Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-28
REVISION OF THE BANK
ING LAW.

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 305, 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 us Jottows:
CHAPTER l.
Banning DEPARTMENT.
SECTION J. There is hereby established in this
state banking department which shall have
charge of the execution of the laws relating 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 be
appointed by the governor, By and with the ad
his office for the term of five years, unless sooner
removed b. the governor, for good cause, and by
and with the consent of twothirds of the men,
bers of the senate. tie 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 tho bank commissioner
shall be three thousand dollars per annum. The
salary of the deputy and such clerks as may be
employed, shall be at such rate per annum
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, deputy and clerks
shall be paid monthly by the state treasurer,
upon voucher countersigned 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 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 al
lowed, the secretary Of state shall countersign
them. The state treasurer shah, upon the pre-
sentation of vouchers so allowed and counter
sgne'!, pay the amount of such expense. Within
fifteen days from the notice of their appoint
ment, respectively, the bank commissioner and
his deputy shall take and subscribe the oath Of
office, prescribed by the constitution, and file
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 IN
the penal sum of twenty-five thousand dollars,
with two or more suTeties, or a surety company,
to be approved by the state treasurer condi-
toned for the fa< hful discharge Of the duties
of their respective Offices There shall be assigned
TO said bank commissioner suitable rooms IN the
state capitol for conducting the business OF said
department.
SECTION 3. The bank commissioner shall de,
wise seal for the use of his office, which shall
continue to be the seal Of said department.
o
of, shall be fled in the office of the secretary Of
state.
SECTION 4. 1t shall be the duty of the banh
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, collaterals,
securities, books of account, condition and af
fairs of each bank, savings association and pri-
vate bank doing business in this state. For that
purpose he may examine on oath any of the
officers, owners, agents, clerks, customers or de-
postors thereof, touching the affairs and bust
hess of such institution. The bank commissioner
shall examine, or cause TO be examined, any
bank when requested by the board of directors
of such bank The bank comm ssioner shall
also ascertain whether such bank tra1sacts its
business at the place designated in the articles
of Incorporation, and whethor its business Is
conducted in the manner prescribed by law.
SECTION 5. No bank commissioner, deputy or
examiner shall examine bank in which he is
interested as stakeholder, officer, employee or
otherwise. No bank commissioner, deputy or
examiner shall examine a bank located IN the
same village, city or county with any bank IN
which he Is interested as stakeholder, officer
employee or otherwise The bank commissioner
deputy, and every clerk in his department, and
examiner, shall be bound by oath to neep secret
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 npon, or take special action regarding
the affairs of any bank. If any bank commits
sioner, deputy, examiner or clerk in 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 of not less than one hundred
dollars nor more than Thousand dollars or
imprisonment In the state prison not less tiian
six months nor more than two years, or to both
such fine and imprisonment.
SECTION 6. Whenever it shall appear from the
rel rt of any bank, or the bank commissioners
shall have reason to believe, that the capital OF
any bank is impaired reduced below the
amount required by law, 1t shall be the duty on
the bank commissioner, and he shall have the
power to examine such bank to ascertain the
facts and In case he shall find such impairment
reduction OF capital, to REQUIRE sueh od9R 10
bank shall refuse or fail for ninety days AFTER
written notice to make good the dencleney so
appearing or found to exist, It shall be the dpty
oil the bank commissioner, with the approval {"
the attorney general, to institute proceedings Tor
the appointment of receiver OF said bank 70
wind up ts PnInesS s II have sns become IMPAIRED
or reduced below the amount required by law,
RI hoard of directors of such Sank shall nave
N power to make pro rata assessment upon
q. II the stock of said bank to make good such
do ;epcy and may provide that TIE amount OF
sucu deficiency shall be due and payable az
time to be fixed by such board OF directors WIlicn
time shall be not less than ten days after notice
of said assessment; and il any stockholder shaI
fail or neglect to pay the amount or tne ASSES
ment against his stock, Tor ten uaSs ai'e' INV
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 upon ten
days notice to be given by posting copies OF
notice Of sale in five public 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 san stock"
The amount received from the sale OF SAID STOCK,
less the cost and expense of sur h sale, shall be
paid to the original owner Of such stock.
SEcIioS oa @ nav Is d depositor as 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
and assets of every dc scriptlon of such bank
and hold the same, and such books, records ana
assets shall not be subject 70 any leyies or at
tachments, until a court OF eofnnetent lurisd,c-
ton can be applied to for the appointment o.
receiver for such bank, who, under the diroclon
of the court, shall take possession of the books,
records and assets of every description, collect
ali dehts dues and claims and sell or compound
all doubtful debts. and sell all real apd personal
property on such terms as the court snail dtEect,
and Il necessary, enforce the individual liability
of stockholders. Such receiver shall pay aver
all money by him received under the order OF
the court, and shall also make raPoEs to me
bank commissioner, as often as required oy hhh'
of his acts and proceedings.
SECTION s. In the event that amt two banks
shal be doing business u ts ZANE se roIHfy
as 10 interfere with the proper examination OF
either bank the bank commissioner may require
either of said banks 10 remove its banking offce
~ some other loca ton, within such reasonable
time as may be fixed by the bank commissioner.
SECTION !. All proceedings By shy bank 70
.nioin the hank commissioners In the discharge
~ his duties shall he had in the county where
said bank Is located. os in the supreme squirt y
this state. All suits and proceed ngs arising CUT
~ Ana nrsyisiens OF this act. in which the state,
or an or iar oficers or agents, shall DC islfsles,
snail be conducted under this direction ana su-
nervIsion Of the Acknowledgement
SECTION TO- Copies Of ell records and pa eFs
An the rff3ce of the bank issioneE, certlned
~ him and authenticated by his seal OF ONCE
shail he eridence in all cases. equally and OF
liks affect as the original
Section H. During the month q Aesanlpse.
az each year the bank commissioner siau nae
"a annual report 70 the governor e the Stste
which report shali be published sun sf1aI "a.
hibit the cordifttr az the various banks OF this
stst~ a. 81 the dav on the last report made %
is hank commissions ~ suen nanksi Ans seea