Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-08-24

such deposits shall be made and the terms on which
payments shall be made to the deposltors by such
institution and the depositors shall be bound by the
conditions enacted in such by laws, which shall he
printed and conspicuousy posted in the Office Of such
corporation.
SECTION A. The corporators shall annually elect by
ballot board of trustees or directors which shall
consist OF not less than ten
SECTION 3. The trustees directors, within ten
days after their election shall elect from the mem-
/ bers of their board a president, one or more
Independents, treasurer and a secretary; they
may also elect from their own members a committee
on finance, all said officers to hold their offices till
others are elected to fill their places.
sEcTIoN g. 1t shall be lawful for such corporations
to purchase, hold and convey such real estate as
banks of discount and circulation authorized
by laws OF this state to purchase, hold and con-
yey.
sEorIoN I. No than three officers of any
savings association shall at the time be officers
of any bank of discount or circulation, or trust
company and no cashier of bank of discount
circu aton shall be treasurer of any savings bank
having over five hundred thousand dollars of de-
posits.
SECTION s. Any savings bank organized under this
| act may employ not exceeding onehalf its deposits
| in making loans on personal security, and in the
purchase OF the public stocks or bonds of the United
States, OF the northwestern states, to-wt: Chic,
Indiana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota of the authorized bonds of any ucorporat
ed city, village, town, county in the aforesaid
northwestern states. All other loans shall be Sc
cured by mortgage of unncumbered real estate. iy-
ing and situated in the aforesaid northwestern states
/ No such savings bank shall invest any part of its
deposits in the stock OF any railroad company, nor
loan on, nor invest in, any mortgage real estate.
except such real estate lies in the aforesaid north
western states.
SECTION 0. No such corporation shall buy or loan
any money upon any obligation which only one
| person firm shall be holden, 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 person, in his or her name, in
| the name ofanother in one year, sum not exceed
| ing one thousand dollars.
1 SECTION IL. The directors, ustees
shall annually appoint not less than two auditors
who shall not be directors managers, or trustees of
the corporation. who shall examine the books,
counts, and securities belonging to such society
bank, and maks sworn statement showing the true
condition thereof the total amount of deposits, the
whole number of depositors, the largest amount due
to any deposition. the amount invested in loans
on real estate securities the amount invested in
stocks and bonds, the amount of funds hand, the
names of corporators trustees and of the other Of
fcers of such institution the first day of January
of each year, which statement shall be kept ON file
in the Office of such bank, and attested copy of
the shall be forwarded to the secretary of state
on before the first day of February in each year.
SECTION ~. Such corporation shall not make and
issue any bill or promissory note to circulate as
| currency.
SECTION 10. No corporator, trustee, director, man
ager any other officer except the treasurer shall
receive any compensation for his services in the
management of such bank, derive any emolu-
ment therefrom provided ho'oerer. that the presi-
dent may receive for his services a not exceed
ing Fl ye hundred dollars when the deposits sha II
| exceed five hundred thousand dollars.
n.
such association shall be divided sem annually
among its depositors to an amount not to exceed
six per cent a year on their deposits. The surplus
earnings above said six per cent. alter reserving
moderate sum for contingent fund.- shall be divided
among the depostors as an extra dividend as often
| as once in every three years.
| SECTION u.s. No trustee, director or manager OF
such corporation shall be borrower or surety for
| a borrower of any of its funds, receive any
| money valuable thing for negotiating. procuring
| or recommending any loan from such bank, nor for
| selling aiding in the sale of stock. bonds
securities to such savings bank, and any such officer
| who shall violate any provision of this section
| shall forfeit to the State one thousand dollars
SECTION 10 The treasurer shall at least ten days be
fore each meeting of the corpOrators mali deliver
| to each written or printed notice OF the day and
hour OF holding such meeting and If he shall neg
ect to give such notice, he shall pay one hundred
dollars into the treasury of the town or city where
| sHch bank is located.
SECTION H. The treasurer shall give bonds with
surety to the acceptance OF the directors trustees
in not loss than ten thousand dollars payable to
said bank, said bonds to be in the custody of the
president thereof. No president, director trustee
| shall be surety in the bond of such treasurer.
SECTION Is Every corporation formed under the
provisions of this act sh all possess the powers and
be subject to the provisions of the seventy eighth
chapter of the revised statures so far as the same
may be applicable.
sRcrIoN 49, At the general election to be held on
the Tuesday next succeeding the first donday in
November, in the year eighteen hundred and seven
y six, at the usual places of holding such eec ions
in this state for the election Of all officers required
by law then and there to be elected, the question
whether this act shall go into effect or in any
be in force shall be submitted to the people, and
ifthe shall be approved by majority of all
the votes that subject it shall go into effect
and be in force from from and after the date of said
election, otherwise it shall not go into effect in
any manner be in force.
SECTION 20. The votes cast the subject specified
in tn last preceding section, shall be by separate
ballot, and shall have written printed each
of them the words For an act to incorporate saw
ings banks" or, Against act to incorporate saw
ings banks' which words shall indicate the vote OF
the elector for against the approval OF this act
anu the ballot cast shall be carvdssed and returned
| in the the votes cast for state off
GERS and required by law to be canvassed, and the
secretary of state shall Immediately the compile
ton of said canvass publish statement of the result
thereof in SONS newspaper printed at the seat OF
| government and shall communicate the same to the
next legislature at the of its session.
and he shall also deliver to the state treasurer
| certified copy of this act if the same shall have
been approved, and statement of the result of the
| canvass the subject Immediately after the COM
| pletioB OF said canvass.
SECTION 81 This act shall take effect and be in force
| from and after Is passage.
| Approved March IL, 1876.
| Given under my hand and the great seal of the
State of Wisconsin, at the Capitol in Madison. th
| I'd day of August, 1876.
| PETER DOYLE.