River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-10-05

follows:
SECTION l. 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 Tor 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
writing 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 he conducted.
SECTION ?. such certificate shall be filed
in the Office OF register OF deeds OF the county
in which the BUSINESS of the association is 10
| he conducted, and a duplicate thereof shall
be deposited in the Office of secretary of state
SECTION ). Such corporation shall have
IOwer to enact bylaws for the government of
its affairs, and such bylaws may prescribe
] the condition on which such deposits shall lie
made and the terms ON which payments shall
be made TO the depositoTs by such institution,
and the depOsitors shall be bound by the con-
ditions enacted in such bylaws, which shall
be printed and eonspicuously posted in the Of
iice of such corporation.
SECTION 4. The corporators shall annually
elect 10y ballot board oftTustees, which shall
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,
secretary; they may also elect from their
own members a committee on finance, all
said officers TO hold their Offices till others
are elected to fill their places.
| SECTION 6. 1t shall be lawful Tor such cor
pOration to purchase, hold, and convey such
real estate as banks OF discount and cIrcula
ton are authorized by laws OF this state. TO
purchase, hold, and convey.
| SECTION Z. No more than three officers of
any savings association, shall at the same
l.
or circulation, o. trust company; and no
cashier of a bank of discount or circulation
shall be treasurer OF any savings bank having
over five hundred thousanddollars Ofdeposits.
SECTION s. Any savings bauk organized
under this act may employ not exceeding
one-hali its deposits in making loans on per
sonal security, and III the purchase OF the
public stocks or bonds OF the United States, of
| the northwestern states. to-wlt: Ohio, lndl-
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 8. No such corporation shall buy
/ or loan any money upon any obilSaIlOn 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 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 IL. The directors, managers, or
! trustees, shall annually appoint not less than
two auditors, who shall not be directors,
81
shall examine the books, accounts and seeu-
rites belonging to such society or hank, and
make sworn statement showing the true
condition thereof, the total amount of deposits,
the whole number O.-iepOsitOrs, thes 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
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 forwarded to the secrets
ry OF state on or before the first day of Febru-
airy of each year
SECTION IL. Such corporation shall not
make and Issue any bill or prOmisSOFy note to
! circulate currency.
! SECTION 49, No cOrporator, trustee direct
or, manager, nor any ether officer, except the
treasurer, shall receive any compensation Tor
his services in the management Of such bank,
!
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 II. The net income actually earn
ed by any such association shall he divided
semi-annually among its depositOrs TO an
amount not to exceed six per cent. a year an
their deposits. The surplus earnings above
said six per cent after reserying a moderate
sum for contingent fund, shall he divided
among the deposltors 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 borrower
or surety for a borrower OF any OF its funds,
nor receive any money or valuable thing for
negotiating, procuring, or recommending any
loan from such bank, nor for selling or aiding
in the sale OF any stocks, bonds or securiti es
to such savings bank, and any such cdcer
who shall violate amy 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 20 each written or
printed "o'ice 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 on city
where such bank is located.
SECTION H. 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
III the bond of such treasurer.
SECTION IS Every corporation formed un-
der the provisions OF this act shall possess tine
powers ard he subject to the provisions of the
seventy tn 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 usuN
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 he IN force, shall lie submitted to the
people, and II the same shall he approved by
majority Of all the votes cast on that subject,
it shall go into effect and he in force from and
after the date OF said election, otherwise it
shall not go into effect or in any manner he
in force.
SECTION 30. The votes cast on the subject
specified in the last preceding section, shall
be 10y separate ballot, and shall have written or
printed on each Of them the words, ''for an act
TO incorporate savings banks, or, against
an act to Incorporate savings banks, which
words shall indicate the vote OF the elector
for or against the approval Of this act, and
the ballots so cast shall be canvassed and re-
turned III the same manner as the votes cast
for state officers and required 10y law to he
canvasSed, and the secretary Of state shall
Immediately on the completion of said can
vass publish q 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 a
statement of the 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 after its passage
Approved March 10, 1876.
Given under my hand and the great seal
Of the State Oi Wisconsin, at the Capitol in
Madison, this ID day of August, 1876.
PETER DOYLE,
Secretary OF State
NOTICE IS HEREBY GIVEN, That at the
General Election to he held III the several