The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-09-29

An act OF the Legislature Oh 1870, Tor the
organization of savings banks and savings
societ es, is at the same time TO be submitted
to vote of the electors, pursuant to the
provisions of section g. article Al OF the
constitution Of the State OF Wisconsin,
which act is follows:
AN ACT for the organization Of savings
banks and savings societies.
The people of the State Of Wisconsin, repre-
scented Ia Senate aud assembly, do enact as
folders:
Section /. 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 o
loan the same for the benefit of such deposit
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 ?. Such certificate shall be filed
III the office of register OF deeds of the
county IN which the business of the associa-
tloh Is 10 be carried on, and a duplicate
| thereof shall be deposited in the Office of the
Secretary of State.
/ Section ). 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
/ De made ana the terms on which payments
shail be made to the depositors by such in
stltuuon, and the depostors shall be bound
by the conditions enacted III such bylaws,
winch shall be printed and conspicuously
posted IN the office of such corporation.
Section /. The corporators shall annually
elect by ballot board of trustees or direc-
tors which shall consist of not less than ten.
1 Section 3. The trustees or directors, with
IN ten days after their election, shall elect
from the members of their own board, a
president, one or more vice-presidents. a
treasurer and secretary they NAV also
elect from their own members a committee
on finance, all said officers TO hold their
offices till others elected to fill their
places
Section 6. 1t shall be lawful for such cor
poratlon TO purchase, hold and convey 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 a bank of discount or circulation
snail be treasurer Of any savings bank hay-
ing over five hundred thousand dollars of
deposits.
Section s. ANY savings bank organized
under this act may employ not exceeding
/ oue-halt ITS deposits in making loans on ppr-
sonaI security, and in the purchase Of the
public stocks Or bonds of the United States
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
IN the aforesaid northwestern states All
other loans shall be 3 cured by mortgage Of
uhincumbered real estate, lying and situated
IN the aforesaid northwestern states No
such savings bank SHALL invest any part Of its
deposits III 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 in the aforesaid northwestern states
Section 9. No such corporation shall buy
or loan any money upon any obligation on
VIII ca only one person OF firm shall be holden,
without additional security Tor 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, a sum not exceeding one thousand dol
lars.
Section Ii. The directors, managers, OIL
trustees, shall annually appoint not less than
two auditors, VINO shall not be directors,
managers or trustees of the corporation,
who snail examine the books, accounts and
securities belonging to such society or bank,
oh Eo
true condition thereof, the total amount of
deposits, the whole number Of depositors,
and the largest amour. due to any one de
4 position, the amount invested in loans on
real estate securities, the amount invested In
stocks and bonds, the amount Of funds on
hand, the names 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 in the Office
of such bank, and 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 r. Such corporation shall not
make and issue any bill or promisory note to
circulate as currency.
Section l 3. No corporatOr trustee, di-
rector, manager, nor any other officer, except
the treasurer, shall receive any compensation
for his services in the management of such
bank, nor derive any em0lument therefrom
provided, howeuer, that the president may re
ceive for his services a sum not exceeding
five hundred dollars, when the deposits shall
exceed five hundred thousand dol ars
Section IL The net income actually
earned by any such ASSOCIATION shall be di-
vided sam annually among it, depositors to
an amount not to exceed SIX per cent a year
on their deposits. The surplus earnings
above said SIX per cent, after reserving d
moderate sum for contingent fund, shall be
divided among the depOsitors as an extra div
idend as often as once III every three years.
Section l ). No trustee, director or man
ager of such corporation shall be a borrower
or surety for a 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 in the sale of any stocks, bonds or secur-
tiles to such savings bank, and any such Off
Ger who shall violate any provision of this
section shall forfeit to the state one thousand
dollars.
Section Is. The treasurer shall at least
ten days before each meeting of the corpora
tors mail or deliver to each a written or
printed notice Of the day and hour OF mold
ing such meeting, and if be shall neglect to
give such notice he shall pay one hundred
dollars into the treasury OF the town or city
where such bank is located.