Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-11-03
thaf L Eh ~.
SAVINGS ASSOCIATIONS.

SECTION |. ANY number of persons not les,
than twenty, nor more than fifty, may unite for
the purpose Of organizing an association to
receive on deposit tie savings OF laburers, me-
chauics, farmers servants, minors and others
and TO loan the same for the benefit of such
depOsiturs three fourth pf suclI number OF
persons or corporators shall reside In the county
where the pro posed association is TO be located.
SECTION 2 Every such association may. at
any annual meeting, by majority Of at lea
two-thirds of those present elect by ballot any
citizen OF the county wherein the association l.
located, or OF any adjoining county 10 be .
member thereof Any member falling 10 attend
such uuu-attendAnce may toe deemed equivalent
20 resignation. and bis place may be filled IN
lhe usaai manner. The association may illl
vacancies aud add 10 their number from time
tg time. rs they NAV desire.
SECTION g. They shall make, sign and ac.
knowledge in tripllcate, a certificate IN writing,
ia which shai' bo stated the name Of such as.
ISOLATION, The ma mes of the corporators with the
residence at each, tbs name uf the city village,
town and county IN which the operation 81 such
association Is to Toe conducted. One certificate
shall be fled in the office Of the register % deeds
oi the county 70 which the business Of the asso-
citation IS 10 be carried on, one shall be de-
posted IN the office of the secretary Of state,
and one shall b. deposited in tho office Of he
bank commissioner.
SECTION a. Such corporation shall have tho
power TO enact bylaws, not inconsistent with
the laws OF this state or Of the United States,
Tor the government Of IT, affairs, and such by
laws may prescribe the conditions on which dc.
posts Slhl DE maze, ana the terms winch
payments OF such deposits shall bo made 10 the
drpOsitnrs bF such Institution. and the depn-i.
tors shall be bound by the regulations euactcd
ia such bylaws, which regulations shall be
printer aud conspcuously posted 10 the office
OF such corporation, 90 as 10 be visible aud Hc.
cessihe 20 all persons visiting the business 81
flee Of the association.
SECTION , The corporators shall at their
FIRST annual meeting, elect by ballot from their
own nuubor, board of trustees or directors.
which shah consist of not less than nine, who
shall be divided Into three classes, as follows;
One.third shall be elected for one year, one
third for two years, and one third for three
YEATS, After the election Of the first board OF
ffH-tpe- or directors, all subsequent trustees or
directors shall be elected at the annual meeting
Tor tine fan term ~ thrre years unless elected 70
on q vacancy. when they shall be elected 20
serve he uuexutted portion Of the term they Oh
SECTION q. The trustees or directors, within
ten dat. after their lection shall elect from tir
members 81 their own board, president. ono u
more ticr-presiieuts, treasurer and a secfe
targ, the same person may act Ms secretary and
treasurer they may also elect from their own
memurrs committee on finance all SAID Oh
Gers % hold their Offices till Others are elected
snd quail Aed TO OIL their places.
SECTION Z. No moro than one officer Of any
sa wings association shall at the same time be
an officer Of ans bank or trust company. aud no
stockhoider Of bank shall be treasurer Of any
SAVINGS association.
SECTION 8. The treasurer SHAH give bond
for the faithful discharge OF his duties, with
surety 20 the acceptance Of the directors ar
payable 70 said association, aud shall giss =
resi- nugd. with surety 10 the acceptance OF the
directors or trustees, as often az once In every
period Of three years from the date OF giyino the
last bond The said bond shall forthwith be
recorded at length Ia the books Of said ~ wings
association, which record shall at all times be
subject 10 the j.. 5ection If the bank commits.
siuner Of the state. 1t shall be this duty Of the
president Of said savings association 70 sfely
seep the original bond go given. Wheneysr
~ the judgment OF the board Of directors or
trustees or the bank commissioner. IL IN neces
sary for the security Of the oepositors the treas
urer shall give a new bond in such amount A.
said board or the bank commissioner shall 70.
quire. and with such snreties as may be sp-
proved. No president, director or trustee shall
be surety on the bond Of such treasurer
SECTION 8. No corporator, trustee, director,
manager nor any other officer, except the trea-.
nrer, shall receive any com peusation for his ser
vices in the management OF such sssocia tiou.
nor derive any emOlument therefrom provided
however, that the president may receive for his
ssrvioes . sum not sIoeedins i've hundred dol
'srs, when the deposits shall exceed five hundrs>
tn ousand dollars.
s1sc--eS 10. No trustee director or manager
II ,rporation, shall be a borrower OF
surety for a borrower, Of any OF its funds nor =.
csiYs any money or valuable thing Tor neRotiat
iuR, procuring or recommending any loan from
such association, nor for selling or aiding 10
the sale ~ any stocks bonds Or securities 70 OF
by such association. aud any such officer eho
shall violate any provision 81 this section shsl
forfeit 70 the state one thousand dollars.
SECTION H. such corporation shall not make
aud sue any bill or promissury note 70 eircu
la'~ az currency.
SECTION ~ such association may recs.v ou
deposit from any one peraO- ir his or her oRu
gHG1s. Or ia the name Of another, Ia any one
rear. q sum not exceeding one thousand dollars.
SECTION 10 Any szsI stnou Organized here
under, may employ noi sxoeedinR oue-haH of
It's deposits 40 making hans ca personal -