River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-10-26

follows: -.
less than twenty, NAV unite Tor the purpose
n organizing an association to receive ON de-
nosit the savings Of laboreTs, mechanics,
Farmers. servants, minors and others, and 10
loa, the same for the benefit of such deposit
- They NAV make, sign and acllnOw ledge
I.af,re so,np PROPER officer authorized to take
acknowledgements of deeds, certificate III
Writing. in which shall he stated the name
OF such association, the Iaies ~ 'i, -, III
ratorS. the name OF the city, village, town ana
county in which the operation OF such aSso-
citation is to he conducted.
SECTION ,. such certificate shall he hled
III the office OF register OF deeds OF the county
in which the business of the association is TO
he conducted. aud duplicate thereof shall
be deposited in the Office OF secretary OF state
SECTION 3. Such corporation shall have
rover To enact bylaws for the government OF
It's affairs, and such bylaws may prescribe
the condition on which such deposits Shall lie
made and the terms on which payments shall
l,e made totha dettSitors by such institution,
and the depositorS shall lie bound ty the con-
ditiols enacted in such by-lswu, which shall
be printed and conspicuously posted III the OF
ice ol such corporation.
SECTION /. The cOrporators shall annually
elect by ballot q board OF trustees, which shall
consist OF not less than ten.
SECTION 8. The trustees "a directors, within
ten DAYS after their election, shall elect from
the members OF their own board, president,
one or more vloe-presidents, a treasurer and
4 secretary; they may also elect from their
own members d committee on finance, all
said officers 10 hold tier oEices till others
are elected to fill THEN places.
SECTION 6. il shall 6e lawful for such cor
poYation to purchase hold, and convey such
real estate as banks OF discount and clrcula-
ton arc authorized by laws OF this state to
purchase, hold, and convey.
SECTION :. No more than three officers OF
any savings association, shall at the same
time be officers oi,any one bank OF discount
or circulation, o. trust company; and no
cashier of q hank of discount or circulation
Shall Ias treasurer of any savings bank having
over five hundred thousand dollars oideposits.
SECTION ). ANY savings bauk organized
under this act may employ not exceeding
onc-hali its deposits IN making loans on per-
sunai security, and IL the purchase OF tue
public stocks or bonds Of the United States, CT
the northwestern states. to-wit: Ohio, lndi-
ana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota Vi the authorized bonds OF any IN
cOrporatod city, village, town, or county IN
the aforesaid northwestern states. All other
loans shall be secured 10y mortgage OF uhin-
numbered real estate, lying and situated III
the aforesaid northwestern states. No such
savings bank shalt invest any part of its de-
posts in the stock OF any railroad company,
nor loan on nor invest in, any mortgage on
real estate, except III such real estate as lies
in the aforesaid northwestern states.
SECTION .. No such corporation shall buy
or loan amy money upon any obligation ON
which only one person or firm shall be holden,
without additional security for the same,
equivalent 10 the guarantee or endorsement
Of some other responsible party.
SECTION 10. Such bank may receive on de-
post from any one person, III his or her own
name, or the name OF another in one year,
sum not exceeding one thousand dollars.
SECTION IL. The directors, managers, or
trustees, shall annually appoint net less than
two auditors, who shall not be directors,
managers, or trustees ofthe corporation, who
shall examine the books, accounts and seeu-
rites belonging 10 such society or bank, and
make a sworn statement showing the true
condition thereof, the total amount of deposits,
the whole number OF depositors, theI largest
amount due to any one deposition, the amount
in loans on real estate securities, the amount
invested in stocks and bonds, the amount of
Unds on hand, the names of corpOrators,
trustees, and OF the other officers OF such in
>tItutions, on the first day Of January Of each
year, which statement shall be kept ON file in
the Office OF such bank, and an attested copy
Of the same shall he forwarded to the secreta-
ry Of state on or before the first day of Febru-
AIRY OF each year.
