River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-11-02

AN All Tor the O. frtZsti1h o!sssNlilss httiihs
and savings societies.
The people Of the State Of Wisconsin, repre-
scented in senate and assembly, do enact as
follows:
SECTION ]. Amy number of persons, not
less than twenty, may unite Tor the purpose
Of organizing IN association to receive GA de-
posit the savings OF laborers, mechanics,
farmers servants, minors and others, and to
loan the same for the benefit OF such deposit
ors They may make, sign and acknowledge
before some proper officer authorized to take
acknowledgements of deeds, certificate in
writing, IN which shall be stated the name
OF such ASSOCIATION, the names of the corpo-
rators, the name OF the city, village, town and
county in which the operation OF such asso-
ciatiOn is to be conducted.
SECTION ?. such certificate shall he hled
in the Office OF register OF deeds Of the county
in which the business OF the association il TO
be conducted and duplicate thereof shall
be deposited in the Office Of secretary OF state.
SECTION 3. Such corporation shall have
rover to enact bylaws for the government of
It's affairs, and such bylaws may prescribe
the condition on which such deposits shall be
made and the terms on which payments shall
be made 10 the depoSltors by such institution,
and the depOsitors shal! be bound by the con-
ditions enacted in such bylaws, which shall
he printed and conspicuously posted IN the OF
flee OF such corporation.
SECTION l. The corporators shall annually
elect by ballot q board OF trustees, which shall
consist OF not less than ten.
SECTION 8. The trustees OF directors, within
ten DAYS after their election, shall elect from
the members OF their own hoard, president,
one or more vIce-presideuts, treasurer and
a secretary; they may also elect from their
own members a committee on finance, all
said officers to hold their Offices till others
are elected to fiji their places
SECTION q. Ii shall be lawful for such cor
poratOn 10 purchase, hold, and convey such
real estate as hanks OF discount and cmcula-
ton are authorized 10y laws Of this state TO
purchase, hold, and convey.
SECTION Z. No more than three officers OF
any savings association, shall at the same
time be officers OF any one hank OF discount
or circulation, o. trust company; and no
cashier oil bank Of discount or circulation
shall be treasurer OF any savings bank having
over five hundred thousand dollars otdeposlts.
| SECTION s. ANY savings bank organized
under this act may employ not exceeding
one-hali its deposits IN making loans on per-
sOnal security, and IN the purchase OF the
! public stocks or bonds OF the United states, 81
/ the northwestern states. to-wit: Ohio, lndi-
/ ana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota, OF the authorized bonds 81 any III
I corporated city, village, town, or county IN
| the aforesaid northwestern states. All other
/ loans shall be secured hy mortgage Of unin-
numbered real estate, living and situated in
! the aforesaid northwestern states. No such
savings bank shall invest any part Of its de-
/ posits Ill the stock of any railroad company,
nor loan on, nor invest in, any mortgage on
real estate, except in such real estate as lies
in the aforesaid northwestern states.
SECTION 9. No such corporation slall buy
or loan any money upon amy obligation ON
which only one person or firm shall be holden,
without additional security for the same,
I equivalent to the guarantee or endorsement
1 OF some other responsible party.
SECTION 10. Such bank may receive on de-
post tfcm any one person, ia his or her own
name, or the name of another in one year,
sum not exceeding one thousand dollars.
SECTION II. The directors, managers, or
trustees, shall annually appoint not less than
two auditors, who shs.u not be directors,
managers, or trustees OF the corporation, vino
shall examine the books, accounts and seeu-
rites belonging 10 such society or hank, and
make sworn statement showing the true
condition thereof, the total amount Of deposits,
the whole number Of depositors, thee largest
amount due TO any one depositor, the amount
in loans on real estate securities, the amount
invested III stocks and bonds, the amount OF
| funds on hand, the names OF corporators,
| trustees, and OF the other officers Oh such in
situations, on the first day OF January of each
year, which statement shall be kept on file IN
/ the office OF such hank and an attested copy
OF the same shall he forwarded to the secreta-
~ Of state OH on before the first day OF Febru
| ary 81 each year.
