Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-12
REVISION OF THE BANK.
iNG Avn

md pierce.
REVISION OF THE BANK
ING LAW.
NOTICE is FURTHER GIVEN that at said
general election the following proposition is TO
be submitted to the people in pursuance of the
requirements of Chapter 303 of the laws OF 1897,
which chapter reads as follows:
CHAPTER 3o3, 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 assembly, DO enact as J0tl0uS:
CHAPTER l.
BANKING DEPARTMENT.
SECTION /. There is hereby established In this
state a banking department which sb ii have
charge of the execution OF the laws Iviating to
banks and the banking business in this state.
Such department shall be designated as the state
banking department, and shall be under the
management and control of a chief officer, who
shall be called the bank commissioner.
SECTION 2. The bank commissioner shall 30
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 twothirds of the men,
bers OF the senate. He may appoint depdty,
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 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 Il Nusand dollars per annum. 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
eyer, to exceed that 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 voucher counters gned by the secretary
OF state. Vouchers for the deputy aud clerks
salaries must DO first approved ty the bank COM
missioner. All actual and necessary travelling
expenses ct said bank commissioner, deputy or
clerks incurred in the discharge If their Duties,
shall be fullyitemized upon proper vouchers and
certified In the order indicated for The salaries,
and presented to the secretary of state. II al
lowed, tho secretary OF state shall countersigp
them. The state treasurer shall upon the pro-
sentation of vouchers SO allowed and eonnter'
signed pay the amount of such expense. Within
fifteen days from the notice OF their appoint.
ment, respectively, the bank commissioners aud
his deputy shall take and subscribe the oath o.
office, prescri bed by the constitution, and tils
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 "a
the penal sum OF twenty-five thousand dollars,
with two or more sureties, or a surety company,
to be approved by the state treasurer, condi.
toned for the ia hful discharge Of the duties
of their Respective offices There shall be assigned
to said bank commissioner suitable rooms in the
state capitoffor conducting the business OF said
department.
SECTION g. The bank commissioner shall de:
wise seal for the use Of his office which shall
description of the seal, with an impression there
Of, shall be filed in the office Of the secretary OF
state.
SECTION 4. 1t shall be the duty of I've banA
commissioner, and he shall have the lower by
himself, his deputy, or by any examiner he may
appoint for that purpose, to examine, ct LEAST
once in each year, the cash. bills, collaterals,
securities, books of account, condition and at,
fairs OF each bank, savings association and PR,
Vate bank doing business In this STATE. For that
purpose he may examine on oath any OF the
officers owners, agents, CLERKS, customers ar de-
positors thereof, touching the affairs and bust
hess of such institution. The bank commissioners
shall examine, or cqqse TO be examined, any
bank when requested by the board of directors
of such bank. The bank commissioner shall
also ascertain whethsr 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 commissioner, deputy OF
examiner shall examine bank in WHICH be 's
interested as stakeholder, officer, employee ~
otherwise. No bank commissioner. deputy or
examiner shall examine bank located in the
which he Is Interested as stakeholder, officer,
employee or otherwise. Tho 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 examinations, except SO far as
the public duty of such officer requires him to
report upon, or take kpeCtdl dcItOu PSBdEuIuH
the affairs OF any bank. If any bank commits.
sioner, deputy, examiner or clerk 10 such depart;
ment, shall disclose the name Of any debtor OF
any bank, or anything relative TO the private
accounts or transactions of such bank, or shall
disclose any fact obtained In the course OF his
examination OF any bank, except as herein pro-
vided, he shall be subject. upon conviction
thereof, to forfeiture of his office, and to the
payment of fine o. 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
such fine and imprisonment;
SECTION 9. Whenever 1t shall appear from the
rel TT of any bark or the bank commissioner
shall have reason % peeye, that tio capa,a 10, n1
amount required by aw, it shall be ire duty OF
tho bank commissioner. and he si.ali liayp tila
RoWef an 10 n case be s shall ind such Impairment
or reduction of capital. to require such bank TO
make good the deficiency so appearing II any
bank shall refuse or FAN Tor ninety gays aIter
written notice to make good the deficiency SO
appearing or found to exist, IL shall DC the uuty
OF the bank commissioner, with the approval q
the attorney general TO INSTITUTE e %
wind up its business. In any case, where the
canitai OF a bank shall have become impaired
or reduced below the aInountreq by law,
the board of directors Of such bank shall have
the power to make 0 pro rata Assessment upon
ali I the stock of said bank to make good such
de eney, and may provide fnat te ev 4hiSp at
time to be fixed by such board Of directors, WHICH
time shall be not less than ten days after notics
of said assessment; and II any stoekhQlsleF sil4t
fail or neglect 10 pay the amount or the 4ssess+
n,ent against his stock. for ten days after tns
same shall havs become so due and payable, the
directors of such bank may offer said stock for
sale, and sell the same at public sale upon fsn
notice OF sale In five public places In the village
or city whore such bank is located, Upon SUCH
sale the purchaser shall forthwith pay the
Tie amount received from the sals OF said stock,
less the cost and expepse Of such sale, shall be
paid to the original owner OF sueh stock,
SECTION 7. On becoming satisfied thas any
bank has refused to pay It's depositoFe, In &C
cordance with the terms on which sneh deposits
we're received. or that any bank has become N
solvent or that its apital has become impaired,
or that any bank has Violated any OF the pro
visions of this law the bank commissioner may
forth with take possession OF the books, records
and assets OF every description OF such oank.
and hold the same, and such books records ana
assets shall not be subiec. TO any levtes or at
tachments. until court OF competent Jurisdic-
tion can be applied to for the appointment OF
receiver ioF slsk hank, who, under the direction
of the court, shall taks passsssicE 2t the bosas,
records and assets of every description, sJAeet
ali debts dues and claims aud sell or e0mpsaga
ali doubtful debts and sell ell real aud Personal
property on such terms as the CT 4 shall otrsct
and il necessary, enforce the Individual haoilty
OF stock holders. Such receiver shal pay osss
all money BIS him received under the order OF
the court, and shall also make report 70 tue
hank commissioner, as often as Required % Islas
OF his acfS ana HfOCtsuthbS..
SECTION g. In the event that any TWO nanks
shall be doing business in the same bniialng.
upon the same soor, and 10 such close proxs niIy
as 10 interfere with the paper examination OF
eithar bank the bank commissioner snap 5sssaire
sithar 81 said banks To remove its bar king Office
10 some other location, Within such reasona Ole
lime as may be fixed By thu bank commissioner
SECTIONS !. Al proceedings b any bank to
.nioin the bank commisFioEeI ~ the discharge
on his duties. shall he had in ire county who're
said bank is located. or in the ssrene court 2,
tbis state ALI suits and proceed ings arising out
~ the provisions OF this act. 10 WHICH the state
or any on its officers or agents, shall PC Rlrties
shall be conducted under fhe 9tFscflop aua 81
raryisson OF the attorney geneFSi.
SECTION 10. Copies of al records sfaa p9 neFs
In the offics of the bank comm sstoleE, crEdliEd
by him, and authenticated ey bis seak Of Gthee
shall be evidence In all gases, eauaAF am az
like effect as the original
sEcTIos H. During ths month OF DeeeHaoef
~ each YEAR the bank commissioners shail make
an annual report 70 the governor q The state
which report shall be published and shai sy'
hihit the condition OF the various banks OF this
ssafe a. 81 the day of the last report made %
Is bank conmissipner b. such banks and sosa