Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-10-12

such deposits shall be made and the terms on which
payments shall be made to the deposltors by such
institution and the depositors 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 4. The corporators shall annually elect by
ballot board of trustees or directors which shall
consist of not less than ten
SECTION 5. The trustees directors, within ten
days after their election, shall elect from the
bers Of their own board president one or more
yice-presidents treasurer, and secretary; they
may also elect from their own members committee
on finance, all said officers to hold their offices till
others are elected to fill their places
SECTION 8. 1t shall be lawful for such corporations
TO purchase, hold, and convey such rsal estate as
banks of discount and circulation are authorized
by laws Of this state to purchase, hold and con-
vey.
SECTION !. No more than three officers of any
savings association shall at the time be officers
Of any one bank of discount circulation, or trust
company and cashier of bank of discount or
circu atiou shall be treasurer of any savings bank
having over five hundred thousand dollars Of de-
posits.
SECTION S. Any savings bank organized under this
act may employ not exceeding ore half its deposits
in making loans personal security and in the
purchase of the public stocks bonds the United
States. OF the northwestern states, to-wit: Chic
Indiana, Michigan Illinois, Iowa, Wisconsin and
Minnesota OF the authorized bonds of any iucorporat
ed city, village, town, county in the aforesaid
northwestern states. All other loans shall be Sc
cured by mortgage OF uni numbered real estate. ly
ing and situated in the aforesaid northwestern states
No such savings 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 lies in the aforesaid north
western states.
SECTION 9. No srch corporation shall buy or loan
any money upon any obligation on which only one
person 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.
SEcrIoN IL. 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 ac-
counts, and securities belonging to such society
bank, and makt a sworn statement showing the true
coEditon thereof, the total amount If deposits the
whole number of depostors, the largest amount due
to any one deposition, the amount invested in loans
real estate. securities, the amount invested in
stocks and bonds, the amount of funds hand, the
of corporators trustees and of the other of
fcers of such institution, the first day of January
of each year, which statement shall be kept file
in the office of such bank, and attested copy of
the shall be forwarded to the secretary of state
before the first day OF February in each year.
SECTION IL. Such corporation shall not mako and
issue any bill or promssory note to circulate as
currency.
SECTION 10. No corporator, trustee, director man.
ager any other officer except the treasurer shall
receive any compensation for his services in the
management of such bank nor derive any emqu.
meat therefrom; provided, ho,cever that the presi
dent may receive for his services a not exceed
ing five hundred dollars, when the deposits shall
exceed five hundred thousand dolars.
SECTION IA. The net income actually earned by auy
such association shall be divided sem annually
among its depositors to amount not to exceed
six per cent. year their deposits. The surplus
earnings above said six per cent, after reserving
moderate sum for contingent fund shall be divided
among the depostors as an ira dividend as Otter
as once in every three years.
SECTION Is. No trustee director manager o
such corp Grafton shall be borrower or surety fol-
hor nf nf ifa finn de-
money valuable thing for negotiating procuring
or recommending any loan from such bank, nor fol
selling aiding in the sale of any stock. bonds
securities to such savings bank and any such officer
who shall violate any provision of this section
shall forfeit to the State one thousand dollars.
SECTION 10 The treasurer shall at leas ten days be
fore each meeting OF the corporators mail or deliver
to each written or printed notice OF the day anC
hour of holding such meeting, and if he shall neg
lect to give such notice, he shall pay one hundre'
dollars into the treasury of the town or CITY gher
such bank is located.
SECTION II. The treasurer shall give bonds will
surety to the acceptance OF tbs directors trustee
in not less than ten thousand dollars, payable t
said bank, said bonds TO be in the custody of tn
president thereof No president, director truste
shall be surety in the bond of such treasurer.
SECTION is Every corporation formed under tn
provisions OF this act shall possess the powers
be subject to tho provisions of the seventy eight
chapter of the revised statures SO far as the sam
may be applicable.
SECTION 10. At the general election to be held oil
the Tuesday next succeeding the first dOnday il
November, in the year eighteen hun6red and seven
ty- six at the usual places of holding such elec ion
in this state, for the election of all officers requires
by law then and there to be elected, the question
whether this act shall 90 into effect, or in any man
be in force, shall be submitted to the people,
if the shall be approved by majority of al
the votes cast that subj Get, it shall go into efec
and be in force from from and after the date of sal
election otherwise it shall not go into effect or il
any manner be in force.
SECTION 20. The votes cast on the subject specified
in til last preceding section, shall be by stparat
ballot, and shall haye written or printed on eacl
OF them the words, For act to incorporate say
pgs banks" or, Against act to incorporate saw
ngs banks' which words shall Indicate the vote 0
the elecor for against the approval OF this act
the ballot cast shall be canvdssed and returne
in the manner the votes for state oifi
and required by law to be canvassed, and tn
secretary OF state shall Immediately on the compile
tion Of said publish statement of the r9sul
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, ii the same shall hav
been approved, and statement of the result of tn
canvass on the subject, immediately after the com
pletioR o. said canvass.
SECTION 81 This act shall take effect and be in ferc
from and after 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 cay of August, 1876.
PETER DOYLE.
Secretary of State.