The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-10-20
IS are by law required to be elected at such


organization of savings banks and savings
societ es, is at the same time to be submitted
to vote of the electors, pursuant to the
provisions of section 6, article Al OF the
constitution of the State of Wisconsin,
which act is as follows:
AN ACT for the organization of savings
banks and savings societies.
The people Of the State of Wisconsin, repre-
sented IN Senate aud A sse,abiv. do enact as
.foQo.es:
Section /. Any number Of persons not
less than 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. They may make sign and acknowledge
before some proper officer authorized to take
acknowledgements of deeds, certificate IN
writing, in which shall be- stated the nam
OF such association, the names of the COR
porators, the name of the city, village, town
and county in which the operation of such
association is to be conducted
Section 2. Such certificate shall be fled
IN the office of register OF deeds of the
| county IN which the business of the associa-
| ton Is to be carried on, and duplicate
| thereof shall be deposited in the Office of the
,, Secretary of State.
Section 8. Such corporation shall have
power to enact bylaws for the government
OF It's affairs, and such bylaws may prescribe
the condition on which such deposits shall
be made and the terms on which payments
snail be made to the depositors by such in
stltutlon, and the depostors shall be bound
Dy the conditions enacted in such bylaws,
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 s. The trustees or directors, with
IN ten days after their election, shall elect
from the members of their own board, q
president, one or more vice presidents, a
treasurer and a secretary; they may also
elect from their own members q committee
on finance, all said officers to hold their
Offices till others ale elected to fill their
places.
Section s. 1t shall be lawful for such cor
poration to purchase, hold and convex such
real estate as banks of discount and circua-
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
time be officers of any one bank of discount
OF 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 8. ANY savings bank organized
under this act may employ not exceeding
onehalt it's 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,
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 shEl be secured by mortgage Of
unincumbered real estate, lying and situated
IN the aforesaid northwestern states No
such savings bank shall invest any part of its
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 ~
lies in the aforesaid northwestern states.
Section .. No such corporation shall buy
or loan any money upon any obligation on
VIII Oh 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.
deposit from any one person, in his or her
own name, or the name of another in one
year, sum not exceeding one thousand dol
lars.
Section II. The directors, managers, or
trustees, shall annually appoint not less than
two auditors, who shall not be directors,
managers trustees of the corporation,
who shall examine the books, accounts and
hpi
and make sworn statement showing the
true condition thereof, the total amount of
deposits, the whole number of depostors,
and the largest amour: due to any one de
position, 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 q Such corporation shall not
make and issue any bill or promisory note to
circulate as currency.
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:
propided, houeuer, that the president may re-
ceive for his services sum not exceeding
five 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-
vided semi annually among it's depositors to
an amount not to exceed six per cent. q year
on their deposits The surplus earnings
above said six per cent, after reserving
moderate sum for a 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 Is. The treasurer shall at least
ten days before each meeting of the corpora
tors, mail or deliver to each a written or
printed notice of the day and hour Of hold
ing such meeting, and if he shall neglect to
give such notice, he shall pay one hundred
doIt rs into tho traoaurv of tho toun or c;tv