Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-09-14

such deposits shall be made and the terms which
payments shall be made to the deposlfors by such
institution and the depostors shall be bound by the
conditions enacted in such by laws, which shall be
printed and conspcuously posted in the Office OF such
corporation.
SECTION a. The corporators shall annually elect by
ballot board of trustees directors which shall
consist of not less than ten
SECTION 3. The trustees or directors, within ten
Gays after their election, shall elect from the mem
bers OF their own board president more
Nce-presidents, treasurer, and a secretary; they
may also elect from their own members committee
on nnahce. all said officers hold their Offices till
others are elected to II their places
sKcTIoS g. 1t shall be lawful for such corporations
to purchase, hold, and convey such real estate as
banks OF discount and circulation authorized
by laws OF this state to purchase, hold and con-
yey.
SECTION 7. No more than three officers of any
savings association shall at the time be officers
ofany one bank of discount or circulation or trust
company and no cashier of bank OF discount or
circulation shall be treasurer of any savings bank
having over nve hundred thousand dollars Of de-
posits
SECTION s. Any savings bank organized under this
act may employ not exceeding ore-haf it's deposits
in making loans personal security and in the
purchase of the public stocks bonds of the United
States, OF the northwestern states, to-wit: Chic,
Indiana, Michigan, illinois, iowa. Wisconsin and
Minnesota of the authorized bonds Of any
ed city, village, town, or county in the aforesaid
northwestern states. All other loans shall be se-
cured by mortgage of unncumbered real estate. ly-
ing and situated in the aforesaid states
No such savings bank shall invest any part Of its
deposits In the stock of any railroad company, nor
loan on, nor invest ill., any mortgage ON real estate
except such real estate lies in the aforesaid north
western 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 10. Such bank may receive on deposit
from any enc person, in his or her own name or in
the name of another in one year, 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
bank, and maks a sworn statement showing the true
condition thereof the total amount Of deposits the
whole number of depostors, the largest amount due
to any one 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, on the first day of January
OF each year, which statement shall be kept ON file
in the office of such bank, and attested COPY OF
the shall be forwarded the secretary of
ON or before the first day of February 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 nor any other officer except the treasurer shall
receive any compensation for his services in the
management of such bank, nor derive any emelu
ment therefrem; provided, however, that the pres
dent may receive for his services a sum not exceed
ing i've hundred dollars, when the deposits shall
exceed five hundred thousand dollars
SECTION H. The net income actually earned Inv an,
such association shall be divided sem annnalI,
among its depositors to an amount not to exceed
SIX per cent. year their deposits. The surplu,
earnings above said six per cent? after reserying
moderate sum for contingent fund shall be divided
among the depositors as an extra dividend often
as once in every three years.
SECTION 10. No trustee, director or manager O
such corp Grafton shall be borrower or surety fo
borrower of any of it's funds, nor receive an,
money or valuable thing for negotiating. procuring
or recommending any loan from such bank, nor TO
selling aiding in the sale of any stock bonds o.
VINO shall violate any provision of this section
shall forfeit to the State one thousand dollars.
SECTION 10 The treasurer shalla least ten days be
fore each meeting of the corporators, mail deve
to each written or printed notice Of the day an,
hour OF holding such meeting and if he shall neg
iect to give such notice, he shall pay hundre
dollars into the treasury of the town city wher
such bank is located.
| SECTION II. The treasurer shall give bonds will
surety to the acceptance OF the directors trustee
In not less than len thousand dollars, payable t
said bank said bonds to be in the Gus toby of tn
president thereof No president, director trustee
shall be surety in the bond of such treas urer.
SECTION is Every corporation formed under tn
provisions of this act shall possess the powers an
DO subject to the provisions of the seventy eight
chapter of the revised statures far az the sam
may be applicable.
SECTION 49, At the general election to be held oil
the Tuesday next succeeding the first donday il
November, in the year eighteen hundred and seven
y six, at the usual places of holding such election
in this state. for the election OF all officers require
by law then and there to BIO elected, the question
whether this act shall go into effect, in any
be in force, shall be submitted to the people,
the same shall be approved by a majority of al
the votes cast that subject, it shall go into effec
and be in force from from and after the date of sal
election, otherwise it shall not go into effect il
any manner be force.
SECTION 20 The votes cast on the subject specifics
In tn last preceding section shalt be by separat
ballet, and shall haye written printed on eacl
of them the words, For act to incorporate saw
ings banks" or against act to incorporate saw
ings banks,' which words shall indicate the vote o
the eector for or against the approval of this act
anu the ballots 80 cast shall be canvassed and reurne
in the same manner the votes cast for state Off
GERS and required by law to be canvassed, and tn
secretary OF state shall Immediately the compile
ton of said canvass publish statement of the ssul
thereof in some newspaper printed at the seat o
government. and shall communicate the same to tn
next legislature at the commencement of its session
and he shall also deliver to the state treasurer
certified copy of this act, if the same shall hav
been approved, and statement of the result of thu
canvass on the subject, Immediately after the COM
petoB Oh said canvass
SECTION 81, This shall take effect aud be in force
from and after il IS passage.
Approved March l3. 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