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Wisconsin Revised Banking Law Referendum, Question 1 (1898)
Revision as of 14:01, 9 June 2012 by Polycal
- This referendum seeks voter approval for revised banking laws passed by the legislature.
Official results via: Wisconsin Blue Book 2011 - 2012
Text of measure
The language that appeared on the ballot:
"For the Revised Banking Law as passed by the Legislature of 1897...☐
Against the Revised Banking Law as passed by the Legislature of 1897...☐ "
Major points of law:
- Creates a bank commissioner.
- Defines how banks are incorporated.
- Requires examination by commissioner before commencing business.
- Makes stockholders liable to assessment on value of stocks.
- Requires stockholders to pay capital stock deficiencies.
- Requires yearly examination.
- Require at least three yearly published business reports.
- Requires at least 15% of deposits to be kept on hand.
- Prohibits single loans to from exceeding 15% of capital and surplus.
- Prohibits loans to bank employees without majority vote of directors.
- Requires Unpaid debts "unless well secured" are written off as as bad debts after 12 months.
- Requires bank shares to be assessed and taxed at the same ratio as other property.
- Provides strict penalties for violating the law.
Path to the ballot
- Law Submission: Ch.303 (1897)