Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-08-31
REVISION OF TIE BANK
INC Avn

REVISION OF TIE BANK
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 1903, 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, represented
an senate and assembly, do enact as foLtotOs:
CHAPTER /.
BANKING DEPARTMENT.
SECTION |. There is hereby esta biished 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 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 thu 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 find
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 such a 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 salaries
of the bank commissioner, deputy and clerks
shall be paid monthly by the state treasurer,
upon voucher countersgned by the secretary
of state. Vouchers for the <lpDutV and clerks
salaries must DO first approved by the bank com
missioner All actual and necessary travelling
expenses Of said bank commissi, .ntr deputy or
clerks, incurred in the discharge OF their duties,
shall be fully itemlzed upon proper vouchers and
certified in the order indicated for the salaries,
and presented to the secretary of state. 1t al
lowed the secretary of state shall countersign
them. The state treasurer shall, upon the pre-
sentation of vouchers so allowed aud counter
signed, pay the amount Of such expense. thin
fifteen days from tho 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 commissioned and his deputy shall
each give to the people of this state bond 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, condi-
toned for the f. . hful discharge of the duties
of their respective Offices There shall be assigned
to said bank commissioner suitabe rooms in the
state capitol for conducting the business of said
department.
wise seal for the use Of his office, which shall
continue to be the seal of said department
description of the seal, with an impression there
of, shall be filed in the office of the secretary OF
state.
SECTION A. 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 collaterals,
securities, books of account, condition and af'
fairs of each bank, savings association and prl-
vate bank doing business in this state For that
purpose he may examine on oath any OF the
officers owners, agents. clerks, customers or do
positors thereof, touching the affairs and bust
ness Of such institution. Tho bank commissioner
shall examine, or cause 70 be examined, any
bank when requested by the board of direct ors
of such bank. Tho bank commissioner shall
also ascertain whether such bank transacts its
business at 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 as stakeholder, officer employee or
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 stakeholder 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 / %
course of such examinations except so far as
the public duty of such officer requires hi3 90
report upon, or take special action regafulng
the affairs of any bank. II any bank commits
sioner 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
yided he shall be subject, upon conviction
thereof. to forfeiture of his office, and to the
payment of a fine of noC 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 ooth
Il. A., a,.1 INN I=nEF
SECTION 8. Whenever 1t shall appear from the
re-, .rt of any bank, or the bank commissioner
shall have reason to believe, that the capital OF
any bank Is impaired or reduced below tho
amount required by law, it shall be the duty OF
the bank commissioner, and he shall nave the
power, to examine such bank TO ascertai" me
facts and in case he shall find such Impairment
or reduction of capital to require such bank 10
make good the deficiency 40 appearing. Ii any
bank shall refuse or fail for ninety Gays after
written notice to make good the nenclency SO
anpearin0 or found TO exist, it shall be the duty
of the bank commissioner, with the approval "
the attorney general, to institute proeeeulngS TOT
Sha anpointment of receiver of said bank 10
wind nm ITS business. In any case, where the
capital of bank shall have BECOME impalrol
or reduced below the amount required ny law,
the board of directors of such bank shall nave
tha nower to make pro rata assessment npon
all X the stock of said BANK 70 maze goot suci
de iency and may provide that the amount ol
sma t pc BY such board Of reers which
time shall be not less than ten days after hotlcs
of said assessment; and II any stuskholoer sllat
fail or neglect to pay tie amount oI tle ass,I ~
ment against his stock, Tor ten days aIteF ths
same shall have become so due and BILE, the
directors of such bank may offer said stock foI
sale, and sell the same at pubic sale upon ten
days notice, to be given by posting copies OF
notice of sale in five pub places In the village
or city where such bank is located. Upon such
sale tho 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 .,Spen'e of SUCH saisy shall be
paid to the original owner OF such stock,
banE has refused to pay It's depositors in &C
cordance with the terms on which such deposits
were received, or that any bank has become IN
solvent or that its car itai has become
or that any bank has violated any Of the pro
visions of this law, the Cank commissioner may
Forthwith take possession Of the books. records
and assets Of everg description OF saen and
assets shall not be subject to ana !evies or at
tas,. -nents, until court OF competent lurtsdic
tion ian be applied p iGb t9e sba III
of the court, shall take possession OF the nooks
RECORDS and assets ut syery description, coilees
all debts dues and eaI spd sci OF opS nrsona
nronarty on sush terms as the court snail aitpeF
and il necessary, enforce the tndlFIuqal laollity
on stockholders. Such rseeiFsT sH9l pag over
all money by him received Ri$dsF the order ~
she court and shall also make report 70 tte
hank commissioner, as often as required ~ him
of his acts and proceedIRes. 49, t.,,,,
o.
sbali he doing business in the same building,
amor the same floor, and in such close proximity
as to tntertsfs with the proper %
sithaE bank the BANK commissioners may require
either Of said hanks 20 rsaye us banking ONCE
~ some oth@F Location, within sneh reasohaoie
t;me q NAV be fixed BY the bank coinfnk ssiqner
sEcTloNa :. All proceedings Y fnya hahs 20 70
n his duties, sasll he had in the county where
Dosia hank Is iocs tad OF in the supreme court OF
fs,is state. All salts and pEoeesdings arising ont
49, nrovisi~ Of this act, IN wAiel the state,
- any "a is ncers OF agents, shall be friies,
saaIl tie conducted under the dlFeeflon and 50
,sTyisi,a of the attorney general
p3r.rTTos h Copies Of all records apa paper
10 the oliiea Of the bank commisstoneF Sertansd
BY him and ausasn'ls1ifp g ~ so nah aud q
liEa effaet az the original
SECTION H. During The month o. De 1i
of each year, this bank commissioner shan maze
an annual report 10 the goFeFa0r % the sfats
shich report shall be published and shat q
hint the condition OF the various banks OF this
STATE. as Of the day OF the last report mace %
he bank commissioner by such banksi ana snep