The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-11-03
as are by law required to be elected at such

An act OF the Legislature of SIG for the
organization of savings banks and savings
socIet IS is at the same time 10 be submitted
to a vote of the electors, pursuant TO the
provisions of section 8, article AI OF tie
constitution of the State OF Wisconsin,
which act Is as follows;
AN ACT Tor the organization of savings
oanks nd savings societies.
The people of the StQte of Wisconsin, repre-
se',ted u. Senate and assembly, do enact as
toAowa:
Section |. ANY number Of persons not
less than twenty, may unite for the purpose
OF organizing an association TO receive ON
deposit Tue savings o! laborers, mechanics,
farmers, servants, miners and Others, aud o
loan the same for the benefit Of such dcposi,
tors. they may make, sign and acknowledge
before some proper officer authorized TO take
acknowledgements OF deeds, a certificate IN
writing, III which shall DC stated the nan. e
OF such association, the names of the cor
porators, the name OF the city, village, town
and county III winch the operation OF such
association is 10 be conducted.
Section = Such certificate shall be filed
~ tn Office of register OF deeds of the
county III which the business of the assOcia-
tton is TO be carried on, and duplicate
hereof al! be deposited III the Office of the
Secretary OF State.
Section such corporation shall have
po@er 10 enact bylaws for the government
OF Is affairs, and such by laws may p escribe
tue condition on winch euch deposits shall
be made anu the terms on @hIch payments
shall be made to the depositors by such in
stltuJt0u, ana tbe depositOra -hall be bound
by the condltIous enacted IN such bylaws,
which shaft b. printed and conspicu0usly
posted in the office OF such corp oration
Section The corporators shall annually
elect by ballot board OF trustees or dir. G.
tors walch shall consist Of not less than ten.
section D Ihe trustees or directors, with
III ten days after theIr election, shall elect
irom the members OF their own board, a
president, one or more vice pre- tdents, a
treasurer aud secretary they may also
eject irom their oWn members a committee
OH finance, all said officers 10 hold their
Offices till others aie ell, cted to fill their
pIaces.
Section 6. 1t shall be lawful for such cor
poraton 10 purchase hold and convey such
real estate as banks OF discount and circula-
tion are authorized by laws Of this State to
purcha {, mold and convey.
Section Z. No more ttan three officers
OF any savings association shall at he SAINT
tlHe be officers OF any one bank Of discount
or circulation or trust company and no
cashier Oh bank OF discount or c rculdton
shall be treasurer OF any savings bank hay
ing over five hundred thousand dollars of
deposits.
section s. ANY savings bank organized
under this act may employ not exceeding
one.hait is deposits making loans on per-
sohai security, and n the purchase Of the
pubhc stocks or bonds OF the United States,
OF the northwestern states, to vat: Ohio,
Indiana, Michia an, Illinois, Iowa, isconsin
aud Aihnrsota, OF the auttorz q bonds oi
any Incorporated city, village, town or county
IN the aforesaid Northwestern states Ali
other loans sh. il be :, cured by mon tgage O.
unlucumOered real estate, lying and situated
IN the aforesaid northwestern states No
such savings bank snall invest any part Of It's
deposits Ia the stock Of any railroad COM
pany, nor loan on nor invest in, any mortg-
age "a real estate, except such real estate az
lies III the AZORES I'D northwestern states.
section = No such corporation shall buy
or loan any money upon any obligation Oh
via ch ouit one person OF firm Shall ue n. ldeu
without additional ;. cunty Tor the same
equivalent 10 tie guara tee or Endorsement
OF come other responsible party.
Section 10. such bank mas receive on
depo from any one person, ia lis or hei
o,y., name or the mama Of .n.thsr IN ono
wear. sum MOI rx,...a,l,n, ore noo..n4 d..i.
lars.
section H. The directors. managers. or
trustees, shal. aunuall, appoint not l,ss than
two auditors. VINO shali not b.. directors.
managers or trustees OF the corporation,
nno snail examine tue books. accounts and
- cufIties belonging TO such socleTy or bank
ana maze asnofn sra ea}eut sl,ovino rle
true cansiitiou thereof. the total am.unl of
deposits, the whole number OF depositurs.
and tle largest amour du. 70 zny one de
pasitor. ihe amount invested IN loans on
zeal estate securities. the amount invested ia
stocks and bonds, the ,laoaut Of funds on
hand. lhe lanes Of corporators trustees and
OF the ,ther officers # such ut3tl,ttioft ON
tn,. INST dav III January 81 each year which
statement siiaH be ken. on ff. ~ the Office
Of such bmuk. aud an attested conv OF the
same shall be forwarded 10 the Secretary Of
state on or before the tirstday Of February
Ia eacu VI ar.
Section II. Such cornoraliou shall not
maze ana. Issue any bi!I or proplisory note to
circulate as currency
Sectlau.l3 No cornofafor trustee di
reetar manager. nor s,, other officer excent
ll,,.f.p,-I,,r -b, r,,t.5va. ,.,,,,,,s,..at,np
for III. service, IN fbe 1,,sna.,enI1nt nj an. h
hank no, ,a,Iv,. anv en,,,Ir,,..ot fbsr.froo,.