Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-09-07

such deposits shall be made and the terms on which
payments shall be made to the deposltors by such
INSTITUTION and the depositors shall be bound by the
conu.ions enacted IN such by laws, which shall be
printed and conspicrousy posted In the office Of such
corporation.
SECTION 4 The corporators shall annually elect by
Daiiot q board OF trustees or directors, which shall
consist Of not less than ten
SECTION O. The trustees directors, within ter
days after their election shall elect from the
bers OF their own board president, more
yice-presidents, treasurer, and 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 fill their places.
sKofios o. 1t shall be lawful for such corporations
to purchase, hold, and convey such real estate al
by laws OF this state to purchase, hold and CON
yey.
sEcrIoS7. No more than three officers of any
savings association shall at the time be officers
ANY one bank of discount circulation, or trust
company; and no cashier of a bsnk of discount OF
circu atfon shall be treasurer of any savings bank
having over nye 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 or bonds of the United
States OF the northwestern states, to-wit: Chic
Indiana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota ofthe authorized bonds of any ucorporat
ed city, village, town, or county in the aforesaid
northwestern states. All other loans shall be Sc.
cured by mortgage of uninoumbered 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, MOI
loan on nor invest in, any mortgage ON real estate
except such real estate lies in the aforesaid north
western states.
SECTION 9. No such corporation shall buy or loan
any mohey upon any obligation on which only one
person or hrm shall be holden, without additional
security for the same, equivalent the guarantee
or Endorsement of some other responsible party
SECTION 10. Such bank may receive on deposit
from any enc person, in his or her own NAME or in
the name of another in one year. o sum not exceed
ing one thousand dollars.
SECTION II. 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 OF
bank, and maks q sworn statement showing the true
condition thereon, tho total amnnnt Of deDosts the
whole number OF depostors, the largest amount Que
to any one depositor. the amount invested in loans
on real estate securities, the amount invested in
stocks and bonds, the amount of funds hand, the
names 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 on fle
in the office of such bank, and 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 IL. Such corporation shall not make and
issue any bill or promissory note to circulate a,
currency.
SECTION Is. No corporator, trustee, director. man
ager, any other officer except the treasurer sha
receive any compensation for his services in the
management of such bank, derive any emelu
dent may receive for his services sum not exceed
ing i've hundred dollars, when the deposits shat
exceed five hundred thousand dollars,
SECTION H. The net income actually earned Inv any
| such association shall be divided sem annuall,
among its depositors to an amount not to exceed
six per cent year their deposits. The surplu.
earnings above said six per cent. alter reserving
moderate sum for contingent fund.- shall be divided
among the depositors as an extra dividend often
as once in every three years.
SECTION Is. No trustee, director manager o
such corporation shall be borrower surety fol
a borrower of any of its funds, nor receive aR1
money or valuable thing for negotiating procuring
or recommending any loan from such bank, nor fol
selling or aiding In the sale of any stock, bonds
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 least ten days be
fore each meeting of the corporators, mail deive
to each written or printed notice Of the day an,
hour OF holding such meeting, and if he shall neg
lect TO give such notice, he shall pay one hundre
dollars into the treasury of the town city wher
such bank is located.
SECTION IL. The treasurer shall give bonds will
surety to the acceptance OF the directors trustee
IN not less than ten thousand dollars, payable 1
said bank, said bonds to be in the tody of tn
president thereof No president, director truste,
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 an
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 Monday ii
November, in the year eighteen hundred and seven
ty-six, at the usual places of holding such election
in this state, for the election OF all officers require
by law then and there to be elected, the question
whether this act shall go into effect, in any man
be in force, shall be submitted to the people,
if the same shall be approved by majority of al
the votes cast that subject, it shall go into efec
and be in force from from and after the date of sal
election, otherwise it shall not go into effect il
any manner be in force.
SECTION 20. The votes cast on the subject specife
in the last preceding section, shall be by separat
ballet, and shall haye written or printed 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 eleetor for against the approval of this act
the ballot cast shall be canyassed and returne
in the same manner the votes cast for state Off
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 0
government. and shall communicate the same to TIA
next legislature at the commencement of its session
and he shall also deliver to the state treasurer
certified copy of this act, if the same shall hav
been approved, and statement of the result of tn
canvass on the subject, Immediately after the com
petioH Oh said canvass.
SECTION 81. This act shall take effect and be In fore
from and after its passage.
Approved March ID. 1876.
Given under my hand and the great seal of th
State of Wisconsin, at the Capitol in Madison. thi
I'd day of August, 1876.
PETER DOYLE.
Of Gtafo