Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-10-05
REVISION OF THE BANK
ING LAW.

REVISION OF THE BANK
ING LAW.
NOTICE IS FURTHER GIVEN. that at said
general election the following proposition is to
be snbmittea tt the people in pursuance of the
requirements OF Chapte 303, of the laws OF 1897
which chapter reat.s a. follows;
CHAPTER 3o3, LAWS 1897,
AN ACT to revise the laws authorizing the bust
ness of banking,
The peopleof tte state Of Wisconsin, represented
IN senate and assembly, do enact as fotl0cS:
CHAPTER l.
BANKING DEPARTMENT.
SECTION 1. There is hereby esta blished 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
management and control OF chief officer, WHO
shall be called the bank commissioner.
SEcTIoN 2, The bank commissioner shall ba
appointed by the governor, by and with the nd
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 .he 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 vacancy in such Office, and
during the absence or inability of his principal.
The bank commissioner may also emplo' 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 h5 shall find
necessary. The salary of tho 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 qprqIm as
the bank commissioner shall decide not, how
ever, to exceed that of the deputies and clerks
of tho several state departments The salaries
of the bank commissioner, deputy and clerks
shall pe paid monthly by the state treasurer,
upon voucher countersigned by tho secretary
OF state. Vouchers for the deputy and clerks
salaries must be first approved by the bank com
missioner. All actual and necessary travelling
expenses OF said bank commissioner, deputy or
clerks incurred in the discharge of their duties,
shall DO fully itemlzed upon proper vouchers and
certified in the order indicated for the salaries,
and presented to the secretary OF state. LII al
lewed, the secretary of state shall countersIgn
them. The state treasurer shall; upon the pre-
sentation of vouchers so allowed and connter,
signed, pay the amount of such expense Within
fifteen days from tho notice of their appoint
ment, respectively, the bank commissioner and
his deputy shall take and subscribe tho 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 a bond In
the penal sum of twenty-five Thousand dollars,
with two or more sureties, or a surety company,
to be approved by tue state treasurer, condi-
toned for the ia . hfpl discharge of the duties
of their respective Offices There shall be assigned
to said bank commissioner suitable rooms in the
state capitol for conducting the business of said
SECTION 3. The bank COMMISSIONER shall de.
wise O seal for the use Of his Office which snail
continue to be the seal Of said department.
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 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, Sollaterals
securities, books Of account, condition and an
fairs Of each bank, savings association and pri.
gate bank doing business In this state. For that
purpose he may examine on oato any Of the
affcers owners, agents, clerks, customers or de-
posltors thereof, touching the affairs and bust
ness Of such institution. The bank commissioner
shall examine, or cause TO pc examined, any
bank when requested by the board Of directors
of such bank The bank commissioner shall
also ascertain whether such bank transacts Its
BUSINESS at the place designated in the articles
OF Incorporation, end whether IT'S business IS
conducted in the manner prescribed by law.
SECTION s, No bank conlmssioncr, deputy pr
examiner shall examine bank in WHICH he ID
interested as. stoekholdar, officer, employee or
otherwise. No bank commissioners, deputy or
examiner shall examine bank located in me
same 7illage, city or county with any bank In
which ne Is Interested as e. okhoiderI officer
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 axe special action regarding
the affairs OF any bank. If any bank commits
sioner deputy examiner or clerk in such depart.
