River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-10-19
follows:
an AZ ACT for the organization ofsavings banks

less than twenty, may unite for the purpose
Of organizing an association TO receive ON de-
pOsit the savings OF labOrers, mechanics,
farmers, servants, minors and others, and to
loan the same for the benefit OF such deposit
oTs 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 name
of such ASSOCIATION, the names of the corpO-
rA;ors, the name OF the city, village, town and
county in which the operation OF such assO-
citation is 10 be 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 to
lie conducted, and duplicate thereof shall
be deposited iii the Office OF secretary of state.
SECTION }. Such corporation shall have
Lower u enact bylaws for the government of
Its aliai ~, and such bylaws may prescribe
the condition on which such deposits shall lie
made and the terms on which payments shall
be made 10 the depositOrS by such institution,
and the depOsitors shall he bound 10y the con-
ditiOns enacted in such bylaws, which shall
lie printed and cOnSpicuOusly posted in the Of
fee of such corporation.
SECTION 4. The cOrporat0rs shall annually
elect by ballot a board of trustees, which shall
consist OF not less than ten.
SECTION .. The trustees of directors, within
ten days after their election, shall elect from
the members Of their own board, president,
one or more vIce-presidents, q treasurer and
a secretary; they may also elect from their
own members q committee on france, all
said officers to hold their Offices till others
are elected to fill their places.
| SECTION g. 1t shall lie lawful for such cor
poratiOn TO purchase, hold, and convey such
/ real estate as banks OF discount and cIrcula-
ton are authorized 10y laws OF this state to
purchase, hold, and convey.
| SECTION z. No more than three officers Of
any savings association, shall ut the same
| time be officers of any one bank q discount
4 wH,Ns..
cashier OF a hank OF discount Or circulation
shall he treasurer OF any savings hank having
over five hundred thousand dollars oldepositS.
SECTION s. ANY savings bank d ganized
under this act may employ not exceeding
One-half its deposits in making loans ON per-
sonal security, and in the purchase of the
public stocks or bonds OF tie United States, Of
the northwestern states. to-wit Ohio, lndi-
ana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota, of the authorized bonds OF any M
| cOrpOrated city, village, town, or county in
| the aforesaid northwestern states. All other
| loans shall lie secured 10y mortgage OF unin-
numbered real estate, living and situated in
| the aforesaid northwestern states No such
savings bank shall invest any part of its de-
posits in the stock fany railroad company,
nor loan on, nor invest IN, any mortgage ON
real estate, except III such real estate rs lies
n 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 Ire holden
without additional security for the Same,
quivslent TO the guarantee or endorsement
| ri some other gespOnslhle party.
SECTION 10. Such bank may receive ON de-
| post from any one person, III his or her own
lame, or the name OF another in one year, n
sum not exceeding one thousand dollars.
| SECTION IL. The directors, managers or
| trustees, shall annually appoint not less than
| wo auditors, who shall not he directors,
| managers, or trustees OF the corporation, who
| ,hall examine the books, accounts and seeu-
rifles belonging to such society or bank, and
make sworn statement showing the true
| condition thereof, the total amount of deposits
he whole number OF depositors, thei largest
! mount due to any one depOsitor, the amount
n loans on real estate securities, the amount
invested in stocks and bonds, the amount of
undS on hand, the names OF corpOrators
| rustees, and OF the other officers OF such in
-tItutiOns, on the first day OF January OF each
| year, which statement shall be kept ON file in
| lac office of suci, bank, and an attested copy
| II the same shall he forwarded to the secreta-
| Y Of state on or before the first day ofFebru-
\ Try OF each year.
make and Issue any bill or prOmissOry note to
! .irculate as currency.
SECTION l3. No cOrpOratOr, trustee, direct
| ", manager, nor any other officer, except the
| reasureT, stall receive any compensation for
us services IN the management of such bank,
| fioE lttiNt dlN FltUiAliltll LlitItlFphl pro-
-ided, however, that the president may re-
Give Tor his services a sum not exceeding
i've hundred dollars, when the deposits shall
Xceed five hundred thousand dollars.
SECTION H. The net income actually earn
"a hy any such association shall lie divided
aemi-annually among its depositors To an
mount not to exceed six per cent. a year an
heir deposits. The surplus earnings above
said SIX per cent after reserYing a moderate
sum for a contingent fund, shallbe divided
umOng the depOsitors as an extra dividend as
,iten as once in every three years.
SECTION 10 No trustee, director or man
! igeT Of such corporation shall lie a borrower
| 4 surety for a borrower of any of its funds,
nor receive any money or valuable thing ioT
negotiating, procuring, recommending any
.o;tn from such bank, nor for selling or aiding
| IN the sale Of any stocks, bonds or securities
| % such savings bank, and any such officer
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
| 5eTs, mail or deliver to each written or
printed notice Of the day and hour OF holding
uch meeting, and II he shall neglect to give
such notice, he shall pay one hundred dol
ars into the treasury OF the town or city
where such hank is located.
SECTION ~. The treasurer shall give bonds
with surety to the acceptance of the directors
Jr trustees III not less than ten thousand dol
lars, payable to said bank, said bond to lie in
the custody of the president thereof. No
president, director or trustee shall be surety
IN the bond of such treasurer.
SECTION Is. Every corporation formed un-
der the provisions OF this act shall possess the
powers and be subject to the provisions of the
'eventy-eighth chapter OF the revised stat
utes so far as the same may be applicable.
SECTION 10. AT the general election TO he
held on the Tuesday next succeeding the
irst Monday in November, in the year eight
zen hundred and seventy-six, at the usual
places OF holding such elections in this state,
Tor tho election Of all officers required by law
then and there to be eletced, the question
whether tins act.shall 60 into effect, or in any
manner he in force, shall he submitted to the
people, and If the same shall be 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 90 The votes cast ON the subject
specified in the last preceding section, shall
be by separate ballot and shall have written or
printed on each Of them the words, "FOr an act
20 Incorporate savings banks, " or, against
an act 20 inceT pOrate savings banks" which
words shall indicate the vote OF the elcctor
Tor 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
ior state officers and required by law to lie
aDVassed, and the secretary OF state shall
immediate ~ on the completion Of said can
vass publish a statement Of tine result thereof,
III some newspaper printed at tie seat Of gov
erHment, 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, if
the same shall have been approved, and
statement OF the result OF the canvass on the
subject, Immediately alter the completion OF
said canvass
SECTION q. This act shall tale effect and
be III force from and after its passage.
Approved March 10, 1876
Given under my hand and the great seal
OF the State of Wisconsin, az the Capitol in
Madison, this 81 day Of August, 1876
PETER DOYLE
Secretary OF State.
-. NOTICE IS HEREBY GIVEN, That at the