River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-10-12

follows:
SECTION 1. Any number of persons, not
less than twenty, may unite for the purpose
of organizing an association TO receive ON de-
post the savings OF laborers, mechanics,
farmers, servants, minors and others, and to
loan the same for the benefit of such deposit
ors. They may make, sign and acknowledge
before some proper officer authorized to take
acknowledgements of deeds, a certificate in
whiting, in which shall be stated the name
of such ASSOCIATION, the names of the corpo-
rators, the name of the city, village, town and
county in which the operation OF such asso-
citation is to be conducted.
SECTION . such certificate shall be fled
in the Office of register OF deeds OF the county
In which the business of the association is to
be conducted, and a duplicate thereof shall
be deposited in the Office of secretary of state.
SECTION ). such corporation shall have
Lower TO enact by laws for the government of
It's affairs, and such by laws may prescribe
the condition on which such deposits shall be
made and the terms ON which payments shall
be made to the depositors by such institution,
and the depositors shall be bound by the con-
ditiOns enacted in such bylaws, which shall
be printed and conspicuously posted in the Of
flee OF such corporation.
SECTION T. The corporators shall annually
elect by ballot a board of trustees, which 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, president,
one or more vice-presidents, a treasurer and
/ a secretary; they may also elect from their
own members committee on finance, all
said officers to hold their Offices till others
are elected to fill their places.
SECTION g. 1t shall be lawful fo- such COR
pOration to purchase, hold, and convey such
real estate as banks OF discount and clrcula-
ton are authorized by laws OF this state to
purchase hold, and convey.
SECTION 2. No more than three officers OF
any savings association, shall at the same
/ time be officers OF any one bank OF discount
or circulation, o. trust company; and no
cashier of bank of discount or circulation
shall be treasurer of any savings bank having
over five hundred thousand dollars ofdeposits.
SECTION s. ANY savings bank organized
under this act may employ not exceeding
One-hat its deposits il making loans on per-
sonal security, and in the purchase OF the
public stocks or bonds OF the United States, of
the northwestern states. to-wit: Ohio, lndi-
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. All other
loans shall be secured by mortgage OF unin-
numbered real estate, lying and situated in
the aforesaid northwestern states. No such
savings bank shall 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 in such real estate as lies
! in the aforesaid northwestern states.
SECTION g. No such corporation shall buy
or loan any money upon any obligation ON
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 TO- Such bank may receive on de-
post from any one person, in his or her own
name, or the name of another in one year, a
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 OF the corporation, who
shall examine the books, accounts and seeu-
rites belonging to such society or bank, and
make sworn statement showing the true
condition thereof, the total amount of deposits,
the whole number of depositOrs, thes largest
amount due to any one depositor, the amount
| in loans ON real estate securities, the amount
invested in stocks and bonds, the amount of
funds on hand, the names of corporators,
| 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 bank, and an attested copy
of the same shall be awarded to the secreta-
~ OF state on or Def, the first day of Febru-
ary of each year.
SECTION - SucL corporation shall nos
make and issue any bin or promissory note to
| circulate ..s currency.
| SECTION 10. No corpOratOr, trustee, direct
or, manager, nor any other officer, except the
treasurer, shall receive any compensation for
| his services in the management of such bank,
nor derive any emOlument therefrom pro-
vided, however, that the president may re-
ceive for his services a sum not exceeding
five hundred dollars, when the deposits shall
exceed five hundred thousand dollars.
SECTION IA. The net income actually earn
ed by any such association shall be divided
semi-annually among its depositors 10 an
amount not TO exceed six per cent a year ON
their deposits. The surplus earnings above
said six per cent after reserying moderate
sum for contingent fund, shall he divided
among the depositors as an extra dividend as
often as once in every three years.
SECTION 10. No trustee, director or man
ager of such corporation shall be a borrower
or surety for a borrower of any of its funds,
nor receive any money or valuable thing tor
negotiating, procuring, or recommending any
loan from such bank, nor for selling or aiding
in the sale OF any stocks, bonds or securities
to such savings bank, and any such officer
who shall violate any provision OF tins section
shall forfeit TO the state one thousand dollars.
SECTION is. The treasurer shall, at least
ten days before each meeting of the corpora
tiers, mail or deliver to each a written or
printed notice of the day and hour of holding
such meeting. and il he shall neglect to give
such notice, he shall pay one hundred dol
lars into the treasury of the town or city
where such bank is located.
SECTION IL. The treasurer shall give bonds
with surety to the acceptance of the directors
or 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
president, director or trustee shall be surety
in the bond of such treasurer.
SECTION Is. Every corporation formed I'M
der the provisions OF this act shall possess the
powers and be subject to the provisions of the
seventy-eighth chapter OF the revised stat
utes so far as the same may be applicable.
SECTION 10. At the general election TO be
held ON the Tuesday next succeeding the
first Monday in November, in the year eight
cen hundred and seventy-six, at the usual
places of holding such elections in this state.
for the election OF all officers required by law
then and there to be eletced, the question
whether this act shall go into effect, or in any
manner be in force, shall be submitted to the
people, and if the same shall be approved by
majority of all the votes cast on that subject.
it shall go into effect and be in force from and
after the date of said election, otherwise il
shall not go into eject or in any manner he
in force.
SECTION 20. The votes cast on the subject
specified in the last preceding section, shall
be by separate ballot, and shall haven written or
printed on each Of them the words "FOr an act
to incorporate savings banks, or, against
an act to incorporate savings hanks" which
words shall indicate the vote of the elector
Tor or against the approval of this act and
the ballots so cast shall be canvassed and re-
turned in the same manner as the votes east
for state officers and 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 some newspaper printed at the seat of gov
eminent, and shall communicate the same to
the next legislature, at the commencement
OF its session, and he shall also deliver to the
state treasurer a certified copy of this act, il
the same shall have been approved, and q
statement ofthe result of the canvass on the
subject. Immediately alter the completion OF
said canvass.
SECTION 81. This act shall take effect and
be in force from and alter its passage
Approved March 10, 1876
Given under my hand and the great seal
OF the State of Wisconsin, at the Capitol in
Madison, this % day of August, 1876.
PETER DOYLE,
Secretary OF Stste.
NOTICE is HEREBY GIVEN, That at he
6eneral Election TO be held in the several
IL 4 49, - IL