Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-08-18
CHAPTER 903. LAWS 1891.


Az Acr TO revise the laws authorizing the bust
ness of banking.
The people n he state Of Wisconsin. reDreqoated
% sesote and assembly 10 cjtqcf os 1oiiorsf
CHATTER l.
RhSKtSG DEPARTMENT
SECTION /. There is hereby established in this
state banking department which snail have
charge Of the execution Of the laws rel tting 70
banks and the banking business in this stale
such department shall be designated as the state
banking department, and shall be under the
management and control Of chief officer who
snail be called the bank commissioner
SECTION .. 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 tor the term Of five years, unless sooner
moved by the governor for good cause. and by
and with the consent Of twO-thirJts IF the mem
beers of the senate. lie may appoint 4 deputy
and revoke such appointment AZ pleasure. such
aeputy shall possess all powers, aud perform the
duties attached % he Office Of the bank commits
sloner during vacancy "a such office, aad during
the absence or Inability 81 his principal The
bank commissioner may also employ from time
10 time such clerks 10 ASSIST him aud his deputy
in the discharge Of the several duties imposed
upon nun by TINS act as ht shall Tina necessary.
The salary Of the bank commissioner shall Dr.
three thousand dollars per aunum The salary
OF the deputy and such clerks as max b.. en-.
ployed. shall be at such rate per aunum as the
bank commissioner shall decide not however
70 exceed that Of the deputies and clerks pf the
several state departments The -,liaries of the
bank commissioner deputy and clerks shall be
paid monthly by tie state treasurer. upon d
vouchers for ne deputy and clerks salaries
must be first approved by the bank commissioners
All actual and necessary travelling expenses Of
Eeln bank commissioner deputy or clerks, in
Cured ia the discharge Of their Duties shall be-
fuHF ueuzet upon proper vouchers and crftE
iled ia the order Indicated for th ssl4f,p4 and
presented 20 the secretary af state II allowed
the secretary of state shall CONT erstxn them
The state treasurer shall, upon thr presentation
Of vouchers allowed aud conn resigned pay
the amount Of such expense Within fifteen
days frou the notice nf their appointment ~.
speciigely tne bank commissioner ati his deputy
snail take and subscribe the oath of aftiee pre-.
scrlJei by tie constitution. aud file the sarn, ii
the Office ~ the secretary of state The eald
bank commissioner and his deputy shall each
give 10 the people of tins state bond in the penal
sum OF twenty five Thousand dollars. with two or
more snreties. or a surety company 10 hs up-
proved by the state treasurer, conditioned tpy tie
ttithiul discharge 81 the duties 81 their respective
of.ccs There shai h.. assigned TO sad bank
commissioner suitable rooms u the state capitol
for conducting the business ~ said department
SECTION q. The bank commissioner shalt le.
wise seal for the use Of his ufiic- which snail
continue ~ be- the seal Of said department 4
description Ut the sral with al impression
thereof shall be hed 10 tie office of the secre
SrcTIoS 6 Il shlH be- The duty of tie bank
eommissiousr. and h. shall have the power ~
himself hi- deputy, or by any examiner he may
appoint for that purpose, - examine, az least
onCf' ia each year the cash. bills c0iiateTals
curties, books of account, condition and affairs |
Of eech bank, savings association aud private |
hank doiul, buSlnes ia this state For that pur
pose he may examine on oath ans OF the officers |
owners, agents, clerks customers dep0sitors |
thereof touching the affairs business of such
institution. The bank commits Toner si'all exam. |
sie. or cause TO be examined, any bank when re- |
quested by the board at directors - such bank
The bank commissioner shall also ascertain |
whether such bank tranSacts is business at the
place designated in the articles Of interpretations
and whether its business is conducted ia the man
NJ, prescribed by law.
