Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-24

+ lis1y - - e 1,-5,aesI'
! Without additional security fer tire same,
! 3quIYalent TO the guaranty or iudors elaeut OF
/ ONE otherTesp0nsible party.
! SECTION Is. All applications for ]..7as shalA
| De made III writing, through the t.iaurer 0f
/ The corporation, who shall kec 3 record
| hereof, showing the date, name Of ss5es.icant,
amount asked for, and security of5rs-t and he
ahaI cause the same to be presented 10 the
/ nance committee.
SECTION is. The income or p~aF>s ~ evers
5qch association, sitter deductipn sis rcason~
/ able expenses incurred IN f!tn y ss,smens
thereof, and the amounts resorT 1,eT IS guar
anty fund, shall be divided af.s;@ .s..}o7iE-
Ors or their legal repTgsentats cett ,.sss..aliys
at the times fixed by its by-i-t *. 10y such
association shall, before loa:-jnr zeay semi
annual dividend, reserve s. a. s.-,zaety fund
from the net profits which hsyg' v~ fanlateta
during the SIX months then ....t ing, a
sum equal to not less than ia of one
per cent, more than one ~. IS T. 09 the
Wha1e amount of deposits ua:-D "a "a fund
amounts to ten per cent. of the -. III; fsaaDto
deposits, which fund shall Las t9.. { f9aiR~
tanned and held IN that ratio to meet Il ssS lih
or otherwise.
SEoTIoS II. Ordinary dividends shall b
made every six months if the profits ere suf6~
cient to warrant it, On all SUMS which have
been on deposit for less than SIX months inn
mediately preceding the date of Chi#i8ea:i, diRi-
dendS shall be paid pro rata at the same rate
as for the semiannuat period, except that nc,
dividend shafg be paid for the ftactiolsgI part Of
month or of a dollar
SECTION IS. Once in every term of f1ssele years,
If the net profits accumulated over s@3;5@ above
said guaranty fund and ordinary ,s&yiden6ss
amounts to one per cent. of the delnn>, which
have remained ia such corporation ftr ,es!5 year
then next preceding, such net profits ;4ay be,
divided among the depositors wf,o,r deposits.
remained therein for one year at least thezrnexS
preceding, as ansxtra dividend.
/ SECTION ~, 1t shall be lawful for such cor
operation to purchase, hold and convey Such
real estate as benks are authorized by fhelnw
of this state to'purchase, hold and convey ex.
5cept that suctR savings associations may purs
chase or build a' Building in which to carry oEs
ats own business; but shall not invest in te laRGf
and building a. sum exceeding ten thousands
dollars except Upon the consent and appruPG&s'
of the bank commissioner.
SECTION 20. Every association formed here-~
undershall possess the powers and be subject to-
the pfovisionsof general laws, relating to cor4
poratlons, so far as the may be applicable
and shall be subject to all of the provisions Og7
this act relating t0reports, examination liqui-
dations, powers liabilities and forfetures, So.
far as the same may be app4ica BILE. Any corpo-.
such savings association, SHALL continue bnsi-
ness under this act, and shall be subject to all OF
its provisions.
SECTION 81. The directors, managers or trus-
tees shall annually appoint not less than two
auditors, who shall not be directors, managers
or trustees.of the corporation, who shall exam
inc the books, accounts and securities belonging
to such associa tlon,. and make a sworn state
nent showing the true condition thereof, thB
deposltors, the largest amount due to any one
deposltOr, the amount invested in loans on READ
estate securities, the amount invested in stocks
and bonds the amount of funds on hand, the
names of the 'corporators, trustees, and of the
other officers of such institution on the first day
of January 0feach year, which statement shall
be kept on tie in the office of such association
and attested copy OF the same shall be for
warded to the bank commissioner, on or before
the first day ofFebruary OF each year.
CHAPTER v.
UNLAwEvn USE on TERM BANK, ETC.
SECTION j. Tt shall be unlawful for any per
fHka
word bank, 6 banking" or banker" or the
plural of any sach,words, in any other business,
or in connection with any, other business than
that of the buSinessof banks, private banks and
savings associations. Any person, co-partner-
ship or corporation so unlawfully using said
words or either of the4a shall forfeit the sum of
twenty-five dollars for each and every day said
person, co-partnership, corporation shall SO
unlawfully use said words, or either of them.
CHAPTER VI
MISCELLANEOUS.
SECTION l. The term bank, as used in this
act, shall be construed to mean any Incorporated
banking institution which shall have been in-
cOrporated under tho laws of this state, they
existed prior to the passage of this act and to
such banking institutions as shall hereafter be-
come Incorporated under the provisions of this
act. The terms private bank, private bank
or" or the plural of such terms, shall be con-
strued to mean any person, firm, association or
corporation who shall the words bank"
banking" or banking house," banker, or
the plural of any such words, upon any sign, adj
vertisement. or DESIGNATION Of any place of bnsl-
ness in this state or upon any poster, bill head,
draft, check, note or bill of exchange, or on any
form OF commercial paper, as title, sign, notice
or designation. or who shall receive money or
funds for deposit safe keeping as regular
business or who shall buy or sell exchange as a
regular business, and shall not be organized as
provided in chapter III. Of this act or shall not
be organized as a savings association, as pro-
vided in chapter Nv. of this act. The term
savings association shall be construed to mean
any corporation, organized pursuant to the pro
visions of the act forthe organization of savings
banks and savings societies. as such act existed
prior TO the passage of this act, or to such cor
pora tons as shall hereafter incorporate as
savings. associations under this act. The term,
lawful money! as used in this act, shall be
construed to mean all coin, United States notes,
treasury notes. gold certificates silver certif-
icates, national bank notes, and all other forms
of money issued by, or which may hereafter be
issued by under the authority of the United
States as acirculating medium, and shall also
be construed to, mean any form of certificate
which IS now. or may hereafter be declared to
be lawful money by any law of the United
States.
CHAPTER VII.
REVEALING CLAUSE.
SECTIoNl!, AL acts and parts OF acts Of WHICH
this act is amendatOry, and all acts or laws IN
consistent with the provisions of this act. are
hereby repealed.
CHAPTER VIII.
SUBMISSION TO ELECTORS.
SECTToN1. Thisact shall be submitted to the
electors of this state for their approval or dlsap
prova, at the general election to be held on the
Tuesday next succeeding the first Monday in
November in the year A. d. 1893. At said cleo
ton q ballot box shall be provided and kept by
the several boards of inspectors therefor for re-
ceiving the votes cast for or against this act
ne proper oIncefs shaI proVlde q separate PAL,
lot for the electors to vote upon this act. SAID
separate ballot shall contain, besides the usual
forms for the endorsement thereof, and upon tho
face thereof. the following words: Bank ing
law ballot then under said words the follow
ing words. :. For the revised banking law as
passed by the legislature OF 1891" Following
.i hon 81