Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-08-25
CHAPTER 303, LAWS 1897.

DIS lOiloWS.
CHAPTER 800, LAWS 1897.
An Act to revise the laws authorizing the
business of banking.
The people of the state of Wisconsin, repre-
scented in senate and assembly, do
enact as follows:
CHAPTER I.
BANKING DEPARTMENT..
Section l. There is hereby established in
this state q banking department, which
shall have charge Of the execution Of the
laws relating to banks and the banking
shall be designated as the state banking
department. and shall be under the man
agement and control Of a chief officer, wno
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-thirds of the members 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 commissioner during q va
cancy in such Office, and during the ab-
sence or inability of his principal. The
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 annun. The salary Of the dep
uty and such clerks as may be employed,
shall be at such a rate per annun1 as the
bark 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
the state treasurer, upon voucher coun-
tersigned by the secretary Of state. Vouch-
ers for the deputy and clerks salaries
must be first approved by the bank COM
missioner. All actual and necessary tray
cling expenses Of said bank co1nr1!ss1oner,
Of their duties shall be fully itenlized 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-
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: Inc sald
each give to the people Of this state bono
in the penal sum of twenty-five thousand
dollars, with two or more suretieS or a
surety company, to be approved by the
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. .
Is.
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 SHAH be tiled III the
Office of the secretary of state.
Section 4. 1t shall be the duty of the
bank cqnmissonesr ana me 3na a nave az a tny
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 and 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 " ether its bust
| ness is conducted in the manner prescribed
Section s. No bank commissioner, deputy
or examiner shall examine a bank In which
! 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 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 examna.
| lions, except so FAR as the puDi1c duty OF
| 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-
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
iect upon conviction thereof. to forfeiture
of his office, and to the payment of fine
Of than hundred dollars
more than one thousand dollars, or inpris-
onIuent In the state prison not less than
six months nor more than tvro years, or to
},o-,, e,.,.a e., ava .:;.I}-i=2.::1.sS:S
Section g. Whenever it shall appear from
the report of any bank, or the bank com
missioner shall have reason TO believe, that
the capital Of any bank is Impaired or re
duced below the amount required by law,
It shall be the duty OF the bank commits
siorer, and he shall have the power, to ex-
anime such bank to ascertain the facts,
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 q
found to exist, it shall be the duty OF the
bank commissioner. with the approval OF
the attorney general to institute proceed
mes for the appointment of a receiver OF
said bank 10 wind UP its business. III any
case where the capital OF q bank shall
ha~a become impaired or reduced below
dir443tors of such bank shall have the pow
err - make q pro rata assessment upon all
OF ire stock of said bank TO make 5000
spcs deficiency, and may provide that the /
amount Of such deficiency shall be due and
payable at & time 10 be fixed by suefs
board Of directors which time ss}al be noyI
less than ten days after notice OF said as
sessInent; and il any stakeholder shall tai /
or NEGLECT TO pay the amount OF the as
SeSs3ae!lt against bis st0Gas TOR la1E taya
after the same shall have become - aus