rhsnt, shall disclose the name Of any debtor Of
Any bank or anything relative to the private
Accounts OF transactions Of such bank or shall
disclose any fact obtained In tho course Or ms
examination Of any bank, except as herein pro-
vided he shall be subject, upon contictioon
thereof, to forfeiture Of his ofiice and to the
payment Of a fine Of not less than one hundred
dollars nor moro than one thousand dollars, or
imbrisonnneht IN the stat5 prison not less than
Six months nor more than two years, or to both
such ilne end Ftmprisohmef e. from the
Esi If Of any bank, or the bank eon1ihissio,nerr
Shall have reason To believe, that the capital OF
any bank is impaired oT Tedqcfd { gei9 9.1 tG o
the bank aammissioneF and he shall have the
power, to examine speh bank 70 ASCERTAIN the
facts, and In case he shall find snph in,palrnont
or reduction OF capital, to require sneh p3ak az
make good the deficiency so appearing u any
bank shall refuse or fail for ninety, days after
written notice to mako good the aalleleney SO
nppearing or found TO exist, It SHAH no rho qqtt
~ the hank commissioner, with tho approval %
the attorney general to institute proceedings iot
ftie appo;ptment of receiver OF SAID oank 20
Ena " r. BanR sha Lave become impaired
~ radIleed below the amount required ~ law
he board Of directors of such bahk shaii Aass
III III u tbe stock of said bank 10 make good sucfl
IA fancy and may provide that ITO afpalht y
sncn deficienay all be due and payanis 81
time to be fixed by seh ooat s o. da.s Alter NOTES
time sIa ssaSSmSst: and If any stocktolder shall
Snil or neglect to pay the amount 9a .ne s. -.
ynent against bis STOCK, Tor ten oaSs "h'oa '''
same shall have become SO due and payable, the
directors of such bank mas offer said stock for
sale, and sell the Same at public sale upon ten
days notice, to be given by posting eop.as OF
notice Of sale In five public places IN re VILLAGE
enle the purchaser shall forthwith Pay the
amouns Of the Assessment against said stock.
The amount received fromthe ale of said stock,
T.. q ayn hf eQrh ale. RhaIL be
paid to the original owner OF such stock.
! Section Z. On becoming satisfied that any
bank has refused to pay its ,deposit9rs, IN &C:
STero received, or that any hank has become In.
sS.yent, or that itseapital has become impaired,
oYthst any bsak has violated any OF the pro
s ;dstssi # t tafs fs s s sRS asa
and assets of every DESCRIPTION OF stich oaI i
and hold the same, and such books, records ana
tachIns,its. u6til n court of competent inrisdIc-
ton can be applIs dfS tor fsfs s;lposntrnent o.
receiver FOR such bank, who anhsr r,s alrSsI it,i
records and assets of every description, epilect
sIl debts. dues and claims. and SELF or compound
I'll doubtful debts and sell all real and befsonsi
propsrty OF seh tas esihe court shall direct.
and II NECESSARY enf6re6 the indlYil iat lfa
ri stockholders, Such RECEIVER shfl pay over
all money by him reesiYed undsF tho orusr of
the court and shall also make report 10 she
Sank Commissioner as often as required by MIN,
Of his acts and proceedings. III,
SEcrfos s. In theeyent that any IWo baIks
an III hn doing business in IRE same bniialng
nnon tle same lnor snd n such elose proximity
Is to intsffsFg with tfs pl1pgr ,a e
tthsr az said banks TO iefnove its ban Ing afies
Is sons other iScatlen Eithl such Tedsoa ore
ff4rrgs ~Trn,- q All proceedings bytany bank TO
snIoin Us sank coIhmissloner n The dtscnaarge
Of Els duties, shat lfa hsa tie eonnsy @neas re
sbis stafe. All suits and PROCEEDINGS Arising QHb
& the pEprisions Of this act uThish dhs state
ali bs conducfsd nader tie alraetton and So
nrarsision 81 the attorney eeRArsL
FeRaTYoS 10. Copies OF all recoEds sqd pat3sel !
q, ia fls:a az tia hank commissioner certlhel
by him, and authenticated bRhis seal 81 oliicel
sbaI be evidence in all casa, equally ana 81
Uka effect as the @sigiAl.
EroTIoS a. During he fhonta OF Deseni per
Of each ysar the bark 1mnliss- ener snau make
a annual report 70 tbs FDye hor q me stste
Ehicf. report shall be published ana sh4.A ~
EibE the conditsn Of 5sGsS y sh n
EI.nt corn m sstousr i,y such banks and sncp