Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-01
AMENDMENT TO THE BANK
ING 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
1903, of the laws of 1897, which chapter reads
as follows:
CHAPTER 500, LAWS 1897.
An Act to revise the laws authorizing the
business of banking.
The people Of the state Of Wisconsin, repre-
Sented in senate and assembly. do
enact as follows:
CHAPTER l.
BANKING DEPARTMENT.
Section !. There is hereby established in
this state a banking department, which
shall have charge of the execution Of the
business in this state. Such department
shall be designated as the state banking
department. and shall be under the man
agement and control of a chief officer, who
shall be called the bank commissioner.
Section q The bank commissioner shall
be appointed by the governor, by and with
shall hold his office for the term of five
years, unless sooner removed by the gov
ernor, for good cause, and by and with the
consent of two-thirds Of the members OF
the senate He may appoint a deputy, and
revoke such appointment at pleasure
Such deputy shall possess all powers, and
of the bank. commissioner during va
cancy in such Office, and during the alb
Sence 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
bank commissioner shall be three thousand
dollars per annuzn. The salary of the dep
uty and such clerks as may be employed
shall be at such rate per annunl as the
bank commissioner shall decide, not, how
eve. - exceed that of the deputies and
clerks of the several state departments.
The salaries of the bank commissioner, dep
uty and clerks shall be paid monthly by
the state treasurer, upon voucher coun-
tersigned by the secretary of state. Vouch-
ers for the deputy and clerks salaries
must be 1irst approved by the bank COM
missioner. Ali actual and necessary trav-
cling 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 allowed, the sec
rotary OF state shall counters1gn them. The
state treasurer shall, upon the presenta-
ton of vouchers so allowed and counter
signed, pay the amount of such expense.
Within fifteen days from the notice of their
appointment, respectively, the bank COM
missioner and his deputy shall take and
the constitution, and file the same in the of
flee of the secretary of state. The said
bank commissioner and his deputy shall
in the penal sum of twenty-five thousand
dollars, with two OF. more sureties, or
surety COulpdIy, W Dc dppIOV0u NY llIS
state treasurer, conditioned for the faith
full discharge of the duties of their respect
i've 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
devise a seal for the use of his Office, which
shall continue to be the seal of said de-
partment. A description Of the seal. with
an Impression Thereof, shall be filed in the
office of the secretary of state.
Section d IT shall be the duty OF the
bank commissioner, and he shall have the
power by himself his. deputy, or by any
to examine, at least once in each year, the
cash. bills. co,laterals, securities, books OF
account, condition and affairs. Of each
bank, savings association and private bank
doing business in this state. For that
purpose he may examine on cath any OF
the officers, owners, agents, CLERKS, GUS
affairs and business Of such Institution.
The bank commissioner shall examine, OF
cause to be examined, any bank When re-
quested by t-}e board of directors OF such
bank. The bank commissioner shall also
ascertain whether such bank transacts it's
business at the place designated in the art
icles of Incorporation, and ether it's bust
ness is conducted in the manner prescribed
by law.
Section s. No bank commissioner, deputy
or examiner shall examine bank in which
he is interested as stakeholder, officer en-
ployee or otherwise. No bank commission
er, deputy or examiner shall examine
bank located in the same village, city or
county with any bank in which he is in
terested as stakeholder, officer, employee
or 9therw nd The bank h his
and examiner, shall be bound by oath to
keep secret all of the facts and information
obtained in the course of such examina.
TONS except so far as the public duty OF
such officer requires him to report upon, or
take special action regarding the affairs of
uty, examiner or clerk in such department
shall disclose the name of any debtor OF
any bank, or anything relative to the pri-
vate accounts or transactions of such bank,
or shall disclose any fact obtained in the
course of his examination of any bank, ex-
cept as herein provided, he shall be sub
ject upon conviction thereof. to forfeiture
of Mis- office, and to the payment of a fine
of not less than one hundred dollars nor
more than one thousand dollars, or impris-
onment in the state prison not less than
six months nor more than two years, or to
both such fire a"7 i"~7~,~'0"''r''",9t.
missioner shall have reason TO believe, that
the capital of any bank is impaired CT re-
duced below the amount required by law,
it shall be the duty. of the bank commits
sioner and he shall have the power, to eN-
anime such bank to ascertain the facts, |
and in case he shall find such impairment
bank to make good the deficiency SO APP
pearing. II any bank shall refuse or fail
for ninety days after written notice to |
make good the deficiency 50 appearing o.
found to exist, it shall be the duty Of the
bank commissioner with the approval OF
the attorney general, to institute proceed
fngs for the appointment of q receiver OF
said bank to WING up its business. III any
case, where the capital OF a bank shall
hare become impaired or reduced below
the amount required By. lay. the board OF |
dir.ssors of such bank shah have the pow
er "a make q pro rata assessment upon ali /
Of RE stock of said bank to make goa3
slc2 deficiency, end may provide that the
amount Of such deficiency s5laEl be Gle and /
Payable 81 > t5rac 10 be fixed by