The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-09-08
as are by law required to be elected at such


An act of the Legislature of 1875, for the
organization 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 II of the
f., 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-
se'ated IN Senate and assembly, do enact as
| foQops:
| 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 deposi-
tors. They may make, sign and acknowledge
before some proper officer authorized to take
Acknowledgements of deeds, a certificate in
writing, in which shall be stated the name
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 is to be conducted.
Section 2. Such certificate shall be filed
In the office of register OF deeds of the
county in which the business of the associa-
ton Is to be carried on, and duplicate
thereof shall be deposited in the Office of the
Secretary of State.
Section 8. 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
stitution, and the depositors shall be bound
by the conditions enacted in such bylaws,
which shall be printed and conspicuously
posted in the office of such corporation.
Section 4. The corporators shall annually
elect by ballot board of trustees or drec-
tors, which shall consist of not less than ten.
Section 5. 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 vice-presidents, q
treasurer and secretary they may also
elect from their own members committee
on finance, all said officers to hold their
offices till others ale elected to fill their
places.
Section 6. 1t shall be lawful for such cor
poratlon to purchase, hold and convey such
real estate as banks of discount and crcula-
ton are authorized by laws of this State to
purchase, hold and convey.
Section 7. No more than three officers
time be officers of any one bank of discoun,
or circulation, or trust company and NO
cashier OF bank of discount or circulation
shall be treasurer of any savings bank hav
ing over FIVE hundred thousand dollars oil
deposits.
Section s. Any savings bank organized
under this act may employ not exceeding
one-half It's deposits in making loans on per
sonal security, and III the purchase of the
pubic stocks or bonds of the United States
or the northwestern states, to-wit: Ohio
Indiana, Michigan, Illinois, Iowa, Wisconsin
and Minnesota, of the authorized bonds OF
any incorporated city, village, town or count,
IN the aforesaid northwestern states. All
other loans shall be secured by mortgage o.
unlncumbered real estate, lying and situated
In the aforesaid northwestern states NJ
such savings bank shall invest any part of it
deposits in the stock of any railroad com
pany, nor loan on nor invest in, any mortg
age or real estate, except such real estate a
lies in the aforesaid northwestern states.
Section 9. No such corporation shall bu,
or loan any money upon any obligation OIL
which only one person or firm shall be holden
without additional security for the same
) equivalent to the guarantee or indorsemen
OF some other responsible party.
Section 10. Such bank may receive OIL
deposit from any one person, in his or he
own name, or the name of another in ON
year, sum not exceeding one thousand dol
lars.
Section II. The directors, managers, O
trustees, shall annually appoint not less thar
two auditors, who shall not be directors
managers or trustees of the corporation
who shall examine the books, accounts ane
|. securities belonging to such society or bank
, and make sworn statement showing the
, true condition thereof, the total amount o
deposits, the whole number of depositors
and the largest amour: due to any one de
positor, the amount invested in loans or
real estate securities, the amount invested il
stocks and bonds, the amount of funds OF
: hand, the names of corporators trustees ant
: OF the other officers of such institution, or
! 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 be forwarded to the Secretary O
State on or before the first day of Februar,
f in each year
Section IL. Such corporation shall no
make and issue any bill or promisory note te
: circulate as currency.
Section ID. No cOrpOrator, trustee, di
, rector, manager, nor any other officer, excep
the treasurer, shall receive any compensation
for his services in the management of suct
: bank, nor derive any emolument therefrom
prooided. however, that the president may re
ceive for his services sum not exceeding
, five hundred dollars, when the deposits shal
exceed FIVE hundred thousand dollars.
Section IL. The net income actually
: earned by any such association shall be di
: vided semi annually among its depositors tc
: an amount not to exceed six per cent. year
on their deposits. The surplus earning:
/ above said six per cent, after reserving a
moderate sum for contingent furd, shall be
divided among the depOsitors as an extra div
idend as often as once in every three years
Section 10. No trustee, director or man
ager of such corporation shall be borrower
or surety for borrower of any of its funds
nor receive any money or valuable thing fol
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
tors, mail or deliver to each written or
printed notice of the day and hour of hold
.,,ol ,,o.t;pp ond &c he shall neglect m