River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-09-28

and savings societies.
! The people OF the State Of Wisconsin, I epre-
scented ia senate and assembly, do enac AS
| follows:
SECTION /. Any number of persons. not
| less than twenty, may unite for the purpose
| of organizing an association to receive ON de-
post the savings of labOreTs, mechanics,
| farmers, servants, mlRors and Others and to
lOan the same Tor the benefit OF such deposit
Ors 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 naInes OF the cOrpO-
rat0rs, the name OF the city, village, town and
county i'll which the operation OF such asso-
citation is to be conducted.
SECFIoS .. such certificate shall be filed
in the office OF register OF deeds OF the county
in which tn business ri the association is TO
lie conducted, and duplicate thereof shall
be deposited in the office OF secretary OF state
SECTION .. SHch corporation shall have
lower Ia enact bylaws for the government OF
its affairs, snd such bylaws may prescribe
the condition on which such deposits shall he
made and the terms on which payments shall
be made TO the depositors by such institution,
and the depositors shall lie bound by the con-
ditiohs enacted in such bylaws, which shall
be printed and conspicuously pos ted in tie OF
fee of such corporation.
SECTION 4. The cOrporatOrs shall annually
elect by ballot a board of trustees, which shall
consist of not less than ten.
SECTION 8. This trustees of directors, within
ten days after their election, shall elect from
the members OF their own board president,
one or more presidents a treasurer and
a secretary; they may also elect from their
own members committee ON finance, all
said officers to hold their Offices till others
are elected to fill their places.
SECTION o. Ii shall be lawful for such cor
pOratiOn 10 purchase, nOld, and convey such
real estate as banks OF discount and cIrcula-
tion are authorized 10y laws OF this state to
purchase, hold, and convey.
| SECTION Z. No more than three officers of
amy savings association, shall at the same
time be officers of amy one bank of discount
or circulation, o. trust company; and no
cashier OF bank of discount or circulation
shall be treasurer OF any savings lank having
over i've hundred thousand dollars ofdepoSits.
SECTION s. ANY savings bank organized
under this act may employ not exceeding
| One-half its deposits In making loans on per
sOnal security, and in the purchase OF the
public stocks or bonds efthe United states, of
the northwestern states. tO-wit: Ohio, Iudi-
ana, Michigan, Illinois, Iowa, Wisconsin and
| Minnesota, of the authorized bonds of any IN
cOTpOrated city, village, town, or county in
the aforesaid northwestern states. All other
loans shall he secured 10y mortgage OF unin-
numbered real estate, lying and situated in
the aforesaid northwestern states. No such
savings hank shall invest any part of its de-
posts in the stock of any railroad company,
real estate, except in such real estate AS lies
| in the aforesaid northwestern states.
| SECTION 9. No such corporation shall buy
| or loan any money upon any obligation on
which only one person or firm shall he holden,
without additional security for the same,
equivalent to the guarantee or Endorsement
oi some other responsible party.
SECTION 10. Such bank may receive on de-
post from any one person, III his or her own
name, or the name OF another in one year, "a
III.
! 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 or hank, and
make sworn statement showing the true
condition thereof, tho total amount of deposits
the whole number Of depOsitOrs, thei largest
amount due TO 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 corpOratOFs,
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 be forwarded 10 the secreta-
! nv Of state on or before the first daV 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 10. No corporator, trustee, direct
or, manager, nor any ether officer, except the
| treasurer, shall receive any compensation tor
his services in the management OF such bank,
nor derive anY emolument thereirom pro-
vided, however, that the president may re-
ceive Tor his services sum not exceeding
five hundred dollars, when the deposits shall
exceed five hundred thousand dollars
SECTION II. The net income actually earn
ed 10y any such association shall lie divided
seni-aimu,lly among its depositOrs To an
amount not to exceed six per cent. a year nn
the1. deposits. The surplus earnings above
said six pr cent after reserving 4 moderate
sum for a contingent fund, shall lie 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 a borrower
or surety for a borrower Of any of its funds
nor receive any money valuable thing Tor
negotiating, procuring, or recommending any
loan from sach bank, nor for selling or aiding
III the sac ~ any stocks, bonds or securities
10 such savings bank, and any SUCH officer
who shall violate any provision OF tins section
shall forfeit TO the state one thousand dollars
SECTION Is. The treasurer shall, at least
ten DAYS before each meeting of the CORPORA
tiers, mail or deliver to each a written or
printed notice OF the day and hour OF holding
such meeting, and il he shall ne glect 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 Ia. The treasurer shall give bonds
with surety 10 the acceptance OF thc directors
or trustees in not less than ten thousand dol
lars, payable to said hank said bond to be ia
the custody of the president thereof. No
president, director or trustee shall be surety
in the bond Of such treasurer.
SECTION Is. Every corporation OrIned un-
der hle provisions OF this act shall possess the
powers and be subject To the provisions OF tho
seventy-eighth chapter OF the revised stat
utes so far - tie same may lie applicable.
SECTION 10. At the general election to be
held on the Tuesday next succeeding the
first Monday III November, in the year eight
cen hundred and seTenty-sX, at the usual
places OF holding such elections in this state,
tor the election OF all officers required by law
then and there TO be clcteed, the question
whether tins act shall go into effect, or in any
manner he in force, shai! be submitted to the
people, and if the same shall lie approved by
a majority OF all the votes east on that subject
II shall 90 into effect and lie in force from and
after the date OF said election, otherwise it
shall not go into effect or in any manner lie
in force.
SECTION 90. The votes cast on the subject
specified in the last preceding section, shall
he by separate Lallot, and shall hayewritten or
printed on each Of them the words, "F0r ain act
to incorporate savings hanks, " or, "Against
an act To incorporate savings banks" which
words shall indicate the vote of the eleetOr
Tor or against the approval OF this act, and
the ballots so cast shall be canvassed and re-
turned III the same manner as the votes east
for state officers and required by law to lie
canvassed, and the secretary OF state shall
on the completion Of said can
vass publish statement Of the result thereof,
III some newspaper printed at the seat OF gov
and shall communicate the same to
the next legislature, at the commencement
OF its session, and lac shall also deliver to the
state treasurer a certified copy OF this act,
the same shall have been approved, and a.
OF the result Of the canvass on tho
subject, Immediately alter the completion OF
said canvass.
SECTION 81. This act shall take effect and
be in force from and alter its passage
Approved March 10, 1876
Given under my hand and the great seal
Of the State Of Wisconsin, at the Capitol In
Madison, this Cd day Of August, 1876.
PETER DOYLE,
Secretary OF State