Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-22


general election the following proposition Is to |
be submitted to the people in pursuance OF the |
requirements of Chapter BOB of the laws OF 1891 |
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
71t senate and assembly, do enact as JOitotCS:
CHAPTER 1.
BANKING DEPA RTMENT.
SECTION /. There is hereby established in thi |
state "A banking department. which shall hay |
charge of the execution of the laws relating l. |
banks and the banking business in this state !
Such department shall be designated as 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 b
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 tho 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 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 he shall find
necessary The salary of the bank commissioner 9T
shall be three thousand dollars per annum. The
salary OF the deputy and such clerks as may be
employed, shall be at such rate per annum as
the bank commissioners 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
expenses OF said bank commissioner deputy or
clerks, incurred in the discharge of their duties,
shall be fully itemized upon proper vouchers and
IN ed the ri
and presented to the secretary of state. If al
lowed, the secretary of state shall countersign
them. The state treasurer shall. upon the pre-
sentation 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 COmmissiOneroand
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 moro sureties or a surety company,
to be approved by the state treasurer, condi-
toned for the faithful discharge of the duties
of their respective offices There shall be gned
to said bank commissioner suitable rooms i'll the
state capitol for conducting the business of said
department.
SECTION 3. The bank commissioner shall de-
wise seal for the of his office, which shall
continue to be the seal of said department..
description of the seal, with an impress a 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, collaterals,
securities, books of account, condition and aft
fairs of each bank savings association and pri-
waite ban< doing business in this state For that
purpose ha may examine oath any of the
officers, owners, agents, clerks, customers de-
poSltors thereof, touching the affairs and bust
ness of such institution. The bank commissioner
shall examine, cause to be examined, any
bank when requested by the board of directors
M nrh NJ 10 hpJ IL ron hall
also ascertain whether such bank transacts its
business at tho place designated in the articles
of Incorporation, and whether its business is
conducted IN tho manner prescribed by law.
SECTION ). No bank commissioner deputy or
examiner shall examine a bank in which he is
Interested as stockholder, officer employee or
otherwise. No bank commissioner, deputy
examiner shall examine a bank located in the
same village, city or county with any bank in
which ne IS Interested 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 examinations, except so far
the public duty of such officer requires him to
report upon, or take special action regarding
the affairs OF any bank. If any bank commits
sloner, deputy, examiner or clerk in such depart
ment. shall disclose the name of any debtor of
any bank, anything relative to the private
accounts transactions of such bank, or shall
disclose any fact obtained i'll tho course of his
examination of any bank, except as herein pro-
vidod ne shau be SUBJECT, upon CONVICTION
thereof, to forfeiture of his office, and to the
payment of 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.
SECTION s. Whenever it shall appear from tho
report of any bank, or the bank commissioner
shall have reason to believe that the capital OF
my 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, ard in case he shall find such impairment
or reduction of capital to require such bank to
make good the deficiency appearing. If any
bank shall refuse or 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 2ppolntment OF receiver of said bank to
wind up its business. In any case, where the
capital of a bank shall have become impa ired
or reduced below the amount required by law,
tho board of directors OF such bank shall have
Tho power to make a pro rata assessment upon
all Of the stock of said bank to ma Ike good such
dCiclency, and may provide that t1e amount of
tuCtt deficiency shall be due and payable at
time to be fixed by such board of directors, which
tame shall be not less than ten days after notice
fsaid assessment; and if any stockholder shall
fan or neglect to pay the amount of the assess
ront against his stock, for ten days after the
same shall have become so due and paya ble the
directors of such banIS ,naT. oifar g. IA SOL fT
gale, and sell the same at public sale upon ten
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 tho purchaser shall forthwith pay the
amount or the assessment against said stock.
The amount received from the sale of sale stock,
less the cost and expense of such sale, shall be
paid to the original owner of such stock.
SECTION I. On becoming satisfied that any
bank has refused to pay its depositors, in &C.
cordance with the terms on which such deposits
were received, or that any bank has become in
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 any{levies or IT.
tachments, until a court of competent5 jurisdic
ton can be applied to for the appointment of a
receiver for such bank, who, under the direction
of the court, shall ake~possession of the books,
records and assets of every description, collect
all debts dues and claims, and sell orcompound
all doubtful debts. and sell allreal and personal
property on such terms as the court shah direct.
and if necessary, enforce the individual ability
OF stockholders. Such receiver shalIs paySoyer
all money by him received under stheaorder~o of
the court. and shall falsoSma keGreport to the
bank commissioner, asoftensas 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 commissioner mayrequire
either of said banks TO Iemoyeits banking office