Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1868-04-08

4
savings institution.
The people of the state of Wisconsin, represen-
ted in senate and assembly. do enact as fol-
lows: ~ '7 A-e q q
Section. 1.-Wm M Dennis, Daniel
Jones, Peter v. Brown, Henry Mulber-
ger, Frederick Miller and such other per-
sous as may hereafter become associated
with them in the manner hereafter provi-
ded, shall be and they, ars hereby incor-
porated and made body corporate and
petite, by the name Fl Of he "Watertovn
savings association and by that name
they shall have perpetual succession, and
may sue and be sued lin any court what.
everj and said institution shall be located
in the town or city of w atertovn, as may
be most convenient to its interests, and
may have and use common seal.
Seo' 2. The capital stock of said in
situation shall be fifty thousand dollars,
and may be increased by said corporation
to any SUM not, exceeding, FIVE hundred
thousand dollars, which shall be divided
into shares of one hundred dollars each,
and be deemed personal property, trans
ferable only on the books of the associa-
ton, IN such manner as may be prescrib-
ed In the bylaws of said association
Each subscriber of stock shall pay at the
time of subscribing, twenty per cent. Of
the sum- subscribed, and the remainder
when called for BY the said corporation,
The .corporators, or a majority Of them,
may open books for subscription of stock,
at such time and place as they may APP
point; and when the sum Of fifty thou
sand dollars is subscribed, the said corpor-
ators, or majority Of them, shall give
notice tv the stockholders Of the time and
place to meet and elect directors, and Or
ganize said corporation. '....A a .
| Sec. 3. The management Of the affairs
of said corporation shall be vested in a
board aef seven directors, who shall be
stockholders. Said directors shall hold
their office for, one year, or until their
successors are elected and qualified; and
said election shall be held on the first
Tuesday Of January, in each year, on
twenty days NOTICE having been given in
some. public newspaper printed in the
city of Watertown, The said board of
directors as soon as practicable after their
election, shall proceed to elect one of their
number president, and such other off GERS
and persons, as hey shall deem necessary
for the management and care Of the busi-
ness of said corporation, and in case Of, a
vacancy, in the board Of directors, by
death or otherwise, quorum oftsad
board shall have power to fill said vacancy
for the remainder of such unexpired
! term. 20. ---. - 90
Sec. 4 The said. corporation shall be
authorized to receive money from any
person or persons who may wish to depos
it the same, upon terms not Inconsistent
with the cons tuition OF this state: pro
Uided, holoeuer, that married women and
miners may, in their own name, deposit
money with said corporation and received
certificates or other evidence of deposit in
their own names, which deposits Shall be
subject to their order only, and their
checks, receipt or aquittance shall be
sufficient discharge to such corporation
Sec. 5. The said corporation may &C
cept and execute all such trusts whether
fducary or otherwise, as shall or may be
committed to it by any person or persons
Or by order OF any court Or tribunal IN
this state, and may make such special re-
gulations in reference to trust-tunds, de
posts or savings as shall best aid the de-
postors and parties interested, by accum
ulation and increasing the same, not In
consistent with the terms Of the trust or
the contraet7of deposit, allowing and re-
ceiving such rate OF interest therefor, not
greater than that allowed by law as may
be agreed upon. Said corporation shall
have power and authority to receive mon
ely on deposit, and pay interest therefor,
specifying the,rate Of interest to be paid
thereon at the time Of reception, and to
loan the same as we'll as the capital and
accumulated profits, On such terms as the
board of directors may determine, not In
consistent with the laws Of this state, at
any rate of interest not exceeding that al
lowed by law -n @aa.aaa. s.l uef.rta,..
Sec. g.. The business of said corpora
| ton shall be conducted by the directors,
and in such manner as they may direct
They shall fix the salaries Of It's officers
and Clerks, and roquiresuch security from
them, for their fidelity and good conduct,
as the board of directors may from time to
| time decide upon. -Four directors, one
fwhom shall be the president or vice
president, shall be a quorum to transact
any business of the corporation and it
shall be the duty of the directors of said
corporation to invest, as soon as practic-
able, as provided for. in this act, all sums
of money received by them beyond an