The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-10-12

savings association, shall at the same time DC
officers OF any one bank of discount circulation
or trust company; and cashier of bank oi
discount circulation snail be treasurer of any
savings bank having over five hundred thousand
dollars of deposits.
SECTION g. ANY savings bank organized under
this act may employ not exceeding one hall it's
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: Ohio, Indiana, Michigan, Illinois, Iowa.
Wisconsin and Minnesota. of the authorized OOnds
of any incorporated city, village, town, county
In the aforesaid northwestern states. All other
loans shall be secured by mortgage OF unincum-
bered real estate, lying and situated in the afore
said 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 northwestern states
SEC4PON 9. No such corporation shall buy or
loan any m 0ney 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 re-
spOnsibe party.
esoTRoN 10. Such bank may receive on deposit
from any one person, in his or her own name, or
in the name of another in one year, a sum not
exceeding one thousand dollars
aECThbN IL. The directors, mana gers, or tIus-
tees, shall annually appoint not less than two
auditors, who shall not be directors, managers,
Or trustees of the corporation, who shall examine
the books, accounts, and securities belonging to
such society or bank, and make sworn S ate
ment showing the true condition thereof, the total
amount of deposits, the whole number of deposit
TORS the largest amount due to any one depOsitor,
the amount invested In loans on real estate seen.
rites, the amount invested in stocks and bonds,
the amount of funds on hand, the names OF cor
poratOrs. trustees, and of the other officers such
institution, on the first day OF January CT each
year, which statement shall be kept file in the
Office of such eank, 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 II. Such corporation shall not make
and issue any bill or promissory note circulate
currency.
SECTION IS. No corporator, trustee, director,
manager. nor any other officer, except the treas
urcr shall receive any compensation for his SER
vices in the management of such bank. derive
any emolument therefrom; pTO0tded, hO1OeUeY,
that the president may receive for his services Q
sum not exceeding five hundred dollars, when
the deposits shall exceed five hundred thousand
dollars.
SECTION 14-The net income actually earned by
any such association shall be diyiCed .emi-annu-
ally among its depOsitOrs to amount not to
exceed six per cent. year on heir deposits.
The surplus earnings above said six per cent af-
ter reservlHg moderate sum for u contingent
fund, ehal be divided among the depositors as an
extra dividend as often as once in every three
years.
SECTION u.s. Notrustee, director ormanager OF !
such corporation shall be borrower or sorety f0r
borrower OF any OF its funds. nor receive any
money valuable thing for negotiating, DrOcuT-
ing, or recommending any loan from such bank, |
nor for selling or aiding in the sale ofany stocks,
bond. or securities to such savings bank and any
such officer who shall violate any provisions Of
this section shall forfeit TO the state thousand
dc llars
SECTION 16 The treasurer shall, at least ten
days before each meeting Of the corporators, |
mail or deliver to each a written or printed no
tice Of the day and hour ofholding such meeting.
and if he should neglect 10 give such notice he |
shall pay one hundred dollars into the treasury of |
the town or city where such bank is located.
SECTION II. The treasurer shall give bonds |
with surety to the acceptance Of the directors or
tru -tees in not less than ten thousand dollars, |
payable TO said bank, said bond to be IN the Gus
tody Of the president thereof. No president, di-
rector or Urustee shall be surety in the bond of
such treasurer,
SECTION Is. Every corporation formed under
the provisions Of this act shall possess the power
and be subject to the provisions ofthe seventy
eighth chapter of the revised statutes so far the
same may be applicable.
SECTION 49, At the general election to be held
on the Tuesday next succeeding the first Monday
in November, in the year eighteen hundred and
seventy-stX, at he usual places OF holding such
elections In this state, for the election of all Off
GERS required by law then aud there &c elected,
the question whether this ehall go into effect
or in any manner be IL force, shall be submitted
TO the people, and if tue same shall be approved
by Majority of ali the votes cast on that subject,
it shall go into effect and be in force from and
after the date of said election, otherwise it shall
not go into effect or in Hny manner be in force.
SECTION 90 The votes cast on the subj ect spec
fled In the last proceeding sections shall be by
separate ballot, ard shall have written printed
on each of them the words. For en- act to incof-
porate savings banks" or, against an act to IN
corporate savings banks, which words shall IN
dictate the vote of the electOr fol against the |
approval of this act, and the ballots cast shall
be Canvassed and returned i'll The same manner
the votes cast for state officers and required by
law to be canyassed, and the secretary OF state |
shall Immediately on the completion of said can |
vass publish statement of The result thereof. in
some newspaper printed at the seat OF govern |
ment and shall communicate the same to the
next legislature. at the commencement OF its SEES
sion and he shall also deliver to the state treas
urer a certified copy OF this act If the same shall
have been approved and statement of he result
of the canvass on the subject, imme dlately after
the completion of said canvass.
SECTION 81. This act shall take effect and be 10
force from and after its passage.
Approved Match 10, 1876.
Given under my hand and the great seal of the !
State of Wisconsin. at the Capitol in Madison this
"a day of August, 1875.
PETER DOYLE.