Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-22
CHAPTER 300, LAWS 1897.
An Act to revise the laws authorizing the
business Of banking.
The people Of the state of Wisconsin, repre-
sented in senate and assembly, do
enact as follows:


business Of banking.
The people Of the state OF Wisconsin, repre-
sented in senate and assembly, do
enact as follows:
CHAPTER I.
BANKING DEPARTMENT.
Section /. There is hereby established in
this state q banking department, which
shall have charge Of the execution Of the
business in this state. Such department
shall be designated as the state banking
department, and shall be under the man
agement and control of a 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 five
years, unless sooner removed by the gov
ernor, for good cause, and by and with the
the senate. He may appoint a 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
sence 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
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
barl- rnmmissioner shall decide, not how
ever, 10 exceed that Of the deputies and
clerks Of the several state departments.
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,
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 If allowed, the sec
ietary Of state shall counters1gn them. The
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
flee of the secretary of state. The said
bank commissioner and his deputy shal!
each give to the people OF this state ocnd
in the penal sum OF twenty-five thousand
dollars with two or more SUI ties or a
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 8. The bank commissioner shall
devise seal for the use Of his Office, which
shall continue, to be the seal OF said g d e,
partnent. A description Of the seal, with
an impression thereof shall be filed in the
office of the secretary of state.
Section 4 It shall p, be the s auty OF { me
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 affairs of e2cn
bank, savings association and private p3nh
doing business in this state; II For tha -
purpose he may examine on Cath 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-
Qtlested by the board Of directors OF such
ascertain whether such bank transacts its
business at the place designated in the art.
icles Of incorporation, ard " ether its bust
! ness is conducted In the manner prescribed
Section 5. No bank commissioner. deputy
or examiner shall examine g bank in Which
he is Interested as stockhiolder' othcer. 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 ali Of the facts and information
obtained in the course of such examina-
lions, except so far as the public duty OF
such officer. requires him to report upon, or
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-
vate 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
ject, 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 fmpris-
onment in the state prison not less than
six months nor more than two years, or TO
| bow ~,>of7 fna md i,>-'o> 80 -sfplat
.vcs. u g. " i-eucTt- il s44-li appear fro =
the report of any bank, or the bank com
missioner shall have reason TO believe, that
the capital of any bank is impaired or re-
it shall be the duty Of the bank commits
sioner and he shall have the power, to ex-
anime such bank to ascertain the facts,
and in case he shall find such impairment
bank to make good the deficiency SO APP
bearing If any bank shall refuse or fail
for ninety days after written notice to
make good the deficiency so appearing OF
found to exist, 1t shall be the duty OF the
bank commissioner. with the approval OF
the attorney general, to institute proceed
fngs for the appointment of receiver Of
said bank to wind up it's 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
Cira3tors Of such bank shall have the pow
er - make a pro rata assessment upon all
of the stock of said bank to make good
such deficiency, and may provide that the
amount of such deficiency shall be due and
payable at a time to be fixed by such
board of directors which time shall be not
less than ten days after notice of said as
sessment; and if any stockholder shall fail
or neglect to pay the amount OF the as
sessYnent against his stock, for ten days
after the same shall have become 50 due