Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-08-17
REVISION OF THE BANK.
ING Avn.

KEViSlON Or HE BANK
ING LAW.
NOTICE is FURTHER GIVEN, that at said
general election the following proposition is to
be admitted to the people in pursuance of tho
requirements of Chapter 303, of the laws ot 1897,
which chapter reads as follows!
CHAPTER 300, 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 aeses':ety do enact no to.Lc'ns;
CHAPTER l.
BANKING DEPARTMENT..
SECTION L. There is hereby established In this
state a banking department, which shall have
charge of the execution of tho laws relating to
banks and the banking busilc So In this state
Such department shall be designated as the state
banking department, and shall be tndeT the
management and control OF q chief officer, who
shall be called the bank commissioner.
SECTION 2. 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
and with he e Of os o 81 IT, anu
bers of the senate HS may appoint deputy,
end revoke such appointment at pleasure Such
oPs to AZ sad bp t6s
missioner during vacancy in such office, and
during the absence or inability. of his principal.
time to @e sach oeras e ASST KIN &xnd Rs
deputy. In the discharge OF the several duties
imposed Upon hiIn by this act, as he shall find
necsssarG 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 at such rate per ahphrn as
the bank commissioner shail decide, not, how
ever, to exceed that bf the deputies and clerks
Of the skvetA state departments. The salaries
q the bank commissioner, deputy and clerks
shall be paid monthly by the state treasurer,
upon voucher countersgned by the secretary
of state. Vnuchars for fha NIL rlarlci
salaries must DO first approved by fh6 bank com
missioner. All actual Gnd 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 tie salaries,
and presented to the secretary of state, II az
lowed, the secretary OF state shall couptersigh
them. The state treasurer shall, upon the pre-
sentation of vouchers. 30 allowed and counter
Ftgned, pay tho amount of such expense. Within
hfteen days from the notice of their appoint
Erent, 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 d surety company,
to be approved by the state treasurer, coudi-
tioned for the faithful discharge of the duties
of their respective offices. There shall be assigned
to said bank comm issioner suita BILE rooms In the
state capitol for conducting the business of said
depa rtneHt.
SECff0N B. The bank commissioner shall de,
wise 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 In tae Office OF the secretary of
state.
SECTION 4. 1t shall be the duty Of the bank
commissioner. and he shall have tho 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 prl-
waite ban doing business ih this state. For that
purpose he may examine on oath any OF the
officers, owners, agents, clerks, customers or de-
positofs thereof, touching the affairs and bush
hess of such institution. The bank commissioner
bank whom requested by the board of direc; ors
of such bank. The bank commissioner shall
also ascertain whether such bank traDsacts 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, Ieputy or
examiner shall examine bank located in the
same, village, city or county with any bank in
employees or otherwise The bank commissioner,
deputy, and every clerk in his department, and
examiner, shall be bound by oath TO keep secret
all Of thu facts and information obtained 10 the
course os such examinations, except so far as
the public duty of such officer requires him TO
report upon, or take special cotton regarding
Tue affairs OF any bank If any bank commits
sioner, deputy, examiner or clerk in such depart
ment, shall disclose the name of any debtor of
any bank, or anything relative 10 the private
accounts or transactions Of such bank, Or Shali
disclose any fact obtained In tho course of bis
examination OF an bank, except as herein pro-
yided, be 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
Sps no ssd It shall from the
rel ,rt of any bank, or the bank commissioner
shall have reason to believe, that the capital OF
any bank is impaired or reduced below tho
amount required by law, it shall be the duty OF
the bank commissioner, and he shall have the
power, to examine such bank to ascertain the
or reduction OF capital, to require snch bank to
make good the deficiency 50 appearing Ii any
bank shall refuse or fail for ninety days after
written notice to make FOOD the defciency SO
OF the bank commissioner with the approval GS
the attorney general, to institute proceedings Tor
the appointment OF receiver OF saia PANE nc 20
capital of bank shall have become impaired
or reduced below the amount required by law,
tho board of directors OF such bank shali nave
the power TO maze pro rata assessment upon
ALI IL the stock of said bank to make good such
de iency, and may provide that tae amount OF
SUCH deficiency shall be due aud payable at 2
time to be fixed by such board OF directors, which
time shall be not less than ten days after notice
Of said assessment; and IL any stockholder shaL
fail or neglect to pay the amount OF the assess
ment against his STOCK LOT teh uaSs ai'e' "
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 s2te upon ten
days notice to be given by posting copies of
notice of sale ~, i've public places In the village
or city where such bank is located. Upon such
sale the purchaser shall forthwith pay tbs
amount of the assessment against. said stock
The amount received from the sale of saio stock
less tire cost and expense of such sale, shall be
paid to the original owner OF such stock.
SECTION 7. On becoming satisfied that any
bank has refused to pay its depositors, IN &C
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 or tho pro
visions OF this law, the bank commissioner may
forthwith take possession of the books. records
and assets of every description of such oank;
and hold the same, ard such books, records ana
assets shall not be subject to any levies or at
tachments, until court of competent lurlsdic-
,tion can be applied to for the appointment o.
receiver for such bank, who, under the direction
Of the court, shall take possession of the books,
records and assets OF every description, colect
all debts, dues aud claims, aud sell OF cenpound
al. aou btfu debts and sell all real aud peTsoual
property on such terms the court shall direct.
and II necessary enforce the individual liability
of stockholders. Such receiver SHAH pay over
all money by him received under the order OF
the court and shall also make report to the
bank commissioners, as often as required by HIM,
OF his acts and proceedings.
SECTION D. An ttt event tItdI any IVY
shall be doing business in the same building,
upon the same floor, and in such close proximity
as to interfere with the proper examination OF
either bank, the bank commissioner may require
either OF said banks to remove its banking office
TO some other location, within such reasonable
time as may be fixed by the bank commissioner
SECTION D. All proceedings By any bank to
enjnin tha bank commissioner 10 the discharge
OF his ginties 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
% in
or any of It's officers or agents, shall be slrties,
shall be conducted under the direction and sn-
ueryision of the attorney general
SrcrroS I0 Copies OF all records and papers
in the Office of the bank commissioner, certified
81 him. and authenticated by his seal OF ONCE.
shall be evidence in all cases, equally aau ot
like effect as the original
SECTION IL During the month OF December
of each year the bank commissioner SHAH ms 20
an annual report 10 the governor q the safe
which report shall ba published and shaI 81.
hibit ths condition OF the various banks ff TINS
state, az OF tbs DAY Of the last report n ace g
tbs bank snmmissiensr ny snab banks sfas sasa