Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-01
REVISION OF THE BANK
INC Avn


INC LAW.
NOTICE IS FURTHER GIVEN, that at said
general election the following proposition Is TO
be submitted to the people IN pursuance OF inc t3e
requirements of Chapter BOB, of the laws OF 1872,
which chapter reads as follows:
CHAPTER 800, LAWS 1897.
ness of banking.
Tic peopleof the state Of Wisconsin represented
m senate and assembly, do enact as JoIoWS:.-
CHAPTER I. H..
BANKING DEPARTMENT.
SECTION /. There is hereby established IN thls
state a 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 chief officer, who
shall be called the bank commissioner
SECTION = The bank commissioners 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 tWothirds 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 vacancy in such Office and
during the absence or inability of his principal.
The bank commits sioner 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 per aunum. The
salary of the deputy and such clerks may be
empioyed shall be at such rate per annum as
the bank commissioner shall decide, not, how
ever, to exceed that of tie 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 cOunterSi-ncd 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 III tn 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 shall. upon the pre-
sentation of vouchers SO allowed and counter
signed, 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 tile
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 a bond in
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 faithful discharge of the duties
OF theirrespectiye offices There shall be assigned
TO said bank commissioner suitable rooms in the
state capitol for conducting the business of said
department.
SECTION B. The bank commissioner shall de-
wise q seal for the use of his office, which shall
continue to be the seal of said department.
of shall be filed in the office of the secretary of
state.
SECTION 4. Tt shall be the duty of the bank
commlSsIoner, and he shall have the power by
hinsGli, his deputy, or by any examiner he may
appoint Tor that purpose, to examine, at least
once in each year. the cash, bills, c0IlateraIS
securities, books of account, condition and af-
fairs Of each bank, savings association and Dri-
Vate bank dong business III this state. For that
purpose lie may examine on oath any of tho
officers, owners, agents clerks, customers or de-
poSitors thereof, touching the affairs and bust
ness OF such institution. The bank commissioner
Slail examine, or cause to be examined, any
bank when requested by the board Of directors
Of such bank. The bank commissioner shall
also ascertain whether such bank trauSacts its
of incorporation, and whether its business is
conducted in the manner prescribed by law.
SECTION .. 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 sinai! examine bank located in tho
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 III his department, and
examiner, shall be bound by oath to keep secret
all of the facts and information obtained in the
course OF such examinations except so far as
The pubilc duty OF such officer requires him to
report upon, or take special action regarding
the affairs Of any bank. If any bank commits
sioucr, deputy, examiner or clerk in such depart
arent shall disclose the name of any debtor of
nuy bank, or anything relative to the private
accounts or transactions of SHch 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 a tno OF not less than one hundred
dollars nor more than one thousand dollars, or
'iaprisonment IN the state prison not less than
SiX months nor moro than two years, or to both
such fine and Imprisonment.
SECTION g. Whenever it shall appear from the
report of any bank or the bank commissioner
shall have reason to believe, that the capital of
any bank Is impaired reduced below the
amount required by law, it shall be the duty of
eIYA fNtlIlI
power to examine such bank to ascertain the
facts. and in case he shall find such impairment
or reduction OF capital, to require such bank to
make good the deficiency appearing. If any
bank shall refuse or fail for ninety days after
written notice to make good the deficiency so
appearing or found to exist it shall be the duty
Of the bank commissioner, with the approval of
the attorney general to institute proceedings for
the appointment OF a receiver of said bank to
capital of bank shall have become impaired
or reduced below the amount required by law,
the board or directors of such bank shall have
tho power to make a pro rata assessment upou
all of the stock of said bank to make good such
dehciencI and may provide that the amount of
>nch 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
efsaid assessment; and if any stakeholder shall
fali or neglect to pay the amount of the assess
ment against ms stock, for ten days after the
same shall have become due and payable. the
directors Of such bank may offer said stock for
sale. and sell the same at public sale upon ten
Gays notice, to be given by posting copies of
notice Of sale in five public places in the village
orclty where such bank is located. Upon such
safe 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
PAID TO the original owner of such stock.
SECTION /. On becoming satisfied that any
bank has refused to pay its depositors, in ac-
cordance with the terms on which such deposits
We're received, or that any bank has become in
solvent, or that its capital has becsme impaired
or mat any bank has violated any of the pro-