The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1898-08-11
CHAPTER 3o3, LAWS 1897.


which chapter reads as follows
CHAPTER 300, LAWS 1897.
AN ACT to revise the laws authorizing the bust.
ness of banking.
The people of the state of Wisconsin, represented
en- senate and assembly, do enact as Jottol0S'
CHAPTER l.
BANKING DEPARTMENT.
SECTION /. There is hereby esta blished 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 chief officer, who
shall be called the bank commissioner.
SECTION T. 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-thlrds of the mem
beIS Of the senate. He may appoint a deputy
and revoke such appointment at pleasure, Spch
deputy shall possess all powers, and perform the
duties attached to the office OF the bank com,
missioner during a vacancy In suCh ounce, ana
during he absence or inability of his principal
The bank commissioner may also employ, from
zine 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 IND
necessary. The salary of the bank commissioners
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 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 commissioners, deputy or
clerks, incurred in the discharge of their dutIes
shall be fully itemized upon proper vouchers and
certified IN the order indicated for the salaries
presented secretary state
lowed, the secretary of state shall countersIgn
them. The state treasurer shall, upon the pre-
sentaton of vouchers so allowed and counter
signed pay the amount of such expense. Within
fifteen days from the notice of their appoint
nent, respectively, the bank commisslonersand
his deputy shall take and subscribe the oath OF
office, prescribed by the constitution, and hle
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 bond IN
he penal sum of twenty-five thousand dollars,
with two or more sureties, or a surety company,
20 be approved by the state treasurer, condl
tioned for the faithful discharge of the duties
oftheir respective Offices There shall be assigned
80 said bank commissioner sulta bic rooms In the
state capitol for conducting the business OF SAID
department.
SECTION 3. The bank commissioner shall 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 fled in the office of the secretary of
state
SECTION a. It 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 at
fairs of each bank, savings association and prl-
vate bank doing business in this state. For that
purpose he may examine on oath any or the
officers, owners agents, clerks, customers or de-
pOstOrs thereof touching the affairs and busl-
ness of such institution The bank commissioner
shall examine, cause to be examined, any
bank when requested by the board of directors
of such bank. The bank commissioner shall
whether bank tfanSdCGS
business al the place designated in the articles
of incorporation, and whether its business IS
conducted in the manner prescri bed by law.
SECTION 5. 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 or
examiner shall examine a bank located In the
~ame village, city or county with any bank IN
which he is interested stakeholder, officer
employee or otherwise The bank commissioner
ieputy, and every clerk in his department, and
-xaminer shall be bound by oath to keep secret
I'll of the facts and information obtained In the
course of such examinations, except so far as
he public duty of such officer requires him to
he affairs of any bank. If any bank commits
Toner, 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 the
payment of fine of not less than one hundred
dollars 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 6. Whenever it shall appear from the
report of any bank, 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, and in case he shall find such impairment
or reduction of capital to require such bank to
make good the deficiency so appearing. It 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 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
the power to make pro rata assessment upon
all of the stock of said bank to ma Ike 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
lime shall be not less than ten days after notice
Of said assessment; and if any stOckholder shall
fail or neglect to pay the amount of the assess
ment against his stock, for ten days after the
same 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
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 SAFE OF Sd1u STOCK,
less the cost and expense of such sale, shall be
paid to the original owner of such stock.
SECTION 7. 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 at
tachments, until a court of competent jurlsdic-
ton can be applied to for the appointment of a
receiver for such bank, who, under the direction
of the court, shall take possession of the books,
records and assets of every description, collect
all debts, dues and claims, and sell or compound
all doubtful debts, and sell all real and personal
property on such terms as the court shall direct,
and if necessary, enforce the individual liability
of stockholders. Such receiver shall pay over
all money by him received under the order of
the court, and shall also mako report to the
bank commissioner, as often as 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 tbs proper examination of
either bank the bank commissioner may require
either of said banks to remove its banking office
to some other location within such reasonable
time as may be fixed by the bank commissioner.