The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-10-05

savings association. shall at the same time b
fcers OF any one bank of discount or circu latior
| trust company; and no cashier of a bank O
| iscount or circulation shall be treasurer of an
avtngs bank having over five hundred thousani
dollars OF deposits.
SECTION 8. Any savings bank organized unde
this act may employ not exceeding one halt III
deposits In making loans on personal securjry
and In the purchase of the public stocks or bond,
of the United States OF the northwestern states
TO wit: OHIO, Indiana, Michigan, Illinois, Iowa
Wisconsin aad Minnesota, of the authorized oond.
of any incorporated city, village, town. or county
! in the aforesaid northwestern states All 9th eJ
| loans shall be secured by mortgage OF unincum
b. red real estate, lying and situated in the aore
said northwestern states. No such savings bank
shall invest any part OF its deposits in the stock
tany railroad company, nor loan on, nor invest
| in any mortgage on real estate, except euch real
estate lies In the aforesaid north western states
sEcEEoN y. No such corporation shall buy OF
loan any money upon any obligation on which
| only one person or frm shall be holden, without
additional security for the same, equivalent to
the guarantees or Endorsement of some other re-
sponsible party.
from any one person, in bis or her own name, or
| In the name of another in one year, sum not
exceeding one thousand dollars
| SECTION IL. The directors, managers, or t1us-
tees, shall annually appoint not less than two
auditors, who shall not be directors, managers
or trustees OF the corporation, who shall examine
the books, accounts, and securities belonging TO
such society or bank, and make sworn ate-
ment showing the true condition thereof, the total
amount OF deposits. The whole number of deposit
tors, the largest amouGtdne to any one deDositor
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 officers of such
institution, on the first day OF January of each
year, which statement shall be kept On Fl lie in the
Office of such tank, and IN attested copy of the
same shall be forwarded to the secretary of state
or or before the first day OF February in each year
SECTION IL. Such corporation shall not make
and Issue any bill or pronissory note to circulate
as currency
SECTION H. 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; provided, boueUer,
that the president may receive for his services
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 an amount not to
exceed SIX per cent. year on their deposits.
The surplus earnings above said six per cent, az
ter reserving moderate sum for a contingent
fund, shall be divided among the depositors as an
extra dividend as often as once in every three
years.
SECTION IS. Notrustee, director or manager OF
such corporation shall be borrower surety for
borrower OF any OF its funds, nor receive any
money or valuable thing for negotiating, procur-
ing, or recommending any loan from such bank
nor for selling or aiding in the sale ofany stocks
bonds or securities TO oh savings bank, and any
such officer who shall violate any provisions Of
this section shall forfeit the state one tkous
dollars
SEcr1oN TO- 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 ofholding such meeting,
and II 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 of the directors or
trustees in not less than ten thousand dollars
payable TO said bank, said bond to be IN the Gus
tody fthe president thereof. No president, di-
rector or trustee shall be surety in the bond of
such treasurer,
SECTION 10. 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.
SEcTEoa 49, At the general election to be held
the Tuesday next succeeding the first Monday
in November, in the year eighteen hundred and
seventy-stx, at he usual places OF holding such
elections In this state, for the election of all Off
required by law then and 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 ii tue same shall be approved
by majo fty 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 it shall
not 20 into effect or IN sny manner be in force.
SECTI0N 90. The votes cast on the subjec spec
fled In tue last preceding section shall be by
separate ballot, and shall have written or printed
each of them the words, u For an act to incor-
pOrate savings banks, or, Against an act to in
corporate savings banks which words shall III
dictate the vote of the elector fol- against the
approval of this act, and the ballots cast shall
be canvassed and returned in he same manner
the votes cast for state officers sad required by
law TO be Canvassed, and the secretary OF state
shall Immediately on the completion of said can
vass publish statement of the result thereof. in
come newspaper printed at tie seat of govern
ment, and shall communicate the same to the
next legislature at the commencement OF its SEES
sion and he shall also deliver to the state treas
a certified copy of this act, if the shall
have be3n approved and a statement of The result
of the canvass on the subject, imme diately after
the completion of said canvass. t
SECTIoN 81. This act shall take effect and be in
force from and after It's passage.
Approved March l3, 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 D0YT,E,.