SECTION y. Such corporation shall not
make and Issue amy bin or prOmiSsory note To
circulate Is currency.
SECTION 10. No corporator, trustee, direct
llidlldStA, 4laI blAAtI tAGt llt
treasurer, snail receive any compensation tor
MS services III the management OF such bank,
nor derive any emOltffnent theretr0m pro-
vided, however, that the president may re-
ceiye for his services a sum not exceeding
i've hundred dollars, when the deposits shall
exceed five hundred thousand dollars.
SECTION a. The net income actually earn
cd 10y any such association shall Ice divided
>elni-aHnuaily among its depositOrs to an
amount nos TO exceed six per cent: year IN
their DEPOSITS The surplus earnings above
said SIX per cent after reserving a moderate
sum for contingent fund, shall he divided
among the depOsltors as an extra dividend as
often as once III every three years.
SECTION % No trustee, director or man
ageF OF such corporation shall be n borrower
or surety for a borrower OF any OF its funds,
nor receive any money or valuable thing Tor
negotiating, procuring, OrrecOInmendinga any
loan from such bank, nor for selling or aiding
in the sale of any stocks, bonds or securities
20 such savings bank, and any such officer
who shalt violate any provision ofthis section
shall forfeit TO the state one Thousand dollars.
SECTION TO- The treasurer shall, at least
ten days before each meeting OF the corpora
tefs, mail or deliver to each a written or
printed notice OF the day and hour of holding
such meeting, and II he shall neglect to give
such notice, lie shall pay one hundred dol
lars into the treasury % the town or city
where such hank is located.
SECTION IL. The treasurer shall give bonds
with surety to the acceptance Of the directors
OF trustees in not less than ten thousand dol
lars, payable to said bank, said bond to lie in
the custody of the president thereof. No
president, director or trustee shall be surety
IN the bond OF such treasurer
SECTION I8 Every corporation formed I'M
der the provisions OF this act shall possess tho
powers and he subject 10 the provisions ofthe
seventy-eiglth chapter Of the revised stat
utes so far as the same may he applicable
SECTION 80. At tire general election to be
held Oh the Tuesday next succeeding the
first Monday ia November, in the year eight
cen hundred and scyeHty-six, at the usual
places OF holding such elections in this state,
Tor the election OF al officers required by law
then and there 10 lie cletccd, the question
whether this act shall 90 into effect, or in any
manner he in force, shall he submitted to the
people, and il the same shall be approved by
q majority OF ali the votes cast on that subject,
il shall go INTO effect and be in force from and
after the date of said election, otherwise it
shall not 50 into effect or in any manner I've
in force.
SECTION 20. The votes cast on the subject
specified in the last preceding section, shall
bc by separate ballot, and shall have write. or
printed OF each o. them the words f1i,or an act
to incorporate savings banks, Or, "Agairst
an act to Incorporate savings banks" ,Iich
words shall Indicate tlic vote OF the G ector
for or against tie approval Of this act, and
the ballots SO cast SHALL be canvasscd and re-
tHTBeti III the same manner aS the votes cast
Tor state officers and required by law 10 he
Canya-,o,i, and the secI et.Ey Of state shall
Immediately on the completion Of said can
vass publish . statement Of the result thereof,
IN some newspaper printed at the seat Ol gov
eminent, and shall communicate the same to
the next legislature, at the commencement
OF it, session, and he shall also deliver to the
state treasurer q certified copy Of this ao', il
the same shall have been approved, and a
statement o. the result az the canvass on the
subject, immediately after the completion OC
said canvass.
SECTION u. This act shall take eject and
be III force from aId alter It's passage.
Approved March l3 1876
Given nH.er my hand and the great seal
o. the state OF Wisconsin, at the Capitol in
Madison, this "a aay OF August, 1876.
PETER DOYLE,
Secretary VI State.
NOTICE is HEREBY GIVEN, That at the