The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-10-19

savings association, shall at the same time be
officers Of any one bank of discount or circulation
or tYust company; and no cashier of a bank O.
discount or circulation shall be treasurer of any
savings bank having over five hundred thousand
dollars Of deposits.
SEoTrsw 8. ANY savings bank organized under
this act may employ not exceeding one halt It's
deposits in making loans on persOn nal security
and in the purchase Of the public stocks or bonds
of the United States OF the Eorthwestern states
to-wit; Ohio, Indiana Michigan, Illinois, Iowa.
Wisconsin AID M1nnssotA, of the authorized bonds
of any incorporated city, village, town, county
in the aforesaid northwestern states. All other
loans shall be secured by mortgage of nnincum-
bered real estate, lying and situated In the afore
said northwestern states. No such savings bank
shall invest any part OF its Deposits in the stock
OF any railroad company, nor loan on, Aor invest
in, any mortgage on real estate, except such real
estate as lies in the aforesaid northwestern states
SECTION 9. No such corporation shall buy or
loan any money upon any obligation on which
additional security for the saIAe equivalent to
the guarantee or Endorsement Of some otAer re-
sponsiDle party. ss 4
SECTION 10. Such bark may receive on deposit
from any one person, in bis or her own name, or
in the name of another in one year,,a sum not
exceeding one thousand dollars.
SECTkON IL. The direGtOrs, mana gers, or truS4
tees, shall annually appoint not less than two
auditors, who shall not be directors, managers,
or trustees of the corporation, who shall examine
the books, accounts, and securities belonging to
such soclaty or bank, and make a sworn state
ment showing the true condition thereof the total
amount of de posits, 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 theoher officers of such
institution, on the first day OF January of each
year, which statement shall be kept file in the
Office OF such Eank, and attested copy of the
same shall be forwarded to The secretary of state
on before the first day OF February in each year
SECTION IL. Such corporation shall not make
and issue any bill or promissory note 10 circulate
as currency.
sDeTEoN 10. No corporation, trustee, director.
manager, nor any other officer except the treas
urcr S hall receive any compensation for his SER
vices in the management Of such bank, nor derive
any emolument therefrOm; f1roUided bOlUeUeT,
that the president may receive for his services
sum nos exceeding five hundred dollars, when
the deposits shall exceed FIVE hundred thousand
dollars. A #n
SECTION 14.-The net income actually earned by
any such association shall be divided semi-annu-
ally among its depositors to az amount not to
exceed six per cent. year on their deposits.
The surpI1s earnings above said six per cent. af-
ter reserving moderate sum for contingent
fund, shalt be divided among the dep0sitors as an
extra dividend as often as once in every three1
years. n#a3
SECTION IT, No trustee director or manager of
such corporation shall be borrower or surety for
a borrower OF any OF it's funds, nor receive any
money or valuable thing for negotiating procur-
ing, Or Recommending any Joan from ouch bank
nor for selling or aiding in the sale ofany stocks,
bonds or securities to such savings bank, and any
such officer who shall violate any provisions Of
this section shall forfeit to the state
dollars.
SECTION Is The treasurer shall, at least ten
days before each meeting OF the coYporators
mail or deliver to each written printed no
tice Of the day and hour ofholding such-meetihg.
and II he should neglect 10 give such notice he
shall pay onehundred dollars into the treasury of
the town or city where such bank is located
SECTION II. The treasurer shall give bonds
with surety TO the acceptance of the directors or
fru >fees In not less than ten thou sand dollars,
payable 70 aid bank, said bond TO be IN the Gus
tody the president thereof No president, di-
rector or rrCstse shall be surety in the Bond Of
such treasurer.
SECTION IS. Every corporation formed Under
the provisions Of this act shall possess the power
and be subject to the provisions Of the seventy
eighth chaptep0f the revised statutes far the
same may be applicable.
SECTION 10. At the general election to be held
on the Tuesday next succeeding the first Monday
in November, in the year eighteen hundred and
seventy-siX, at he usual places of holding such
elections In this state for the election of all Off
required Ivy law then and there TO be elected,
the question whether this act shall go into effect,
or in any manner be il force, shall be submitted
to the people, ana ii tue same shall be approved
by majority of all the votes that subject,
it shall go into effect and be In force from and
after the date of said election otherwise 1t shall
not go into effect or in sny manner be in force.
SECTIoN 20. The votes cast on the subj eetspec-
fled in the last proceeding section shaH'be by
separate ballot, aid shall have written printed
on each of theD the words. For an act to incor-
pOrate savings banks, or, Against an ace to IN
corporate savings banks" which words shall in
dictate the vote of the elector for or against the
approval of thisact, and the ballots cast shall
be canvassed and returned in the same manner
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
vass publish statement Oflhe result thereof in
some newspaper printed at tie seat of govern
ment, and shall communicate the same to the
next legslature+ at the commencement OF It's ses
sion and he shall also deliver to the state treas
Grer certified copy of this act, if the same shall
have be4n approved, and statement of the result
Of the canvass OF the subject, Immediately after
the completion OF said canvass. ls sas. \. stes5
SECTION 81. This act shall take effect and be in
force from and after its passage.
Approved Maj CHI 13, 1876.
Given under my hand and the great seal of the
State of Wisconsin. at the Capitol in Madison, this
I'D day Of August, 1876.