The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-10-27
as are by law required to be elected at such

of savings banks and savings
societies, 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 az Senate and assembly, do enact as
foloscs:
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 deposit
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 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 s to be conducted.
Section 2 Such certificate shall be filed
IN the office OF register OF deeds of the
county III which the business of the associa-
ton Is to be carried on, and a duplicate
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 its 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
by the conditions enacted in such bylaws,
which shall be printed and conspcuously
posted IN the office of such corporation.
Section f. The corporators shall annually
elect by ballot board of trustees or direc-
tors, which shall consist of not less than ten
Section 3. The trustees or directors, with
IN ten days after their election, shall elect
from the members of their own board, a
president, one or more presidents, a
treasurer and secretary they may also
elect from their own members a committee
on finance, all said officers to hold their
Offices till others ale elected to fill their
places.
Section 6. Il shall be lawful for such cor
poration 10 purchase, hold and convex such
real estate AS banks Of discount and circula-
tlon 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
or circulation, or trust company and no
cashier OF IL bank of discount or c,rcula ton
shall be treasurer of any savings bank hsv-
ing over five hundred thousand dollars of
deposits.
Section 8. Any savings bank organized
under this act may employ not exceeding
one halt Its 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 honda of
any Incorporated city, village, town or county
III the aforesaid northwestern states All
other loanG shall be secured by mortgage of
unlncumbered resf estate, living 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 III, any mortg-
age or real estate, except such real estate as
lies In the aforesaid northwestern states.
Section 9. No such corporation shall bur
or loan any money upon any obligation or
VIII Oh only one person OF firm shall be holden
without additional security Cor the same
equivalent TO the guarantee or Endorsement
OF some other responsible party.
Section 10. Such bank NAV receive or
deposit from any one person, in his or heE
own name, or the name of another in one
year, sum not exceeding one thousand dol
lars.
Section H. The directors, managers, oil
trustees shall annually appoint not less thar
two auditors, VINO shall not be directors
managers or trustees of the corporation
who shall examine the books, accounts anc
h,lo |, l.
and make Il sworn statement showing the
true condition thereof, the total Rmcunt o.
deposits, the whole number of depositors
aud the largest amour. due TO any one de
position, the amount invested in loans or
real estate securities, the amount invested in
stocks and bonds, the amount of funds or
hand, the Esmes of corporators, trustees snd
of the other officers of such institution, on
the first day of January OF each year, which
statement shall be kent 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 frat dsv of February
in each year.
Section ~. Such corporation shall no,
make and issue any bill or promisory note to
circulate as currency.
Section l3. No corporator, trustee, di-
rector, manager, nor any other officer, except
the treasurer, shall receive any compensa ton
for his services in the management of such
bank, nor derive any emolument therefrom
proDided, however, that the president may re-
ceiye for his services q sum not exceeding
five hundred dollars, when the deposits shall
exceed five hundred thousand dol ars
Section IA. The net income actually
earned by any such ASSOCIATION shall be di-
vided smi 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 al extra div
;dend as often as once in every three years.
Section Is. No trustee, director or man
ager of such corporation shall be borrower
or surety for q 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
Gors, mail or deliver to each written or
printed notice OF the day and hour OF mold
ing such me- ting, and if he shall neglect to
H.