The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-10-26


avings association, shall at the same time b
Ulcers Of any one bank of discount or circulation
trust company; and no cashier of a bank o
iscOunt or circulation snail be treasurer of an
avings bank having over five hundred thOusan,
dollars of deposits.
i SECTION g. Any savings bank organized unae
this act may employ not exceeding one hall ID
/ 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
towit Ohio, Indiana, Michigan, Illinois, Iowa
Wisconsin and Minnesota, of the authorized bonds
of any incorporated city, village town, or count,
| in the aforesaid northwestern states. All othe
loans shall be securea'by mortgage OF nnincum
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 inves
/ in, any mortgage on reSp estate, except such rea
estate lies in the afor esafd northwestern states
/ SECTION 8. No such corporation shall buy Oh
| loan any money upon any obligation Or which
IOnly one person or firm shall be holden, without
additional security for the same, equivalent t.
the guarantee or Endorsement of some other re-
spons1Ole party.
from any one person, in his or her own names. or
in the name of another in one year, a sum mol
exceeding one thousand dollars.
| SECTION H. The directors, mana gers, orr trus>
tees, shall annually appoint not less than two
auditors, who shall not be direstors, 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 anyone depositor
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 ocers of such
institution, on the first day of January Of each
year. which statement shall be kept On file in the
Office of such tank and an attested copy of the
same shall be forwarded to the secretary of state
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.
snoTIoN 49, 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 therefroDl; provided, h0l1eUer
that the president may receive for his services q
sum not exceeding five hundred dollars, when
the deposits shall exceed five hundred thousand
dollars.
SECTION 1.-THE net income actually earned by
any such association shall be divided semi-annu-
ally among its depOsitors to az amount not to
exceed six per cent. year on their deposits.
The surplus earnings above said six per cent af-
ter reserving moderate sum for a contingent
fund, shall be divided among the depositoFs 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
borrower of any OF it's funds, nor receive any
money or valuable thing for negotiating, procur-
ing, or recommending any loan from such bank
nor for selling 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 TO the state thousand
dollars.
SECTION 16 The treasurer shall at least ten
days before each meeting OF the corporators,
mail or deliver to each 9, written or printed no
tice Of the day and hour of holdng such meeting,
and If 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 fthe directors. or
trustees in not less than ten thousand dollars,
payable 70 said bank, said bond to be in the Gus
fndS f hn nrpSi on H..
rector or trustee shall be surety in the bond Of
suchstreasurer.
Section Is. 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 far as the
same may be applicable.
SESSION 10. AT the general election to be held
on the Tuesday next succeeding the first Monday
in November, in the year eighteen hundred and
elections In this state, for the election of all Off
GERS required by law then aud there to be elected
the question whether this act shall go into effect,
or In any manner be il force, shall be submitted
to the people, and il tue same shall be approved
by majority 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 1t shall
not go into effect or in any manner be In force.
SBgTEON 20. The votes cast on the subj ect spec
flied in the last proceeding section, shall be by
seperate ballot, and shall have written printed
on each of them the words. For an act to incOt-
porate savings banks or, Against 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 Cam
vass publish statement of the result thereof In
| somsnewspaper printed at tie seat of govern
ment, and shall communicate the same to the
next legislature. at the commencement of its SEES
son and he shall also deliver to the state treas
urer certified copy of this act, If the same shall
have BEEN approved, and statement of the result
of the canvass on the subject, Immediately after
the completion of said canvass.
SECTION 81. This act shall take effect and be in
force from and after its passage.
Approved March 13, 1876
| Given under my hand and the great seal of the
State of Wisconsin at the Capitol in Madison, this
| I'd day of August, 1876
PETER DOYLE.