Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-09-28


such deposits shall be made and the terms on which
payments shall be made 10 the depositors by such
institution, and the deposors shall be bound by the
conditions enacted in such by laws, which shall be
printed and conspicuously posted in the office Of such
corporation.
SECTION T. The eorporators shall annually elect by
ballot board OF trustees or directors, which shall
consist OF not less than ten.
sEcTIos 8. 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 commttee
on finance, all said officers to hold their Offices till
others are elected to fill their places.
SECTION b. 1t 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-
vey.
SECTION T. No more than three officers Of any
savings association shall at the time be officers
ofany one bank of discount circulation, trust
company and no cashier OF a bank OF discount or
circulation shall be treasurer of any savings bank
having over five hundred thousand dollars of de-
posits
act may employ not exceeding ore-half its deposits
in making loans personal security, and in the
purchase of the public stocks or bonds of the United
states, or the northwestern states, to-wit: Chic
Indiana, Michigan. Illinois, iowa, Wisconsin and
Minnesota the authorized bonds Of any ucorporat
ed city, village, town, or county in the aforesaid
northwestern states. All other loans shall be Sc
cured by mortgage of unneumbered 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 of any railroad company, moi
loan on, 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 or 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 own name, or In
the name of another in one year, sum not exceed
ing thousand dollars.
SECTION II. The directors, managers, or 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 81 deposits the
whole number of depositors the largest amount due
to any depositor the amount invested in loans
on real estate securities, the amount invested in
stocks and bonds, the amount OF funds ON hand, the
of corporators trustees and of the other Of
cers of such institution, the first day of January
of each year, which statement shall be kept on file
in the office of such bank, and attested copy OF
the shall be forwarded to the secretary of state
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 ID. No corporator, trustee, director, man
ager nor any other officer except the treasurer shall
receive any compensation for his services in the
management of such bank, nor derive any em9lu
meat therefrom provided, ho,cerer, that the pres
dent may receive for his services a sum not exceed
ing i've hundred dollars, when the deposits shall
exceed five hundred thousand dollars.
SECTION IA. The net income actually earned by any
such association shall be divided sem ANIMAL y
among its depositors to an amount not to exceed
six per cent year their deposits. The surplus
earnings above said six per cent. after reserving
moderate sum for contingent fund.- shall be divided
among the depositors as an xtra dividend rs Otter
as once in every three years.
SECTION Is. No trustee director or manager o
such corp Grafton shall be borrower surety foi
a borrower of any of its funds, nor receive any
money valuable thing for negotiating procuring
or recommending any loan from such bank, nor fo
selling aiding in the sale of any stock. bonds
securities to such savings bank, aud any such Officer
who shall violate any provision OF this section
shall forfeit to the State one thousand dollars.
SECTION 10 The treasurer shall at leas. ten days be
fore each meeting of the corporators mail or deliver
to each written or printed notice Of the day anC
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 WHERE
such bank is located.
SECTION II. The treasurer shall give bolds will
surety to the acceptance OF the directors trustee
In not less than ten thousand dollars, payable f
said bank, said bonds to be In the custody of tin
president thereof No president, director or trustee
qhall be surety in the bond OF such treasurer.
SECTION Is Every corporation formed under tn
provisions of this act shall possess the powers
be subject to the provisions of the seventy eight
chapter of the revised statures so far as the sam
may be applicable.
SEcTIoX 10. At the general election to be held oil
the Tuesday next succeeding the first donday il
November, in the year eighteen hundred and seven
ty-s six the usual places of holding such election
in this state for the election of all officers requires
by law then and there to be elected the question
whether this act shall go into effect or In any man
ner be in force shall be submitted to the people,
if the same shall be approved by majority of al
the votes cast OR that subject, it shall go into efec
and be in force from from and after the date of SAT-
election otherwise it shall not go into effect or il
any manner beiu force.
SECTION 20. The votes cast the subject specified
in tn last preceding section, shall be by separate
ballot, and shall lIaye written printed on eacl
OF them the words, For an act to incorporate saw
iDgs banks" or, against act to incornorate say
ngs banks, which words shall indicate the vote o
the eiect0r for against the approval of this act
the ballot cast shall be canyassed and returned
in the manner the votes cast for state off
GERS and required by law to be canvassed, and thu
secretary of state shall Immediately on the compile
ton of said canvass publish statement of the RESULT
thereof in some newspaper printed at the seat o
government. and shall communicate the same to th'
and he shall also deliver to the state treasurer
certified copy of this act, if the same shall have
been approved and statement of the result of thu
canvass on the subject, Immediately after the com.
pletios o. said canvass.
SEcTIoN2l. This act shall take effect and be in force
from and after i IS passage.
Approved March -. 1876.
Given under my hand and the great seal of th'
State of Wisconsin, at the Capitol in Madison, thi
I'd cay of August, 1876.
PETER DOYLE.
Secretary of State.