Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-08-25
REVISION OF TIE BANK
iMG kNt

ING LAW.
NOTICE IS FURTHER GIVEN. that at said
general election the following proposition l. L"
be submitted TO the people in pursuance Of the
requirements Of Chapter @O3, of the law ol lSJ',
which chapter reads a. follows:
CHAPTER sos, LAWS 1897.
An ACT to revise the laws authorizing the bust
ness of banking.
IHc pcOp3c Of the state Of Wisconsin, represented
l3t senate and assembly. do "RGct as tOtLOiCS:
CHAPTER l.
Banning DEPARTMENT.
SECTION J. There is hereby established in this
state q banking departments which shall nave
charge of tine execution of the laws relating 10
banks and the banking business in this state.
Such department shall he DESIGNATED as the state
banking departments and shall be under the
management and control of II chief officer, who
shall be called the bank commissioner.
SECTION 2 The bank commissioner shall be
appointed by the governor, by and with the al
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 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 a vacancy in such office, and
during the absence or inability of his principal.
The bank commissioners 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, he shall find
necessary. The salary of the bank commissioner
shall be three thousand dollars per annum. The
salary Of the deputy and such clerks rs may be
employed, shall be at such rate per annum as
the bank commissioner shall decide not how
ever, to exceed thai Of the deputies and clerks
OF the several state departments. The salaries
of the bank commissioner, deputy and clerks
shall be paid monthly by the state treasurer,
upon Voncher cOunterSlgncd by the secretary
Of state. Vouchers for the deputy and clerks
salaries must be first approved 10y 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 .lIy ltcmiZcd upon proper vouchers and
rrtlicd III the order indicated for the salaries,
aud presented to the secretary Of state. If al
lowed, the secretary OF state shall COunteTSlgn
them. The state treasurer SHALL. unou the pre-
S.|'atlon OF vouchers 50 allowed and cogute"-
st-ncd. Tay the amount OF such EXPENSE. NitAin
fifteen days from the notice Of their appoint
!HrHt, respectively, tho bank commissioner amt
his deputy shall take aud subscribe the oath Of
olico, prescribed by the constitution and file
tha sam" in the office of the secretary OF state.
The said bank commissioner and iSd"puty shall
each give to the people of this state bond ia
the penal sum Of twenty-five Thousand dollars,
wan two or more sureties, or surety company,
80 be a"proycd by the state treasurer, condL-
TONED for the faithful discharge uf the duties
of tbclrrcsI"cI offices. There shall be assigned
u,ald bank commissioner suitable rooms IN tie
.tie rlpltul for conducting the business OF Sn!a
Er"artaCEt.
SECTION B The bank commissioner shall de-
wise q seal Tor Tie use Of his Office, which shall
CpHtluEa 10 Dn the seal Of said department. 4
Ccscrpt ion of the ai,wj'h an impression there.
Of shall be He'd III the Office of the secretary of
state.
SECTION 4. Itehan be the duty Of the banl,
commissioner. and he shall have the power by
hiinSct, hl- deputy, or by any examiner lie may
appoint lor raaJ purpose, f. examine, at least
ohcH ~ each }cI|, the cash. bills, CoiiateralS,
securities, books OF account, condition and af-
lars on each Bank, savings association and prI-
fate Gant dong busiIoSSln this state. For that
purpose ne may exam Inc on oath any of the
officers, owners, agents clerks, en- >tcners or de-
pOst0rs thcrcot, touCniu.. the affairs and busi-
tt han sf,g
ShaiI examine, or cause to be examined, any
bank when requested by the board OF directors
Of such bank. Tho bank commissioner shall
also ascertain whether such bank transacts IFS
business at the place designated in the articles
~ INC 1rp3ratI1n and whether its business Is
CniducteG III the manner prescribed by law.
