Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-11-03
REVISION OF THE BANK
INC Avn

REVISION OF THE BANK
ING LAW.
NOTICE IS FURTHER GIVEN, that at said
general election tho following proposition is to
be submitted to the people in pursuance of the
requirements OF Chapter 1903, of the laws OF 1885,,
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, represented
in senate and assembly, do enact as foHOWS:
CHAPTER l.
BANKING DEPARTMENT.
SECTION /. There is hereby esta blished in this
state 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 chief officer who
shall DO 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 men,
bars OF the senate. He may appoint deputy,
snd revoke such appointment at pleasure. Such
deputy shall possess all powers, and perform tho
duties attached to the Office of the bank COM
missioner during vacancy in such office, and
during the absence or inability of his prime ipal
Thu bank commissioner may also employ, from
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 aunum. The
salary OF the deputy and such clerks 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 sal aries
Of the bank commissioner deputy and clerks
shall be paid monthly by the state treasurer,
upon voucher 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
clerks incurred in the discharge of their duties
shall be fully itemized upon proper vouchers and
certified in the ord er indicated for the salaries
and presented to the secretary of state. If al
lowed, tho secretary of state shall countersign
them. The state treasurer shall. upon the pre-
sentstion OF vouchers allowed and counter
signed, ray 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
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 a bond in
the penal sum of twenty-five Thousand dollars,
with two or more sureties, or surety company,
to he approved by the state treasurer condi-
toned for the faithful discharge Of, the duties
ofthcir respective offices There shall be assigned
to said bank commissioner suitable rooms in the
state pitol for conducting the business of said
department
! me DanR commissioner hail De-
wise seal for the use of his office, which shall
continue to be the seal of said department A
description Of the seal with an impression there
Of shall be filed in the office of the secretary Of
state.
SECTION 1. It shall be the duty of the bank
commissioner, and he shall have the power by
appoint for that purpose, to examine, at least
once in each year, the cash, bills, collaterals,
securities, books of account. condition and af-
fairs OF each bank, savings association and pri-
vate bank doing business in this state. For that
purpose he may examine oath any of the
officers, owners: agents. clerks, customers or de-
mess 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 Mt the place designated in the articles
OF incorporation, and whether its 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 rs stockholder. officer, employee or
otherwise. No bank commissioner deputy or
examiner shall examine a bank located in tho
sams village, city or county with any bank in
employee or otherwise The bank commissioner.
deputy. and every clerk in his department, and
examiner. shall be bound by oath to keep secret
AL OF the facts and information obtained in the
ronrse of such EXAMINATIONS except so far as
the public duty of such officer requires him to
report upon, or ia Ike special action regarding
tho affeirs OF any bank. II any bank commits
nent. shall disclose the name of any debtor of
any bank. or anything relative to the private
accounts or transactions of such bank. shall
disclose any fact obtained in the course of his
examination of any bank, except as herein pro-
yided, he shall be subject, upon conviction
thereof. to forfeiture OF his office, and to the
payment of a fine of not less than one hundred
dollars nor more than one thousand dollars, or
imprisonment in the state prison not less than
SIX months nor more than two years, or to both
such fine and imprisonment.
sEcrioSs. Whenever it shall appear from the
report OF any bank. or the bank commissioner
shall have reason to believe, that the capital of
any bank IL impaired or reduced below the
amount required by law, it shall be the duty of
the bank commissioner, and he shall have the
facts, and in case he shall find such impairment
Or reduction of capital, to require such bank to
NAE hn go1d the defS.enGy 50 90 appearing If
written notice to make good the deficiency so
appearing or found to exist, it shall be the duty
OF tho bank commissioner, with the approval of
the attorney general to institute proceedings for
the appointment of a receiver of said bank to
wind up its business. In any case, where the
capital OF bank shall have become impaired
Or reduced below the amount required by law,
the board OF directors of such bank shall have
she power to make pro rata assessment upon
ell OF the stock of said bank to make good such
deficiency, and may provide that the 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
essaid assessment; and If any stakeholder shall
fail or neglect to pay the amount of the assess
Cnent against his stock, for ten days after the
Sams shall have become so due and payable the
directors of such bank may offer said stock for
sale. and sell the same at public sale upon ten
days notice, to be given by posting copies OF
aotice Of sale in five public places in the village
o. city where such bank is located. Upon sucl,
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.
S4cTIoN Z. On becoming satisfied that any
bank has refused to pay its depositors in &C.
cordance with the terms on which such deposits
solvent or that its capital has become impaired
or that any bank has violated any of the pro
visions Of this Law, the bank commissioner may
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 anyslevies or at
tachnents, until q court of competent jurlsdic
ton can b applied to for the appointment of a
receiver forsuch bank, who, under the direction
records and assetseof every description, collect
Ill debts. dues aud claims, and sell or compound
all doubtful debts, and sell all real and personal
property on suchterms as the court shall direct
and'if,peceSsary, enforce the individual liability
OF stockholders. Such receiver shall pay ovel
all moneyby him. received' under thes order OF
the couxtSznd shall also makes report to the
OF his acts and proceedings.
SECTION g. 1nthe 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 commissioner may require
either At said banks - xemoxe its banking ofisi