The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1876-09-14

avings association, shall at the same time b,
officers Of any one bank of discount or cireu aion
Or trust company; and no cashier Of bank o
1 discount circulation shall be treasurer of an
Savings bank having over five hundred Thousand
dollars OF deposits.
SECTION 81 Any savings bank organized ande
this act may employ not exceeding one halI III
deposits In making loans on personal security
and in the purchase of the public stocks or bond.
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 counts
1 in the aforesaid northwestern states All othel
4 loans shall be scared j" mortgage OF nnincum
bered real estate. lylng and situated in the afore
said northWestern states. No such savings bank
shall invest any part OF it's deposits in the stock
of any railroad company, nor loan on, nor invest
in, any mortgage on real estate, except such rea
estate as lies in the Aforesaid northw states
/ SECTION g. No such corporation shall buy OF
loan any money upon any obligation OH which
only one person f1rEa shall be holden, without
additional security foE the same, equivalent t.
the guarantee or Endorsement of some other re-
spOnsible party.
SECTION 10. Such bank may receive on deposit
from any one person, in Ills or her o wn name, or
in the name of another in one year, a sum moi
exceeding one thousand dollars.
SECTION IL. The directors, manage or tlus-
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 state
!
amount of de posits, the whole number of deposit
tors, the largest amount due to any depositor,
the amount invested in loans on real estate secu-
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 of such
institution, on the first day of January of each
year, which statement shall be kept on file in the
Office of such Eank, and am attested copy of the
same shall be forwarded to The secretary of state
on before the first day OF February in each year.
SECTION IL. Such corporation shall not make
q n
az currency. ~
SECTION 10. No corporator, trustee director,
manager, nor any other officer, except the treas
nrer shall receive any compensation for his SER
vices in the management of such bank, nor derive
any emolument therefrom; ISTOOIded, HOlUeUe2',
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 divided semi-annu-
ally among it's depositors to az amount not to
exceed six per cent. year on their deposits.
The surplus earnings above said six per cent, af
ter reserving moderate sum for contingent
fund, shall be divided among the depOsitors az IN
extra dividend often once in every three
years.
SECTION Is. Notrustee, director or manager or
such corporation shall be a borrower surety for
borrower Of any OF its funds, nor receive any
money or valuable thing for negotiating, procur-
ing, or recommending any loan from such bank,
nor for selling aiding in the sale ofany stocks,
bonds or securities to such savings bank, and any
such officer who shall violate any provisions of
this section shall forfeit to the state thousand
dollars
SECTION TO- The treasurer shall, at least ten
days before each meeting Of the cOrporators,
mail or deliver TO each written or printed no
tice Of the day and hour OfhOlGtng 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 ofithe directors or
trustees in not less than ten thousand dollars,
paya bic to said bank, said bond to be in the Gus
tody IF the president thereof. No president, di-
rector or trustee 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 Of the seventy
eighth chapter of the revised statutes so far the
same may be applicable.
SECTION ~. 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 The usual places of holding such
elections In this state, for the election of all Off
GERS required ny law then and here to- ce elected,
the question whether this act shall go into effect
or III any manner be IL force shall he submitted
to the people, and If tue same shall be approved
by majority of all the votes cast that subject,
it shall go into effect and beein force from and
after the date OF said election otherwise 1t shall
not 90 into effect or in any manner be in force.
SECTION 20. The votes cast on the subj ect spec
flied In the last proceeding section, shall be by
separate ballot, ard shall have written printed
on each OF them the words For an act TO incor-
porate savings banks" or, Against act to in
corporate savings banks, which words shall in
dictate the vote of the elector for against the
approval of this act and the ballots cast shall
be canvassed and returned in the same manner
as the votes cast for state officers and REQ uired by
law to be canvassed and the secretary OF state
shall Immediately on the completion of said can
vass publish a statement of he result thereof. in
some newspaper printed at tie seat of govern
ment, and shall communicate the same to the
next legislature, at the commencement OF its ses-
sion, and he shall also deliver to the state treas
urer certified copy of this act if the same shall
have been approved, and Il statement Of the result
of the canvass on the subject, Immediately after
the completion OF said canvass.
SECTION 81. This act shall take effect and be in
force from and after its passage.
Approved March ID, 1876.
Given under my hand and the great seal Of the
State of Wisconsin at the Capitol in Madison this
I'd day of August, 1876
PETER DOYLE