Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-08-25
CHAPTER 3O3, LAWS 1897,

OHAT 4Eh QUO. AA FYD 1305s
An Act to revise the laws authorizing tAe
business Of banking.
The people OF the state Of Wisconsin, repre-
eented in senate and assembly. 40
enact as follows:
CHAPTER l.
BANKING DEPARTMENT.
Section I. There Is hereby established in
this state g 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
agement and control Of chief officer, who
shall be called the bank COMMISSIONER.
Section 2. The bank commissioner shall
be appointed by the governor, by and with
the advice and consent Of the senate, AID
shall hold his Office for the term Of i've
years, unless sooner removed by the gov
ernOr, for good cause, and by ana with che
consent of two-thirds Of the members OF
the senate. He may, appoint deputy, and
gse ;na such aRpolntment at 2s@sar r.
perform the duties attached to the Office
Of the bank commissioner during va
cancy in such Office, and during the ab-
bank commissioner may also employ, from
time to time, such clerks to assist him and
his deputy. in the discharge CT 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 dep
shall be at such rate per annum as the
bank commissioner shall decide, not, how
ever 10 exceed that of the deputies and
cl, IF the several state departments.
.-'ilc 734aries of the bank commissioner, dep
uty and clerks shall be paid monthly by
the state treasurer, upon voucher coNn-
terSigned by the secretary Of state. N0u1h-
ers for the deputy and clerks salaries
must be first approved by the bank corr
missioner. All actual and necessary tr2T-
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 III the order
indicated for the salaries, and presented TO
the secretary of state II allowed, the sec
rotary Of state shall cOUnt2rs1gn tHe21. Ii1G
state treasurer shall upon the pra2sI-t2~
lion OF vouchers so allowed and counter
signed, pay the amount OF such expense
Within fifteen days from the notice OF Their
appointment, respectively, the, hank e2E1-
subscribe the oath OF ONCE, prescribed ny
the constitution, and file the same in the Ct-
fee of the secretary Of state The saiI
bank commissioner ana his deputy shall
each give to the people CT this state > bond
in the penal sum OF twenty-five thousand
dollars, with two or mere suret{es, or
surety company, to be approved by tue
state treasurer, conditioned Cor the faith
full discharge Of the duties OF their respect
i've offices. There shall be assigned to said
bank commissioner suitable rooms III the
state capitol for conducting the business Of
said department.
Section g. The bank cornn2tssioner SHAH
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 4. 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. collaterais, securities, books Of
account, condition and affairs Of each
bank, savings association and private bank
doing business in tsis state. For that
purpose ne may examine Oh cath any OF
the officers, owners, agents, clerks, Gus
toners or dcposit0r5 thereof, t3Hcnin&. the
affairs ana business on SlGa ta5jll3tf5ll.
Ihs bank commissioner shall examine or
cause 10 ne examined, any BANK when re-
quested by the board o. directors o. &}5cn
bank. The bauk commissioned SEa8 also
ascertain whether such bank tTausacjs its
business at the place designated in the art
iCles Of incorporation, and " aGther its bust
ness is c00dGVted IN the manner prescribed
by law.
Section 5. NO bank commissioner, deputy
or examiner shall examine q hank In winch
he is Interested as Stockholder, officer, en-
ployCe 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 stockholder, 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 exanlina-
such officer requires him to report upon, or
take special action regarding the affairs Of
any bank. If any bank commissioner, dep
uty, examiner or clerk in such department,
shall disclose the name of any debtor of
any bank or anything relative to the pri-
waite 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 his office, and to the payment Of a fine
of not less than one hundred dollars nor
more than one thousand dollars, or irnpris-
onment in the state prison not less than
six months nor more than two years, or to
both such fine and Imprisonment.
Section s. TT'scnave~ i Elae57 e772a2" frc-2
are report Of any bank, or the ba9& 1l3-
missioner shall have reason to believe, that
the capital OF any bank is impaired or re-
duced below the amount required by law,
1t shall be the duty of the bank commits
sioner, and he shah have the power, to ex-
and in case he shall find such impairment
or reduction Of capital, 10 require such
bank to make good the. deficiency so ap
pearing. If any bank shall refuse or fail
for ninety days after written notice to
make good the deficiency so appearing or
found to exist, 1t shall be the duty Of the
bank commissioner with the approval of
the attorney general, to institute proceed
fngs for the appointment of a receiver of
said bank to wind up its business. In any
case where the capital OF g bank shall
have become impaired or reduced below
the amount required by law, the board OF
directors of such bank shall have the pow
er q make a pro rata assessment upon all |
of he stock of said bank to make good
such deficiency, and may provide that the t
amount of such deficiency shall be cue and
payable e at a,;n a time to be fixed by. such
less than ten days after notice of said as
sessment; and If any stakeholder shall faiI
OF nesIeet 70 pay the amount of the as
sesSMent against his stock, for ten davs
after the same shall have become 50 ds,a