Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-10-27

deposited in tie office of the secretary of
sta e. and one shall be deposited in the 81
nee OF the bank commissioner.
Section T. Such corporation shall have
the power to enact bylaws not inconsist-
snt with the laws Of this state or of the
United States, for the government of its
affairs, and such bylaws may prescribe the
conditions on which deposits shall be made.
and the terms on which payments of such
deposits shall be made TO the depositors by
such institution, and the depositors shall
be bound by the regulations enacted in
printed and conspicuously posted In the Of
fee of such corporation, so as 10 be visible
and accessible to all persons. visiting the
business offsce Of the association.
Section s. The corpora tors shall, at their
first annual meeting. elect by ballot from
their own number. board of trustees or
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 d.
rectors shall be elected at the annual meet
ing for the full term of three years, unless
elected 10 fill q vacancy. when they shall
be elected to serve the uneXpired portion OF
the term they fill.
Section 6 The trustees or directors,
within ten days after their election. shall
elect from the members of their own board,
a president, one or more Vlce-presidents.
treasurer and a secretary; the same per-
son may act as secretary and treasurer
they may also elect from their own MEM
hers a Committee on finance: all said Of
ficers to hold their offices till others are
elected and qualified to fill their places.
Section Z. Nomore than one ofiicer OF any
savings association shall at the same time
be an officer of any bank or trust com.
pany; and no stakeholder of bank shall
be treasurer of any savings ASSOCIATION
Section s. The treasurer shall give a
bond for the faithful discharge of his du-
ties. with surety to the acceptance OF the
directors or trustees. in not less than ten
thousand dollars, payable to said associa-
ton. and shall give new bond, with sure
trustees, as often as 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 DOCKS OF salu
savings association, which record shall at
all times be subject to the Inspection OF
the bank commissioner of the state it
shall be the duty of the president or sald
savings association to safely keep the orig
inal bond so giver. Whenever. IN the
judgment of the board of directors or trus-
tees, or the bank commissioner, II is nee
essary for the security of the depositors.
the treasurer shall give a new bond In such
amount as said board or the bank commits
sioner shall require, and with such sure
ties as may be approved. No president o.
rector or trustee shall be surety ON tho
Section 9, No corporator. trustee, direc-
tor manager, nor any other officer, except
the treasurer. shall receive any compensas
ton for his services in the management OF
such association, nor derive any emoiu-
ment therefrom; provided, however, thal
the president may receive TOT ms se s,,ts
d
when the deposits shall exceed nVe nun
bred thousand dollars
Section 10; No trustee, dlrector OF l ite.
ager of such corporation. shall be DOT.
rover. or surety for a borrower. OF any OF
its funds nor receive any money or Nalua-
BILE thing for negotiating, procuring or rec
ornmending anv loan from such associa-
ton nor for selling or aiding IN the SAFE OF
any stocks, bonds or securities 10 or ny
such association. and any such otflcer VINO
shall violate any provision of this section
shall forfeit to the state one thousand dol
lars. ~
make and issue any bin or promissory note
to circulate as currency -, ,ooo,,,o
on deposit from any one person, in his or
her own name or in the name of another,
in any one year, sum not exceeding one
Section 1S. Any association organized
hereunder, may employ not exceeding one
half of its deposits in making loans on per-
public tock or bonds of the United States.
or of the northwestern states, to-Wlt'
Ohio, Indiana, Michigan, llIino OF IOWA wa.
thorized bonds of any Incorporated city,
village, town or county, or School dlstrlct
in the aforesaid northwestern states. All
other loans shall be secured by mortgage
on unincumbered real estate, lying ana De-
ing in the aforesaid northwestern states
No association shall invest any part OF IT'S
deposits in the stock of any railroad COM
pany, nor loan on, nor invest in any mort
gage on real estate. except such real estate
states No loan shall be made upon real
estate to an amount exceeding sixty per
cent Of the value thereof, as deter m asa
members of the finance committee, VINO
shall duly certify to the value of the prem
ises to be mortgaged, according to the best
of their Judgment and such report shall be
filed and preserved with the records OF the
corporation.
buy or loan any money upon any obliga-
ton on which only one person or firm shall
be holden. without additional security TOT
Endorsement of some other responsible
party.
shall be made in writing. through the
treasurer of the corporation. who shall
keep a record thereof. showing the date
security offered and he shall cause the
same to be presented to the finance COM
mttee.
every such association, after a deduction
of all reasonable expenses incurred IN the
management thereof, and the amounts re-
ed among the depositors or their legal rep
resentatves semi-annually, at the times
fixed by its bylaws Every such associa-
ton shall before making any semi-annuai
dividend, reserve as a guaranty fund from
the net profits which have accumulated
during the six months then next proceed
ing a 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 of deposits which
fund shall be thereafter maintained and
held in that ratio to meet losses In Its
business from depreciation of the securi-
ties or otherwise.
Section IL Ordinary dividends shall be
made every six months If the profits are
sufficient to warrant IT, On all sums which
have been on deposit for less than sly
months Immediately preceding the date OF
dividend dividends shall be paid pro rata
at the same rate as for the semi-annual
period. except that no dividend shall he
paid for the fractional part Of month or
of dollar.
Section ls Once in every term Of three
years if the net profits accumulated, over
and above said guaranty fund and or
binary dividends amounts to one per cent
Of the deposits which have remained IN
such corporation for one year then next
preceding such net profits may he divided
among the depositors whose deposits re-
manned therein for one year at least then
next preceding, as an extra dividend.
Section IS. 1t shall be lawful for SUCH
corporation TO purchase. hold and convey
such real estate as banks are authorized
by the law of this state TO purchase, hold
and convey except that such savings as
sociations may purchase or build build
ing in which to carry on its own business,
but shall not invest in the land and build
ing sum exceeding ten thousand dollars.