River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-08-31

maui aIiu the Terms on " mon payments slaI
be made TO the depOsiiOrs ly such institution,
and the depOsjtely shall le'buund by the con-
ditions enacted IN such bylaws, which shall
be printed and COnspicuously posted in the Of
flee OF such coronation
SECTION 4. The corporators shall annually
elect NY ballot board ct trustees, Whicl. shall
consist OF not less than ten.
SECTION 8. The trustees OF directors, within
ten days after their election, shall elect from
the members OF their own board, n president.
one OF more e-presidents, a treasurer and
secretaryi they may also elect from their
own members o committee on finance, all
said officers to hold their ofices till others
are elected to 6ll their places.
SECTION 6. II shall be lawful for such cor
poratiOn purchase, hold, and convey such
real estate ass hanks Of discount and clrcuIa-
ton are authorized 10y laws OF this state to
purchase, hold, and convey.
SECTION Z. No more than three officers Of
any savings association, shall at the same
time be officers oil any one bank OF discount
or circulation, o. trust company; and no
cashier OF q hank OF discount or circulation
shall be treasurer of amy savings bank having
over i've hundred Thousand dollars Ofdeposts
SECTION 8, Any savings bank organized
under TINS act may employ not exceeding
0ne-hali its deposits IN making loans on ucr-
sona security, and in the purchase Of the
pubic stocks or bOEds Of the United States, OF
the northwestern states, tO-Wit: Ohio Indi-
ana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota, OF the authorized bonds OF any in
corporated city, village, town, or county in
the aforesaid northwestern states An other
loans shall be secured l,y mortgage OF unin-
numbered real estate, lying aud situated in
the Aforesaid northwestern states No such
savings bank shall invest amy part Of its de-
posits in the stock ofany railroad colapauy.
nor loan on, nor invest in, any mortgage on
real estate, except in such real estate as lies
IN the aforesaid northwestern states.
SECTION 9. Ne such corporation shall buy
or loan any money upon any obligation Oh
which only ono person OF firm shall be holden
without additional security for the same,
equivalent to the guarantee or endorsement
OF some other responsible party.
SECTION TO- Such bank may receive on de-
post from any ono person, In his or her own
name, or the name Of another IN one year. a
sum not exceeding one 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, acsou1lts and seem
rites belonging TO such society or hank. and
make sworn statement showing the true
condition there OF, the total amount of dep0sits.
the whole number Of depostors. thee largest
amount due to any one dcpositor, the amount
in loans on real estate sccuritas, the amount
invested IN stocks and bonds, the amount Of
trustees, and Of the other officers OF such in
situations, on the first day Of January Of each
year, which statement shall be kept ON file in
the Office OF such hank, and an atttsted copy
OF the same shall be forwarded to the secreta-
ry OF state on or before the first day OF Febru-
airy Of each year.
SECTION u. Such corporation shall not
make and Issue any bill or promissory note TO
circulate rs currency.
SECTION 10. No cerporator, trustee, direct
or, manager, nor any other officer cxcept the
treasurer, shall receive any compensation tor
his services IN the management of such bank.
nor derive any emOument therplrmn rro
Yided, however, that the president may re-
eelVe ior li3s services sum not exceeding
i've hundred dollars, When the deposits shall
exceed five hundred thousand dollars.
SECTION a. The net income actually earn
Ell by any such association shall he divided
eml-annualiy among its dep0sitors to an
amount not 10 exceed six per cent. year ,n
their deposits. The surplus earnings above
said six per cent after reservng moderate
sum for contingent fund, shall le divided
among the deposltors as an extra dividend as
often as once in every three years.
SECTION 10. No trustee, director or man
agtr OF such corporation Shall be q borrower
OF surely iOf borrower OF amy Of It's funds.
norreceFe any money or valuable thing Tor
negotiating, procuring, or recommcndingany
loan iion such bank, nor for selling or aiding
m the sale OF any stocks, bonds or securities
TO such savings bank, and any such officer
V no shalI violate any provision ofths section
shaH forfeit 10 the state one thousand dollars.
SEXTON ~ Tie treasurer SHALL at least
Ten days before each meeting Of the corporg-
tiers, lnsil or deliver 10 each q written ar
printed notice OF the day and hour OF holding
such meeting, and II lie shall neglect to Give
such notice, lac shall pay ono hundred DOL
lars INTO the treasury OF the town or city
where such bank is located.
SECTION Il. The treasurer shall oiveI,onds
with surety to the acceptance Of the direcfors
on trustees IN not less than ten thousand dol
lars, payable to said bank, said bond to be in
The custody OF the president thereof. No
director or trustee shall be surety
IN he bond OF such treasurer.
SECTION Is Every corporation formed I'M
der the provisions ol this act shall possess the
powers and be subject to the provisions ofthe
seVen'y-,1ghth chapter Of the revised stat
utes 20 lar as the same may be applicable
SECTION -. Al the general election to be
Ield on the Tuesday next succeeding The
fst MehdaY IN November in the wear eight
~ hul'"red ana se{eny-siN, at the usual
places Of holding such elections ia this state.
or the election OF al officers required by law
.hcn and there To be eletced the question
whether TINS act shall so into eject, or many
manner Ne ~ force, shall hc submitted 10 tLe
leoplc, and y tire salaC shall he aTurovcd Lv
Hi'JIii IVY gu dli lif votes east on that subject
I shall go into effect and be i'm force from and
liter the date o.. said election. otbrrwisc IL
mali not 50 into effect Of i'm any manner be
Ii force.
SECTION 20 The votes cast on the snl;cc,
pcciiied m the last preceding section. shall
~ by separate ballet, and shall! hayrwrltten or
Flnted ga each Ui them The words, 'For an act
o incorporate savings banks, or. "Apaiust
N act 10 Incorporate savings banks, which
words shad indicate the vote of the clcctor
or or against the approval ol this act. and
NC lallOis So cast Shall bc cauvasscd ana re-
ulhtd ~ the same manner as the votes cast
or s'ate gihcers and required hy law To bc
an'"5 -eu, ANA the secretary OF state shall
on the completion of said cam
Ass publish statement Of the result thereof
= some newspaper printed 90 the scat Of roy-
lhlhrni Ud shall communicate the same ia
ne next legislature, at the commencement
+ ~ session, and he shall also deliver 10 the
,tste treasurer q cerilica copy OF this act If
hF same small have been approved and "a
talcmeut Of the result al the canvass ON Inc
u,iPect, immediately alter the completion of
aid canvass
SEcuoS n. THIS act slull take eject ana
e ~ force from and alter its passage.
Approved March -, 1876
Given under my hand and the great seal
I we state 81 Wisconsin, 40 The Capitol In
ladison, this 2d day 81 August, 1875.
PErFH DNtE,
Secretary O, state.
NOTICE Is HEREBY GIVEN, That AZ tho
eWfal Election 20 lc hold in thr several
ards, towns, and election precincts, I'M the
ouniy Of Pierce, on the TUESDAY succeeding
ie list Monday, bciug thc 7th' aav of M.
1mhrr na@t, the following officers arc 10 he
ected, to-Hit:
A Member e.. assembly, iu rlace OF G. l..
y NJ GERM 81 "ihcc will expire ON