Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-13

laws may prescribe the conditions on which ~
posts shall be made, and the terms on which
! payments OF such deposits shah be made Il, the
depoSltOrS by such Institution. and the t?eDoSi-
tors shall be bound by the regulations enactad
IN such by-saNs, which regulations shall be
printed ana cOnSplcuOuSly posted in the offlca
OF such corporation, 50 as to be visible and ac-
ceSslble to all persons visiting Che business Of
ice of the association.
! SECTION 3 The corporators shall. at tbair
hTst annual meeting, elect b. ballot from their
own number, board of trustees or directors
which shall consist of not less than nine who
shau oe divided into three classes. as follows
One-thlrd shall be elected for one year ono
! third for two years, and one third for three
years. After the election of the first board of
trustees or directors all subsequent trustees or
directors shall be elected at the ANIMAL r,zetDo
FOR the full term of three years unless elected to
| I'LL a vacancy. when they shall be elected to
serve the unexplred portion of the term they fill
| SECTION o. The trustees or directors, within
ten days after their election. shall elect from the
members OF their own board, q president, one or
| more Vlce-preSIdentS, a treasurer and a secre-
| tary; the same person may act as secretary and
| treasurer; they may also elect from their own
| members committee on finance: all said Off.
GERS to hold their offices till others are elected
and qualified to fill their places.
! b SECTION Z. No more than one officer of anv
! savings association shall at the same time be
| an officer OF any bank or trust company: and no
| stockholder of bank shall be treasurer of any
savings association.
| SECTION s. The treasurer shall give a bond
| for the faithful discharge of his duties, with
| surety to the acceptance OF the directors or
|
payable to said association and shall give a
new bond, with surety TO the acceptance of the
| directors or trustees, as often once in every
period OF three years from the date of giving the
last bond. The said bond shall forthwith be
| recorded at length in the books of said savings
| association, which record shall at all times DO
| subject 20 the inspection Of the bank commits
| SiOuer of the state. 1t shall be the duty of the
| president of said savings association to safely
! keep the original bond 50 given Whenever,
! in the Judgment of the board of directors or
fNs.r,1
sary for the security of the depositors, the treas
| urer shall give new bond in such amount as
| said board or the bank commissioner shall re-
| quIre, and with such suretieS as may be APP
! proved. No president, director or trustee shall
| be surety on the bond of such treasurer.
| SECTION 9. No cOrporator, trustee, director
| manager, nor any other officer EXCEPT the treas
| urer, shall receive any compensation for his SER
| vices IN the management of such association,
| nor derive any emolument therefrom; provided
| however, that the president may receive for his
| services sum not exceeding five hundred dol
| lars, when the deposits shall exceed five hundred
| thousand dollars.
SECTION 10. No trustee, director or manager
| of such corporation, shall be a borrower, or
surety for borrower, of any of its funds, nor re-
ceive any money or valuable thing for negotiat t.
| Ing, procuring or recommending any loan from
| such association, nor for selling aiding in
| the sale of any Stocks bonds or securities to or
by such association, and any such officer who
shall violate any provision of this section shall
| forfeit to the state one thousand dollars.
SECTION II. Such corporation shall not make
| ana issue any DILL or prOmiSSOry note to clrcu-
| late as currency.
SECTION Z. Such association may receive on
| deposit from any one person, in his or her own
name, or IN the name OF another, in any one
| year, sum lot exceeding one thousand dollars.
| SECTION ID. Any association organized here
under, may employ not exceeding One-half of
Its deposits IN making loans on personal Sc
! curIty, and IN the purchase of the public stock
| or bonds of the United States, or of the north
! western states, to-Wlt: Ohio, Indiana, Michi-
gan, Illinois, Iowa, Wisconsin and Minnesota,
or OF the authorized bonds of any incorporated
CITY, village, town or county, or school district
| IN the aforesaid northwestern states. All other
| loans shall be secured by mortgage on min
c9moered real estate, lying and being in the
| aforesaid northwestern states. No association
snaI invest any part of its deposits in the stock
OF any railroad company, nor loan on, nor invest
IN any mortgage on real estate, except such
! real estate 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 determined upon hy not loss
| than a majority of the members of the finance
| committee, who shall duly certify to the vaIue
| OF the promises to be mortgaged, according to
| the pest or their judgment, and such report
| the corporation.
SECTION II. No such corporation shall buy
or loan any money upon any obligation on
which only one person or firm shall be holden
without additional security for the same
| equivalent to the guaranty or indorsement of
some otherrespOnsible party.
/, SECTION ID. All applications for loans shall
De made IN writing, through the treasurer of
| IIle corporation, VINO shall keep n record
| thereof, showing the date name of applicant
amount asked for, and security offered and he
shall cause the same to be presented to the
| finance committee.
SECTION IS. The income or profits of every
such association, after deduction of all reason
aoIe expenses incurred IN the management
| thereof, and the amounts reserved for guar
anty fund, shall be divided among the deposit-
orS or their legal representatives semi-anpuaIly
at the times fixed by its bylaws. Every such
association shall, before making any semi
| annual dividend, reserve as a guaranty fund
from the net profits which have accumulated
| during the six months then next preceding y
sum equal to not less than one-fourth of one
| per cent, nor more than one per cent of the
whole amount OF deposits, until such fund
amounts to ten per cent Of the whole amount %
| deposits, which fund shall DO thereafter main
tanned and held in that ratio. to meet losses in
| It's business from depreciation of the securities
SECTtoN II. Ordinary dividends shall be
| made every SIX months if the profits are suffi-
eIent to WarraLtit. On all sums which have
| been on deposit for less than six months i'm
| med!ately preceding the date of dividend, divi-
| dends shall be paid pro rata at the same rate
as toF the senI-annual period, except that no
dividend shall be paid for the fractional part of
! q month of a dollar
SECTION Is. Once in every term of three years,
! If the net profits accumulated over and above
SAID guaranty fund and ordinary dividends
amounts to one per cent of the deposits which
| have remained in such corporation for one wear
| tnen next preceding, such net profits may be
divided among the depositoFS whose deposits
remained therein for one year at least then next
preceding, as an extra dividend.
SECTION 49, 1t shall be lawful for such cor
poratlon to purchase, hold and convey such
real estate as banks are authorized by the law
OF this state to purchase, hold and convoy ex-
cept that such savings ASSOCIATE tons may pur-
chase or build building in which to carry on
ITS own business, but shall not invest in the land
and building sum exceeding ten thousand
dollars, except upon the consent and approval
OF the bank commissioner.
SECTION 70 Every association formed hero
under shall possess the powers aud be subject to
the prOvlslOnsof the general laws relating to cor
poratlons, so far as the same may be applicable
ana shall be subject to all of the provisions of
TINS act relating to reports, examina tons liqui-
datlOns, powers, liabilities and forfeitures, so
far as the same may be applicable. Any corpo-
ration now organized and doing business as
such savings association, shall continue bnsi-
ness under this act, and shall be subject to all of
its provisions.
SECTION p. 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
70 such association, and make a sworn state
nent showing the true condition thereof, the
total amount OF deposits, the whole number of
deposItors, the largest amount due to any one
uepOSltor the amount invested in loans on real
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 of each year, which statement shall
be kept on file in the Office of such association
and an attested copy of the same shall be for
warded to the bank commissioner, on or before
the first day of February of each year.
CHAPTER Y.
UNLAWFUL USE OF TERN BANK ETC,
SECTION /. It shall be unlawful for any per-
son, cO-partneTSliD or cOrDOTa tiOu tn rtso tho