SECTION >. NO bank commissioner, deputy or
examiner shall examine a bank IL which he is
interested as stakeholder. officer employee or
otherwise. No bank commissioner. deputy or
examiner shall cEamln" Il bank located in the
same village, city or county with any bank in
which ne Is interested rs Stockholders. officer,
employee or otherwise The bank commissioner,
deputy, and cycrT clerk in his department, and
eXainucr Ss!aIl be bound by oath to keep secret
ell "t Ile facts and information obtained in the
course of such examinations, except 50 far as
the public duty of such officer requires him to
report upon, or take special action REGARDING
tie affairs Of any bank. IF any bank commits
Nioncr, deputy. examiner or clar! in such depart
mcnt. shall disclose the name Of any debtor of
auy bank, or anything relative to the private
accounts or transactions OF such bank, or shall
disclose any fact obtained in the course of his
rXamInatlon OF any bank, except rs herein pro-
Fidcd, ho shall be subject, upon conviction
tacrcof, to forfeiture of his office and 10 the
Payment of a fine OF not less than one hundred
dollars nor more than one thousand dollars. or
imprlSonm Mt In the state prison not loss than
~lX months nor more than two years, or to bu,H
such fine and Imprisonment.
SECTION 8. Whenever it shall appear from tie
report ot any bank, or the bank commissioner
shall have reason to believe, that the capital of
any bank Is impaired or reduced below the
amount required by law, 1t shall be The duty Of
the bank commissioner, and he shall have the
power, 70 examine such bank to aScCrta in the
facts. and in case he shall find such Impairment
or reduction Of capital, to require such bank to
make good the deficiency 50 appearing If any
bank shall refuse or fan for ninety days after
written notice to make good the deficiency 50
appearing or found 70 exist, it shall be tie duty
oi the bank commissioner, with the approval of
tic attorney general, to institute proceedings for
Hie appotntment OF Il receiver of said bank to
wind up its business. In any case. whore the
capital of Il bank shall have become impaired
or reduced below al. amount required by law,
tho board of directors of such bank shall have
the power to make pro rata assessment UPON
MI Vt the stock of said bank to make good such
&"5clCncy, and may provide that the amount of
tnch deficiency shall be due and payable at
(,usc to be fixed by such board of directors which
time shall be not less than ten days after notice
9 SAID assessment. and If any St0c kholderShali
tan or neglect to pay the amount of the assess.
inent against his stock, for ten days after the
same shall have become 50 due and payable the
directors of such bank may offer said stock for
sale ana sell the same at public sale upon ten
DAYS notice. to be given by posting copies of
aotlce OF sale IN HY9 publlc places In the village
or city where such bank is located. Upon such
sale the 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 sale, shall be
pad to the original owner of such stock.
SECTION I. On becoming satisfied that any
bank has refused to pay its depositors in ac-
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 of the pro-
visions of this law, the bank commissioner may
forthwith take possession of the books. records
md assets OF every description of such bank,
: nd hold the same, and such books, records and
sets shall not be subject to anyslevies' or, at
$ hmentS, until court ofcompeteDtS 1 uriSCiC-
can be applied TO for the,appointm6nt of a
FOR such bank, who, underthesdirection
3 .shalEtake, possession of the books,
ION; cts Of every description, collect
'gS5 , = t,,,r, claims. and sell or compound
y tL.S s-I,-I5 a., sell all,real and personal
tG 5g ~ S1,@s ano the court shall direct,
. 4 9eus s.I Cebts anu 7divdual liability
-l,1 80. ~ Srch terms as shall paysover
ps9stIr. 1-s.aI.- en- force thea q order' Of
i1s ~ ". i A.. IlsrS Such receiver to the
~ On S. go, Nv him, received Uncer tn lin,
- - co,,~- and shall also make fellotE,
-. commissioner, as often as reqoiie~ ~
81 ,[1.'or = In the event that any t@o 3 }A9
I'LL b. doing business in tue same i'iT
$50 M same floor, and II Such c1oss = -5, ~
- i,f,.fcre witt. the proper eA'lt1a l1i,,a