The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-08-25

cleCIlOD
An act of the Legislature of 1875, for the
organization of savings banks and savings
socleties, Is at the same time to be submitted
TO a vote OF the electors, pursuant to the
provisions of section 6, article III of the
constitution of the State of Wisconsin,
which act is as follows:
AN All for the organization of savings
banks and savings societies.
me people Of the State of Wisconsin y.epre-
se,sted a" Senate and assembly, do enact as
Section l. ANY number of persons not
iess IMAM twenty, may unite for the purpose
OF organizing an association to receive on
deposit the savings of laborers, mechanics
farmers, servants, miners and others, and 10
loan the same for the benefit of such deposi
tors. Ihey may make, sign and acknowledge
before some proper officer authorized to take
Acknowledgements of deeds, certificate in
writing, IN which shall be stated the name
OF such association, the names of the eor.
porators, the name of the city, village, town
anu county IN which the operation of such
association is to be conducted.
Section 2. Such certificate shall he fled
IN the once OF register OF deeds of the
county in which the business of the associa-
~.0N- ~ w OS CdIllCu Oi, anu q QnDIlcatp
thereof shall be deposited in the office of the
Secretary of State.
Section 3. Such corporation shall have
power to enact bylaws for the government
OF lts AFFAIRS, and such bylaws 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 in
stltutlon, and the depositors shall be bound
bV the conditions -,
which shall be printed and conspicuously
posted in the Office of such corporation.
Section 4. The corporators Shall annually
elect by ballot board of trustees or direc
tors, which shall consist of not less than ten.
Section 8. The trustees or directors. with.
in ten days after their election, shall elect
from the members of their own hoard q
president, one or more vice-presidents a
treasurer and secretary they NAV also
eject 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 for 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 7. No more than three officers
OF any savings association shall at the same
time be officers of any 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 hay
ing over five hundred thousand dollars of
deposits.
Section s. ANY savings bank organized
under this act may employ not exceeding
one-hat It's deposits in making loans on per-
sonal security, and in the purchase of the
puolic stocks or bonds of the United States,
OF the northwestern states, to-wit: Ohio.
Indiana, Michigan, Illinois, Iowa, Wisconsin
and Minnesota, of the authorized bonds of
any Incorporated city, village, town or county
III the aforesaid northwestern states All
other loans shall be secured by mortgage Of
unlncumbered real estate, lying and situated
IN the aforesaid northwestern states No
such savings bank shall invest any part of it's
deposits IN the. stock of any railroad COM
pany, nor loan on nor invest in, any mortg-
age or real estate, except such real estate as
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 firm shall be holden,
without additional security Cor the same,
SNuiN uIShs w Vic SadEdHIec OF endorsement
OF some other responsible party.
Section 10. Such bank may receive on
deposit from any one person, in his or her
own name, or the name of another in one
year, a sum not exceeding one thousand dol
lars.
Section IL. The directors, managers, or
trustees, shall annually appoint not less than
two auditors, who shall not be directors,
"A IF thn -,
who shall examine the books, accounts and
securities 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,
and the largest amoun: due to any one de-
poSltor, the amount invested 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 institution, 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 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 promisory note to
DIS CuITcuCy.
Section l3. No corporator, trustee, d.
rector, 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
pro0lded, however, that the president may re-
celve TOR his services a sum not exceeding
live hundred dollars, when the deposits shall
exceed five hundred thousand dollars.
Section IA. The net income actually
earned by any such ASSOCIATION shall be di-
vlded semi annually among its depositors to
an amount not to exceed six per cent. year
on their deposits. The surplus earnings
above said six per cent, after reserving a
moderate sum for contingent fund, shall be
divided among the depositors as an extra div
idend 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 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 aid
ing in the sale OF any stocks, bonds or secur
tiles to such savings bank, and any such Off
Ger who shall violate any provision of this
section shall forfeit to the state one thousand
dollars.
Section l6. The treasurer shall at least
ten days before each meeting of the corpora
tors, mail or deliver to each written or
printed notice of the day and hour of hold