The Superior times. [volume] (Superior, Wis.) 1870-1912, 1897-05-15


Dond with surety TO the acceptance of the iii
period or three years from the date OF giving
the last bond The said bond shall forthwith
oe recorded NJ length in the books Of said say
iu=s a >o 1atloh which record shall at all times
pt SUBJECT 70 the inspection Of the hank commits
>!u-eC OK lie state II shall hr tn duty of The
t.rS''.'"l OF >atd savings association 10 safely
hrep the original bond = given Whenever. in
me judgment OF the board OF directors or tcEs-
80. VI Inc o"hN e0Mull SSlOner II Is necessary
i9r the security Of the deposltors the treasurer
SAaIL give new bond in such amount sad
board "r TIE bank commissioner shall require.
and with such sureties as may be approved Ne
pres dent. director or trustee shall be surety on
me pond Of such treasurer.
SECTION = No corporation, trustee. director
manager nor any other officer. except the treas
'eF' snail receive any compensation for his sery
Z derive any emolument therefroIu; provided how
t'g'. 'L4t the president may receive for his
services sum not exceeding i've hundred dol
dTed thousand dollars
.. s ,,. 10 70 trustee director or manager
- 81 y ~ loFali9n small hr borrower, or surety
Ior borrower. of any Of its funds nor receive
auF money or valuable thing Tor negotiating
plCSuLtAS or recommending any loan from such
ASSOCIATION. nor for selling or aiding In the sale
OF any stocks bonds or securities TO or by such
association. and any such uttcer who shall violate
any provision Of mis- section shall forfeit 10 the
state one thousand dollars.
section II. Such corporation shall not make
currency
Section -. Such association nay receive on
name. or in the name Of another in any one
year a sum nor exceeding one thousand dollars
section II ANY association organized hereun-
rr. nay employ not exceeding our-half of lis de
posts IN making loans on personal security. and
~ ~, puI adSr OF the public stock or bonds Of
.Io H'I"a states or Of the Northwestern states,
t9.WIt: ohio Indiana. Michigan. Illinois. Iowa.
Wisconsin and Minnesota. Or Of the aut hUrized
oouHs OF any incorporated city. village. town or
county or school district ia the aforesaid North
western states All other loans shall be Sc
%ured by mortgage on uuiucumbered real estate
states. No association shall invest any part OF
Its deposits in the stock OF any railroad com
pany' nor loan on. nor invest in any mortgage
on real estate. except such real eState 4S lies
in the aforesaid Northwestern states No loan
SAaII hA made upon real estate TO an amount
exceeding sixty per cent. Of the value thereof
aS determined upon 10y not less than a majority
OF me members II tie finance committee, who
- ~ 10y 10y. ttrlIE 10 me value OF the premises
70 ne mortEaged, according TO the best OF their
Judgment and such report shall be filed and pre-
seLNeu WIN Inc records OF the corporation.
Section a. No such corporation shall buy or
loan any money upon sny obligation on which
oi,'E one person or uTm shall be holden, without
addltlohai security for the same. equivalent to
me guaranty or Endorsement OF some other
Section -, All applications for loans shall he
MADE IN writing through the treasurer Of the
corporation who shall keep a record thereof
showing the date. name of applicant amount
asked for. and security offered. and he shall
cause the same 10 be presented IL the finance
Section 10. The income or profits Of every such
aSsoclII"h after deduction of all reasonable
expenses incurred in the management thereof,
and the amounts reserved for guaranty fund.
snail be divided among the depuSitors or their
hNeL by IT. bylaws Every such association
shall. before making any semi-anuual dividend.
reserve as guaranty fund from the net profits
which have accumulated during the SIX months
then next preceding. u equal to not less
man o., on"Ionrih Of one per cent nor more than
one per ,tiIl. pi the whole amount OF deposits.
unji such fund amounts 10 ten per cent. of the
whole amount of deposits. which fund shall be
thereafter maintained AMI held in tIat ratio To
meet losses IN its business from depreciation Of
'Nt ~ So. .ll' IS OF ",a"F" Sc.
'"n -. DfdlhaFy dividends snail he made
49, - months u tht PTohts are SuthcI"nt to
VA, 49, s ~ ~ alI sums WMch have been on
u't">l ~ 'T>S 'td IN months Immediately pre-
pILu pro Ia'a AZ the sane rate aS for the semi
annual prflod. except that no dividend shall be
I',l LO1 Inc fractional part OF month OF OF
S..tion 1e o,oo {, ,-- 60.
g non -. once IN every term or three years
SAID cuarantv fnn n over ana aI,SG
-, - I"tIH anu "l"lhaiF dl'ldruds
amounts 10 one per cent. Of the deposits which
lHrn next preceding, such net profits may be
divided among the depoSitors whose deposits
prrIn s nn 'a ar one yGIG AZ least then next
Section IL. 1t shall he lawful for such corpo-
ration to purchase hold and convey sn,h -,
this state 10 purcb..>.. boId and :,Dyar -
that such savings associations may purchase or
build a building in which to carry on lis own
business but shall NOT invest In tba lana md
hutldins a sum exceeding ten thousand dollars
except upon the consent and aDnrayaI Of No
bank commissioner. -
section 70 Every 9ssopiatfon Formed r.ro
under shall possess the bowers and ha s,,Hiat
10 the provisions of the general iIyrS -aI.,ffnr
to CORPORA lions 50 far ,s mo s4r.. r,,- a.. -
IIfrlhie and shall ha srlf..t 80 IN 's ~, ~
visions Of mis- act reIltir.r 10 rannrts e,,,ii,,
tons liuuidaffons movers ItahflftfaS ma f,r.
FIXTURES so far as the same NAV be 3nUJiratIa
ANY rorrn~. Nm, nv ,rr.,., i IlLi.' ~
ness as such savings assorigrj5n sbaII r t}I
business under this act and shall be subject TO
ali OF It's provisions
Section n. The directors managers or trTIs-
f. tees shall annually appoint not less than two
auditors, who snail not be directors. managers
or trustees of the corporation. who shall examine
the books. accounts and securities belonging Il,