Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1898-09-14

eongr ioi,al district consist NJ of fhe counties
OF b. yh Id, Douglas. Burle I, sawyer, Wash
burr, TX, Barron, Chippewa, st Clox, Dunn
ind Pierre.
REVISION OF THE BANK
ING LAW.
NOTICE is FURTHER GIVEN. that at said
general election the following proposition is TO
be submitted TO the people IN pursuance of the
requirements of Chapter 303, of the laws OF 1897,
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
IN senate and assembly, do enact us JoLLot0S:
CHAPTER I.
BANKING DEPARTMENT.
SECTION l. There is hereby esta bllshed 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.
banking department, and shall be under the
management 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 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-thirds of the mem-
bers of the senate. He may appoint a 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 aud his
deputy, in the discharge of the several duties
imposed upon him by this act, as he shall find
necessary. The salary of the bank commissioner
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 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 countersgned 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 u 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 If al
lowed, the secretary of state shall countersign
them. The state treasurer shall. upon the pre-
sentation of vouchers so allowed aud 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 a-d 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 bond in
the penal sum of twenty-five Thousand dollars,
with two or more sdretes, or a surety company,
to be approved by tho state treasurer, condi-
toned for the ia bful discharge of the duties
of their respective offices. There shall be assigned
to said bank commissioner suitable rooms In the
state capitol for conducting the business OF said
department.
sEoTIoN 5. The bank commissioner shall de:
wise seal for the use of his Office which shall
continue to be the seal of said department..
description of the seal with an i'm preston there
of, shall be filed in the office of tie secretary OF
state.
commissioner and he shall have the power by
himself, his Geputy, or by any examiner he may
appoint for that purpose, TO examine at least
once in each year, the cash, bills, collateraIs,
securities. books of account, condition and af.
fairs of each bank, savings association and prl-
vate bank doing business in this state. For that
purpose he may examine on oath any of tbs
officers owners, agents. clerks, customers or de-
positors thereof, touching the affairs and busI-
ness of such institution. The bank commissioner
bank when requested by the board OF directors
of such ban The bank commissioner shall
also ascertain whether such bank transacts its
business at the place designated in the articles
of Incorporation, and whether its business Is
conducted in the manner prescribed by, law
SECTION :. No bank commissioner, deputy or
examiner S I'll examine bank in which he Is
interested as stakeholder officer, employee or
otherwise. No bank commissioner, deputy or
examiner shall examine bank located IN the
same village, city or county with any bank In
which he is interested stakeholder, 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 10 the
course of such examinations, except so far as
the public duty of sucn officer requires INN to
report upon, or take special action regarding
the affairs of any bank. If any bank commits
sioner, 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 obtaine Ell in the course of his
OF any B SS
thereof to forfeiture of his office, and to the
payment OF a fine of not less than one hundred
dollars nor more than one thousand dollars, or
in he or Ia priS than
six months nor more than two years. or to both
such fine and imprisonment.
SECTION 6. Whenever 1t shall appear from the
rel 1t 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, it shall be the duty OF
the hank commissioner and he shall have the
mower, 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 50 appearing. II any
bank shall refuse or fail for ninety days after
written notice to make good the dehclency so
appearing or found to exist, 1t shall be the duty
- The bank commissioner with the approval q
fbe attorney general to institute proceeuihgsiot
the appointment of receiver OF SAID pahk 20
canital of a bank shall have become impaired
or reduced below the amount required ny law,
the board of directors OF such bank shaIi nave
the mower to make pro rata assessment upon
ali " the stock of said bank to make good suco
de iency, and may provide that the amount no o,
sucn dete' pG bo uu9 Of aH direotors. which
time shall DC aoL han ten days after no ,
of said assessment; Ind If any stockholder shaL
fail or neglect to pay the amount OF ohs 1850 -
ment against his stock, for ten days after tht
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 bs 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
amour, or thu assessment against said stock
The amt,, Mt n ceived from the sale OF said stock
less the cos and expense of such sale, shall be
paid TO the original owner OF snch stock.
SECTION 7. On becoming satisfied thst any
hank has refused to pay its depositors, IN &C
cordance with the terms on which such deposits
were received, or that any bank has become m
solvent or that its capital has become impaired
or that anS bank has violated any OF tho pro
visions OF this law, the bank commissioner may
forthwith take possession of the books, RECORDS
and hold the same and such books. records and
assets shall not be subject to any levles or at
tachments, until court OF competsht !aIisottc
zion can be applied to for the appointment OF
receiver for such bank, who, under the direction
of the court, shall take possession OF the oo9ks,
records and assets Of every DESCRIPTION, colees
ali doubtful debts and sell all real and personal
property on such terms as the court shaii direct
and if necessary enforce tue % IA, lsy
all money by him received nndef the ofosI ot
the court, and shall also make report 10 the
bank commissioner. as often as fequifeo % hsin'
L
SECTION S. In tile event that ans two nanks
shall be doing business in the same building,
upon the same floor, and In such close proxlmty
as 70 interfere with the proper examination Ct
either bank, the bank commiss 9ner may require
either Of said banks 10 remos its banking office
n some other location, wi.hin such reasonable
sSra . q may be ixed by .he bank commissioner.
'SrcTJosS All proceedings by any bank 20
enjoin the bank commissioner 10 the dlsehsrge
~ his duties, shall he bad IN the county where
said hank Il located or in the supreme conTt OF
this stats. AL suits and proceedings arising out
~ tha provisions OF this act. in WHICH the state
or am Of its officers or agents shall be tlruss,
shall be conducted under the direction ana So
REVISION of the attorney general,
SECTION 10. Copies OF all rscords aud papers
IN The offies OF the bank commissioner certified
nv him. and authenticated By bis seal OF nfnee,
shall Be evidence In all cases, equally aud OF
lie effect as the original
SEcTfos IL. During the month OF December
az each year, the bank commissioner SHAH make
m annual report TO the governor q the state
rhich rsport shall be published and shall ex-
hibit the condition OF tbs various banks OF TINS
tate a. OF thu day OF the last report made %
Is hank comrlssloasr hs sIch banks snd snce