Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-20
CHAPTER BOB. LAWS 1897.


S03, of the laws of 1897, which chapter reads
as follows;
CHAPTER BOB. LAWS 1897
An Act TO revise the laws authorizing the
business of banking.
The people Of the state of Wisconsin, repre-
seuted I'm senate and assembly, do
enact AS follows;
CHAPTER l.
BANKING DEPARTMENT.
Section l. There is hereby established 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 man
agement 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 advice and consent of the senate. and
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-thlrds of the members of
the senate. He may appoint a deputy, and
revoke such appointment at pleasure.
Such deputy shall possess all powers, and
perform the duties attached to the Office
of the bank commissioner during a va
cancy In such office, and during the alb
senee 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 dep
uty and such clerks as may be employed,
shall be at such rate per annum 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 dep
uty and clerks shall be paid monthly by
a NJ
tersigned by the secretary Of state. Nouch-
ers for the deputy and clerks salaries
must be first approved by the bank com
missioner. All actual and necessary trav-
cling expenses of said bank commissioner
deputy or clerks, incurred in the discharge
of their duties. shall be fully temized 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 countersign 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
subscribe the oath of Office, prescribed by
the constitution, and file the same in the of
fee of the secretary of state. The said
bank commissioner and his deputy shall
each give to the people of this state bond
In the penal sum of twenty-five thousand
dollars with two or more sureties, or a
surety company, TO be approved 10y the
state treasurer, conditioned Tor 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 g. 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 4. II 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, collaterals, securities, books Of
account. condition and affairs OF each
bank, savings association ana private bank
doing business in this state. For that
purpose he may examine on oath any OF
the officers, owners, agents. clerks, GUS
toners or depositors thereof touching the
affairs and business of such Institution.
The bank commissioner shall examine, or
cause to be examined, any bank when re-
quested 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 art
icles Of Incorporation, and whether 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-
poyee or otherwise. No bank commission
err 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 eXamina-
tons. except so far as the public duty Of
such officer requires him 20 report upon or
take special action regarding the affairs of
any bank II 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-
yate accounts or transactions or such bank
or shall disclose any fact obtained In the
course of his examination OF any bank eH-
Cept as herein provided. he shall be sup-
5ect upon conviction thereof, 10 forfeiture
~ his Office and to the payment or a me
Of not less than one hundred dollars nor
more than one thousand dollars, or imprs-
oument in the state prison not less than
six months nor more than two years OF 10
both such fine and imprisonment.
Section g. Whenever 10 shall appear from
the report Of any bank or the bank com
missioner shall have reason 70 believe, that
the capital Of any bank Is impaired or re-
duced below the amount REQUIRE ~ la~
sionrr and he shall have the power 70 eN-
anime such bank 10 ascertain the Facts,
and I'm case he shall find such Impairment
or reduction Of capital, 70 require such
bank 10 make good the dehclency 20 az,
pearing If any bank shall refuse OF TAN
Tor ninety days after written notice to
make good the deficiency SO appearing or
found 10 exist II shall be the duty OF the
bank commissioner with the approval 81
the attorney general 70 institute proceed
ings fol the appointment Of receiver Of
said bank to wind MP It's business IN any
case where the capIta Of a bank shall
have become impaired or reduced below
the amount required hy law. The board OF
directors Of such bank shall have the pow
81 to make a pro rata assessment upon az
Of the stock OF said bank 10 make good
such deficiency and may provide that the
amount OF such dedciency shall he due and
payable at a time 20 he nNea ~ SUD
basrl az directors. which time shall he not
less than ten days after notice OF said AZ,
ssssment; and II any stockhoider shan fan
o. neglect to pas the amount o. we 49,
eass-neut against his stock for Ten Gays
sfIer The same shall have become 50 das