The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-10-13

An act or the Legislature Vi 1910, Tor the
organization Of savings banks and savings
socet es is at the same time to be submitted
to a vote of the electors, pursuant to the
provisions of section 6, article Al OF the
constitution of the State of Wisconsin,
which act is as follows:
AN ACT for the organization OF savings
banks and savings societies.
The people Of tie State of Wisconsin, repre-
scented IN Senate aud ASSEMBLE, do enact as
toQoaos:
Section /. Any number of persons not
less than twenty may unite for the purpose
of organizing an association to receive on
deposit the savings of laborers, mechanics,
farmers, servants, miners and others, and o
loan the same for the benefit of such deposit
tors. They may make, sign and acknowledge
before some proper officer authorized TO take
Acknowledgements OF deeds, certificate In
writing, III which shall be stated the name
OF such association, the names of the COR
poratorS, the name of the city, village, town
and county in which the operation of such
association is to be conducted.
Section 2. Such certificate shall be filed
IN the Office of register OF deeds of the
county III which the business of the associa-
| ton is TO be carried on, and duplicate
thereof shall be deposited in the Office of the
Secretary Of State.
Section Such corporation shall have
power 10 enact bylaws for the government
OF Its affairs, and such by-laws may prescribe
the condition OH which such deposits shall
be made and the terms on which payments
shall be made to the depostors by such in
stitutlon, and the depositors shall be bound
by the conditions enacted in such bylaws,
which shall be printed and conspicuously
posted in the Office Of such corporation.
Section 4. The corporators shall annually
elect by ballot board of trustees or direc-
tors, which shall consist of not less than ten
Section 5. The trustees or directors, with
In ten days after their election, shall elect
from the members of their own board, a
president, one or more vice presidents, a
treasurer and secretary; they may also
eject from their own members a committee
on finance, all said officers to hold their
Offices till others ale elected to fill their
places.
Section 6. 1t shall be lawful for such cor
poratiOn to purchase, hold and convex such
real estate as banks of discount and circula-
tlon are authorized by laws of this State to
purchase, hold and convey
Section Z. No more than three officers
+ OF any savings association shall at he same
time be officers of any one bank of discount
or circulation, or trust company and no
cashier OF bank of discount or circulation
shall be treasurer of any savings bank hav-
ing over five hundred thousand dollars of
deposits
section g. Any savings bank organized
under this act may employ not exceeding
one-hah It's deposits in making loans on per-
sonal security, and in the purchase of the
pubhc stocks or bonds of the United States,
OF the northwestern states, to-wit: Ohio,
Indiana, Michigan, Illinois, Iowa, Wisconsin
and Minnesota, of the authorized bonds of
any Incorporated city, village, town or county
IN the aforesaid northwestern states. Ali
other loans shall be secured bv mortgage OF
unncumbered real estate, living and situated
in the aforesaid northwestern states No
such savings bank Shall invest any part of its
deposits III the stock of any railroad COM
( pany, nor loan On nor invest in, any mortg-
I age or real estate, except such real estate as
lies IN the aforesaid northwestern states
/ Section 9. No such corporation shall buy
/ or loan any money upon any obligation on
VIII CHI only one person OF firm shall be h lden,
without additional security FOR the same,
equivalent TO the guarantee or Endorsement
OF some other responsible party
+ Section 10. Such bank may receive on
/ deposit from any one person, in his or her
/ own name, or the name of another in one
/ year, Il sum not exceeding one thousand dol
lars.
Section IL. The directors, managers or
! trustees, shall annually appoint not less than
two auditors, who shall not be directors
managers or trustees of the corporation,
who shall examine the books, accounts and
securities belonging 10 such society or bank,
and make sworn statement showing the
true condition thereof, the total amount of
deposits, the whole number of depositore,
aud the largest amour. due to any one de
position, the amount invested in loans on
real estate securities, the amount invested in
stocks and bonds, the amount of funds on
hand, the names of corporators, trustees and
of the other officers of such institution, on
the first day of January of each year, which
statement shall be kept on file in the Office
of such bank, and an attested copy of the
same shall be forwarded to the Secretary of
State on or before the first day of February
in each year.
Section y Such corporation shall not
make and issue any bill or promisory note to
circulate as currency.
Section 3. No corpOrator, trustee, d.
rector, manager, nor any other officer, except
/ the treasurer shall receive any compensation
for his services in the management Of such
bank, nor derive any emolument theretrom:
proajded hoceua, that the president may re-
ceive for his services sum not exceeding
live hundred dollars, when the deposits shall
exceed five hundred thousand dollars.
Section IA. The net income actually
earned by any such association shall be di-
vided sami-annualy among its depositors to
an amount not to exceed six per cent. year
on their deposits. The surplus earnings
above said six per cent, after reserving a
moderate sum for contingent fund, shall be
divided among the depositors asa extra div
idend as often once in every three years.
Section 10. No trustee, director man
ager of such corporation shall be borrower
or surety for a borrower of any of its funds,
nor receive any money or valuable thing for
negotiating, procuring or recommending any
loan from such bank nor for selling or aid
ing in the sale of any stocks, bonds or secur-
tiles to such savings bank and any such Off
Ger who shall violate any, provision of this
section shall forfeit to the state one thousand
dollars.
Section. 16 The treasurer shall at least
ten DAYS before each meeting of the corpora
tors, mail or deliver to each written or
printed notice of the day and hour OF hold |
l., > hn hall ppUITnt