Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-10-27
CHAPTER BOB, LAWS 1897.


An Act to revise the laws authorizing the
business of banking.
Inc people of the state of Wisconsin, repre-
scented in senate and assembly. do
enact as follows
CHAPTER I.
BANKING DEPARTMENT.
Section /. 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 chief officer, who
snail be called the bank commissioner
Section 2. The bank commissioner shall
pc appointed by the governor by and with
the advice and consent of the senate and
snail mold his office for the term of flve
years, unless sooner removed by the gov
efnor. for good cause, and by and with the
consent of two-thirds of the members of
the senate. lie 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
sence or inability of his principal. The
bank commissioner may also employ from
time 10 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 tind 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,
bank commissioner shall decide not, how
ever, to exceed that of the deputies and
clerks of the several state departments.
i ne salaries or the bank commissioner dep
uty and clerks shall be paid monthly by
the state treasurer. upon a 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 trav-
cling expenses of said bank commissioner
deputy or clerks. INCURRED in the discharge
of their duties. shall be fully itemzed 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
tn constitution, and file the same in the Of
fec 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
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.
devise 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 A. 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
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
officers.
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 its bust
ness is conducted in the manner prescribed
by law.
Section s. No bank commissioner. deputy
or examiner shall examine bank in which
ployee or otherwise. No bank commission
er, deputy or examiner shall examine a
hank 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 far the public duty of
such officer requires him to report upon. or
take special action regarding the affairs of
any bank. If any hank 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-
eept as herein provided he shall be sub
ject, upon conviction thereof. 10 forfeiture
Of his office, and to the payment of fine
of not less than one hundred dollars nor
more than one thousand dollars or imprfs-
onment in the state prison not less than
six months nor more than two years, or to
both such fine and Imprisonment.
Section S. Whenever it shall appear from
the report Of any hank. or the bank COM
missioner shall have reason to believe. that
the capital of any bank Is impaired or re-
II shall be the duty of the bank commits
sioner and he shall have the power TO ex-
anime such bank TO ascertain the facts,
| and in case he shall find such impairment
bank TO make good the deficiency SO ap-
pearing. II any bank shall refuse or fan
! for ninety days after written notice 20
| make good the deficiency 50 appearing or
/ found 10 exist. 1t shall be the duty OF the
/ hank commissioner with the approve OF
/ the attorney general. To institute pros 9ed-
/ SngS for the appointment Of a receive OF
/ sail bank TO Wind mp its business. IN 4 ny
| case where the capital of bank shall
have become impaired 81 reduced below
| M. amount required ~ law. the hoard or
/ directors Of such harh shall have the pow
| er to make a pro ras.t assessment upon all
/ 81 the stock az said bank tC make good
| such aehciency and may provide that the
/ PAYABLE at a time to lie fixed nv such
/ Iaa IA az directors. which time shall be not
4 less than ten days after notice OF said as
/ sessmeng and if any st0ckholder shall faIl
/ eeSs.lsent against his stock for TEN days
/ after the sine shall have become 50 dta3