The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-09-28

savings association, shall at the same time D
officers Of any one bank of discount or circulation
| or trust company; and 10 cashier of a bank O
discount or circulation snail be treasurer Of an
! savings bank having over five hundred thousan,
dollars Of deposits sfa +arf
SECTION s. Any savings bank organized unde
/ this act may employ not exceeding one halt ii
! deposits In making loans on personal security
and in The purchase of the public stocks or bond.
of the United states OF the northwestern stat es
to-Wlt; OHIO, Indiana, Michigan, illinois, Iowa
! Wisconsin and Minnesota, of the authorized ponds
OF any Incorporated city, village, town, or counts
! in the aforesaid northwestern states. All othel
| loans shall be secured by mortgage OF unincum
bered real estate. lying and situated in the afore
| said northwestern states. No such savings bank
she'll 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 as lies IN che aforesaid nOrthw states
SECTION g. No such corporation shall bay OF
loan any money upon any 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 re-
spOnsible party. -zf at ~ eru M
| SECTION TO- Such bank may receive on depcsit
from any one person, in bis or her own name, or
ia the name of another in one year, a sum not
exceeding one thousand dollars
SECTION IL. The directors, mana gers or TINS
ices, shall annually appoint not less than two
auaitors, who shall not be directors, managers.
or trustees Of The cofpOration who shall examine
the books, accounts, and securities belonging to
such society or bank, and make sworn srate-
ment showing the true condition thereof, the total
amount OF deposits. the whole number of deposit
tors, the largest amount due to any one depOsitor
the amount invested in loans on real estate secu.
rites, the amount invested in stocks and bonds
the amount of funds on hand the names of cor
poratOrS, trustees, and OF the other officers Ofsuch
institution, on the first day of January of each
year, which statement shall be kept on file in the
office OF ouch eank, and an attested copy of the
same shall be forwarded to The secretary of state
or before the first day OF February in each year
SECTION IL. Such corporation shall not make
and issue any bill or promissory note to circulate
az currency
SECTION 49, No corporator trustee, director.
manager, nor any other officer, except the treas
urcr shall receive any compensation for his ser
vices in the management of such bank nor derive
any emolument therefrom; pTOUtded bocUeUeY
that the president may receive for his services q
sum not exceeding five hundred dollars, when
the deposits shall exceed five hundred thousand
dollars.
SECTION 14.--The net income actually earned by
any such association ehall be diviCed semi-annu-
ally among its depositors to az amount NOT TO
exceed six per cent a year on heir deposits.
The surplus earnings above said six per cent af-
ter reserYIEg moderate sum for contingent
fund, shall be divided among the depositOrs az an
extra dividend as often as once in every three
years.
SECTION Is. No trustee, director or MANAGER of
such corporation shall! be a borrower or surety for
borrower OF any Of its funds, nor receive any
money or valuable thing for negotiating, procur-
ing, or recommending any loan from such bank
nor for selling or aiding in the sale ofany stocks
bonds or securities TO Such savings bank, aud any
such officer who shall violate any provisions OF
this section shah forfeit to the state one Eousand
dollars
SECTION 49, The treasurer shall. at least ten
days before each meeting Of the corporators
mail or deliver to each written or printed no
tice OF the day and hour ofholding such meeting,
and II he should neglect 10 give such notice he
shall pay one hundred dollars into the treasury Of
the town or city where such bank is located.
SECTION u. The treasurer shall give bonds
with surety TO the acceptance ofthe directors or
tru tees in not less than ten thousand dollars
payable 10 said bank, said bond to be In the Gus
tody the president thereof. No president, di-
rector or trustee shall be surety in the bond of
such treasurer,
SECTION tS. Every corporation formed under
the provisions Of this act shall possess the power
and be subject to the provisions Of the seventy
eighth chapter of the revised statutes so far as the
same may he applicable.
SECTION ~. At the general election to be held
on TIT tuesday next succeeding he first Monday
in November, in the year eighteen hundred and
seventy-stx, at he usual places OF holding snch
elections this state, for the election of all Off
GERS required ny law then and there 10 be elected
the question whether his act shall 20 into effect
or in any manner be iE force, shall De submitted
TO the people, and il tue same shalt be approved
by majority of all the votes cast on that su beet
il shall so into effect and b. in force from and
after the date Of said election otherwise 1t shall
not go into effect or in any manner be in force.
SECTION 90. The votes cast on the subject spec
flied IN the last proceeding section, shall be by
separate ballot ard shall have written or printed
On each OF them the words. For an act to inCor-
O0rate savings banks, or, against an act 10 in
corporate savings banks" which words shall In
dictate the vote of the elector fol or against the
approval OF this act. and the ballots shall
be canvassed and returned in the same manner
as the votes cast for state officers and required by
laW'tO be Canvassed, and the secretary OF state
shall immediately on The completion of said can
Vase publish Il statement of the result thereof. in
come newspaper printed at tie seat Of govern
ment, and shall communicate the same to the
next legislature. at the commencement OF its SEES
sion and he shall also deliver to the state treas
urer certified cory of this act, if the same shall
have bean approved, and a statement of he result
of the canvass on the subject, imm edlately after
the completion of said canvass.
SECTION 81. This act shall take effect and De in
force from and after its passage.
Approved March 10. 1895.
Given under my hand and the great seal of the
state Of Wisconsin. at the Capitol in Madison this
ID day of Augast, 1876.
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