 hc shall find
necessary. The salary Of the bank commissioner
shall be three thousand dollars per auuum. The
salary Oi the deputy and such clerks as may be
II
the bank commissioner shall decide, not, how
ever, to exceed that of tIir deputies and clerks
of tho several state departments. The salaries
Of tho bank commissioner, deputy and clerks
shall be paid monthly by the state treasurer,
npOn a voucher countcrsGncd by the secretary
of state Vouchers for the deputy and clerks
salaries must DE first approved 10y the bank COM
missioner. All actual aud necessary travelling
expenses oi said bank commissioner, deputy or
clerks, incurred III the discharge of their duties,
shall be fully ltemlzed upon proper vouchers and
certified III the order Indicated for the salaries,
and presented to the secretary OF state. If al
lowed, the secretary of state shalt countersign
them The state treasurer shall. upon the pTe-
SrntatIon 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 commissioner and
his deputy shall take and subscribe the Oath of
Office. prescribed by the constitution, and file
tle 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 SuretipS, or a surety company,
% be approved by the state treasurer, C0ndi-
t, med for the faithful discharge of the duties
oft 'eir respective offices There shall he assigned
to IA d bank commissioner suitable rooms in the
-tatn 1pitol for conducting the business of said
denartn. @ht.
SECTION 3. The bank commissioner shall de-
wise a seal COR the use of his office which shall
continue to 10 the seal Of said department, A
description OF the seal, with an impression there
Of shall be file, in the Office of the secretary Of
SECTION 4. 1t 'hall 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 pun pose, to examine, at least
once in each year, tho cash, bills, collaterals,
securities, books of account, condition and af
fairs of each bank, savings asSoclation and PR.
waite bank doing business in this state. For that
purpnse he may examine on oath any of tho
Officers owners, agents. clerks, customers or de-
p0sitors Thereof touching the affairs and busi
:, IS of such institution. The bank commissioner
81 II examine or cause to be examined, any
IN, l. when requested by the board of directors
l. Il han 90 lamar Sl1
oiso ~ ertain whether such bank transacts its
bnSinoNs at the place designated in tho articles
of incorp 'ration, and whether its, business is
condTcted in the manner prescribed by law.
SECTTCx No bank commissioner, deputy or
cyominrr sb. II examine a bank in which he is
intnrnstod as stakeholder, officer employee
ntHnrTeo No bank commissioner deputy or
cxaminer shall examine bank located in tho
same village city or county with any bank IN
,.h;.h ~ = traitor 'Sted stOckhOlder, officer,
nv =, tp,.r, jso Tho bank commissioner,
lnttrtT o,,d rvc7,yy @ ERIK in his department, and
examiner shall be- aoo md by oath to keep secret
all of the acts and 1nf. s f .e
I ho public duty of such olIlcer requires ulin 10
report upoa or take Staec. al actlo'. resarnlnS
the affairs Of AIRY bank a." ar in scb Gnnarf.
mcnt, shall discl,Sc the Efant OF any ueotor Oh
any bank or any, hing RELATIVE 70 tne prlIatSG
accounts or trausat tions Of such oduh' OF ShatI
disclose any fact ob aimed in She course OF his
examination OF any bank except az hetell pro
w7rcd, he shall be subject upon cohVlctioh
tutrCrPOt, to forfeiture OF MS ounce, an ~ 80
prw;nent of fine OF not less than one Eunu'en
fOGnaSS nor more than one thousand collars or
.upriSonmenti ia the st are prison not less ihan
- months nor more than two years. OF 10 po'h
sSuct' fine and Imprisonment;
Sc YFIoN 6. Whenever it shall appeariron mo
,rcpor. OF any bank, or the bank commissioner
shall L,yc reason to believe. that the capitai OF
tany bank is impaired or reduced below the
amount required by law, 1T shall be the DUTY OF
tthe bank commissioner, and he shall nave we we
toower to examine such bank to ascertain me
II, cts ard in case he shall find such impairment
a. reduction of capital, to- require Such Dank TO
rtESn good ne deficiency so appearing. Ii any
u II shnII rrfIse or fail for ninety days after
WI ten notice to make good the CencteHcy 50
opo airing or found to exist, 1t shall be the uuty
~ H. hank commissioner, with the approval OF
,hca ,rney general, TO institute proceedings for
Tho ann, Nirtmcnt of Il receiver OF sahd oank 20
wind IN is Business II any case, WheLe Il'g
,canitaI III bank shan have become 1hipdheu
~ trnSncnd J,elON the amount required oy law,
H. bnar ~ rec4orS of such bank shall have
rho mower to ual g pro rata assessment upop
all of the stock of an o4lih 10 hahe 5000 Of
Snfciencv and may T0Side that the amount OF
,,.E daSc;onct SLoIlt dne aud payable at a
49, Wv o So 5I oaFi OF directors, which
|tme shall be not less than ~ s4acl,bnIdar sba II
tef said assessment; and if a SnsF Of fba assess.
fail or neglect to pay the amc = davs after tho
rNsut against his stock, for tie. - SsauabIn tbe
@me shall have become so due all ID stock for
q 'rectoTs of such bank may offer 81, s,non ton
ga ., and sell the same at public sale npy,ias Of
day notice, to be given by posting PHI piSis 90
nofic, 'of sale in five public places in the sneb
Sho
= 80 - purchaser shall forthwith pay 10
,naornt ~ # the assessment against said stock
~ 49,. It received from the sale of said stock,
lne dm.ouL and expense of such SALE shall be
80 ~ 4 SoS -lginal owner of such stock.
So 500 ~ Iile o. On becoming satisfied that any
80 Ion ION :: d to pay its depoSitorS, in
ord Io 1G.Is. terms ON which such deposits
go o,.o,Lce WIN IL h at any bank has become in
olyent, or that itsc IA T;oIated any of the orc
r that any bank h IS hank commissioner nav
lslons of this law til, : : IF the hooks racords
orthwIth take possess % .;pt;on If sncb hanl
nd assets of every de SEA hoolrS recordS and
nd hold the same, and sue 70 anvIevies or At
ssets shall not be SUI 1jecl onnetentsiurisaic.
achments, until cour t OF Z apDointinent of a
ion can beapplied to t, or the 1erthetdirection
ecelver forfsuch bank, W no, IN ontof the books
# the court, &ShaletakeSI osseSst r;ption collect.
ecords and assets of eve ny desc. For,comnound
IL debts, dues and claims .and Sc taSand nersonal
IL doubtful debts. and sci auFea .eesh 81 direct
property on suchsterms as thec0ut nnIIiah ility
nd If necessary, enforce ii he lholN vi navaoper
f stockholders. Such srec ever sn . sMordars of
IL rnoneyby him, received sUnaer s.n, to the
mg Gour[, anu sia Iaafox s neduiref By him,
# his acts and proceedings. - .,ro2 han KS
SECTION s. 1n.the event t. ~ elip = nj inc
hall be doing business in ia3 s;liIS - xirni FL
pon the same floor ard inst h4A eloss on Of
S to interfere with the prop ,rDranmf.,o
ither bank, the banksc ommis soh9 j n otf;ce
ither of said banks to remQys