The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-05-04

banks of discount and circulation authorized
by the laws of this State to purchase, hold, and
convey.
SEC. Z. No more than three officers, Of any say
ings association, shall at the same time be officers
OF any bank of discount or circulation, or trust
company; and no one cashier of bank Of discount
or circulation shall be treasurer of any savings
bank having over five hundred thousand dollars Of
| deposit.
tain he shall ajax such number to the first instru-
ment, which shall be offered for record or file. he
shall afax the said numbers plainly upon the top
and shall afix it Immediately upon the receipt Of
The said instrument or writing, and he shall In like
manner afix to each instrument writing there
after presented for record file, number consec
utive to the number affixed to the last instrument.
i Sec 8. Whenever the time of reception of two
or more instruments shall be the saDe the register
of deeds shall designate, upon the instrument and
in the indexes by co-eficient letter, thus 169 A,
ITO B, III G, etc., that the instruments thus num-
! the same time,
SEC. 4. This act shall take effect and be in force
! from and after its passage.
Approved March Is, 1876.
Published April 4, 1861
CHAPTER $685.
SEC. 8. Any savings bank organized under this
act, may employ, not exceeding one-half its de-
posts, in making loans on personal security and
in the purchase of the public stock bonds of the
United States, of the Northwestern States to-wit:
Ohio, Indiana, Michigan Illinois, Iowa, Wisconsin,
and Minnesota, of the authorized bonds of an in
aforesaid Northwestern States. All other loans
shall be secured by mortgage of unincumbered
real estate, lying and situated in the aforesaid
Northwestern States. No such savings bank shall
invest any part of its deposits in the stock o. any
railroad company, nor loan on, nor invest in any
mortgage or real estate except such real estate
lies in the aforesaid Northwestern States.
Sec. 8. No such corporation shall buy or loan
any money upon any obligation on 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.
SEC. 10. Such bank may receive on deposit from
name of another, in one year, a sum not exceeding
one thousand dollars
SEC. 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 to such society
or bank, and make sworn statement showing the
true condition thereof, the total amount of depos-
its, the whole number of depostors the amount in
vested in loans real estate securities the amount
invested in stocks and bonds, the amount of funds
hand, the of corporators, trustees, and of
the other officers of such institution, and on the
first day of January of each year. which statement
shall be kept file in the Office of such bank, and
an attested copy of the shall be forwarded to
the Secretary of State or before the first day of
February in each year. u
SEC IL Such corporation shall not make and
issue any bill or promissory note to circulate as
currency
See 49, No corporator, trustee, director, manag-
err nor any other officer except the treasurer, shall
receive any compensation for his servit es in the
management of such bank derive any e1nolu-
ident may receive for his services sum not ex-
ceeding five hundred dollars, when the deposits shall
exceed five hundred thousand dollars.
SEC. IA. The net income actually earned by any
such association shall be divided seml-annually
among its depositors to amount not to exceed six
per cent. year on their deposits. The surplus
earnings above said six per cent, after reservng
moderate sum for a contingent fund, shall be
divided among the depositors as an extra dividend,
ss often as once in every three years.
SEC 49, No trustee, director or manager OF such
corporation shall be borrower or surety for Dor
rover of any of its funds receive any money or
valuable thing for negotiating, procuring or rec
ommending any loan from such bank nor for sell
ing aiding in the sale of any stocks, bonds OF Sc
curties to such savings bank, and any such officer
who shall violate any provision of this section shall
forfeit to the State one thousand dollars.
SEQ. Is. The treasurer shall at least ten days be-
fore each meeting of the corporators mall or deliver
to each written or printed notice OF the day ana
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
SEC. II. The treasurer shall give bonds with
surety the acceptance of the directors or trustees
in not less than ten thousand dollars, payable TO
said bank, said bond to be in the custody OF the
president thereof No president director or trustee
shall be surety in the bond of such treasurer:
SEC, Is. Every corporation formed under the
provisions of this act shall possess the powers and
be subject to the provisions of the seventy-eghth
chapter of the revised statutes 30 lar as the same
may be applicable.
SEC 49, At the general election to be held on the
Tuesday next succeeding the first Monday IN NO
vember in the year eighteen hundred ana seventy
six at the usual places of holding such elections IN
this State for the election of all officers required Dy
law then and there to be elected, the question
whether this act shall go into effect or IN any man.
ner be in force shall be submitted to the people
and If the same shall be approved by majority OF
all the votes cast on that subject, IL snau 60 to
effect and be in force from and after the uate OF
said election otherwise it shall not go into erect OF
in any manner be in force.
SEC. 90 The votes cast on the subject specified in
the last preceding section, shall be by separate bal
md cha1l Wi
the words, "For act to incorporate savings
banks" or Against an act to incorporate savings
banks" which words shall indicate the vote OF the
for or against the approval OF this act ana
the ballots so cast shalbe canvassed and returned IN
the same as the votes cast Tor STATE oncers
and required by law to be canvassed and the secre
tarv of State shall, Immediately on the compieuon
of said canvass, publish statement OF the result
thereof, In some newspaper pr1nteo at Ine seal VI
government and shall communicate the same TO the
next legislature, at the commencement OF lts ses-
sion and he shall deliver to the State treasurer
> certified COPY OF this act, ii the same snau nave
been approved and statement of the result OF the
canvass on this subject Immediately a1ter the co-
pletion of said canvass.
SEC o. This act shall take enect anu DC III AoINo
from and after its passage.
Approved March ID, 1876.
published April s, 1851
CHAPTER BAG.
AN ACT relating to the discontinuance OF roads Dy
user and amendatory of section eignty-1ve (SSl
of chapter nineteen 19) OF tn, revised statutes,
entitled Of :" highways and bridges.
The people OF the STATE Oh WAscOhsAn5 cPhOo0A'ON
in Senate and Assembly, do enact as follows:
SECTION l. Said section eighty-fve OF chapter
nineteen of the revised statutes, 1s hereby aenoeo
by adding thereto the following: Provided, that
the supervisors Of any town in which the same
is situated may discontinue any road or portion on
road not recorded which has become, or which ID
in process Of becoming a road by user, and which
has not been worked by the public authorities OF
such town within two years then last past IN sne
manner following: Said supervisors shall give two
weeks notice by publication in a newspaper
published in such county, OF their intention %
discontinue such road roads, or portions OF
the same. describing such roads or portions
thereof with reasonable certainty, and stating as
the time and place in such town Wl mere
thew will meet to decided the same on which DAY,
Or sdiourned day, after hearing such arguments as
as may be presented they or majority OF them,
.or2t;ona of roads as in their Judgment should be
discontinued, and upon fling snch order In the
ofs;ce of the Town Clerk of such town such roaos
shall therefore be discontinued and such proceed