River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-08-24

the condition on which such deposits shall be
made and the terms ON which payments shall
be made 70 the depositors by such institution,
and the depositors shall be bound by the con-
ditions enacted in such bylaws, which shall
be printed and conspieuOusly posted in the Of
/ fee OF such corporation.
/ SECTION 4. The corporators shall annually
elect by ballot board oftrusiees, which shah
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 board, president,
one or more viee-presidents, a treasurer and
a secretary; they may also elect from their
own members a committee on finance, all
said officers 10 hold their Offices till others
are elected to fill their places
| SECTION .. 1t shall be lawful for such cor
| poration 10 purchase, hold, and convey such
/ real estate as banks OF discount and circula-
tion are authorized by laws OF this state 10
purchase, hold, and convey.
SECTION 7. No more than three officers of
any savings association, shall at the same
time be officers OF any one bank OF discount
or circulation, OF trust company; and no
cashier Of bank Of discount or circulation
shall be treasurer OF any savings bank having
over five hundred thousand dollars OF deposits.
SECTION 8. 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 OF bonds Of the United States, of
the northwestern states, to-wit: Ohio, Indi-
ana, Michigan, Illinois, Iowa, Wisconsin and
Minnesota, Of the authorized bonds OF any in
corporated city, village, town, or county in
the aforesaid northwestern states All other
loans shall be secured by mortgage OF unin-
numbered real estate, lying and situated in
the Aforesaid northwestern states No such
savings bank shall invest any part Of its de-
posts in 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 g. No such corporation shall buy
or loan any money upon any obligation ON
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 ~. such bank may receive on de-
post rom any one person, in his or her own
name, or the name Of another in one year, a
sum not exceeding one thousand dollars.
SECTION IL. The directors, managers, or
trustees, shall annually appoint not less than
two auditors, who shall not he directors,
managers, or trustees Of the corporation. who
shall examine the books, accounts and secu-
rites belonging to such society OF bank, and
make sworn statement showing the true
condition thereof, the total amount Of deposits.
the whole number Of depositors, thes largest
amount due 10 any one depositor, the amount
/ in loans on real estate securities, the amount
/ invested in stocks and bonds, the amount OF
funds on hand, the names of corporators,
trustees, and OF the other officers OF 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-
I ry OF state on or before the first day Of Febru-
airy OF each year.
SECTION II. Such corporation shall not
make and Issue any bill or promissory note TO
circulate as currency
SECTION Is. No corporatOr, trustee, direct
or, manager, nor any other officer, except the
/ treasurer, shall receive any COMPENSATION for
/ his services in the management OF such bank,
nor derive any emolument therefrom pro-
vlded, however, that the president may re-
celve Tor his services a sum not exceeding
! five hundred dollars, when the deposits shall
exceed five hundred thousand dollars.
| SECTION IA. 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. year on
/ their deposits. The surplus earnings above
said SIX per cent after reserving a moderate
sum for contingent fund, shall be divided
among the depositors as an extra dividend as
often as once in every three years.
SECTION 10 No trustee, director or man
ager OF such corporation shall be borrower
or surety Tor borrower Of any of its funds,
nor receive any money or valuable thing tor
negotiating, procuring, or recommending any
loan from such bank, nor for selling OF aiding
in the sale Of any stocks. bonds or Securities
TO such savings bank, and any such officer
who shall violate any provision of this section
shall forfeit TO the state one thousand dollars
SECTION is. The treasurer shall, al least
ten 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. and 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 H. The treasurer shall give bonds
with surety TO the acceptance OF the directors
or trustees in not less than ten thousand dol
lars, payable 70 said bank, said bond to be in
the custody Of the president thereof No
president, director or trustee shall be surety
in the bond Of such treasurer
SECTION IS Every corporation formed un-
der the provisions OF this act shall possess the
powers and be subject TO the provisions Of the
seventy eighth chapter OF the revised stat
utes so lar as the same may he applicable
SECTION l9. At the general election TO be
held on the Tuesday next succeeding the
first Monday in November, in the year eight
cen hundred and seventy-six, at the usual
places of holding such elections in this state.
ior the election OF all officers required by law
then and there 10 be eletced, the question
whether this act shall go into effect, or in any
manner be in force, shall be submitted to the
people, and If the same shall be approved by
majority Of all the votes cast on that subject
II shall 60 into effect and be in force from and
after the date Of said election, otherwise IL
shall not so into effect or in any manner be
in force.
SECTION 20. The votes cast on the subject
specified in the last preceding section, shall
be by separate ballot, and shall have written or
printed Oh each of them the words, "Por an act
TO incorporate savings banks, T" or, against
an act TO incorporate savings banks" which
words shall indicate the vote Of the elector
for or against the approval Of this act. and
the ballots so cast shall be canvassed and re-
turned IN the same manner as the votes cast
for state officers and required by law to be
oanvassed, and the secretary OF state shall
Immediately on the completion of said can
vass publish statement Of the result thereof.
in some newspaper printed at the seat Of gov.
eminent, and shall communicate the same to
the next legislature, at the commencement
Of its session, and he shall also deliver TO the
state treasurer certified copy Of this act, II
the same shall have been approved, and a
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 alter lis passage.
Approved March 10, 1916
Given under my hand and the great seal
Of the State Of Wisconsin, al the Capitol ia
Madison, this Cd day Of August, 1876,
PETER DOYLE,
Secretary OF State.
NOTICE is HEREBY GIVEN, That al the
General Election 10 be held in the several
wards, towns, and election precincts, in the
County Of Pierce, on the Tuesday succeeding
the first Monday, being the 7th day of No.
vember next, the following officers are 10 be