Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-08-31

such deposits shall be made and the terms on which
institution and the depositors shall be bound by tbs
CONDITIONS enacted in such by laws, which shall b.
printed and conspcuousy posted in the Office of suel
corporation.
SECTION A. The corporators shall annually elect By
ballot board of trustees or directors, which shall
consist Of not less than ten
SECTION 5. The trustees directors, within ten
days after their election shall elect from the mem
beers OF their own board a president, one or more
ylee-presidents, treasurer, and secretary; they
may also elect from their own members committee
on finance, all said officers to hold their offices till
Others are elected to fill their places.
sEcTIoS o. 1t shall be lawful for such corporations
70 purchase, hold and convey such real estate az
banks OF discount and circulation are authorized
BY laws of this state to purchase, hold and con
vey.
sEcTIoN 7. No more than three officers Of any
savings association shall at the time be officers
ofany one bank of discount circulation, trust
company; and no cashier of bank of discount OF
circulation shall be Of any savings bank
having over five hundred thousand dollars of de
posits.
SECTION s. Any savings bank organized under this
act may employ not exceeding half its deposits
in making loans on personal security, and in the
purchase of the public stocks or bonds of the United
States, OF the northwestern states, to-wit: Chic
Indiana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota Of the authorized bonds of any ucorporat
ed city, village, town, county in the aforesaid
northwestern states. All other loans shall be Sc
cured by mortgage of unincumbered real estate. ly
ing and situated in the aforesaid northwestern states
No such savings bank shall invest any part of its
deposits in the stock of any railroad company, mol
loan on nor invest in, any mortgage on real estate
except such real estate lies in the aforesaid north
western states.
SECTION 9. No such corporation shall buy or loan
any money upon any obligation on which only one
person or firm shall be holden, without additiona
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 own name or III
the name OF another in one year, not exceed
ing one thousand dollars.
SECTION II. The directors, managers, or trustees
shall annually appoint not less than two auditors
who shall not be directors, managers, trustees
the corporation. who shall examine the books ae
counts, and securities belonging to such society
bank and maks sworn statement showing the true
condition thereof the total amount Of deposits the
whole number of depositors the largest amount due
to any one deposition, the amount invested in loaRi
on real estate securities, the amount invested il
stocks and bonds, the amount of funds hand, the
names of corporators trustees, and of the other of
fcers of such institution, the first day of January
of each year, which statement shall be kept on fill
in the office of such bank, and an attested copy
the shall be forwarded to the secretary of stat
before the first day of February in each year.
SECTION II. Such corporation shall not make anl
issue any bill or promssory note to circulate al
currency.
SECTION 49, No corporator, trustee, director, man
ager nor any other officer except the treasurer shall
receive any compensation for his services in tn
| management of such bank, nor derive any em9lu
meat therefrom; Prortded, hooever, that .le presi
dent may receive for his services q sum not exceed
| ing five hundred dollars, when the deposits shal
exceed five hundred thousand dollars,
SECTION IA. The net income actually earned by an
such association shall be divided semi annual
among its depositors to amount not to excee
six per cent. year their deposits. The surplu
earnings above said six per cent. after reservng
moderate sum for contingent fund, shall be divide
among the depositors as an extra dividend Otter
| as once in every three years.
SECTION Is. No trustee, director manager c
such corporation shall be borrower surety 70
borrower of any of its funds, receive an
money 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
who shall violate any provision of this sectio
shall forfeit to the State one thousand dollars.
SECTION. 10 The treasurer shall at least ten days be
fore each meeting of the corporators, mail deive
| 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 wit
sr.oty to the acceptan,e OF the directors trustee
| in not less than ten thousand dollars, payable I
said bank, said bonds to be in the cust ody of til
president thereof No president, director or truste
shall be surety in the bond of such treas
SECTION Is Every corporation formed under tn
provisions of this act shall possess the powers
be subject to the provisions of the seventy eight
| chapter of the revised statures far as the sam
may be applicable.
| SECTION 10. At the general election to be held OIL
| the Tuesday next succeeding the first Monday i
| November in the year eighteen hume red and seven
4
in this state for the election of all officers require
by law then and there to be elected, the questio
whether this act shall go into effect in any
uer be in force shall be submitted to the people, an
| if the same shall be approved by majority of a
the votes cast that subj ect it shall go into efec
and be in force from and after the date of sal
election, otherwise it shall not go into effect i
any manner be in force.
SECTION 20. The votes cast the subject specific
in tn last preceding section, shall be by separat
| ballot, and shall haYe written or printed eac
| of them the words For act to incorporate say
ings banks" or, against act to incorporate
ings banks" which words shall indicate the vote
the eector for or against the approval of this ac
the ballot shall be cenvassed and returne
in the manner the votes cast for state ofi
secretary OF state shall Immediately the compile
tion of said publish statement of the result
thereof in some newspaper printed at the seat c
government. aud shall communicate the same to til
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 Oh said canvass
SECTION 81, This act shall afe effect and be in fore
from and after its passage.
Approved March Is, 1876.
Given under my hand and the great seal of til
State of Wisconsin, at the Capitol in Madison thi
"a cay of August, 1876.
PETER DOYLE.
Secretary of State.