Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-10-26

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 conspicuousy 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
sEcTIoS 5. The trustees or directors, within ten
days after their election, shall elect from the mem
bers OF their own board president, one or more
vice-presidentss treasurer, and secretary; they
may also elect from their own members COMMITTEES
on finance, all said officers to hold their offices till
others are elected to fill their places.
SECTION 6. II shall be lawfnl for such corporations
to purchase, hold, and convey such real estate a.
banks of discount and circulation authorized
by laws of this state to purchase, hold and con
yey.
SECTION I. No more than three officers of any
savings association shall at the time be officers
ofany one bank Of discount or circulation, trust
company and no cashier of bank of discount or
circulation shall be treasurer of any savings bank
having FIVE hundred thousand dollars of de
posits.
SECTION s. Any savings bank organized under this
act may employ exceeding ore-half its deposits
in making loans on personal security, and in the
purchase of the public stocks bonds of the United
States, OF the northwestern states, to-wit: Chic
Indiana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota the authorized honda Of any iucorporat
ed city, village town, county in the aforesaie
northwestern states. All other loans shall be Sc
cured by mortgage of uninoumbered real estate. ly
ing and situated in the aforesaid northwestern states
No such savings bank shall invest any part of itt
deposits in the stock of any relroad company, mol
loan on, nor invest in any norgage On real estate
except such real estate lies in the aforesaid north
western states.
SECTION 9. No such corporation shall buy or loar
any money upon any obligation on which only one
person or firm shall be holden, without additions
security for the same, equivalent to the guarantee
or Endorsement of some other responsible party.
SECTION 10. Such bank may receive deposit
| from any person, in his or her name, in
the name of another in one year, sum not exceed
| ing one thousand dollars.
Tha
shall annually appoint not less than two auditors
who shall not be directors managers or trustees o.
the corporation who shall examine the books, &C.
counts, and securities belonging to such society
bank, and maks sworn statement showing the true
condition thereof the total amount of deposits, tbs
whole number of depostors. the largest amount due
to any depositor, the amount invested in loan
real estate securities, the amount invested il
stocks and bonds, the amount of funds on hand, thu
names of corporators, trustees and of the other of
cers of such institution on the first day of January
of each year, which statement shall be kept fill
in the office of such bank, and an attested copy o.
the shall be forwarded to the secretary of state
before the first day of February in each year.
SECTION r. Such corporation shall not make ant
issue any bill or promissory note to circulate al
currency.
SECTION Is. No corporator trustee, director, man
ager any other officer except the treasurer shall
receive any compensation for his services in thu
management of such bank nor derive any emslu
ment therefrem prouided, h0toerer that the presi
dent may receive for his services a not exceed
l ing five hundred dollars, when the deposits shall
4
SECTION IA. The net income actually earned by an,
| such association shall be divided semi-annuall,
/ among its depositors to an amount not to excee,
| six per cent year on their deposits The surplu
earnings above said six per cent. after reseryng
moderate sum for contingent fund.- shall be divides
among the depositors as an ex ira dividend ofte
/ as once in every three years.
| SECTION Is. No trustee, director or manager 0
| such corporation shall be borrower or surety TO
| a borrower of any of its funds, receive an.
money or valuable thing for negotiating, procurin
| or recommending any loan from such bank nor 70
selling aiding in the sale of any stock, bonds o
securities to such savings bank and any such office
4 who shall violate any provision of this section
| shall forfeit to the State one thousand dollars
SECTION 16 The treasurer shall lat least ten days be
fore each meeting of the corporators, mail deiye
| to each written or printed notice OF the day an
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 wher
| such bank is located.
SECTION II. The treasurer shall give bonds witt
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 an
be subject to the provisions Of the seventy eight
chapter of the revised statures so far as the sam
| may be applicable.
sEcrIoN 49, At the general election to be held OF
/ the Tuesday next succeeding the first Monday il
/ November, in the year eighteen hundred and seven
ty-sx. at the usual places of holding such election
in this state for the election of all officers requires
by law then and there to be elected, the question
whether this act shall go into effect, or in any
be in force, shall be submitted to the people, AM
| fthe same shall be approved by majority of al
the votes that subect it shall go into eec
and be in force from from and after the date of sal
electloR otherwise it shall not go into effect il
| any manner bein force.
SECTION 20. The votes cast the subject specifics
in thu last preceding section, shall be by separat
ballot, and shall haye written printed on eacl
| of them the words, "For act to incorporate saw
ngs banks" or, against act TO incorporate say
ings banks'' which words shall indicate the vote Q
the elector for against the approval of this aci
the ballot cast shall be canvassed and returne
| in the same the votes cast for state OH
GERS and required by law to be canvassed, and tn
secretary of state shall Immediately on the compile
ton of said publish q statement of the result
| thereof in newspaper printed at the seat
government and shall communicate the same to Tia
next legislature at the commencement of its session
and he shall also deliver to the state treasurer
certified copy of this act, if the same shall hav
been approved, and statement of the result of tn
canvass on the subject, Immediately after the com
pletioH OF said canvass.
SECTION 81 This act shall take effect and be in fore
| from and after Is passage.
Approved March 10, 1876.
| Given under my hand and the great seal of tn
| State of Wisconsin, at the Capitol in Madison, th
| I'd day of August, 1876.
PETER DOYLE.