Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-17
REVISION 0F IL eAMK-
AN ACT to revise the laws authorizing the busi
CHAPTER I.
BANKING DEPARTMENT

BANKING DEPARTMENT.
SECTION 1. There is hereby esta blished in this
state a 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
management and control of a chief officer, who
shall be calledthe bank commissioner 81.
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 men,
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 a 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
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 rate per amman 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 cOUnteTsigDed by the secretary
Of state. Vouchers for the deputy and clerks
salaries must be first approved by the bank COM
missioner ALI actual and necessary travelling
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 al
lowed, the secretary of state shall cOuntOrsIgn
them, The state treasurer shall, upon the pre-
5cntatiOn 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 commissioners 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
TO E0 of c-+1 70 han
the penal sum of twenty-five thousand dollars
with two or more sureties, or a surety company,
to be approved by the state treasurer, cond1-
tioned for the faithful discharge of the duties
IF their respective offices There shall be assigned
to said bank commissioner suitable rooms 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 to be the seal of said department.
description Of the seal with an impression there.
Of shall be fled in the office of the secretary OF
state.
SECTION l. Tt shall be the duty of the bank
commissioner, and he shall have the power by
'''1+.'f hi deputy, or by any cxami : or he may
3p '2inJ Tor that purpose, to examine, at least
once in each year, the cash, bills, cOlIaterals,
securities, books OF account condition and at
FAIRS OF each bank, savings ASSOCIATION and prl-
cato bank doing business in this state. For that
purpose he may examine on oath any OF the
officers, owners agents, clerks, customers or de-
pCsiuOFs thereof, touching the affairs and buSI-
aess0f such institution. The bank commissioner
shall examine, or cause to be examined, any
bank when requested by the board Of directors
II such bank The bank commissioner shall
also ascertain whether such bank tcansacta It's
business at the place DESIGNATED ia the articles
d Incorporation, and whether It's business Is
conducted In tho manner prescribed By law.
SECTION 3. No bank COYuLnlsS1OnGri QepuTy or
examiner shall examine g bank IN which he IS
Interested as stakeholder, officer, employee or
otherwise No bank commissioner deputy or
Examiner shall examine a bank located in tho
rama village, city or county with any bank IN
which he is interested as stockholder1 officer,
5eputy, and every clerk in his department., anu
examiner shall be bound by oath to keep secTeG
all Of the facts and information obtained Ia the
course Of such examinations, except SO Tar as
he r7r1bljc 6ufV of such officer REQUIRES him to
.eport upon, or take special action regarding
tho affairs OF any bank. If any bank comInlS-
si0nar, deputy, examiner or clerk In SUCH depart.
Hant, shall disclose the name of any DEBTOR on
my bank, or anything relative to the private
sccounts OF transactions of such bank, or shall
'i5clOse any fact obtained IN the course or ms
animation of any bank, except as herein pro-
ided he shall be- subject, upon conviction
hereof to forfeiture of his office, and to the
aynent of a fine of not less than one hundred
1llars nor more than one thousand dollars, or
Imprisonment liz the state prison not less than
* months nor more than tao , ars, or to both
SECTION 6. Whenever it shall appear from the
sport of any bank, or the bank commissioner
iaIl have reason 10 believe, that the capital OF
ay bank is impaired or reduced below the
mount required by law, it shall be the duty of
le bank commissioner, and ne snail have the
3Ver, to examine such bank to ascertain the
.cts. and in case he shall find such impairment
reduction of capital, to require such baak 10
2ko good the deficiency 50 appearing. II any
nix shall refuse or fail for ninety days after
itton notice to make good the deficiency SO
.realug or found 50 exist, 1t shau 90 inc oQtys
The bank commissioner, with the approval OF
attorney general 10 institute proceeclnGS 1or
appointment Of receiver OF SAID e&nk 70
nd ND its business. In any case where the
aital OF bank she'll have become impaired
reduced below tho amount required bg law,
D.. r.E q. ne H 1 H tr- rn.r SCI