The Superior times. [volume] (Superior, Wis.) 1870-1912, 1876-09-22
as are by law required to be elected at such

election.
An act of the Legislature of 1876, for the
organization of savings banks and savings
societies, is at the same time to be submitted
to vote of the electors, pursuant to the
provisions of section 6, article n of the
constitution of the State OF sconsn,
which act is as follows:
AN ACT for the organization of savings
banks and savings societies.
The people Of tie State of Wisconsin, repre-
Se1,ted M Senate and assembly, do enact as
tioHo,cs
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 10
| loan the same for the benefit of such deposi-
tors. 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 cor
porators, the name of the city, village, town
| ana 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 assoca-
ton is TO be carried on, and a duplicate
thereof shall be deposited in the Office of the
Secretary of State.
Section 3 Such corporation shall have
power to enact bylaws for the government
OF its affairs, and such bylaws NAV prescribe
the condition on which such deposits shall
be made and the terms on which payments
shall be made to the depositors by such in
stltutlon, and the depOsitors shall be bound
! by the conditions enacted III such bylaws,
which shall be printed and eonspicuously
posted IN the office OF such corporation.
Section 4. The corporators shall annually
elect by ballot board of trustees or direc-
tors, which shall consist of not less than ten.
Section 5. 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, q
treasurer and secretary they NAV also
elect from their own members a committee
on finance, all said officers to hold their
Offices till others ale elected to fill their
places.
Section 6. 1t shall be lawful for such cor
pOration to purchase hold and convey such
real estate as banks of discount and cireula-
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 he same
time be officers OF any one bank of discount
! or circulation, or trust company and no
cashier OF a bank of discount or circulation
shall be treasurer of any savings bank hav-
ing over five hundred thousand dollars of
deposits.
Section 8. Any savings bank organized
under this act may employ not exceeding
one-halt its deposits in making loans on per-
sonal security, and in the purchase of the
public stocks or bonds OF the United States,
OF the northwestern states, tOwit: Ohio,
Indiana, Michigan, Illinois, Iowa, Wisconsin
and Minnesota, of the authorized bonds of
any Incorporated city, village, town or county
III the aforesaid northwestern states All
other loans shall be secured by mortgage %
unlncumbered real estate, living and situated
IN the aforesaid northwestern states No
such savings bank shall invest any part of its
deposits in 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 OF
which only one person OF firm shall be hc den
without additional security FOR the same
: equivalent 10 the guarantee or endorsement
OF some other responsible party.
Section 10. Such bank may receive or
deposit from any one person, i'll his or he
own name, or the name of another in on,
year, a sum not exceeding one thousand dol
lars.
Section II. The directors, managers, OF
trustees, 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 a sworn statement showing the
true condition thereof, the total amount OF
deposits, the whole number of depostors,
and the largest amour: due to any one de
pOSitor, the amount invested in loans on
real estate securities, the amount invested in
stocks and bonds, the amount of funds on
hand, the l. anes 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 y. Such corporation shall not
make and issue any bill or promisory note to
/ circulate as currency.
Section 49, No cOrporator, trustee, di-
rector, manager, nor any other officer, except
the treasurer, shall receive any compensation
| for his services III the management of such
bank, nor derive any emOlument therefrom;
pr0pided, however, that the president may re-
ceiye for his services a sum not exceeding
five hundred dollars, when the deposits shall
/ exceed five hundred thousand dollars.
Section IA. The net income actually
earned by any such ASSOCIATION shall be di-
vided sami-annually among its depositors to
an amount not to exceed six per cent. year
on their deposits. The surplus earnings
above said six per cent, after reserving
moderate sum for a contingent fund, shall be
divided among the depOsitors as an extra div
/ dend as often as once i'll every three years.
! Section 10. No trustee, director or man
ager of such corporation shall be a borrower
or surety for 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 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 hold
! IN ouch mo. tino if no shall neglect IN