The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-09-01

An act OF the Legislature of 1876. 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 g. article XI of the
constitution of the State of Wisconsin,
which act is as follows
AN ACT tor the organization of savings
banks and savings societies.
me people OF the State of Wisconsin, repre-
Sented IN Senate and assembly, do enact as
.toAops:
Section l. 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 3. 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
snail be made to the depOsitors by such in
stitutlon, 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 f. The corporators shall annually
elect by ballot board of trustees or direc
tors, which shall consist of not less than ten.
Section D. The trustees or directors, with
IN ten days after their election. shall elect
from the members of their own board
president, one or more vce-presdents,
treasurer and secretary; they may also
elect from their own members a committee
on finance, all said officers to hold their
/ Offices till others ale elected to fill their
places.
Section g. 1t shall be lawful for such cor
poration TO purchase, hold and convex such
real estate as banks of discount and circula-
ton are authorized by laws of this State to
purchase, hold and convey.
Section 7. No more than three officers
OF any savings association shall at the same
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 of
deposits,
Section s. ANY savings bank organized
uhuer THIS act may employ not exceeding
ohe-haf Its deposits In making loans on per
sonal security, and i'll the purchase of the
m Il, a..
OF the northwestern states to-wit: Ohio
Indiana, Michigan, Illinois, Iowa, Wisconsin
and Minnesota, of the authorized bonds of
any incorporated city, village, town or county
Ill th9 aforesaid northwestern states. All
other loans shlIl be secured by mortgage Of
unlncumbered real estate, living and situated
in the aforesaid northwestern states. No
such savings bank SMALL invest any part of its
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 as
lies III the aforesaid northwestern states.
Section 9. No such corporation shall buy
or loan any money upon any obligation ON
VIII. ch nlysOne person OF firm shall be h lden,
without additional security Cor the same,
equivalent to the guarantee or Endorsement
OF some other responsible party.
Section 10. Such bank may receive on
deposit from any one person, in his or her
own name, or the name of another in one
year, sum not exceeding one thousand dol.
lars.
Section IL. The directors managers, OF
trustees, shall annually appoint not loss than
two auditors, VINO shall not be directors,
managers or trustees of the corporation,
who shall examine the books, accounts aud
securities belonging TO such society or bank,
and make sworn statement showing the
true condition thereof, the total amount of
deposits, the whole number of depositors,
and the largest amour: due to any one de-
positor, the amount invested in loans on
real estate securities, the amount invested in
stocks and bonds, the amount of funds on
hand, the LANES of corpOrators, trustees and
OF the other officers of such institution, on
the first day of January of each year, which
statement shall be kept on file ia the Office
of such bank, aud an attested copy of the
same shall be forwarded to the Secretary of
State on or before the first day Of February
in each year.
Section II. Such corporation shall not
make and issue any bill or promisory note to
circulate as currency.
Section 3. No corporator, trustee d-
rector, manager, nor any other officer, except
the treasurer, shall receive any compensation
tor his services IN the management OF such
bank, nor derive any emolument therefrOm !:
pr0olded, hoWerer, that the president may re
celve for his services a sum not exceeding
live hundred dollars, when the deposits shall
exceed five hundred thousand dollars.
Section IA. The net income actually
earned by any such ASSOCIATION shall be di-
vided srmi- annually among its depositors to
an amount not to exceed SIX per cent. d year
on their deposits. The surplus earnings
above said SIX per cent, after reserving Il
{ moderate sum for "a contingent fund, shall be
divided among the depositors as an extra div
idend as often as once in every three years.
Section g. No trustee, director or man
ager 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, procuring or recommending any
loan from such bank, nor for selling or aid
ing III the sale OF any stocks, bonds or secur.
tiles to such savings bank, and any such OH
Ger who shall violate any provision OF this
section shall forfeit to the state one thousand
dollars
Section, l6. The treasurer shall at least
ten DAYS before each meeting OF the corpora
tors, mail or deliver to each written or
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