Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-10-19

such deposits shall be made and the terms which
payments shall be made to the deposltors by such
institution, and the depostors shall be bound by the
conditions enacted in such by laws, which shall be
printed and conspicuousy posted in the office OF such
corporation.
SECTION 4. The corporators shall annually elect by
ballot board OF trustees or directors which shall
consist Of not less than ten.
SECTIoN 5. The trustees or directors, within ten
days after their election shall elect from the mem
bers of their own board president, one or more
vice-presidents, treasurer, and secretary; they
may also elect from their own members committee
on finance, all said officers to hold their offices till
others are elected to i'll their places.
SECTION O. II shall be lawful for such corporations
to purchase, hold, and convey such real estate as
banks of discount and circulation are authorized
by laws of this state to purchase, hold and con-
yey.
SECTION = No more than three officers of any
savings association shall at the same time be officers
ofany bank of discount circulation, or trust
company and cashier of a bank of discount
circula shall be treasurer of any savings bank
having five hundred thousand dollars of de-
posits.
SECTION g. Any savings bank organized under this
act may employ not exceeding Ore.haf its deposits
ia making loans personal security, and in the
purchase of the public stocks or bonds of the United
States. OF the northwestern states, to-wit: Chic,
Indiana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota of the authorized bonds OF iucorporat
ed city, village, town, or county IN the aforesaid
northwestern states. All other loans shall be Sc
cured by mortgage of uninoumbered real estate. ly
ing and situated in the aforesaid northwestern states
No such savings bank shall invest any part of its
deposits in the stock railroad company, nor
loan on, nor invest in any mortgage on real estate,
except such real estate lies in the aforesaid north
western states.
SECTION 9. No such corporation shall buy or loan
any money upon any obligation 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.
SECTION 10. Such bank may receive on deposit
from any person, in his or her name, or in
the name of another in one year, sum not exceed
| ing thousand dollars.
SECTION IL. The directors, managers, 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, ac-
counts and securities belonging to such society or
bank. and maks sworn statement showing the true
condition thereof the total amount sf deposits, the
whole number of depostors, the largest amount due
/ to any deposition. the amount invested in loans
on real estate securities, the amount invested in
stocks and bonds, the amount OF funds on hand the
names of corporators trustees, and of the other Of
fcers of such institution, the first day of January
1 of each year, which statement shall be kept ON file
/ in the office of such bank, and attested copy OF
the same shall forwarded the secretary of state
on or before the first day Of February in each year
SECTION IL. Such corporation shall not make and
| issue any bill or promissory note to circulate as
| currency.
SECTION 49, No corporator trustee director, man
ager, any other officer except the treasurer shall
receive any compensation for his services in the
| management of such bank, derive any emslu
ment therefrom prorfded, h0toerer. that the pres
dent may receive for his services sum not exceed
ing five hundred dollars, when the deposits shall
| exceed five hundred thousand doars,
| SECTION H. The net income actually earned by an,
such association shall be divided sem annually
| among its depositors to an amount not to exceet
six per cent. year on their deposits. The surplus
earnings above said six per cent, after reserving
moderate sum for contingent fund shall be divided
among the depositors ex ira dividend as Otter
as once in every three years.
SECTION 10. No trustee, director or manager o
such corr grafton shall be a borrower surety TO
| a borrower of any of its funds, nor receive an!
money or valuable thing for negotiating, procurin
or recommending any loan from such bank nor 10
has Of hand n
securities to such savings bank, and any such office
| who shall violate any provision of this section
shall forfeit to the State one thousand dollars
SECTION 10 The treasurer shall at least ten days be
fore each meeting of the corporators mail delive
to each written or printed notice Of the day an
hour of holding such meeting, and if he shall neg
lect to give such notice, he shall pay one hundre
dollars into the treasury of the town or city wher
| such bank is located
surety the acceptance OF this directors or trustee
in not less than ten thousand dollars, payable t
said bank, said bonds to be in the custody of tn
president thereof No president director or trust tie
| shall be surety in the bond of such treasurer.
SECTION IS Every corporation formed under tn
provisions of this act shall possess the powers an
be subject to the provisions of the seventy eight
chapter of the revised statures SO far as the sam
may be applicable.
SECTION 10. At the general election TO be held o
the Tuesday next succeeding the first donday i
November, in the year ghteen hundred and sever
ty-six at the usual places of holding such election
in this state for the election OF all officers require
whether this act shall go into effect, or in any man
ner be in force shall be submitted TO the people,
ifthe same shall be approved by majority of a
the that subject, it shall go into eeC
and be in force from and after the date of sal
election otherwise it shall not go into effect or
| any manner bein force.
SECTION 90 The votes cast on the subject specific
| in til last preceding section, shall be by separa
ballot and shall have written or printed on eac
OF them the words, For an act to incorporate say
ings banks" or against act TO incorporate say
| ings banks,'' which words shall Indicate the vote
the eector for against the approval of this &C
the ballot shall be canvassed and returne
| in the sans the votes cast for state of
GERS and required by law to be eanyassed, and II
| secretary of state shall Immediately on the comp
ton of said canvass publish statement OF the resu
thereof in newspaper printed at the seat
government. and shall communicate the same TO II
next legislature at the commencement OF ITS session
| and he shall also deliver TO the state treasurer
| certified copy of this act, if the same shall ha'
been approved and a statement of the result OF II
canvass on the subject, Immediately after the CON
pletios Oh said canvass.
SECTION 81. This act shall take effect and be in fer
from and after It's passage.
Approved March Is 1916.
Given under my hand and the great seal of IL
State of Wisconsin, at the Capitol in Madison, tn
ID day of August, 1876.
PETER DOYLE.
Secretary of State.