Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-27
REVISION OF THE BANK
ING LAW.

REVISfON UT rE OHlNN-
ING LAW.
NOTICE IS FURTHER GIVEN, that at said
general election the following proposition is to
be submitted to the people in pursuance of the
requirements of Chapter 303 of the laws OF 1897,
which chapter reads as follows:
CHAPTER 3o3, LAWS 1897.
AN ACT to revise the laws authorizing the bust
ness of banking.
The people Of the state of Wisconsin, TepreSente"
IN senate and assembly, do enact as JOLLOlUS:
CHAPTER I.
BANKING DEPARTMENT.
SECTION /. There is hereby eSta bliShed in thi
state a banking department, which shall hav
charge of the execution of the laws relating /
banks and the banking business in this state
Such department shall be designated the stat
banking department and shall be under the
management 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 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 mem
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 tho absence or inability of his prime lpal.
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
posed upon him by this act, lie shall IND
necessary. The salary of the bank commissioner
shall be three thousand dollars per anuum. The
salary of the deputy and such clerks as may be
employed. shall be at such a rate per annum
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 A voucher cOuntersigncd by the secretary
of state. Vouchers for the deputy and clerks
salaries must be first approved by the bank COM
missioner. All actual aud necessary travelling
expenses of said bank commissioner, deputy
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 cOuntersiGn
theil. Inc state treasurer snail; upon tie pre-
sentat ton 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 commissioner and
his deputy shall ia Ike 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
each give TO the people of this state n bond in
the penal sum of twenty-five Thousand dollars,
with two or more suretles, or surety company,
TO be approved by the state treasurer, cOudi-
toned for the faithful discharge OF the duties
of their respective offices. There shall be assigned
10 said bank commissioner suitable rooms in the
state capitol for conducting the business of said
depa rtment
SECTION 3. The bank commissioner shall de-
wise a seal for the of his office which shall
continue to be the seal of said department. A
description of the sea-, 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, colaterals,
securities, books of account, condition and af-
fairs of each bank savings association and pri-
vate bank doing business in this state. For that
pggirpose ne may examine 1 on oath any Of the
positors thereof, touching the affairs and bust
ness of such institution. The bank commissioner
shall examine, or cause to be 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, and whether it's business is
conducted in the manner prescribed by law.
SECTION 5. No bank commissioner deputy or
examiner shall examine bank in which he is
interested as stakeholder, officer, employee
otherwise. No bank commissioner, deputy or
examiner shall examine bank located in the
same village city or county with any bank in
which he is interested as stakeholder, officer
employee 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 examinations except so far as
tho public duty of such officer requires him to
report upon or take special action regarding
the affairs of any bank. If any bank commits
EIoner, deputy, examiner or clerk in such depart
ment, shall disclose the name of any debtor OF
any bank or anything relative to the private
accounts or transactions of such bank or shall
disclose any fact obtained in the course of his
examination of any bank, except as herein pro.
vided, he shall be subject, upon conviction
thereof, to forfeiture of his office and to tho
payment of fine of not less than one hundred
dollars nor more than one thousand dollars,
imprisonment in the state prison not less than
ak months nor more than two years, or to both
such fine and imprisonment.
SECTION 6. Whenever it shall appear from tho
report of any bank, or the bank commissioner
shall have reason to believe, that the capital of
any bank is impaired or reduced below the
amount required by law, it shall be the duty of
the bank commissioner, and he shall have the
power, to examine such bank to ascertain the
facts, aud in case he shall End such impairment
or reduction of capital, to require such bank to
snake good the deficiency appearing If any
bank shall refuse fail for ninety days after
written notice to make good the deficiency so
appearing or found to exist, it shall be the duty
Of the bank commissioner, with the approval of
the attorney general to institute proceedings for
the appointment of receiver of said bank to
capital of bank shall have become impaired
or reduced below the amount required by law,
the board of directors of such bank shall have
the power to make pro rata assessment pop
ell of the stock of said bank to make good such
deficiency, and may provide that tAe amount of
such deficiency shall be due and payable at a
time to be fixed by such board of directors, which
time shall be not less than ten days after notice
efsald assessment; and If any stakeholder shall
snent against his stock, for ten days after the
Same shall have become due and payable, the
directors of such bank may offer said stock for
days notice to be given by posting COPIES of
notice of sale in five public places in the village
or city where such bank is located. Upon such
sale the purchaser shall forthwith pay the
amount of the assessment against said stock.
The amount received from the sale of said stock
less the cost and expense of such sale, shall be
paid to the original owner of such stock.
SECTION z. On becoming satisfied that any
ban has refused to pay its depositorS, in ac-
cordance with the terms on which such deposits
were received, or that any bank has become in
solvent, or that its ca pital has become impaired
or that any bank has violated any of the pro
a he o0l- cfr J0r,oy- nv
forthwith take possession of the books. records
and assets of every description of such bank
and hold the same, and such books, records and
assets shall not be subject to any.leyies or at
tachments, until court of competent jurisdic-
1ion can be applied to for the appointment of a
receiver for such bank, who, under the direction
of the court, Shalttakes possession of the books,
records and assets of every description, collect
all debts. dues and claims, and sell or compound
al doubtful debts. and sell all real and personal
property such, terms as the court shall direct
and if necessary, enforce the individual liability
of stockholders. Such receiver shall pay. over
all moneyby him received under thee order of
the court, and shall also amakef report to the
bank commissioner, often required by him,
of his acts and proceedings.
SECTION s. In the event that any two banks
shall be doing business IN the same building,
upon the same floor, and in such close proximity
as to interfere with the proper examination of
either bank. the bank commissioned may require
either Of said banks to Iemoys its banking office