Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-26
REVISION OF THE BANK
ING LAW.

REVISION OF THE BANK
ING LAW.
NOTICE Is FURTHER GIVEN, that at sale
general election the following proposition Is tc
be submitted to the people in pursuance of the
which chapter reads as follows:
CHAPTER 3o3, LAWS 1907.
AN ACT to revise the laws authorizing the bust
ness of banking.
The people Of the state Of Wisconsin, represented
IN senate and SseD1bly, 40 enact as Jotloscs'
CHAPTER
BANKING DEPARTMENT.
SECTION 1. There is hereby established in this
state banking department, which shall have
charge OF the execution of the laws relating &c
banks and the banking business in this state
Such department shall be designated &c the state
banking department, and shall be under the
management 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 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 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 COM
missioner during q vacancy in such office, and
during the absence 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 he shall find
necessary. The salary of the bank commissioner
shall be three thousand dollars perannum. The
salary of the deputy 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 tho 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 voucher couptersigued by the secretary
of state. Vouchers for the deputy and clerks
salaries must be first approved by the bank COM
missioner. All actual and necessary travelling
expenses of said bank commissioners, deputy OF
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. Il al
lowed the secretary &c stale shall countersign
them. The state treasurer shall upon the pre-
sentation of vor cheers so alloweJ and counter.
signed, pay the amount of such eg pense Within
fifteen days from the notice of their appoint
ment, Respectively, the bank commissioner and
his deputy snaH TIA Ike and subscribe the oath of
office, prescribed by the constit ltion, and file
the saye IN the office of the SECRETARY of state.
The said bank commissioner and h deputy shall
each give to the people of this stute bond in
the penal sum of twenty-five thousand dollars,
with two or more suTeties, or q surety company,
to be approved by tho state treasurer, condi-
toned for the fla 70 hful discharge of the duties
of their respective Offices There shall be assigned
to said bank commissioner BILE rooms in the
state capitol for conducting tho business of said
SECTION 8. The bank commissioner shall de.
wise seal for the use of his office, which shall
continue to be the seal Of said department. \
description of the seal witt an impression there
Of shall be fled in the office of the secretary OF
state.
SECTION 4. 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
on 80 in each year, 'he cash, bills, coilaterals,
securities, books of account, condition and af'
fairs of each bank, savings association and pri-
yate bank doing business in this state. For that
purpose he may examine on oath any of the
officers owners, agents, clerks, customers or de-
positors thereof, touching the affairs and bust
hess of such institution. The bank commissioners
shall examine, or cause to be examined, any
bank when requested by the board of diree ors
of such bank. The bank commissioner shall
also ascertain whether such bank transacts 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 comm issloner, deputy OF
examiner shall examine bank in which he is
interested as stakeholder, officer, employee or
otherwise. No bank commissioner, deputy or
examiner shall examine bank located in the
same village, city or county with any bank Ia
which he is interested as stockholder, officer,
employee or otherwise The bank commissioner,
deputy and every clerk 10 his department, ana
all of the facts and information obtained IN the
course of such examinations, except so far as
the public duty of such officer requires him to
report upon, or ia Ike special action regarding
the affairs Of any bank. If any bank commits
s.oner deputy examiner or clerk in such depart.
raent shall disclose the name of any debtor OF
any bank or anything relative to the private
accounts OF transactions of such bank, or shall
disclose any fact obtained in the course OF MS
Examination of any bank, exc apt as herein pro-
Vjded, be shall be subject, upon convleti3n
thereof, to forfeiture OF his office, and to the
payment of a 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
si1ch fine and imprisonment.
