Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-10-20

ton is to be submitted to the people in
pursuance of the requirements OF Chapter
as follows:
CHAPTER BOB. LAWS 1897.
An Act to revise the laws authorizing the
business of banking.
The people of the state of Wisconsin, repre-
sented i'll senate and assembly. do
enact as follows:
CHAPTER l.
BANKING DEPARTMENT.
Section l. There is hereby established In
this state a banking department. which
shall have charge of the execution of the
laws relating 10 banks and the banking
business IN this state. Such department
department, and shall he under the man
agement and control of chief officer, who
shall be called the bank commissioner.
Section 2. The bank commissioner shall
be appointed by the governor, by and with
the advice and consent of the senate, and
shall hold his office for the term OF Ave
years, unless sooner removed by the gov
ernor, for good cause. and by and with the
consent of two-thrds of the members 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 commissioner during va
cancy In such office, and during the alb
sence or inability Of his principal. The
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
dollars per annum. The salary of the dep
uty 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 salaries of the bank commissioner, dep
uty and clerks shall be paid monthly by
the state treasurer upon voucher coun-
tersigned by the secretary of state. Vouch-
ers for the deputy and clerks salaries
must be first approved by the bank COM
cling expenses of said bank commissioner,
deputy orcIerks. incurred In the discharge
of their duties, shall be fully itemized upon
proper vouchers and certified In the order
indicated for the salaries, and presented to
the secretary of state. If allowed, the Sec
rotary of state shall countersign them. The
state treasurer shall, upon the presenta-
ton of vouchers so allowed and counter
signed, pay the amount of such expense.
Within fifteen days from the notice of their
appointment, respectively, the bank COM
missioner and his deputy shall take and
subscribe the oath OF office prescribed by
the constitution, and file the same in the of
fce of the secretary OF state. Inc SAID
bank commissioner 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 he approved by the
state treasurer, conditioned for the faith
full discharge of the duties of their respect
i've Offices There shall he assigned to said
bank commissioner suitable rooms In the
state capitol for conducting the business of
said department.
Section g. The bank commissioner shall
devise a seal for the use OF his office, which
shall continue to be the seal of said dc
partment A description of the seal, with
an impression thereof, shall be filed in the
office Of the secretary of state.
Section 1. 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,
ito examine, at least once in each year. the
cash. bills. colateralS, securities, books of
account, condition and affairs of each
doing business In this state. For that
purpose he may examine on oath any OF
the officers. owners, agents. clerks. Gus
toners or depositors thereof, touching the
affairs and business of such institution.
The bank commissioner shall examine, or
cause TO be examined, any bank when re-
quested by the board of directors of such
bank. The bank commissioner shall also
ascertain whether such bank transacts its
business at the place designated in the art
icles of incorporation, and whether its bust
ness Is conducted in the manner prescribed
by law.
Section s. No bank commissioner, deputy
or examiner shall examine bank in which
he is Interested as stockholder, officer EN-
err deputy or examiner shall examine a
bank located In the same village. city or
county with any bank In which he Is In
terested as stockhoder, officer employee
or otherwise. The bank commissioner
deputy, and every clerk in his department
and examiner, shall he bound by oath to
keep secret all of the facts and information
obtained in the course of such examina-
tons except so far as the public duty OF
such officer requires him to report uton, or
take special action regarding the affairs OF
h,YY txaN les n
uty. examiner or clerk in such department,
shall disclose the name OF any debtor OF
any bank, or anything relative to the pri-
vate accounts or transactions Of such bank
or shall disclose any fact obtained In the
course of his examination of any bank, ex-
cept as herein provided, he shall be sub
ject, 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 impris-
onment IN the state prison not less than
six months nor more than two years or to
both such fine and imprisonment
Section 6. Whenever II shall appear from
the report of any bank. or the bank COM
missioner shall have reason TO believe that
the capital Of any bank Is impaired or re-
duced below the amount required by law
it shall be the duty of the bank commits
sioner. and he shall have the power, to ex-
anime such bank to ascertain the facts,
and in case he shall find such impairment
or reduction of capital 70 require such
bank TO make good the dehciency 50 APP
pearing. II any bank snali refuse or tan
for ninety days after written notice to
make good the deficiency 50 appearing or
found 10 exist. II shall be the duty Of the
bank commissioner. with the approval Of
the attorney general. 70 institute proceed
ingg for the appointment Of receiver Of
said bank to Wind up its business. In any
case where the capital Of bank shall
have become impaired oF reduced be!o.
directors of such bank shall have the pow
er 10 make a pro rata assessment apon All
OF TIE stock Of sail bank t7 make good
such deficiency. ana may provide tnat the
amount Of such deficiency shall TIL due and
pa,ah al 4 time ID IL fixed BY such
boafl Of directors, which time SHAH n net
less than ten days after notice oi sala as.
or neglect VI pay :he amount 9f tn as
sessnent against his stock. for tn days
after the same shall have become 70 dus