Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-10-13
Continued from SUPPLEMENT-

association is to be carried on, one shall be
state, and one shall be deposited in the Of
fee of the hank commissioner.
Section 4 Such corporation shall have
ent with the laws Of this state or of the
United States, for the government of its
affairs, and such bylaws may prescribe the
and the terms on which payments of such
deposits shall be made to the depositors by
such institution, and the depositors shall
such bylaws which regulations Shall be
printed and conspicuously posted in the Of
fice of such corporation, so as to be visible
BUSINESS aesee ofice of the he association
Section 5. The corporators shall, at their
first annual meeting, elect by ballot from
directors which shall consist Of not less
than nine. who shall be divided into three
classes. as follows: One-third shall be
years, and one-third for three years. After
the election of the first board Of trustees
or directors, all subsequent trustees or oil
ing for the full term of three years. unless
elected to fill a vacancy, when, they shall
be elected to serve the unexpired portion OF
Section 6. The trustees or directors,
within ten days after their election. snail
elect from the members of their own poafd,
a president, one or more yice-preS1dentS,
treasurer and a secretary; the same per.
son may act as secretary. and. treasurer
they may also elect from their own mem
bers committee on finance; all SAID OF
fcers to hold their offices till others are
elected and qualified to fill their places
Section Z. No more than one ofhcer OF any
savings association shall at the same time
be an officer Of any bank or trust com,
pany; and no stockholder Of bank snail
be treasurer Of any savings association 1 on :.
bond for the faithful discharge of his du-
ties, with surety to the acceptance OF the
or esva n not to said
ton, and shall give new pond, WIN sure e.
ty to the acceptance of the directors OF
of three years from the date of giving the
last bond The said bond shall fortnWltn
be recorded at length in the books OF sald
savings association, which record sn ia. ~ ~
the bank commissioners OF the staee. Il
shall be the duty of the president OF salo
inal bond so given: Whenever. IN the
Judgment Of the board OF directors OF trus'
tees, or the bank commissioner, II is nee
essary for the security Of the deposltors,
the treasurer shall give a new bond in such
amount as said board or the bank commls-
sioner shall require, and with snen sure IS.
rector or trustee shall be surety on the
bond of such treasurer.
Section g. No corporator, trustee, dlrec.
tor manager, NJ any other officer, except
the treasurer shall receive any compensa..
ton for his services in the management OF
such association, nor derive any eri 43a u,
the president may receive for his services
a sum not exceeding five hundred DOLLARS
when the deposits shall exceed nve nun
bred thousand dollars
ager of such corporation, shall be Dor.
rover, or surety for borroWer, OF OF Way,1a a.
Bile thing for negotiating, procuring or rec
ommending any loan from such assoc1a11
ton nor for seng or aang i 't to or by
such association. and any such queer o N.Y.
shall violate any provision of this sectlon
shall forfeit to the state one Thousand ooi-
lars. 1,o,, not
Section H. Such corporation SHAH MOI
make and issue any bill or promlssory hote
to circulate as currency.
Section II. Such. association may receive
on deposit from any one person, IN ms OF
her own name, or in the name OF announcer,
n tho ars Gi6 dollars gEa1r O. sum '''
Section 13 Any association organized
hereunder, may employ not exceeding one
sonal security. and in the purchase OF t tne
nubic stock or bonds of the United states
or of the northwestern states, to-Wlt'
Ohio, Indiana, Michigan, Illinois, Iowa,
Wisconsin and Minnesota. or of the au-
thorized bonds of any Incorporated ely;
village, town or county, or school ulsli5 Il
IN the aforesaid northwestern states. All
other loans shall be secured by mortgage
on unincumbered real estate, lying ana pc
ing in the aforesaid. northwestern sta Ia IS
No association shall invest any part or It's
deposits in the stock of any railroad com
paI1v, nor loan on, nor invest in any mort
gage on real estate, except such real es 4a.5
as lies in the aforesaid northwestern
States, NO loan shall be made upon real
estate to an amount exceeding sixty per
cent of the value thereof as df1er df tSa
members of the finance committee, VINO
shall duly certify to the value OF the prem.
Uses to be mortgaged, accordlng 10 elae pg 10
filed and preserved with the records OF the
corporation. ,,1
buy or loan any money upon any oblIga11,
tion on which only one person or firm shall
be holden, without additional security for
the same, equivalent to the guaranty or
Endorsement OF some other responslOle
party. .,os for loans
shall be naade, in writing th l,ha sh All
Keep a record thereof, showing the date
name of applicant, amount asked Tor, ana
security offered. and he shall cause the
same to be presented to the fnance cofa-
Section 16. The income, or profits OF
every such association, after deductlon
of all reasonable expenses incurred in the
MANAGEMENT thereof, and the amounts re-
served for a guaranty fund, shall be divid-
ed among the depositors or their legal rep
fixed by it's bylaws, Every such assoc ,,a7
ton shall, before making any seml-annual
dividend, reserve as a guaranty tuna from
the net profits which have accumulated
during the six months then next preced-
ing, a sum equal to not less than one,
fourth of one per cent, nor more tha aas one
per cent of the whole amount of deposits.
until such fund amounts to a ten per Wien GGn5
fund shall be thereafter maintained and "a
held in that ratio to meet losses in It's
business from depreciation of the secur!-
Section II. Ordinary dividends shall be
made every six months II the profits are 7d
sufficient to warrant it, On all sums which
have been on deposit for less than SIX
months Immediately preceding the date OF
dividend. dividends shall be paid pro rata
at the same rate as for the sem LAM ha
paid for the fractional part of a month or
Of a dollar. 80.
years if the net profits accumulated, over
binary dividends amounts to one per cent
Of the deposits which have remained In IN
such corporation for one year then next
preceding such net profits may da be dyid re
mained therein for one year at least then
next preceding, as an extra dividend: ,oh
Section 10. It shall be lawful for sucn
corporation to purchase, hold and ., convey
s1ch real estate as banks are authorizeo
Nv tbe law Of this state tn r'lrc'>a-e. hn'd