River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-05-18
Published April 8, 1876
CHAPTER QS4


An Act Tor tine organization OF savings banks
and awnings societies
| The People OF the state of Wisconsin, repre-
/ scented IA Senate aud Assembly, do en-
! act AS follows
| Section L. Any number OF persons, not
| less than twenty, may unite Tor the purpose OF
| organizing an assOOla ION TO receive ON deposit
the savings OF labOrers, mechanics, farmers.
| servants, mlUors aud others, and 20 loan the
same Tor the benefit OF such depositors. They
may make, sign and acknowledge before some
proper officer authorized to take the acknowl-
| edgments 81 deeds, a certificate in writing, in
which shall De stated the name Of such a5so
citation, The names of the cOrpOrators the
name OF the city, village, town, aud county IN
which the operation Of such association Is TO
| be conducted
Section 2 Such certificate shall be filed in
the office OF register Of deeds 81 the county in
which the business OF the association is 10 he
carried on, and a duplicate thereof shall be
deposited IN the office OF the secretary OF
state
Section .. Such corporation shall have
power TO enact py-laws Tor the government OF
its affairs, aud such by laws may prescribe the
condition on which such deposits shall i've
made and the terms on which payments shall
he made 10 the dep0sitors by such institutions,
aud the depositors shall hc bound by the con-
ditions enacted IN such by.lawr, which shall
flee OF such corporation
Section The corporators shall annually
elect 10y ballot board of trustees or directors,
which shall consist OF not lees than ten.
Section b. TIE trustees or directors, within
ten days after their election, shall elect from
the members OF their own board, q president,
one or more vice presidents, treagurer aud a
secretary; they may also elect from their own
members committee on finance, all said Off
GERS 10 hold then offices TIL others are elected
20 oil their places
Section 8 ltshall be lawful Tor such eorpo.
ra,i0ns 10 purchase, hold aud convey suoh
real estate a. banks Of discount and oircua-
ton are authorized by the Laws Of this state 10
purchase, hold aud convey.
Section 2 No more Than three officers, Of
any savings association, shall NJ the same time
he officers 81 any one bank OF a .count or circu
lati0n, or trust comp ny, aud no cashier ui a
hank Of discount Vr circulation shall he treas
urer oi any savings hank having over five hun
bred thousand dollars 81 deposits
Section \. Any savings tank organized
under this act, may employ, mol exceeding
halt It's deposits, in making loans on per-
sOnal security, aud IN the purchase Of the
public stock - bonds Of The United States. of
the northwestern states, to-wii: Ohip, Indiana
Michigan, Illinois, Iowa, Wisconsin and MIN
neaota, Of the authorized bonds 81 any incOr-
pOrated city, Village, town on couni", IN the
aforesaid north western states. an other
loans shall h. secured by mortgage oi uuin.
eumlered real estate, living aui situated in the
aforesaid Northwestern states No such say
lngs bank shall invest any part Of Us deposits
in the stock 81 any railroad company, nor
loan on, nor invest ~ any mortgage ON real
estate, except sucl real estate a. lies IN the
Aforesaid northwestern states
Section D. No such corporation shall buy
o. loan any money upIn any obligation on
| gel fer
without additional security io the same,
equivalent 10 the guarantee o. Endorsement Of
| some o her responsible party.
Section ~ Such tank may receive on Do
post nom any one person, M his or her own
name, or ln the name oi another, VA one year,
q sm1 not exceeding one thousand dollars.
Section ~ The bifeeiuit, managers ~
trustees shall annually appoint not less than
tao auditors, WIN shall ud h. directors,
manager, az triisireg Dl the oUumatipu, who
shall examine the book, accounts and sccuri.
ties belonging 20 such surirty or lank, and
make sworn statement showing the true
condition thereof, the total amount Of depoY-
iis the whole number of deposltors, the larg-
at am0unt iun ~ auy one depolt1f, the
amount iuge tel ~ lpaus ou real estate srcuri
ties, the amount invested iu stocks and bpnd4,
the amount pf huds On hand, The names ol
cufluaturs, ltu.tre., sud pi the other uiiHp,s
~ uch institution. and un thr fret day Of
I4iUNTy ul tath itAts Wliinh HbN nTnl HhAll
BE- kepi un iiIr in tine Office oi such tank, aud
~ allcstrd uHry oI TIDE same shalt b. forward
cd ~ IA" soc ftary oi stale on o. before the
drst DAY OF February iH each year.
Section ~. Such corporation ~ al not !
make aud iHsne any bin Ur prouissory note u |
circulate a. currency
S tiun 49, No corporal r, trustee, director
manager nor any oth y officer, except The
treasurer, shAll receive auy compensation Tor
his Service 10 the management oi such u1nk,
nor derive ANY cm7lument theylrpm; pro.
ridcd, hoircufr, that the president may receive
fpr hi sevilea sum not exceeding five hum !
bred dpllira, hen the deposits shall exceed |
i've hundred thousand dollars.