Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-19
REVISION OF THE BANK.
INC Avn

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 1885,
which chapter reads as follows:
CHAPTER 800, LAWS 1897.
AN ACT to revise the laws authorizing the bust
ness of banking.
The people of the state of IPisco1SiH, represented
in senate and assembly, DO enact as JolloWs:
CHAPTER l.
BANNING DEPARTMENT.
SECTION 1. There is hereby established In this
tate 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 De nnder 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
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 two-thirds 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 commissioner may also employ, from
time to time, such clerks to assist him and his
deputy, in the discharge of the several duties
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 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 ccunte rsigned by the secretary
of state. Vouchers for the deputy and clerks
salaries mrst oe first appr we'd by the bank com
missioner. All aCtual and necessary tFaVailUR
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. II al
lowed, the secretary of state shall couutersign
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 ommissloner 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 stare.
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 fla hful discharge of the duties
of their respective offices There shall be assigned
to said bank commissioner suitable rooros IN the
state capitol for conducting the business of said
SECTION 8. The bank commissioner shall de.
wise a seal for the use OF his office, which shall
continue 10 De the seal OF Sdlu ~
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 the banh
commissioner, and hc shall have the power by
himself, his deputy, or by any examiner be may
appoint for that purpose, to examine, at least
once in each year, the cash, bills, collaterals,
securities. books of account, condition and at
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
0fficara oypp aUanfS cIprkc ruStomprS de-
poptors thereof, touching the affairs and busi
hess of such institution. The bank commissioner
shall examine, or cause TO be examined, any
of such bank. The bank commissioner shall
also ascertain whether such bank transacts its
business at the place deslsnated IN the articles
conducted in the manner prescribed by law
SECTION 5. No bank commissioner, deputy or
examiner shall examine a bank in WHICH he is
interested as stakeholder. officer, employee or
otherwise. No bank commissioner, deputy or
examiner shall examine 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
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 upon 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
bank 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 one thousand dollars, or
imprisonment in the state prison not less than
six months nor more than two years, or 10 notn
such fine and imprisonment
SEcTIoN 6. Whenever it shall appear from the
., any 81 believe that the capital Of
any bank Is impaired or reduced below the
amount required by law, II snaa be the duty ~
the bank commissioner, and he shah nave me
nower to examine such bank TO ascertain lie
facts, aud In case he shall find such impairment
or reduction of capital. to require such BANK TO
make good the deficiency so appearing III any
hank shall refuse or fail for ninety days after
written notice to make good the deficiency 50
appearing or found to exist, it shall be ess duty
al the bank commissioner, with the approval On
the attorney general to institute proceedings 1oI
the appointment of a receiver OF SAID pank %
wind up Its business. In any case "neIe tug I
capital of bank shall have become impaired
or reduced below the amount required Dy Jaw
the board of directors of such bank snall haVs
the power to make pro rata assessment upott
ali r the stock of said bank 20 make good sucf
Sa ;ency and may provide that the amount o.
su,,a deficiency shall be due and payaole At
time to be fixed by such board OF dlrect0rs
time shall be not less than ten days a1ter DotiI'
If said assessment; and it any stocknolder snaI
fail or neglect to pay the amount OF the asses
ment against his stock, Tor ten Gays aiter Wv
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
sale the purchaser shall forthwith ray the
amount OF the assessment against saiN stock
TheAmonnt received from the sale of sad stock
paid to the original owner OF such stock.
SEcrroN I. On becoming satisfied that any
bank has refused to pay its depositorsr In &C
with IA 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 q the pro
visions OF this law. the bank commissioner may
forthwith cake possession of the BOOKS RECORDS
and assets Of every description Of such oahk
and hold the same, and such books, RECORDS ana
assets shall not be subject TO any leyies or at
tachmeuts until a court of competent lurisolc'
sion can be applied 70 for the appointment OF a
receiver for such eanl, who under ne "a. aIfsclion
of the court shall take possession OF the oook
records and assets of every description coffee !
ali debts dues and claims, and sell or coinponnq
all doubtful debts and sell al real ana lou.
nroperty on such terms as the court sha 4 direct.
and IN necessary enforce the Individual Aaoility
L az stockholders. Such receiver shall pay ofe..
all money by nun rece aIsa us report 70 The
hank commissioner, as often as required oy Q ~
of his acts and proceedings.
SrrTTnS A. In the event that any TWO oanks
shall be doing business in the snme building,
mon the same floor, and in such close proxlmiTs
az to interfere with the proper examination "
either bank, the nank coiiliaiAss -
either OF said links 70 remove MS nanklhg oaiaS
10 some other location, within snch reasohaoAe
time as nay be fixed by the bank commissioned.
SECTION 8. ALI proceedings by any oank 20
.nfoin fha bank commissioner IN the discharge
nFhis duties shall he had In the county where
said bank Is located, or In the supreme court q
this state All suits aud proceedings arising oll
III .he provisions OF this act. IN wnicn the state
~ any al IT'S officers or agents, shall be lsartles
shall be conducted nader the direction ana 81
usrvision OF the attorney -genea al.
sECTToS To- Copies of all records ana "a pef
IN che nffice Of the bank commissioner, cerflheu
By him. and authenticated oy his seai o. once
| shall be evidences IN all cases, sas-aAAs anu y
like effect as the orIsinAL
SsCTToS II. During the month OF pe ., !
of each year, the bank Commissioners shal mas
an annual report To the governor q tisf,steit
h;L raTs,rt si.alI ia nj u ishaa aud s1aH sx
bfbit tie condition or the various banks 81 III
sfat. a. OF the day OF the isst report uisae 8
he bark coEnmisstcnef ny suea panss AN sass