The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-10-06
IS are by law required to be elected at such

An act OF the Legislature OF 1876, for the
organization of savings banks and savings
societ es is at the same time TO be submitted
To vote Of the electors, pursuant TO the
provisions of section 8, article NJ 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-
sented Ia Senate and assembly, do enact as
| ToHous:
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, in which shall be stated the name
OF such association the names of the cor
porators, the name of the city, village, .ov.n
and county in which the operation of such
association is to be conducted
Section ,. 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 i'll the Office of the
Secretary of State
Section 3 Such corporation shall have
power to enact bylaws for the government
OF It's affairs, and such bylaws may prescribe
the condition on 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 III such bylaws,
which shall be printed and conspicuously
posted in the Office Of such corporation.
Section 4. The corporators shall annually
elect by ballot a board of trustees or dircc-
tors, which shall consist of not less than ten
Section .. The trustees or directors, with
III ten days after their election shall elect
from the members of their own board, a
president, one or more vice presidents, a
treasurer and a secretary; they may also
elect from their own members committee
on finance, all said officers to hold their
Offices TIL others are elected to fill their
places.
Section &. 1t shall be lawful for such cor
poration to purchase, hold and convex such
real estate as banks of discount and circula-
ton are authorized by laws of this State to
purchase, hold and convey.
Section 7. 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 = banI, of discount ~,
.nagI lao t,..as,,rnr ~ ..,,,;,.
mo oyar Ave- bnoCra4 tS', ,',lsS oaIN nav
deposits.
Section s. Any savings bank organized
under this act may employ not exceeding
oue-haIt IFS deposits in making loans on p, r
sonbl security, and in the purchase of the
public stocks or bonds Of the United States
OF the northwestern states, to-wit: Ohio,
o,,3 ui3n..o,, ~ ~ ,'t.'r'1
49,, -, -, 49, y LINUS -
,I,o at.r.,;.I - WI ~ Oo"''
.o,l..r In. n 30, ,,,3
uuinrnnharad ra,I st. ana 72it77.,tod
in the .G,ra.,ia ,o,,l,,,.,., -,. ~
sl,ch SAVINGS h,nl, s,..Il ir,.as+ INV 80 ,r -
dpnosIrs IN rb., .-,.i, ~ ,,,,. r,iIr,,,d o,n,
,,,,v nor Io.,, -, ,-nr $1,000 =, ,,s,,,
r..I 80, - ~ ~ nv
hes in the ofores I'D ss+.r
Section q Nns,,.b cornorn,i.I, sh,I1 h,,,.
or loan any money nnnn any ntI;,,.,;o,, ~,
VIII eli oul one nerson o. Arm All s., i. Iia,,
without additional s,cnrItv for tbo emo
rouiy.,leut to the ,,,,.,a.taa ~. i,.I,.,,,,,,,t
ct come otb4r re.n1nsitIa ,,rf,.
>arrion 10 >t.h h,,.r. -, ,,..,;,.. ~,
dpno,ir from any ono ,,a,son -, 1,;s ~ ia,
own name or the n,ma If ,nn,bnr :, a,,o
yrar a sum not rxrTnilinrr one thousand dol
lars
section II. The directors MANAGERS or
trustees shall annD3IIy annoint not is tban
two auditors. VINO shall not h.. directors
managers or trustees Of the cornaration
who shall examine the hooks accounts and
securities belonoiuo 10 such sociatv or h,pl,
and make 4 sworn statement SHOWING the
true condition thereof the totaI ,moI,t If
daro.ite the whole r',,,,hor ~ dn,,l-i+.,,,
and the LARGEST amoun- due to any one 6a
nositor the amount invested IN In,ns ~,
zeal estate securities tho aron,t in,asto,, !,
sto,i-..oDd bnrds tho .r,o,,,,t of r,..l. -,
b.,,,5 tLa,,,,,.. of .or,ar,ta,. tn,,r..,1,r,,i
- tb. r,Ll. ,,4i.or, - ts,,,t, i,,a.;,,;,,,
the frst dar ~ Ian,,ary ~ oanh ,.aar ,,,,.;at,
s+a+a,,,a,,+ :I,aII 10 La,,; -, ST. ~ oaio,
- sI,lh i,rI. ,,,J ai .tta,tt4 - - ~,
sa,eo sL,II No f,,,rar,I,,l - 10 Se3!,ln-. -
g., -, 49,, .ha e.. ~ =,
,.,,,' y NY u"@ u u"'S
S'1tiI,1 c,,.4, aou,,.,.;,,,, Ill, -.
.,,,4 -, ar, nm ~ ~
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cue o":,' '''l 'oiil
/ lot ,''9 Se'' ices ~ 'ue management q S"cu
DdEh, itOI utiift any tutIuHttHl lNtEtIEOul.