Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-10-05


such deposits shall be made and the terms on which
payments shall be made to the deposltors 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.
sgorIos A. The corporators shall annually elect by
ballot board of trustees directors which shall
consist OF not less than ten
SECTION g. The trustees or directors within ten
days after their election shall elect from the mem.
bers OF their own board a president, one more
may also elect from their own members committee
on finance all said officers hold their offices till
Others are elected to I'll their places.
SECTION O. 1t shalt be lawful for such corporations
10 purchase, hold, and convey such real estate as
banks of discount and circulation authorized
by laws OF this state to purchase, hold and con-
vey.
SECTION 7. No more than three officers Of any
savings association shall at the time be officers
ofany one bank of discount or 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 ope-half its deposits
In making loans on personal security, and in the
purchase of the public stocks or bonds of this United
States, OF the northwestern states, to-wit: Chic,
Indiana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota of the authorized bonds of any incorporate
ed city, village, town, or county In the aforesaid
northwestern states. All other loans shall be Sc
cured by mortgage of unineumbered 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, nor
loan on invest in, any mortgage on real estate,
except such real estate lies In the aforesaid north
western states.
any moley upon any obligation which only one
person or firm shall be holden, without additional
security for the same, equivalent to the guarantee
Endorsement of some other responsible party.
SECTION 10. Such bank may receive deposit
from any person, in his or her own name, or in
the name of another in one year, a sum not exceed
ing one thousand dollars.
SECTION IL. 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 ST 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, tho
names 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 file
in the office of such bank, and attested copy of
the shall be forwarded to the secretary of state
on or before the first day OF February in each year.
SECTION IL. Such corporation shall not make and
issue any bill or promissory note to circulate as
currency,
SECTION 10. No corporator, trustee director, man
ager, any other officer, except the treasurer shall
receive any compensation for his services in the
management of such bank, derive any em9u-
meat therefrom prouided however, that the presi
dent may receive for his services sum not exceed
ing five hundred dollars, when the deposits shall
exceed five hundred thousand dollars.
SECTION H. The net income actually earned by any
such association shall be divided sem annually
among it's depositors to an amount not to exceed
six per cent. year their deposits. The surplus
earnings above said six per cent after reserying
moderate sum for contingent fund.- shall be divided
among the depositors as an xtra dividend as often
| as once in every three years.
SECTION Is. No trustee, director manager Of
such corporation shall be borrower surety foI
| a borrower of any of its funds nor receive any
fn~ 1ks.4s.
or recommending any loan from such bank, nor fol
selling aiding in the sale of any stock. bonds OF
securities to such savings bank, and any such officer
who shall violate any provision of this section
| shall forfeit to the State one thousand dollars.
SECTION is The treasurer shall at leas ten days be
fore each meeting of the corporators mail deliver
| to each a written printed notice Of the day ant
hour of holding such meeting and if he shall neg
ect to give such notice, he shall pay one hundred
dollars into the treasury of the town city where
| such bank is located.
| SECTION H. The treasurer shall give bonds will
surety to the acceptance OF the directors trusee
| in not less than ten thousand dollars, payable Il
| said bank, said bonds to be in the custody of tn
president thereof No president director truste
shall be surety in the bond of such treasurer.
| SECTION Is. Every corporation formed under thu
provisions of this act shall possess the powers
be subject to the provisions of the seventy eight
chapter of the revised statures 80 far the SAM
may be applicable.
| SECTION 49, At the general election to be held OF
the Tuesday next succeeding the first donday il
November, in the year eighteen hundred and seven
ty-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 60 into effect, in any
ner be in force shall be submitted to the people, ant
| if the same shall be approved by majority of al
the votes that subj ect, it shall go into eec
and be in force from and after the date of salt
electoa otherwise it shall not go into effect il
| any manner be lin force.
SECTION 20. The votes cast the subject specified
| in tn last preceding section, shalt be by separate
ballot, and shall haYe writtea printed eacl
OF them the words For act to incorporate saw
ings banks" or, against act TO incorporate
ings banks which words shall indicate the vote o
the elector for against the approval OF this act
an the ballot cast shall be canvassed and returne
in the the votes cast for state Off
GERS and required by law to be cauvassed, and tn
secretary OF state shall Immediately the compile
ton of said publish statement OF the rssul
thereof in some newspaper printed at the seat 0
government. and shall communicate the same to tn
next legislature at the commencement OF It's session
and he shall also deliver to the state treasurer
certified copy of this act, ii the same shall hav
been approved and statement of the result OF tn
canvass on the subject, Immediately after the com
pietion Oh said canvass
SECTION II, This act shall afe effect and be in fore
from and after its passage
Approved March IS, 1876.
Given under my hand and the great seal of tn
State of Wisconsin, at the Capitol in Madison thi
I'd day of August, 1876.
PETER DOYLE.
Secretary of State.