The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-09-21

avings association, shall at the same time BIZ
Ulcers OF any bank of discount or circulation
/ trust company; and no ca hier of bank Of
| iscount circulation shall be treasurer of any
/ avings bank having over five hundred thousand
dollars of deposits. r
SECTION s. Any savings bank organized under
this act may employ not exceeding one halt 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-wit; Ohio, Indiana, Michigan, Illinois, Iowa,
Wisconsin and Minnesota, of the authorized bonds
of any incorporated city, village, town, county
in the aforesaid northwestern states. All other
loans shall be secured by mortgage OF unincum-
bered real estate, lying and situated in the afore
said 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 as lies in the aforesaid northwestern states
SECTION 8. No such corporation shall buy or
loan any money upon any obligation on which
only one person or firm shall be holden, without
additional security for the same, equivalent to
the guarantee or Endorsement of some other re-
spOnsible party.
SECTION 10. Such bank may receive on deposit
from any one person, in bis or her own name, or
in the name of another in one year, sum not
exceeding one thousand dollars.
SECTION II. The directors, mana ayers, or trus-
tees, shall annually appoint not less than two
auoitors, 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 a sworn state
ment showing the true condition thereof the total
amount of deposits, the whole number of DEPOSIT
tors the largest amount due to any one deposition,
the amount Invested in loans on real estate secu-
rites, the amount invested in stocks and bonds,
the amount of funds on hand, the names Of cor
poratOrs, trustees and of the other officers OF such
institution, on the first day of January OF each
year, which statement shall be kept file in the
office of such Eank, and 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 H. Such corporation shall not make
and issue any bill or promssory note to circulate
as currency.
snoT1oN is. No corporator, trustee, director
manager nor any other officer, except the treas
urer shall receive any compensation for his SER
vices in the management Of such bank. nor derive
any emolument therefrom; OrOUided, hO1UeUeY, |
that the president may receive for his services g
cum not exceeding five hundred dollars, when
the deposits shall exceed five hundred thousand
dollars.
SECTION 14-The net income actually earned by |
any such association shall be divided semi-annu-
ally among It's depositors to az amount not to
exceed six per cent. year on their deposits. |
The surplus earnings above said six per cent, af-
ter reserviGg moderate sum for contingent |
fund, shall be divided among the depositOrs an
extra dividend as often as once i'll every three |
years.
SECTION 49, Notrustee, director or manager OF |
such corporation shall be borrower or surety for
borrower Of any OF it's funds, nor receive any
money valuable thing for negotiating, procur-
ing, or recommending any loan from such bank, |
nor for selling or aiding in the sale ofany stocks,
bonds or securities to such savings bank, and any
such officer who shall violate any provisions Of
this section shall forfeit the state one thousand
dollars.
SECTION IS The treasurer shall, at least ten
days before each meeting of the corporators, |
mail or deliver to each written or printed no
tice Of the day and hour ofholding such meeting.
and II he should neglect 10 give such notice he
shall pay one hundred dollars into the treasury of
the town or city where such bank is located.
SECTION II. The treasurer shall give bonds
with surety to the acceptance of the directors or
trustees in not less than ten thousand dollars,
payable to said bank, said bond to be in the Gus
tody Of the president thereof No president, di-
rector or trustee shall be surety In the bond OF
such treasurer,
SECTION 10. Every corporation formed under
the provisions OF this act shall possess the power
and be subject to the provisions Of the seventy
eighth chapter of the revised statutes so far the
same may be applicable
SECTION 10. At the general election to be held
on the Tuesday next succeeding the first Monday
in November, in the year eighteen hundred and
seventy-six, at he usual places of holding such
elections in this state, for the election of all Off
GERS required by law then and there to be elected,
the question whether this act shall go into effect
or in any manner be iE force, shall be submitted
TO the people, and il tue same shall be approved
by msjol 1tY OF all the votes cast on that subject,
it shall go into effect and be in force from and
after the date OF said election, otherwise it shall
not 90 into effect or in Gny manner be in force.
SECTION 20. The votes cast on the subj ects spec
flied IN the last proceeding section, shall be by
seperate ballot, ard shall have written or printed
On each of them the words. For al act to inCor-
porate savings banks" or, against an act to IN
corporate savings banks, - which words shall in
dictate the vote of the elector for or against the
approval of this act and the ballots so cast shall
be canvassed and returned in the same manner
the votes cast for state officers and required by
law to be canvassed, and the secretary OF state
shall Immediately on the completion of said can
VASES publish statement of he result thereof in
some newspaper printed at tie seat of govern
ment and shall communicate the same to the
next legislature. at the commencement Of its ses-
sion, and he shall also deliver to the state treas
urer a certified copy of this act, if the same shall
have BEEN approved, and statement of he result
of the canvass on the subject, Immediately after
the completion oil said canvass
SECTION 81. This act shall take effect and be in
force from and after its passage.
Approved March ID, 1876.
Given under my hand and the great seal of the
State of Wisconsin. the Capitol in Madison, this
"a day of August, 1876.