River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-10-13


whose term of otlice Will expire on the first
Monday of January A. D. 1899.
A Superintendent OF Schools in place Of J. L,
Shaw, whose term OF office will expire on the
first Monday OF January A. ID. 1899
REVISION OF THE BANKING LAW.
Notice is further given. that at said
general election the following PROPOSE
ton IS to be submitted to the people in
pursuance of the requirements of Chapter
903, of the laws of 1897, which chapter
reads as follows:
CHAPTER SOB. LAWS 1897.
An Act to revise the laws authorizing
the business of banking.
CHAPTER l.
The people of the state of Wisconsin,
represented in senate and assembly, do
enact as follows:
Banking Department
Section !. 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 man
agement and control of chief officer,
who shall be called the bank commits
sioner.
Section 2. The bank commissioner shall
be appointed by the governor, by and
with the advice 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-thiTds of the
members of the senate He may APP
point deputy. and revoke such appoint
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 in
ability of his principal The bank COM
missioner 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 annum. The salary
OF the deputy and such clerks as may
be employed, shall be at such a rate
per annum as the bank commissioner
shall decide, not, however 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 a voucher CounterSigued
by the secretary of state. Vouchers for
the deputy and clerks salaries must be
first approved by the bank commissioner.
All actual and necessary travelling eX-
pensos of said bank commissioner, deputy
or clerks, incurred. in the discharge of
their duties. shall be fully tented upon
proper vouchers and certified in the order
Indicated for the salaries, and presented
to the secretary of state. If allowed, the
secretary of state shall countersign them.
The state treasurer shall, upon the pre-
sentatiOn Of vouchers so allowed and
countCrsigned. pay the amount of such
expense. Within fifteen days from the
nOllCe or lltlE dilpOlillIleIlIv res lttliF ely ,
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 sureties, or surety com
pany, to be approved by the state
treasurer, conditioned for the faithful
discharge of the duties of their respec-
q
said bank commissioner suitable rooms
IN the state capitol for conducting the
business of said department
Section 3. The bank commissioner shall
devise a seal for the use of his office,
which shall continue to be the seal Of
said department. A description of the
be filed In the office or the secretary of
state.
Section T. 1t shall be the duty Of the
bank commissioner, and he shall have the
power by himself his deputy, or any
examiner he may appoint for that pur-
pose, to examine. at least once in each
year. the cash. bills, collaterals. securi-
ties. books Of account, condition ana
affairs of each bank savings association
and private bank doing business in this
state. For that purpose he may examine
on oath any of the officers owners,
agents clerks, customers or depOsitors
thereof, touching the affairs and bust
ness of such institution. The bank com
missioner shall examine. or cause to be
examined, any bank when requested by
the board Of directors OF such bank. ne
Dank commissioners Sil.'Id .it9o - - -
at the place designated in the articles of
incorporation, and whether Its business
Is coHuuc'eu III '"e iii'''''9i - '0'" ~
Section ;. No bank commissioner, dep
uty or examiner shall examine bank
n N.llSi ~ - ~ .tr,f n ~ Il,
commissioner. deputy or examiner shall
examine bank located IN the same
NliiaSe' Guy u 1919 49, 't,S III =.
which he IS interested az SiQChuOlueT
officer employee or otherwise The bank
commissioner his deputy ana every cierK
IN his department, anu examiner Sildii
be bound by oath to keep secret an or
the facts ana ihlotinatlui! optalusn ~ tIie
course of such examinations, except so
far as the p&blC dutN Nt Sutil oHlttT re-
lutres hum t9 report uEHn. or = 81 sPeGI,al
action regarding TIE affairs OF any bank.
If any bank CommlSSloIler, deputy, cN-
omlner or clerk IN SlCh 4tp5l tleul, sllaIl
disclose the name or any oebIot OF any
bank or anything tflailve 70 ', NE priVale ,.
accounts or transactions OF stCh pahN, or
ShaH dlSsl9se ttS ~. ~ ~ a.
course q NJ ,,.ial he shii h.
except as heftHl pToNi"t "a. he S','ii' ut
SUBJECT upon tostN ,lp2 tl'et ~, ~ ~ I.
ftllGre q ms "1tNt' @ltT ~ - i,tS - =
81 me .! Iiot I ~ tbi5s5j ,i1 ~
GoII"fs iot .ioi 80 81; ~ tl,t rio1
lars or inFtlS"ili'l'tl iit NY - ~ FL t
not less IMAM s'N ''L,S no t1'ot 'liai u
TWO years. or ~ '0'N sN1'' '''e anu 'l''
prisonment -, .
Section %. heheNeT II Stai! appeaI
from he report OF any pduh, OF lhe p4uN
commissioner shal nave iodSoil 70 oe-
ligVe. that the Capltai OF any baAh Is
impaired or reduced below the amount
required by law. 10 snail be the duty
Of the bank commissioner, and he shall
have the power. To examine such bank
10 ascertain the facts. and in case he
shall find such impairment. or reduction
Of capital. to require such bank To make
good the deficiency so appearing. II any
bank shall refuse or fail for ninety days
utter written notice % MAKE good The
deficiency so appearing on found 70 exist,
W shall be tie duty Of the bank COM
missioner. win the approval OF the at
torncy general 10 inStltote proceedlhES
for the appointment OF q receiver OF SAID
bank 10 wind up ITS business IN any
case. where the capital OF a banh snall
have become impaired or reduced heloW