Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-20
REVISION OF THE BANK.
ING Avn

l.
ING LAW.
NOTICE IS FURTHER GIVEN, that at sale
general election the following proposition Is t
be submitted to the people IN pursuance or IN,
requirements of Chapter 303 of the laws OF 1885,
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
11t senate and assembly, do enact as foLL0WS:
CHAPTER I.
BANKING DEPARTMENT.
SECTION /. There is hereby established in this
state a banking department, which shall hay,
charge of the execution of the laws relating t.
banks and the banking business in this state
Such department shall be designated as the stat,
banking department, and shall be under TIN
shall be called the bank commissioner.
SECTION 2. The bank commissioner shall b.
appointed by the governor, by and with the ad
vice and consent OF the senate, and shall holu
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 revok 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 ina bility 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 dutiea
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 as may be
employed, shall be at such rate per annum as
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 cOuntersigncd by the secretary
of state. Vouchers for the deputy and clerks
salaries must be first approved by the bank com
missioner All actual aud necessary travelling
expenses OF said bank commissioner, deputy or
clerks, incurred in the discharge of their duties,
shall be fully itemzed 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 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 constitutions 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 Il 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 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 g. The bank commissioner shall de-
wise seal for the of his office, which shall
continue to be the seal of said department.
description of the seal with an impression there.
o. shall be filed in the office of the secretary OF
state.
SECTION A. 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
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-
poSltOrs thereof, touching the affairs and bust
ness 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 commissioner shall
also ascertain whether such bank transacts its
business at the place designated in the articles
of incorporation, and whether its bus mess is
conducted In the manner prescribed by law.
SECTION >. No bank commissioner, deputy or
examiner shall examine a bank in which he is
interested as stakeholder, officer, employee
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 keep secret
oil of the facts and information obtained in the
course Of such examinations, except so far as
the puohc duty OF such officer requires hIm to
report upon, take special action regarding
the affairs of any bank. If any bank commits
EiOner, 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
examination of any bank, except as herein pro-
vided, ho shall be subject upon conviction
thereof, TO forfeiture of his office, and to the
payment of line OF not less than one hundred
dollars nor more than one thousand dollars, or
;mprlsonment IN the state prison not less than
such fine and Imprisonment.
SECTION 6. 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 or reduced below the
amount required by law, it shall be the duty of
che bank commissioner, and he shall have the
iOwef, to examine such bank Co ascertain the
facts, and in case he shall End such impairment
or reduction of capital, to require such bank to
make good the deficiency so 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
wind up Its business. In any case, where the
capital OF a bank shall have become impaired
or reduced below the amount required by law,
the board of directors of such bank shall have
the power to make a pro rata assessment upuu
all of the stock of said bank to make good such
dchclency, and may provide that the amount of
tuch deficiency shall be due aud payable at a
time to be fixed by such board of directors which
time shall be not less than ten days after notice
cfsald assessment; and if any stockholder shall
fail or neglect to pay the amount of the assess
ment against his stock, for ten days after the
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
ootce 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 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 Z. 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
and assets of every description of such bank,
and hold the same, and such books, records and
assets shall not be subject to any.leyies or at
tachments, until court of competent juriSdic-
ton can be applied to for the appointment of a
receiver for such bank, who under the direction
of the court shall ia kegpoSSeSsion of the books,
records and assets Of every description collect
all debts, dues and claims, and sell or compound
all doubtful debts and sell all real and personal
property such terms as the court shall direct,
and if necessary, enforce the individual liability
of stockholders Such receiver shall pay over
all money by him received under the order of
the court and shall also make report to the
bank commissioner, as often as required by him,
of his acts and proceedings.
SECTION 3. In the event that any two banks
shall be doing business in the same building,
upon the same floor, and in such close proximity
as to interfere with the proper examination of
either bank the bank commlsSlonermayr require
either of said banks to remove its banking Office