The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-04-21
Published April 6, 1876. !


AN ACT for the organization of savings banks and
savings societies.
The people OF the state of Wisconsin, represented
in senate and assembly, do enact as follows:
Section l. Any mum Der of per- sons, not less than
! twenty, may unite for the purpose of organizing
| an association to receive on deposit the savings
of la borers mechanics, farmers, servants minors
and others, and to loan the same for the benefit o.
| such depositors They NAV make sign and ac
| knowledge before some proper officer authorized
| to take the acknow dgments of deeds, a certih
cate in writing, which shall be stated the name
of such association, the names ofthe corporators
the name of the city, village, town, and county in
which the operation of such association is to be
! conducted.
Section q Said certificate shall be filed in the
of the association is to be carried on and
duplicate thereof shall be deposited in the Office
| oE.the secretary of state.
| Section 8. Such corporation shall have power tc
| such bylaws may prescribe the conditions on
| which such deposits shall be made and the terms
| ors by such institution, and the deposltors shall
be bound by the cond enacted in such by laws
which shall be printed and conspicuously posted
| in the Office of such corpora ton.
| Section T. The corporators shall annually elect
| shall consist of not less than ten
Section 8. The trustees or directors, ithin ten
days after their election shall elect from the
! bers of their own board, president, one or more
vice-presidents, treasurer, and secretary; the
tee finance, all said officers to hold their offices
| till others are elected to Ill their places.
| Section 6. 1t shall be lawful for such CORPORA.
! lions to purchase, hold, and convey such real es
tate as banks of discount and circulation are au
/
Section !. No more than three officers, of an,
savings association, shall at the same time be fl
Of any one bank of discount circulat ton,
| trust com pany; and no cashier of a bank of dis
count or circulation shall be treasurer of any saw
| ings bank having over five hundred thousand dol
| Section g. ANY savings bank organized under
/ this act, may employ, not exceeding one-haf its
and in the purchase of the public stock or bonus
| of the United States, of the northwestern states
/ Wisconsin, and Minnesota, of the authorized
bonds Of an Incorporates S CITY, village, town OF
! All other loans than be secured by mortgage OF
unincum red real estate, lying ana sitrated in
| the aforesaid northwestern states. No such saw
ings baLk shall invest any part ITS deposits in
| the stock of any railroad company, r loan on
nor invest in any mortgage or real estate except
such real estate as lies in the aforesaid north
Section g. No such corporation shall buy OF
loan any money upon any obligation on which on
| ditionai security for the same equivalent to the
guarantee or Endorsement of some other RESPONSE
| Section 10. Such bank may receive on deposit
from any one perssn in his or her own name, or in
| ing thousand dollars.
shall annually appoint not less than two auditors
who shall not be directors, m anaRers, trustees
of the corporation, who shall examine the books
accounts and securities belonging to such society
| or bank and make sworn statement showing tn
| true condition thereof the total amount or d q
| posts, the whole number of depositors the
| largest. amount due to any one deposition, the
the amount invested in stocks and onds, the
| amount Of funds hand, the names of corpora
/ tors, trustees and of the other officers of such
| institution, and the first day of January ot
| each year, which statement shall be kept on file
in the office of such bauk, and attested COPY o.
| the same shall be forwarded to the secretary O.
| 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 to circulate az
currency
| Section 13. No corporator trustee, director
manager, nor any other officer, except the treas
ureT, shall receive any compens ton for his ser
vices in the management of such bank, nor derive
any emolument therefrom; provided hoWeper
that the president may receive for his services 3
| sum not exceeding five hundred dollars when the
deposits shall exceed five hundred thou sand dol
lars.
Section IA. The net income actually earned by
| any such association shall be divided semi an
nually among its oeposltoTs TO an amount not e
exceed six per cent their deposits
The surplus earnings above said six per cent,
fund, shall be divided among the depositors as al
extra dividend, as often once in every thre,
years.
| Section 10. No trustee, director or manager O
| such corpora tion shall be borrower surety fol-
| a borrower of any of it's funds, receive an,
money or yalua bic thing for negotiating, procur
ing recommending any loan fr such bank
nor for selling or aidi in the sale of any stocks
bonds or seccritic to such savings bank, and any
| such officer " no shall violate any provision O
this section shall forfeit TO the state thousant
| dollars.
Section II. The treasurer shall at least ten day,
before each meeting OF the corporators mali or de
liver TO each written or printed notice ofthe da!