Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-09-21


such deposits shall be made and the terms on which
ayments shall be made TO the depostors by such
institution, and the deposors shall be bound by the
conditions enacted in such by laws, which shall be
printed and conspicuonsly posted in the Office of such
corporation.
sEcrIoS 4. The corporators shall annually elect by
ballot board of trustees or directors which shall
consist of not less than ten
SECTION 5. The trustees or directors within ten
days after their election, shall elect from the mem
bers OF their own board a president, one more
may also elect from their own members committee
on hnaHce all said officers hold their Offices till
others are elected to al their places.
SECTION D. 1t shall be lawful for such corporations
to purchase, hold, and convey such real estate as
banks OF discount and circulation are authorized
by laws OF this state to purchase. hold and con-
vey.
SECTION !. No more than three officers of any
savings association shall at the time be officers
ofany one bank of discount or circulation, trust
company and no cashier of a bank OF discount or
circu ation shall be of any savings bank
having over five hundred thousand dollars of de-
posits.
SECTION s. Any savings bank organized under this
act may employ not exceeding orehalf its deposits
in making loans on personal security, and in the
purchase of the public stocks bonds of the United
States, OF the northwestern states, to-wt: Chic,
Indiana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota OF the authorized bonds Of auy iucorporat
ed city, village, town. or county in the aforesaid
northwestern states. All other loans shall be Sc
cured by mortgage of unincumbered real estate. ly
ing and situated in the aforesaid northwestern states
No such savings bank shall invest any part of its
deposits in the stock of any railroad company, nor
loan on, invest in any mortgage on real estate,
except such real estate as lies In the aforesaid north
western states.
any money upon any obligation which only one
person or firm shall be holden, without additional
security for the same, equivalent to the guarantee
or Endorsement OF some other responsible party.
SECTION 10. Such bank may receive deposit
from any enc person, in his or her own name, in
the name of another in one year, a sum not exceed
ing one thousand dollars.
SEcrIoN IL. The directors, managers, or trustees
shall annually appoint not less than two auditors,
who shall not be directors managers trustees of
the corporation. who shall examine the books, ac-
counts, and securities belonging to such society or
bank, and maks a sworn statement showing the true
condition thereof the total amount If deposits. the
whole number of depostors, the largest amount due
to any depositor. the amount invested in loans
real estate securities, the amount invested in
stocks and bonds the amount of funds on hand, the
of corporators, trustees and Of the other Of
cers of such institution the first day of January
of each year, which statement shall be kept file
in the Office Of such bank, and attested copy of
the shall be forwarded to the secretary of state
on or before the first day OF February in each year.
SECTION IL. Such corporation shall not make and
issue any bill or promissory note to circulate as
currency.
SECTION Is. No corporaor, trustee, director, man
ager, nor any other officer except the treasurer shall
receive any compensation for his services in the
management of such bank, nor derive any emeu-
meRt therefrom; Pfoutded, h0ioepeT that the presi
dent may receive for his services sum not exceed
ing i've hundred dollars, when the deposits shall
exceed five hundred thousand dollare,
SECTION ii. The net income actually earned by any
such association shall be divided sem annually
among its depositors to an amount not to exceed
six per cent year on their deposits. The surplu;
earnings above said SIX per cents alter reserving
moderate for contingent fund.- shall be divided
among the depostors as an extra dividend as often
as once in every three years
SECTION Is. No trustee, director or manager o
such corp Grafton shall be borrower surety fol
borrower of any of its funds, nor receive any
money or valuable thing for negotiating. procuring
or recommending any loan from such bank, nor fo
selling aiding in the sale of any stock, bonds Of
securities to such savings bank, and any such office
who shall violate any provision of this section
shall forfeit to the State one thousand dollars.
SECTION 10 The treasurer shall at leas ten days be
fore each meeting of the corporators mail delive
to each written or printed notice Of the day ant
hour OF holding such meeting, and if he shall neg
lect to give such notice, he shall pay hundre
dollars into the treasury of the town or city wher
such bank is located.
SECTION II. The treasurer shall give bonds will
surety to the acceptance OF the directors trustee
in not less than ten thousand dollars, payable t
said bank, said bonds to be in the custody of tn
president thereof No president, director trustee
shall be surety in the bond of such treas urer.
SECTION Is Every corporation formed under tn
provisions OF this act shall possess the powers ant
be subject to the provisions of the seventy eight
chapter of the revised statures SO far the sam
may be applicable.
SECTION 10. At the general election to be held OF
the Tuesday next succeeding the first donday il
4
tys six, at the usual places of holding such election
in this state, for the election OF all officers requires
by law then and there to be elected the question
whether this act shall go into effect, or in any man
be in force, shall be submitted to the people,
the same shall be approved by a majority of al
the votes cast that subject, il shall go into efec
and be in force from and after the date of SAT-
election, otherwise it shall not go into effect il
any manner be in force.
SECTION 20 The votes cast the subject specified
in tbs last preceding section, shall be by separate
ballot, and shall haye written or printed on eacl
OF them the words, For an act to incorporate saw
ings banks" or, against act to incorporate saw
ings banks, which words shall indicate the vote o
the electOr for against the approval OF this act
the ballot cast shall be canvassed and returned
in the manner the votes cast for state off
GERS and required by law to be canvassed, and tn
secretary OF state shall Immediately on the compile
ton of said canvass publish statement of the rssul
thereof in some newspaper printed at the seat o
government, and shall communicate the same to thu
next legislature at the commencement of its session
and he shall also deliver to the state treasurer
certified copy of this act, if the shall hav
been approved, and statement of the result of thu
canvass on the subject, Immediately after the COM
petoB oi said canvass
SECTION 81 This act shall tate effect and be in force
from and after its passage.
Approved March 49, 1876
Given under my hand and the great seal of thu
State of Wisconsin, at the Capitol in Madison, thi
I'd day of August, 1876.
PETER DOYLE.
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