The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-11-02


avings associations, shall at lhe same time oe
ffices OF any bank of discount or clrcnl alton
| trust COMPANY; aud no Cashier of bank oi
| iscount or circulation snail be treasurer Of any
! avings bank having over five hundred THOUSAND
doliars of depD-lts.
! SECTION g. Any savings bank organized under
this act may employ not exceeding one han lis
deposits in making loans on persoual security,
and III the purchase of the public stocks or b nds
of the United States OF the northwestern states,
10 wit: Ohio, Indiana, Michigan. Illinois Iowa
Wisconsin and Minnesota, OF the authorized 0onds
of any incorporated city, village town, or county
| in the aforesaid northwestern states. All other
loans shall be secured by mortgage OF unincum-
bered real estate. lying and situated in the aiore
said northwestern states. No such rawlings bank
shall invest any part OF its deposits in the stock
OF any railroad company, nor loan on, nor invest
IN, any mortgage on real estate, except such real
estate AZ lies in the aforesaid north atas
SECTION 9. No such corporation shall buy or
loan any m Jney upon any obligation which
only one person or firm shall be holden, wlthnut
additional security for the same, equivalent to
the guarantee or Endorsement of some other re
spOnRtnle party.
SECTION TO- Such bank may receive on deposit
from any one person, In bis or her own name, or
In the name of another in one year, sum not
exceeding one thousand dollars
SECTION IL. The directors, managers, or tfus-
0es, shall annually appoint not less than two
auditors, who shall not be directors, managers
or trustees Of The corporation, who shall examine
the books, accounts, and securities belonging to
such society or bank, and make sworn ate
ment showing the true condition thereof, the total
tors the largest amountdue to any one deposit0r
the amount Invested in loans on real estate secu
rites, the amount invested in stocks aud bonds,
the amount Of funds on hand, the name OF cor
pOrators trustees, and of the other Ofc OF such
institution, on the first day of January Ct ca b
year, which sta ement shall be kept on file in the
ofRce Of such eank, and an attested copy of the
same shall be forwarded to The secretary of state
Oh before the first day OF February in each year
SECTION IL. Such corporation shall not make
and issue any bill or pronlssory note TO circulate
sDoT1oN IT, No corporator, trustee, director.
manager, nor any other officer, except the treas
urer shall receive any CONDENSATION for his ger
vices in the management of such bank, nor derive
any emoument therefrom; provided, hOlUeUer,
that the president may receive for Ais services
gum not exceeding five hundred dollars. when
the deposits shall exceed five hundred thousand
dollars.
SECTION 14-The net income actually earned by
any such association shall DE diyi1 ed semi-annu-
ally among It's depositOTs to AZ amount not to
exceed six per cent. year on their deposits.
The surplus earnings above said six per cent af-
ter reservjng moderate sum for contingent
fund, shall DE divided among the depOsitors az an
extra dividend as often as once in every three
years
SECTION Is. Notrustee, director ormanager OF
such corporation shall be borrowerOr surety for
borrower of any OF its funds. nor receive any
money or valuable thing for negotiating, procur-
ing, Or recommending any loan rom such bank,
nor for selling or aiding in the sale ofany stocks,
bond, or securities to such savings bank, and any
such officer who shall violate any provisions Of
this section shall forfeit to tue state one thousand
dollars st zt aa
SECTION is The treasurer shall, at least ten
days before each meeting Ct the corporators
mail or deliver to eacn written or printed no
tice OF the day and hour ofholding such meeting,
and ii he should neglect 10 give such notice be
shall pay one hundred dollars into the treasury of
the town or city where such bank is located.
SECTION H. The treasurer shall give bonds
with surety to the acceptance of the directors
tru tees In not less than ten thousand dollars.
payable 10 said bank, said bond to be III the Gus
ody f the president thereof. No president, di-
rector or trustee shall be surety in the bond of
such treasurer. tEss
SECTION 10. Every corporation formed under
the provisions of this act shall possess the power
and be subje IT, the provisions Of the seventy
eighth chapter of the revised statutes far as the
same may he applicable.
SECTION ~. AT the general election to be held
on the Tuesday next succeeding the first Monday
in November, in the year eighteen hundred and
eeventy-six, at he usual places OF holding snch
elections In this state, for the election ofall Off
GERS required by law then aud there to &c elected,
the question whether this shall go into feet
or in any manner be iE force, shall be submitted
TO the people, and ii toe same shall be approved
by majo ity of all the votes cast that subject.
ii shall go into effect and be IL force from and
after the date Of said election, otherwise 1t shall
not 90 into effect or in pny manner be in force.
SECTION 20. The votes cast on the subj ect spec
fled an the last proceeding section. shall he by
separate ballot, ard shall have written printed
on each of them the words. For an acL to inCol-
noraie savings banks or, against an act to IN
corporate savings banks which words shall In
dictate the vote of the elector fol- or against the
approval of this act and the ballots SO cast shall
be canvassed and returned in the same manner
the votes cast for state officers and required by
law to be canvassed, and the secretary OF state
shall Immediately on The completion of aid can
vaes publish statement of The result thereof, lin
some newspaper printed at tie seat of govern
ment and sh Ill communicate the same TO the
next legislature. at the commencement OF its SEES
sion, and he shall also deliver to the state treas
urer certified copy of this act If the same shall
nave BEEN approved, and statement ofshe result
of the canvass on the subject, Immediately after
the completion OF said canvass.
SEoTroN 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 of WISCONSIN, at the Capitol in Madison, this
ID day of August, 1876.