Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-11-02

such deposits shall be made and the terms on which
payments shall be made to the deposltors by such
institution and the dpositors shall be bound by the
conditions enacted in such by laws, which shall be
printed and conspcuously posted in the Office of such
corporation.
SECTION l. The corporators shall annually elect by
ballot board of trustees directors, which shall
consist of not less than ten
SECTION 5. The trustees or directors within ten
days after their election, shall elect from the
beers OF their own board president one or more
yiee-presidents, treasurer and a secretary; they
may also elect from their own members committee
on finance, all said officers hold their Offices till
others are elected TO fill their places
SECTION 8 1t shall be lawful for such corporations
to purchase hold, and convey such real estate as
banks OF discount and circulation are authorized
by laws OF ibis state to purchase, hold and CON
yey.
SECTION :. No more than three officers Of any
savings association shall at the time be officers
ofany one bank of discount or circulation, trust
company and no cashier of bank of discount or
circulation shan be treasurer 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 ore 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, or county in the aforesaid
northwestern states All other loans shall be Sc
cured by mortgage of nnincumbered 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, nor
loan on nor invest in, any mortgage on real estate
except such real estate lies in the aforesaid north
western states.
sEoTIoN 8. No such corporation shall buy or loan
any money upon any obligation which only one
person firm shall be holden, without additional
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 in
the name of another in one year, not exceed
ing one thousand dollars.
SkcTIoN II. The directors, managers, or trustees
shall annually appoint not less than two auditors
who shall not be rectors, managers, trustees oil
the corporation. who shall examine the books ac.
counts and securities belonging to such society oil
bank, and maks sworn statement showing the true
condition thereof the total amount IF deposits, the
whole number of depositors, the largest amount due
to any one deposior, the amount invested in loant
real estate securities, the amount invested il
stocks and bonds, the amount of funds hand, the
of corporators trustees, and of the other of
cers of such institution the first day of January
of each year, which statement shall be kept filt
in the office of such bank, and attested copy Of
the shall be forwarded TO the secretary state
before the first day Of February in each year.
SECTION IL. Such corporation shall not make anC
issue any bill or promissory note to circulate al
currency.
SECTION 49, No corporator, trustee, director, man
ager, any other officer except the treasurer shall
receive any compensation for his services in tn
management of such bank, nor derive any emslu
ment thererom; provided, holcecer, that the presi
dent may receive for his services sum not exceed
ing five hundred dollars, when the deposits shall
exceed five hundred thousand dollars,
SECTION IA. The net income actually earned by an
such association shall be divided semi ANNUALLY
among its depositors to an amount not to excee
six per cent. year on their deposits The surplu
earnings above said six per cent. after reservng
moderate sum for contingent fund, shall be divides
among the depositors as an OK ira dividend ofte
| AS once in every three years.
SECTION IS. No trustee, director or manager Q
such corp oration shall be borrower surety 70
| a borrower of any of it's funds, nor receive an,
money or 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 section
| shall forfeit TO the State one thousand dollars
SECTION l6 The treasurer shall at least ten days be
fore each meeting of the orators, 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 city wher
such bank is located.
SECTION II. The treasurer shall give bonds witt
surety the acceptance of thu directors trustee
| in not less than ten thousand dollars, payable t
said bank, said bonds to be in the custody of tn
president thereof. No president director truste
shall be surety in the bond of such treasurer.
SECTION is. Every corporation formed under tn
provisions of this act shall possess the powers an
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 OF
the Tuesday next succeeding the first Monday il
November, in the year eighteen hundred and seven
ty- six at the usual places of holding such election
in this state, for the election of all officers require
by law then and there to be elected, the question
whether this act shall go into effect, in any man
be in force, shall be submitted to the people,
if the shall be approved by majority of al
the votes that subject it shall go into etfec
and be in force from from and after the date of sal
election, otherwise it shall not go into effect il
any manner bein force.
SECTION 90 The votes cast on the subject specific
in the last preceding section, shall be by separat
ballot, and shall haye written printed eacl
OF them the words, For act to incorporate saw
ings banks. or, Against act to incorporate say
ings banks,' which words shall indicate the vote Q
the eector for against the approval OF this act
the ballot cast shall be canvassed and reurne
in the same manner the votes cast for state off
and required by law to be canvassed and tn
secretary OF state shall Immediately the compile
ton of said publish statement of the result
thereof in some newspaper printed at the seat G
government. and 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 il the same shall hav
been approved and a statement of the result of tn
canvass on the subject, Immediately after the com
pleton OF said canvass
SECTION 81, This act shall take effect and he in ferc
from and after / Is passage
Approved March Is, 1876.
Given under my hand and the great seal of tn
State of Wisconsin, at the Capitol in Madison, thi
I'd day of August, 1876.
PETER DOYLE.
Secretary of State.