Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-08-24
REVISION or THE BANK
ING Avn

burr, X Barron, Chippewa St Ciolx. Dunn
Ind Pierre.
REVISION or THE BANK
ING LAW.
NOTICE Is FURTHER GIVEN, that at said
general election the following proposition is to
be su admitted to the people in pursuance Of the
requirements of Chapter 1903, of the la TVS OF 1897
which chapter reads as follows:
CHAPTER 3o3, LAWS 1907.
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 us Jolto,os;
CHAPTER l.
BANKrIG DEPARTMENT.
SECTION /. Thor3 is hereby established 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 he under the
management and control of chief officer, who
shall be called the bank commissioner.
SECTION 2. The bank commissioning 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 1--WE years unless sooner
reTloved by the governor, for good cause, and by
aid wit the consent of two-thrds of the MEM
bers of % senate He may appoint deputy,
and revoke such appointment at pleasure Such
deputy shall possess all powers, aad 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 princ ral.
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
shall be three thousand dollars per annnm. The
salary of the deputy and such clerks may be-
employed shall be at such rate per annum rs
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 ana clerks
shall DO paid monthly by the state treasurer,
upon voucher countersigned by the secretary
OF state. Vouchers for the deputy and clerks
salaries must DO 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
certified in the order indicated for the salaries,
and presented to- the secretary of state. IL al
lowed, the secretary of state shall countersign
them. The state treasurer shall upon the pre-
senCation 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 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 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 or more 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 assigned
to said bank commissioner suita bic 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 departing A
description Of the seal, with an impress on there
Of shall be filed in the Office of the secretary OF
state.
SECTION A. 1t shall be the duty of the bark
commissioner, and he shall have the power by
appoint for that purpose, to examine, at least
once in each year, the cash, bills, colaterals,
securities books of account, condition and af,
foir NJ ba ca IN r
vate bank doing business in this state. For that
purpose he nay examine oath any of the
officers owlln ), agents, clerks, customers or de-
positors thereof, touching the affairs and bust
ness Of such institution. The bank commissioner
shall examine, or cause to be examined, any
of such bank. The bank commissioner shall
also ascertain whether such bank transacts its
business 4t 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 a bank located in tho
same village, city or county with any bank IN
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 as
the public duty of such officer requires h -
report upon, or take special action regafoIne
sioner deputy, examiner or CLERK in such depart.
mept, 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-
yidod he shall be subject upon CONVICTION ion
payment of fine OF not less than one hundred
dollars nor more than one thousand dollars, or
imprisonment in the state prison act less than
six mOnthe nor more thar two years, or to both
smell nne and imprisonment.
SECTION 6. Whenever it shall appear from the
rel TT of any bank, or the bank commissioner
shall have reason TO believe, that the capital OF
any bank is impaired or reduced below the
amount required by Law, 1t shall be the duty of
the bank commissioner, and he shall nave 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 IL any
bank shall refuse or fail for ninety days after
written notice to make good the deficiency so
appearing or found to axist, u shali DE the duty
of the bank commissioner, with the approval u
the attorney general to institute proceedings for
the appointment of receiver OF SAID BANK 20
wind up its business. In any case, where sllg
or reduced below the amount required ny law
the board of directors of such bank SHAH have
the power to make pro rata assessment upon
ali II the stock of said bank TO make good such
40 iency and may provide that tSf amount OF
aucn deficiency shall be due and payable at 2
time to be fixed by such board OF difectots, Hiic.
slime shall be not less than ten days after notlce
Of said assessment. and II any stochboIusf siIaL
fail or neglect to pay the amount OF the asses ~
ment against his stock, for ten days after the
same shall have become so due and payab BILE, the
directors of such bank may offer said stock for
sale, and sell the same at public sale upon te1
days notice. to be given by posting copies of
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 expense OF such sale, shall be
paid to the original ownernf such stock
SECTION I; On becoming satisfied that any
bank has refused to pay its deposttors in &C
cordance with the terms on which such deposits
we're received or that any bank has become In.
solvent or that its capital has become impaired
visions of this law, the bank commissioner may
forthwith take possession Of the books, records
and assets OF every description OF suen nan nd
assets shall not be subject to any ievles or at
tachments until court Of competent ,urtsdie-
tion can Be aenbea e los me eaep t Z,
of the court, shall take possession OF the books,
records and ssssts OF svsry description, collect
all debts dues and claims, aud Seli or compound
ali doubtful dsbts and sell all real and personal
nrnnerty on such terms as lbe court shall direct,
and If necessary enforce the indtsInaal liability
'siy money by him received under the order OF
the court and shall also make report TO the
bank commissioner, as often as required % hiin'
SrcTToS j. In Ale event that any two banks
shall be doing business in tbs same building,
the same moor, IN HuSh
sa Il, intarfara with the proper examination OF
either bank, the bank commissioner may require
eithsr Of said banks 70 remoye its backing once
~ come otbsr lDcation, within such reasonable
sime a. may be fixsd By the bank mmIssl9ner.
SECTION 3. All proceedings Sy 9ny hapk 70
enin1n the bank commissioner ~ the aisetfSrge
~ Ms duties shall he had ln the county Whefe
said bank is located, or 10 the supreme court OF
Sbis state All snits and proceedings arising out
- lie nrnvigions az this act ia WHICH the state,
Or any of its officers or agents, shall be sIrsies'
shall be conducted under the dtreeflon aud sa'
neryision of the attorney general
essyTIoN Nc. Copies of all records aud papers
IA tha offfcs "a the bank commissioner, certified
k him. and authenticated hy bis seal o. once
sbaiI be evidence in all cases, squallF AID 81
IiEs effect as the original
sEcrI0s II. During the month q pea i 81
III zach rasr the bank commissioner shalI make
a snrsiai report 10 the governor Ct the state
which report shall be published and snap sx
hshit TIE condition of the various banks ~ thss
STATE. as Of the day Of the last report msde g
! De bank commissioner By such banks ana sacp