River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-09-14

made and the terms ON which payments shAl
he made TO the depositors by such institution
and the depositors shall lie bound by the con-
ditiOns enacted in such bylaws, which shall
be printed and oonspicuously posted IN the Of
noe Of such corporation.
SEcTIoS 4. The corporators shall annually
elect by ballot board Of trustees, which shah
consist Of not less than ten.
SECTION 5. 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, treasurer and
a secretary; they may also elect from their
own members committee on finance, Rll
said officers TO hold their ollces till others
are elected TO ill their places.
SECTION 9. II shall be lawful for such cor
poration 10 purchase, hold, and convey such
real estate as banks Of discount and croula-
ton are authorized by laws OF this state to
purchase, hold, and convey.
SECTION Z. No more than three officers OF
amy savings association, shall at the same
tiine be officers OF any one bank OF discount
or circulation, or trust company; aud NO
cashier Of a bank Of discount or circulation
shall I've treasurer VI any savings hank having
over five hundred thousand dollars ofdeposits
SECTION s. Any savings bank organized
under this act may employ not exceeding
one-hali its deposits in 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
eorporated 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 sHoh
savings bank shall invest any part Of It's de-
posits In the stock Of any railroad company,
nor loan ON, nor invest in, any mortgage on
real estate, except in such real estate a. lies
in the aforesaid northwestern states
SECTION 9. No such corporation shall buy
or loan any money upon any obligation on
which only one person or nrm shall be holden,
without additional security for the same,
equivalent to the guarantee OF endorsement
Of some other responsible party.
SECTION 10. 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, Q
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, whe
shall examine the books, accounts and sesn-
rites belonging to such society or bank. and
make sworn statement showing the true
condition thereof, the total amount Of deposits,
the whole lei number OF depositors, thief 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 En-
the Office Of such bank. and an attested copy
OF the same shall be forwarded to the seoreta-
ry OF state on or before the first 3ey of Pebru-
airy of each year
SECTION H. Such corporation shat, aot
make and issue any bill or pr0missory note 10
circulate "a currency.
SECTION 10. No corporator, trustee, Direct
or, manager, nor any other officer, except the
treasurer, shall receive any compensation Tor
ms services In the management Of such bank,
nor derive any emolument therefrom pro.
vided, however, that the president may re-
ceive Tor his services sum not exceeding
five hundred dollars, when the deposits shall
exceed five hundred thousand dollars.
SRcTIoS IA. The net income actually earn
ed by any such association shall bo divided
among its depositors 10 an
amount not to exceed six per cent. year on
their deposits. The surplus earnings above
said six per cent after reserving moderate
sum Tor contingent fund, shall lie divided
among the deposlt0rs as an extra dividend "a
often as once in every three years.
SECTION 10 No trustee, director or map-
ager OF such corporation shall be borrower
or surety for borrower Of any of it's 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 OfthIs section
shall forfeit to the state one Thousand dollars.
SECTION 10. The treasurer shall, ut least
Ten days before each meeting OF the corpora
ta's, mail or deliver to each written or
printed notice OF the day ard hour of holding
such meeting. and il he shall neglect to give
such notice, lie shall pay one hundred dol
lars into the treasury Of the town or civ
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 10 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 10. 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 80 lar as the same may he applicable.
SECTION 10. At the general election 10 be
held on the Tuesday next succeeding ths
nrst Monday in November, in the year eight
cen hundred and seventy-six, at the uSual
places OF holding such elections in this state.
Tor the election of all officers required by Law
then and there to he eletced, the question
this act shall go into effect, or In any
manner be IN force, shall he submitted to the
people, and II the san shall be approved by
\ majority Of all the votes cast on that subieI.
Il shall go into effect and be in force from and
after the date Of said election, otherwise n
shall not 20 into effect or in any nlanner 10
in force.
SECTION 20. The votes cast on the subissA
specified in the last preceding section. shall
he by separate ballot, and shall have written or
printed On each Of them the words, "For an oct
TO incorporate savings bsnks," or, "ARsinst
an act TO incorporate savings hanks" which
words shall indicate the vote Of the elector
lor or against the approval OF this act, and
The ballots so cast shall he canvassed and re-
turned IN the same manner az the votes cast
Tor state officers and required by law 10 Ia
eanyassed, and the secretary Of state shall
ON the completion Of said eau.
vass publish statement Of the result thereof.
IN some new spaper printed at the seat OF gov.
eminent, and shall communicate the same 10
Ihe next legislature, at the commencement
o. It's session, and he shall also deliver to the
state treasurer certified copy of this act, X
the same shall have been approved. and a
statement OF the result of the canvass on the
subject, Immediately alter the completion a
said canvass.
SECTION q. This act shall take effect and
be IN force from and alter its passage.
Approved March 10, 1876
myen under my hand and the great seal
y the State OF Wisconsin, at the Capitol IN
Madison, this "a day of August, 1876.
PETER DOYLR,
Secretary Of State.
NOTICE IS HEREBY GIVEN, That at the
GENERAL Election TO he held in the several