SEcvFfaN .. NJ bank commissioner deputy or |
examiner shah examine a bank ia which he is in |
terested as stakeholder, officer employee or other
wise no bank commissioner deputy or exam
iuer shall examine bank located ia the vii |
iage city county with any bank in which he is |
an. rested as stakeholder, officer, employees or |
otherwise. The bank commissioner his deputy |
and every clerk in his department. and examiner |
shall be bound by oath 10 keep secret all 0f the |
facts and information htained in the course If 1
such examinations except SO far the public duty
OF such officer requires hg TO report upon or take
special action regarding the affairs Of any bank |
= ny oahk commissioner, deputy examiner or !
clerk I'D silch department, shall disclose the name
OF any debtor Of any bank or anything relative |
70 the private accounts or transactions Of such |
hank, or shall disclose any fact obtained in the |
course of his examination Of any bank except as |
herein provided, he shall be- subject upon conyic-
Tiop thereof to forfeiture Of his office and 10 the
payment OF a fine Of not less than hundred /
dollars nor more than thousand dollars or i'm.
prisonmens in the state prison not less than six /
months nor more than two years, or to both such
fine and Imprisonment
SECTION G. Whenever II shall appear from the
report Of any bank. the bank commissioner /
shall have reason 60 believe that the capitai OF |
any bank is impaired or reduced below the /
amount required by law, IL shall he the duty Of /
The bank commissioner, and he shall have the /
power, TO examine such bank 70 ascertain the |
facts, and in case he shall find such impairment |
ar reduction Of capital, To require such bank 10 L
make good the deficiency So appearing. If any |
bank shall refuse fail for ninety days after |
written notice to make good the deficiency SO ap.
peaTng 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 receiver OF said bank 10 wind up
its business In any ease, where the capital Of |
hank shall have become impaired or reduced he |
low the amount required by law the board OF I'll. |
reetors Of such bank shall have the power TO |
make pro rata assessment upon all Of the stock
OF said hank TO make good such deficiency, and |
may provide that the amount OF such deficiency |
shall be due and payable At a time be fixed by
such board OF directors which time shall he not |
less than ten days after notice OF said assessment
and II any stakeholder shall fail or neglect 10 |
pay the amount Of the assessment against his |
stock, for ten days after the same shall have he
come 50 due and payable, the directors Of such |
bank may offer said stock for sale aud sell the |
same at public sale upon ten days notice. 10 be |
given hN 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 sale Of said stock less the cost and expens,
u such sale. shall Oe paid 70 the original owner of
such stock
SECTION 9 on becoming satisfied that any
bank has refused To pay its depositors in accord
ance with the terms on which such deposits were
received or That any bank has become tnsolvent
81 that its capital has become Impaired or thar
any bank has violated any Of the provisions IL
tins law the hank commissioner may forthwith
take possession - the books records and assets Of
every descrlpt4sl of such hank ana hold the
same. and such books, records and assets shall
not be subj Ct 10 any levies attachments until
q court OF compete. jurisdiction can he apped
e Tor the appointment Of a receiver for such
hank. who, under the direction OF the court shall
take possession of the books, records and assets
q 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 aad II necessary
enforce the individual liability of stockholders
Sch receiver snail pay over all money by him r..
ceived under the order IF the court and SHAH
also make report IN the bank commissioners a.
often as required by hun, Of his acts and proceed
iugS
SE,llas $ In the event that any two banks
stall W doing business ia the same building upon
the same floor, and in such close proximity as rs
Interfere with the proper examination u either
hank the hank commissioner NAV rpQtlirs either
OF SAID hanks - remove its banking otlee 10 some
other location. within such reasonable time as
may h' uNtd bN the bank conu. jSsioner
ShtGtaN * All proceedings bN any bank fo "a
JOIN The bank commissioned ia toe Ills 'harge st
his duties shall hc had in the county where sai3
hane Is located, OF tu th" supreme e,uri ~ this
state AlI suits ami proceedings arising out 81
the provisions 90 hrs act IN which ti' state or
any of IT. officers or agents. shall ht parties shall
he COu0urtnA uudrr the direction and sullaiK5Si,ln