River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-05-18
February u, 1876.
Published April |, 1861
nH A DTLD nnH

approved FEBRUARY ~, 1870.
Published April /, 1876
CHAPTER 3Sl.
AN ACT to confer on certain associations OF
the citizens OF the state Oi Wisconsin, the
powers and lmmunitieS of corporations and
bodies polite in law
| The people OF the state OF Wisconsin. repre-.
sented in Senate and Assembly, do enact As
follows:
Section l. AT any time when FIVE or more
! persons may desire to form mutual savings
/ iund, loan or building association under the
] provisions OF this act, they shall make and
/ subscribe q certificate Of organization, and
shall file tue same in the Office of the clerk OF
the circuit court OF the county in which they
intend to carry on the business OF such cor.
porauon, and such certificate shall specify:
LIST. The name assumed by such association,
ana by which it shall DO known
"a. The amount Of its capital.
sd The city, village or town in which such
! association designs 10 carry on its cooperative
business; and upon filing sucn certificate as
hereinbelore provided, the persons subscrib-
lng the same may exercise all the corporate
powers and privileges conferred, and shall he
subject 10 all the liabilities OF this act pro.
eided, that no charter granted under or by
virtue OF the provisions of this act shall be
for longer term than twenty (2O) years
Section 2. The capital stock OF any cor
poration created by virtue OF this act, shall al
no time consist OF more than two Thousand
nve hundred (2,50Ol shares, OF two hundred
dollars $4,000 each, the instruments on which
stock are TO be paid AT such time and place as
the by laws shall appoint, no periodical pay.
ment to he made exceeding two dollars t$0,
ON each share, Every share of stock shall be
subject toa lien Tor the payment of upad
instalments and other charges incurred there
on, under the provisions OF the charter and
bylaw, and the bylaw may prescribe the
| form and manner OF enforcing such lien New
shares OF stock may he issued in lieu of the
shares withdrawn or forfeited the stock may
he issued III one or IN successive series, IN
| such amount as the board of directors or the
stockholders may determine, and any stock
| holder wishing 10 withdraw from the said
corporation stall have power to do so by
giving thirty (30) days notice of his or her
intention TO withdraw, when he or she shall
be entitled TO receive the amount paid in by
him OF her, and such proportion of the profits
az the bylaws may determine, less all fines
| and other charges provided that at no time
| shall more than one hsli OF the funds ia the
treasury ~ the corporation be applicable to
the demands OF Withdrawing stockholders,
without the consent of the board OF directors,
and that no stakeholder shall be entitled To
withdraw whose stock is held in pledge for
security. Upon the death OF stakeholder,
his or her legal representative shall be ell.
| titled IT, receive the full amount paid in by
| him or her, and legal interest thereon, first
deductlug all charges that may be due on the
stock no lines shall he charged to a deceased
members account from and after his or her
| deceaSe, unless the legal representatives of
such descendant assume the future payments
| on the stock
| section ). The number, titles, functions
and compensation Of tue officers OF any cor.
| plfaton created 10y virtue OF this act. their
terms OF office, the time Of their elections. as
well as the qualifications OF electors, and the
ratio and manner of voting, and the periodical
| meetings of the said corpol alton shall he DE-.
| termined by the bylaws
Section 4. The said officers shall hold
stated meetings; at which the money in the
treasury, II over two hundred dollars (S2OM
shall be otfeie ed for loan in open meFtlng, and
| the stockholders who shall bid the highest pre-.
MUM for the preference or priority Of loan
shall be entitled 10 receive a loan OF two hun.
dred dollars (S2O0) or more Tor each share O
stock held by such stakeholder: propided
that stakeholder may borrow such fractional
part OF two hundred dollars (o2e0) as the by.
| laws may provide, and good and ample setIIr.
ity shall be given by the borrower to secure
| the re- payment OF the loan. In case The Dor.
rover shall neglect TO offer security, or shall
oner security that Is not approved by the
board OF directors by such time as tile by.
laws may prescribe, he or she shall be charged
with one months Interest, together with any
expenses incurred, and the money shall be
! re-l0lned at the next stated meeting In case
! OF non payment OF instruments or interest by
borrowing stockholders tor the space OF SIX
months, payment OF principal aud interest,
without deductiDg the premium paid or inter-
| est thereon, may be enforced by proceeding
on tier securities according to law.
Section B. A borrower NAV repay loan al
any time, and in case OF the repayment there
\ OF before the expiration OF the eighth wear
after the organization OF the corporation, there
shall be refunded TO such borrower one eighth
OF the premium paid, Tor every year OF the
said eight years then unexpired; and in case
| Of recovery OF loans by process of law, when
the amount collected by or distributed 10 the
'aid corporation shall exceed the amount OF
loan taken by the borrower with interest and
/ charges, the money shall be re-loaned al he
next stated meeting, aud the excess recovered
| beyond the amount required to pay the loan,
with the interest and c,arges, shall Ne return
ed TO the borrower from whom the money
wascollected, or his legal representatives: pIo-
Dided, that in case the sad co. rnration snail
have issued its stock in series, sucn re-Ioan
| shall be made only TO the stockholders of the
same series; and prOpided, that II the premium
offered for the re-loan shall be greater than
that originally given by the defaulting Dor
rover, the amount OF the original premium
/ GOfI0fa-
ton; and provided, that such defaulting bor-
J rover may at any time after said re-lOaning,
! demand from said corporation the amount
| required % be paid 10 a stakeholder with
drawing his stock, saving and excepting, how
ever, to the said corporation the right 20 retain
so much OF the whole thereof, as may be re.
| quisie 10 save Il from loss, in case the amount
recovered shall not suffice TO pay the re. loan
| Section No premiums fines or jnteres 4
/ Ia ba
said corporation. according 10 the provisions
OF this act, shall he deemed usuriou,, and the
same NAV I've collected as debts ei like amount
are now collected by law in this state.
Section 2. No corporation or association
| created under this act, shall cease or expire
| from neglect ON the part Of the corporation TO
| elect officers At the time mentioned i'm their
charter or by-laws, and all officers elected by
such corp ration shall hold their offices until
| their Successors are duly elected
| Section =. Any savings fund, loan or build
| ing association incorporated 10y or under this
act is hereby authorized and empowered 10
purchase At any sheriff = or other judicial sale,
or at any other sale, public or private, any
real estate upon which such association may
have OF hold any mortgage, judgment, lien or
| other incumbrance or ground rent, or in
winch said association may have an interest
and the real estate 50 purchased, TO sell, con
| vey, lease or mortgage At pleasure, 10 any per
son or persons whatsoever.
| Section Q. All acts or parts OF acts contra
vening the provisions Of this act are hereby
repealed
section 10. This act shall take efieo, and be
IN force from and alter rs passage and publiea-
ton
Approved March 10, 1916,
Published april I, 1851
/ fu pWEp Q44