/ SECTION IL Such corporation shall not
make and issue any bin OF prolnissory note TO
circulate as currency.
SECTION IS. no curporator, trustee, direct
or, manager, nor any other officer, except the
/ treasurer, shall receive amy compensation tor
/ his services in the management Of such bank,
nor derive any emoluInent therefrom pro-
vidcd, however, that the president may re-
cclVe Tor his services sum not exceeding
/ five hundred dollars, when the deposits shall
exceed iive hundred thousand dollars.
SECTION 1t. The net income actually earn
/ ed by any such association shall be divided
semi-annually among its depositors to AN
amount not TO exceed six per cent. q year on
their deposits. The surplus earnings above
said six per cent after reserying a moderate
sum for a contingent fund, shall he divided
among the deposltors as an extra dividend az
often Us once in every three years.
/ SECTION 10 No trustee, director or man
ager uf such corporation shall he borrower
/ OF surety Tor a borrower 81 amy OF its funds,
nor receive any money valuable thing tor
negotiating, procuring recommending any
/ loan from such bank, a, for selling or aiding
/ IN the sale Of amy stoc /, bonds or securities
to such savings bank, and any such officer
who shall violate any provision Of tins section
shall forfeit 40 the state one thousand dollars.
/ SECTIoS Is. The treasurer shall, at least
tea days before each meeting Of the corpora
! tiers, mail or deliver 10 each a written or
| printed notice OF the day and hour Of holding
such meeting. aud il he shall neglect to give
such notice, he shall pay one hundred dol
lars into the treasury Of the town or city
where such bank is located.
SECTION IL. The treasurer shall give bonds
with surety 10 the acceptance OF the directors
or trustees III not less than ten thousand dol
lars, payable To said bank, said bond to he in
the custody OF the president thereof. No
president, director or trustee shall he surety
in the bond Of such treasurer.
SECTION Is. Every corporation formed un-
der the provisions Of this act shall possess the
powers and he subject TO the provisions OF the
seyenty-eighth chapter 81 the revised stat
lltes So far as the same may he applicable
SECTION ~. At the general election 10 DC
held on the Tuesday next succeeding the
first Monday in November, in the year eight
cen hundred and seVelty-six at the usual
places Of holding such elections in this state,
for the election 81 al officers required By law
then and there to be- elctced, the question
whether this act shall 20 into effect, or in amy
manner be in force, shall tie submitted TO the
people, and II the same shall lie approved by
majority 0f all the votes east on that subject
it shall 90 into effect and he in force from and
after the date OF said election, otherwise it
shall not 60 into effect OF in any manner I've
in force.
SECTION 20. The votes cast on the subject
specified in the last preceding section, shall
be by separate ballot, and shall havewritten or
printed on each 81 them the words, ''FOr an act
to incorporate savings banks, or, against
an act to Incorporate savings banks" which
words shall indicate the vote oil the electoF
Tor or against the approval OF this act, and
tile ballots so cast shall be cauVassed and re-
turned in the same manner as the votes cast
for state officers and required by law to lie
cauFassed, and the secretary % state shall
Immediately on the completion Of said can
vass publish a statement 81 the result thereof,
in some newspaper printed at the seat Of gov
eminent, and shall communicate the same to
the next legislature, al the commencement
oi It's session, and he shall also deliver To the
state treasurer certified copy Of this act, If
tie same shall have been approved, and q
statement d fhe result Il the canvass On ba
subject, Immediately after the completion Of
said canvass
SECTION a. This act shall take effect and
be ID force from and alter ts passage
Approved March 10, 1876
Given under my hand and the great seal
81 the State OF Wisconsin, st the Capitol in
Madison, this 81 day 81 August, 1876