River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-09-07

I he made TO the depositOfs by such institution,
and the depositors shall he bound 10y the con-
iitionR enacted in such bylaws which shall
be printed and coIspicuollsly posted in the Of
/ flee OF such corporation.
! SECTION L. The CorporatOrs shall annually
elect by ballot board ottrustccs, which shah
consist OF not less than ten
/ SECTION g. The trustees OF directors, within
ten days after their election, shall elect from
I the members OF their own board, president,
one or more vice-presidents, treasurer and
q secretary; they may also elect from their
/ own members a committee on finance, all
sad officers to hold their Offices till others
are elected to fill their places
SECTION g. 1t shall I've lawful for such cor
| poraiion to purchase, hold, and convey such
1 real estate as banks OF discount and circuIa-
/ ton are authorized by laws OF this state TO
purchase, hold, and convey.
/ SECTION Z. No more than three oficers of
any savings association, shall at the same
time be officers Of any one bank OF discount
or circulation, o. trust company; and no
cashier of a bank Of discount or circulation
/ shall We treasurer OF any savings bank having
/ over five hundred thousand dollars ofdeposits
SECTION s. Any savings bank organized
under this act may employ not exceeding
one-hali its deposits in making loans ON per-
| sonal security, and IN the purchase Of the
public stocks on bends Of the United States of
/ the northwestern states. to-wit: Ohio, Indi-
ana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota, OF the authorized bonds OF any in
| corp0rated city, village town, or county ia
the aforesaid northwestern states All other
loans shall be secured by mortgage OF unin-
numbered real estate, lying and situated Ina
the aforesaid northwestern states. No such
savings bank shall invest any part of its de-
posts in the stock any railroad company,
nor loan on nor invest in, any mortgage on
real estate, except in such real estate as lies
in the aforesaid northwestern states.
SECTION g. No such corporation shall buy
" loan any money upon amy obligation on
which only one person or 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 de-
post from any one person, in his or her own
name, or the name OF another n-one year, a
sim not exceeding one thousand dollars.
SECTION IL. Tie directors, managers, or
trustees, shall annually appoint not less than
two auditors, who shall not he directors,
managers, or trustees Of the corporation, who
shall examine the books, accounts and secu-
rites belonging to such society or hank, and
make sworn statement showing the true
condition thereof, the total amount of deposits,
the whole number Of depositors, thes largest
amount due to any one depusitor, the amount
IN loans on real estate securities, the amount
invested in stocks and bonds, the amount Of
funds on hand, the names of corporators,
trustees, and Of the other officers OF ouch in
stitutions, on the first day OF January OF each
year, which statement shall be kept ON file In
the Office OF such bank, and an attested copy
OF the same shall he forwarded to the secreta-
~ OF state on or leiorc the first day OF Febru-
AIRY OF each year.
SECTION l2. Such corporation shall not
make and Issue amy bill orpromissory note to
circulate az currency
4 SECTION 10. No cOrp0rat0r, trustee, direct.
or, manager, nor any other officer, except the
treasurer, shall receive any compensation Tor
his services in the management oi such bank,
nor derive any emolumcnt thererom pro-
yided, however, that the president may re-
ceiye for his services q sum not exceeding
five hundred dollars, whom the deposits shall
exceed five hundred thousand dollars
SECTION IA. The net income actually earn
cd By any such association shall he divided
semi-anually among its depositors 10 an
amount not TO exceed six per cent. a year IN
their depO.its. The surplus earnings above
said six PEI cent after Feserving moderate
sum for contingent fund, shall he divided
among the depostoIs as an extra dividend az
often rs once N every three years
/ SECTION 10 No trustee, director or man.
ager Of such corporation shall bc borrower
or surety Tor a borrower Of any of its funds
mon receive any money or valuable thing ion
negotiating, procuring, or recommending any
loan from such bank, nor for selling or aiding
IN the sale Of amy stocks, bonds or securities
! tosuch savings lank, and any such officer
VINO Shau violate any provision ofthns section
shall forfeit 10 the state one thousand dOllars
SECTION l6. The treasurer shall. al least
ten days before each meeting of the corpora
tiers, mail or deliver to each a written or
printed notice OF the day and hour OF holding
such meeting. and il lac shall neglect to givo
suck notice, lac shall pay one hundred dol
lars into tie treasury OF the town or city
where such bank is located.
SECTION ~. The treasurer shall give bonds
with surety to the acceptance OF the directors
or trustees in 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 he surety
in the bond OF such treasurer.
SECTION IS. Every corporation formed un-
der the provisions OF this act shall possess the
powers and he subject to the provisions OF the
seyenty-eighth chapter of the revised stat.
Ites SO lar rs the same may be applicable.
SECTION -. At the general election to be
held on the Tuesday next succeeding the
ifst Monday IN November, in the year eight
cen hundred and sevcnty-siX, al the usual
places Of holding such elections in this state
for the election OF all officers required by law
then ana there to be eleteed the question
whether this act shall 90 into effect, or in any
manner he IN force, shall be submitted TO the
people, and II the same shall be approved by
majority Of all the votes cast on that subeet
1t shall go into effect and he in force from and
alter thy ,,ate Of said election, otherwise II
snail not - into effect or in any manner lie
in force.
SECTION 90 The votes cast on the sulisss
specified in the last preceding section, sIsu
be ny separate hallot and shall have written oF
printed oll each OF them the words ,"For an act
10 incorporate savings hanks, " or, "Agninst
an act TO INCORPORATE savings hanks" which
words sha.l Indicate the vote OF the eleetor
Tor or against tic approval of this act, and
the ballots SO Gag, Shall De canvasscd and no.
turned IA he same manner as the votes cast
ior state oiicers aud required by law to lie
cnnrdsSed, and the secretary Of state shall
immediately on the completion Of said can
yass publish statement O the result thereof.
~ some newspaper printed at the seat of gov
eminent, and shall communicate the same to
the next legislature, at the commencement
OF its session, and he shall also deliver 10 tIA
state treasurer a certified copy Of this act, IL
the same shall have been approved. and a
statement 81 the result OF the canvass on the
subject, Immediately alter the completion of
said canvass.
SECTION y. This act shall take effect and
be IN force from and alter its passage.
Appru, ed March ~ 1876.
\ tiiycn under my hand and the great seal
q the State ~ Wisconsin, at tho Capitol In
Madison, this ~ day Of August, 1876.
PETER DOYLR,
Secretary OF State.
! NOTICE ~ HEREBY GIVEN, That at tho
4 Uenrrl Election 10 he held In the several
. words, towns, and election precincts. I'm the
. a. ID Hf.t