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BANKING LAWS OF 1903.

No. 179, S.]

[Published May 15, 1903.

CHAPTER 234.

AN ACT for the creation of banks and for the regulation and

supervision of the banking business.

The people of the state of Wisconsin represented in senate and

assembly do enact as follou's:

CHAPTER I.

BANKING DEPARTMENT.

Department established.

SECTION 1. There is hereby established 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 a chief officer who shall be called the commissioner of banking:

Commissioner; deputy; examiners; clerks. SECTION 2. The commissioner of banking 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 five vears and until his successor shall have been appointed and qualified, unless sooner removed by the governor, for good cause, and by and with the consent of a majority of the members of the senate. The commissioner of l»anking may appoint a deputy, and revoke such appointment at pleasure; provided, that no person shall be eligible for the office of commissioner of banking, or deputy, without first having had at least three years' actual practical experience in the general banking business, or served for a like period in the banking department of this or some other state.

Such deputy shall possess all powers, and perform the duties attached to the office of the commissioner of banking during a vacancy in such office and during the absence or inability of his principal. The commissioner of banking may also employ from time to time, such examiners, not exceeding three, and clerks, not exceeding two, 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 commissioner of banking shall be three thousand dollars per annum. The salary of the deputy shall be two thousand dollars per annum; the salary of such examiners shall be eighteen hundred dollars per annum, and the salary of such clerks as may be employed shall be at such a rate per annum as the commissioner of banking shall decide, not, however, to exceed fifteen hundred dollars for one and twelve hundred dollars for the other, provided, that whenever it may become necessary for the commissioner of banking to take charge of any bank in accordance with section 24 of this act he may appoint such additional examiners as he may deem necessary for the purposes set forth in section 24. The salaries of the commissioner of banking, deputy, examiners and clerks shall be paid monthly by the state treasurer, upon

a voucher countersigned by the secretary of state. Vouchers for the deputy's, the examiners' and clerks' salaries must be first approved by the commissioner of banking. All actual and necessary traveling expenses of said commissioner of banking, deputy, examiners, or clerks, incurred in the discharge of their duties, shall be fully itemized upon proper vouchers and certified to the secretary of state. If allowed, the secretary of state shall issue his warrant and the state treasurer shall pay the amount of such expenses. Within fifteen days from the notice of their appointment, respectively, the commissioner of banking, his deputy, and the examiners, 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 commissioner of banking 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 suureties, or a surety company, to be approved by the governor, conditioned for the faithful discharge of the duties of their respective offices. The examiners shall each, in like manner, give a bond in the sum of ten thousand dollars. There shall be assigned to said commissioner of banking suitable rooms in the state capitol for conducting the business of said department. All necessary stationery, printing, and supplies shall be furnished to the state banking department upon requisition therefor, in like manner, as other state departSeal. SECTION 3. The commissioner of banking shall de vise a 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 thereof, shall be filed in the office of the secretary of state.

Powers conferred on commissioner. SECTION 1. It shall be the duty of the commissioner of banking, 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 affairs of each bank, and mutual savings bank doing business in this state, except national banks. For that purpose he may examine on oath any of the officers, owners, agents, clerks, customers or depositors thereof, touching the affairs and business of such institution. The commissioner of banking shall examine, or cause to be examined, any bank when requested by the board of directors of such bank. The commissioner of banking 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. Such commissioner of banking may, in the performance of his official duties, issue subpoenas and administer oaths; provided, that in case of any refusal to obey a subpoena issued by him or his deputy such refusal shall be at once reported to the circuit court of the circuit in which the bank is located and said court shall enforce obedience to such subpoena in the manner provided by law for enforcing obedience to the subpoenas of said court.

Annual examination fees. SECTION 5. Every bank doing business under this act shall be required to pay to the commissioner of banking an annual examination fee, which shall be for any bank having a combined capital and surplus of less than twenty-five thousand dollars, ten dollars; of less than forty thousand dollars, fifteen dollars; of less than fifty thousand dollars, twenty dollars; and for any other amount in excess of fifty thousand dollars, twenty-five dollars. Provided, that such fee shall be remitted by all such banks directly to the commissioner of banking, on or before the first day of June, 1904, and each and every year thereafter. If such fee be not paid upon demand therefor, when due, the commissioner of banking shall institute action in the name of the state against such delinquent banks for the recovery of the amount thereof. All such fees shall be paid by the commissioner of banking into

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Loans and discounts
Overdrafts
U. S. bonds to secure cir-

culation
Stocks, securities, etc.
Banking house, furniture

and fixtures Other real estate owned Due from approved reserve

agents Checks and other cash

items Notes of other national

banks
Fractional currency, nick-

els, cents
Specie
Legal-tender notes
Redemption fund with

treasurer U. S.

$252,787 99 Capital stock paid in. $50,000 00 341 48 Surplus fund

15,000 00 Undivided profits, less cur12,500 00

rent expenses and taxes 11,000 00 paid

4,262 37 National bank-notes out3,225 73 standing

12,500 00 5,747 99 Individual deposits, subject to check

64,582 67 34,305 53 Time certificates of deposit 190,071 15

706 50

1,500 00

85 22 8,090 75 5,500 00

625 00

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