Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-10-27
CHAPTER BOB, LAWS 1897.

y
1903, of the laws of 1897 which chapter reads
as follows:
CHAPTER BOB, LAWS 1897.
An Act to revise the laws authorizing the
business of banking.
The people OF the state OF Wisconsin, repre-
sented III senate and assembly, do
enact as follows:
CHAPTER l.
BANKING DEPARTMENT.
Section /. There is hereby established In
this state a banking department, which
shall have charge of the execution of the
laws relating to banks and the banking
shall be designated as the state banking
department. and shall be under the man
agement and control of 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 Ave
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 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
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 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 shall be paid monthly by
the state treasurer, upon voucher coun-
tersigned by the secretary of state Vouch-
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
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
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 ana his deputy shall
each give to the people of this state bond
in the penal sum of twenty-five thousand
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 the
state capitol for conducting the business OF
said department,
Section g. The bank commissioner shall
devise a 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 he filed in the
office of the secretary of state.
Section 1. 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,
to examine, at least once in each year, the
cash, bills. colaterals securities, books of
account, condition and affairs OF each
bank, savings association and private bank
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 its
business at the place designated in the art
icles of Incorporation, and whether its bust
ness is conducted In the manner prescribed
by law.
Section s. No bank commissioner. deputy
or examiner shall examine bank In which
he is interested as stockholder, officer. en-
ployee or otherwise, NO bank commission
er, deputy or examiner shall 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 eXamna-
tions, 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 commissioner dep
uty. examiner or clerk in such department.
shall disclose the name Of any debtor OF
any bank or anything relative to the pri-
yate accounts or transactions of such bank,
or shall disclose any fact obtained In the
course of his examination of any bank, eX-
cept as herein provided, he shall be sub
feet, 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 impris-
onment IN the state prison not less Than
both such fine and imprisonment.
Section 6. Whenever ii shall appear from
the report OF any bank, or the bank COM
missioner shall have reason 10 believe that
the capital of any bank is impaired or re-
duced below the amount required by law,
1t shall be the duty OF the bank commits
sioner and ne shall have the power. 70 ex-
anime such bank 70 ascertain the facts.
and In case he shall find such impairment
or reduction Of capital 10 require sucn
BAN TO make good the deficiency so ap-
pearing. II any bank shall refuse or ran
for ninety days after written notice 70
make good the deficiency so appearing or
found 10 exist. 1t shall be the duty OF the
bank commissioner with the approval OF
the attorney general. to institute proceed.
inss for the appointment OF receiver OF
said bank to wind up it business. IN any
case, where the capital Of a bank shall
have become impaired or reduced below
the amount required by law; the BOARD Ct
directors OF such bank shall have the pow
er ID make a pro rata assessment uron all
or the stock OF said bank 70 make gooi
such deficiency. and may proSiae that the
amount Of such deficiency SHALL hs 7ae and
nayaLle al 4 time to re fixed ny such
hoafsi OF directors, which time snail be not
less than ten days after notice III said AT
easement: and II any stockh1l5er shall fail
ar neglect to nay the amount Of the a.
sessment against hs stock: for ten days
after the same shall have become 50 dus