The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-09-07

savings association, shall at the same time be
officers OF any one bank of discount or circulation.
or trust company; aud no cashier of q bank of
discount or circulation shall be treasurer of any
savings bank having over five hundred thousand
dollars of deposits.
| SECTION S. ANY savings bank organized under
! This act may employ not exceeding one halt it's
/ 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 ana minnesota, OF the authorized bonds
OF any incorporated city, village. town, county
lin 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 on real estate, except such real
estate as lies in the aforesaid northwestern states
SECTION 9. No such corporation shall buy or
loan any money upon any obligation OH 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, il his or her own name, or
in the name of another in one year, a sum not
exceeding one thousand dollars.
SECTION IL. The directors, managers, or trus-
tees, shall annually appoint not less than two
auditors, who shall not be directors, managers,
or trustees OF The corporation, who shall examine
me DOCKS, accounts and securities belonging to
such society or bank, and make 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 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
institution, on the first day of January Of each
year, which statement shall be kept on file in the
office OF such cank, and an atteste0 copy of the
same shall be forwarded to the secretary of state
on or before the first day OF February in each year.
SECTION 10. Such corporation shall not make
and issue any bill or promissory note to circulate
as currency.
SECTION 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; pTODided, hOlUeUer,
that the president may receive for his services
sum not exceeding five hundred dollars, when
the deposits shall exceed five hundred thousand
dollars.
SECTION 14.-Fhe 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 a moderate sum for a contingent
fund, shall be divided among the depositors az an
extra dividend as often as once in every three
years.
SECTION Is. Notrustee, director or manager of
such corporation shall be borrower or surety for
borrower of any OF its funds. nor receive any
money or valuable thing for negotiating, procur-
ing, or recommending any loan rom 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 to the state one thousand
dollars.
SECTION 16 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 of Unfolding such meeting,
and if he should neglectto 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 ofthe directors or
trustees in not less than ten thousand dollars,
payable TO said bank, said bond to be IN the Gus
tody If the president thereof. No president, di-
rector or trustee shall be surety in the bond of
such treasurer
| SECTION ls. Every corporation formed under
the provisions of this act shall possess the power
and be subject to the provisions ofthe seventy
eighth chapter of the revised statutes so far the
same may be applicable.
SECTION 49, 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
10 the people, and if toe same shall be approved
by majority of all the votes cast that subject,
it shall go into effect and be in force from and
after the date of said election, otherwise 1t shall
not 90 into effect or in any manner be in force.
SECTION 90 The votes cast on the subj ect spec
flied In the last proceeding section, shall be by
separate ballot. ard shall have written printed
on each Of them the words, For an act to inCor-
porate savings banks" or, against an act to in
COIpoIdt0 savings OduhSs WnlCiI WOrus Slldll III
dictate the vote of the elector fol- or against the
approval Of this act. and the ballots cast shall
be canyassed 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 he completion of said can
vass publish statement of the result thereof. in
some newspaper printed at the seat of govern
ment, and shall communicate the came TO the
next legislature at the commencement OF its SEES
sion, and he shall also deliver to the state treas
urer certified copy of this act, if the same shall
approved, statement
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 it's passage.
Approved March 10. 1876.
Given under my hand and the great seal Of the
State of Wisconsin. at the Capitol in Madison this
% day of August, 1875.
PETER DOYLE