River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-09-21

be made 10 the depOsitors by such institution
and the depositors shall he bound by the COM
ditions enacted in such bylaws, which shall
be printed and conspieu0usly posted IN the OF
lice OF such corporation.
SECTION T. The corp0rators shall annually
elect 10y ballot board of Trustees, which shall
consist of not less than ten.
SECTION 8. The trustees Of directors, within
ten days after their election, shall elect from
the members OF their own board, president,
one or more viee-presidents, treasurer and
secretary; they may also elect from their
own members a committee on finance, all
said officers to hold their Offices till others
are elected to ill their places.
SECTION 6. II shall Ike lawful for such cor
por.tiOn 10 purchase, hold, and convey such
real estate as banks OF discount and clrcula-
tion are authorized by laws OF this state TO
purchase, hold, and convey.
SECTION T. No more than three officers OF
any savings association, shall ut the same
time be officers Of any one bank OF discount
or circulation, o. trust company; aud no
cashier OF a hank OF discount or circulation
shall be treasurer OF any savings bank having
over five hundred thousand dollars ofdepOsits
SECTION 8. 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 or bsKds OF the United States, OF
the northwestern states. to-wit: Ohio, lndi-
ana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota, Of the authorized bonds OF any in
cOrpOrated 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 In
the aforesaid northwestern states. No such
savings bank shall invest any part of its de-
posits in the stock Of 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 9. No such corporation shall buy
or 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 endol aememt
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 in one wear. a
sum not exceeding one Thousand dollars,
SECTION II. The directors, managers, or
trustees, shall annually appoint not less than
two auditors, who shall not be directors,
managers, or trustees Ofthe corporation. wbu
shall examine the books, accounts and socu.
rites belonging to such society or bank, and
make sworn statement showing the trus
condition thereof, the total amount Of deposits.
the whole number OF depOsitors, thei largest
amount due to any one depostor, the amount
in lOans on real estate securities, the amount
invested in stOoks and bonds, the amount OF
funds on hand, the names Of corp0rators,
trustees, and Of the other officers OF SUCH In.
situations, on the first day OF January Of each
year, which statement shall he kept on iie in
the Office OF such bank, and an attested copy
OF the same shall be forwarded to the secreta-
ry Of state on or before the first day OF Febru-
airy OF each year,
SLql0s r.. Such corporation shall not
make and Issue any bill promissory note to
circulate Is currency
sEuTl1S 10. No eprporatOr, trustee, direct
or, manager, nor any other officer, except the
treasurer, shall receive any compensation for
ms services III the management OF such bank
nor derive any einoument thereir IN : pro-
vided, however, that the preaiden. may re.
cclve Tor his services a sum not exceeding
iYe hundred dollars when the deposits shall
exceed five hundred thousand dollars.
SECTION IA. The net income actually earn.
ed ~ any sHoh association shall he divided
semlrannualy among its depositors to an
amount not to exceed six per cent. a year IN
their deposits. The surplus earnings above
said SIX per cent after reserying a moderate
sum for a contingent fund, shall he divided
among the depostors as an extra dividend as
often as once IN every three years,
SECTION 10 No trustee. director or man.
ager of such corporation Shall be borrower
or surety Tor borrower OF any of its funds,
nos reeeiYs any money or valuable thing Tor
negotiating, procuring, or recommending any
loan from such bank, nor for selling or aiding
III the sale OF any stocks, bonds or securities
to snell savings bank, and any such officer
VINO snau violate any provision 0fthls section
shall forfeit TO the state one thousand dollars
SEcTIoa rs, The treasurer shall. at least
ten days before each meeting Of the corpora.
tiers, mail or deliver to each written or
printed notice OF the day and hour of holding
such meeting, and il he shall neglect to give
speh Hptiqe, he pllal pay one hundred dol.
lars into tie treasury Of tho town or eity
where such bank is located.
SECTION II. The treasurer shall give honda
with surety to the acceptance Of the directors
or trustees in not less than ten thousand dol.
lars, payable " said hank, said bond 10 be in
the custody of the president thereof. No
president, director or trustee shall he surety
IN the bond Of su0h treasurer,
SECTION ~ Every corporation formed un-
der the provisions OF this act shall possess the
powers ami be subject to the provisions of thu
seSeniy eighth chapter OF tile revised stst.
lltes 80 lar as the same may he applicable.
SECTION 10. At the general election TO be
held ON the Tuesday next succeeding the
first Monday in November, in the wear eight.
cen hnndrel and seYepiysgix, at ,he usual
piageS 81 hGlaing ouch elections in this state
Tor the election Of all officers required by law
lheli ana iiefe 10 be eletced, the question
manner be in force, shall he submitted 10 Tie
people, and il the same shall be approved by
u majority OF all the votes cast ON that subject
Il shall go into effect aud be in force from and
aiifr tue date OF said election, otherwise \.
shali not go into effect or in any manner le
in force.
SECTION 20. The votes cast ON the suLiec,
,peclhed IN the last preceding section, slall
be BY separate ballot and sllafi have writer az
printed OA each of them the words Gspor a., a.,
10 incorporate savings banks" or, "Agaipst
an act to incorporate savings hanks" which
words shall indicate the vote OF the elcctor
or or against the approval OF this act ami
ne hallAs 30 cat stlll be panyassed ami re'
turned In the same manner AZ the vote. oast
Ior state officers and required by law 10 lie
and the secretary OF state shall
ON the completion of said can
sass publish a statement Of the result thereof
IN some newspaper printed at the sent Of Dow,
-flltent, ana shall Communicate the same Ia
he next Legislature, ut the commencement
d us session, and he shall also deliver TO the
state treasurer certified copy Of this ACT. N
he same shall have been approved. and
statement OF the result Of the canvass on the
subject, Immediately alter the completion of
,aid CANVASS. "
bEeroE 81. This aot shall take eject and
Dc IN force from aud alter its passage.
Approved March 10, 1876
TWEEN under my hand and the great seal
, w state Of Wisconsin, at the Capitol In
Madison, this "a day OF August, 1876
PETER DOYLE,
Secretaly OF State.
NOTICE rs HEREBY GIVEN, That at the
GENERAL Election 10 he held in the several
wards, towns, and election precincts, in the
5ounty VI Pierue, on the Tuesday succeeding
MnffHAN laein Ia a.. "A.