Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-24
CHAPTER I.
BANKING DEPARTMENT.


CHAPTER L
BANKING DEPARTMENT.
SECTION /. There is hereby esta bllshed 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
management and control OF ch!ef onlcer, VINO
shall be called the bank commissioner.
SECTION 2. The bank commissioners shall be
appointed by the governor, by and with the al,
vice and consent of the senate, and shall hold
lis Office for the term of five years. unless sooner
removed by the governor, for good cause, and by
and with the consent of two-th1rds OF the mem
beers 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 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 lind
necessary. The salary of the bank commissioner
shall be three thousand dollars per annum. The
salary of the deputy and such clerks as may be
employed shall be at Sucn a rate per annuIn 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, deputy and clerks
shall be paid monthly BY the state treasurer,
upon YOucher cOuntersigned By the 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 be fully itemized upon propervouchersa and
certified ia the order Indicated for the salaries,
and presented to the secretary of state. Ii al
lowed, the secretary of state shall countcrslgn
them. The state treasurer shall, upon the pre-
sentatiOn of vouchers SO allowed and counter
sioned, pay the amount of such expense Within
fifteen days from the notice OF their appoint
ment, respectively, the bank commissioner and
his deputy shall take and subscribe the oath OF
office, prescribed by the constitution, and file
Il fl. ofo1rX flf
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 SuretleS, OK a surety company,
to be approved by the state treasurer, cond1-
TONED for the faithful discharge of the duties
of their respective Offices There shall be assigned
TO said bank commissioner suita BILE rooms In the
state capitol for conducting the business OF said
department..
SECTION 3. The bank commissioner shall de-
wise a seal for the use of his office, which shall
continue to be the seal of said department. A
description of the l,with an preston there
of shall be filed in the office of the secretary OF
state.
SECTION 4. Tt shall be the duty of the bank
commissioner and he shall have the power by
81 i'is deputy or Dy any GEamls 9r he may
2p'.Hns lof That purpose, to examine az IeasC
5nce i'm each year, the cash, bills, cOllateraIS,
securities, books OF account, condition and az
ft.tS Of each bank, savings association and prl-
...a bank doing business 10 this state For that
Darp0se he may examine on oath any OF the
3.Icers, owners, agents. clerks, customers or de-
ness of such institution. The bank COMMISSIONER
shall examine, or cause to be examined, any
bank when requested by the board Of directors
q such bank. IIlG bank commissioner SDaIi
also ascertain whether such bank transaCts Its
business as the place designated ia the articles
IT Incorporation, and whether lJS DuSl0eSS Is
conducted IN the manner prescribed by law.
SECTION 3. No bank eonmlSsloner} CepptY or
examiner shall examine a bank IL which he IS
Interested as .st0ckhOider officer, employee or
otherwise. NO bank conI4lssloneF, oe.31Ly or
Examiner shall examine . bank located IN tll6
.sT0a village. city or county with any bank IN
gshish he is Interested as stakeholder, officer,
all3llOyee or otherwise, The bank commissioner,
7aUuty, and every clerk in his department, ana
examiner shall be bound by oath to keep secret
I'll of the facts and information obtained IN tho
course of such examinations except so far as
lie public duty of such officer requires him TO
g,sport upon, or take special action regarding
the affairs OF any bank. Ii any bank commits
sil~ar deDuty. examiner or clerk in such depart
mont shall disclose the name OF any debtor OF
anv 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-
vjded he shall be- subject, upon CONVICTION
thereof to forfeiture of his office, and to the
,,,srnent of a fine of not less than one hundred
dollars nor more than one thousand dollars, or
in1Dris0nment in the state prison not less than
SIX months nor more than Tvs ais, OF 10 poCu
such fine and Imprisonment.
GECrlON 6. Whenever it shall appear from the
r1Dort of any bank, or the bank commissioner
Eha n have reason to believe, that the capital OF
env bank is impaired or reduced below the
nYrount REQUIRED by law it shall be the duty OF
the bank Commissioner, and ne sha1 nave the
mower, to examine such bank TO ascertain the
facts and in case he shall lind such apartment
~ adnctiOD of capital, to require such bank to
make good the deficiency so appearing. Ii any
bank shall refuse or fail for ninety days after
written notice to make good the a2nclehcy SO
appearing found TO exist, IT sh@l- DC the 0pJy
~ the bank commissioner with Inc approval o.
tae attorney general, TO nstltuta IrCceedln&S ZOE
tlo appointment Of a receiver on SAID oahlL TO