SECTION 6. Whenever 1t shall appear from the
raj TT of any bank, or the bank commissioner
shall ha va reason to believe, that the capital OF
any bank is impaired or reduced below the
amount aquired by law, 1t shall be the duty OF
tl.a bank commissioner, and he shan nave the
power to examine such bank 10 ascertain .n .s
facts ard in case he shall find such impairment
or reduction OF capital, to require such bank 20
make good the deficiency so appearing II any
Hank shall refuse or fail for ninety DAYS a1tei
written notice to mako good the deIciehcy p
NEARING or found to exist, it shall be the duty
~ the bank commissioner, with the appEosa' -
fha attorney general, to institute proceed!"c,
the appointment OF receiver ~ ga, ,Ibera tbe
canital of a bank shall have become impaired
nr reduced below the amount required 9y law
the board OF directors Of such eahk san ,ri
an Il the stock OF said bank 70 mahe Rooo seoi
Se iency, and may provide that TIE amount Q
euen deficiency shall pe Que Sna pei which
fins shall be not less than ten days after notlcI'
ri said assessment; and If any stockholueI 81 y
fail or neglect to pay the amount OF lile ass ~
,oent against his stock, for ten days after to
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 sale upen ten
day. notice to be given by posting copies OF
notice of sale in five public places in the village
81 city where such bank is located. Upon sueh
sale the purchaser shall forthwith pa the
amount OF the Assessment against said stock
The amount received from the sale Of said stock
lass the cost and expense Of such sale, shall be
paid TO the original owner Of such stock
SECTION I. On becoming satisfied thar any
eSnk has refused 70 pay rs deposte4rsl % a.
we're rsceired or that any bank has become IN
solvent or hat its capital has become impaired
OF that any bank has violated ebS os L.e Ely
visions of this law, the bank commissioners TnsS
forthwith take possession Of tho oooks, RECORDS
and assets of every description ~ sueh oahAii
and hold the same. and such books, Iecoros aii.i
assets shall not be subject TO any ieYies OF 81
gachmeuts until court Of competent lurlSuie
Sion can be applied 10 for the appolnfmenf q
Ssce;yer for such bank, who, undsF me dlfect5on
III the court shall take possession OF fhe BOOKS
Esaaords and assets Of every description. coileci
ali debts, dues and claims, and sci. OF eompounn
an doubtful debts and sell oil real aud paEsone
property OF such terms as 1ae eiil
81 stockholders. Such receiver shsil pay over
81 money b. him received under the oFuei "
zhe cOllrt, and shan also IHdhe s9Fottt, ~ 49,
bank cornmisss oner, as Otter as Feqotrsd ~ ttti
ef his aets and proceedings,
sErTToN & Ii the event that any Two PAM
shalI Dc doing business IN the same pallafils u.
unon the same Hoor, and 10 such close pfoxiinlt
ss 70 interfere with the proper examination q
sitter bank, the bank commissioner maY fe9s..E.
sither 81 said banks 70 remove its banking oiliee
- sSms other location, within such reasonao if
Eme IS MAJ be fixed By the bank comfnissao'nrr
SSEcrIoN 3. AL proceedings ~ any oank =
sn{rin tia bank commissioner IL the uischs.fLs
cfhis duties, shall be bad 10 the county x ilTr;
ia hsnt Il located or in the slpf@Ene court %
his state All suits and proceedlags i, afisils ~
nsft,a provisions of this act, IN WHICH te "a te
~ cf its officers or agents. shall oe glfsies
shan be conducted under me atsesttoa anu ~
Treryisiori OF the attorney -gsusFa4.
srSrIoS 10 Copies s !. records apa ~ s5sl
81 sIsa e,fSice OF the Jank comn esioner &c
Il ;,ivs ard authenticated BIZ hts seal Of once
sSaiI - syidsnce Ia all cases, equally ana 2
like effect az the Original 49,.
SEcTros II. During the nlonl - l IS ~ 81
~ each year the bank conraissle1e r g ~ - ;.
- anor,aI report 70 the governor 81 llae &c =
Ehlsh REPORT Shall be published and shAH Is
kibft the conditfLn OK the varioss Dans g !, ~
80. g al ths agy oS the last report made Z
- haak coznrissloney b sncA banks sana snes