Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-11-03

in which the operation of such association
IS 70 be conducted. One certificate shall
be filed in the office Of the register OF deeds
of the county in which the business of the
association is to be carried on, one shall be
deposited IN tie office OF the secretary o.
state. and one shall be deposited in the Of
fee OF the bank commissioner.
Section 4. Such corporation shall have
the power TO enact bylaws not inconsist-
ent 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 shah
be bound by the regulations enacted in
such bylaws, which regulations shall be
printed and conspicuously posted in the Of
flee of such corporation, so as TO be visible
and accessible to all persons visiting the
business Office Of the association.
Section 5. The corporators shall, at their
first annual meeting, elect by ballot from
their own number, a 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
elected for one year, one-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 di-
rectors shall be elected at the annual meet
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
the term they fill.
Section 6. The trustees or directors,
elect from the members of their own board,
a president, one more vice-presidents. a
treasurer and a secretary; the same per-
son may act as secretary and treasurer;
they may also elect from their own MEM
berS a committee finance; all said OIL
ficers to hold their offices till others are
elected and qualified to fill their places.
Section Z. Nomore than one officer OF any
savings association shall at the same time
be an officer o. any BANK or bsnt sba
be treasurer of any savings association
Section s. The treasurer shall give
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-
~ to the acceptance OF the directors or
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 books or SAID
savings association, which record snail az
all times be subject to the ms inspection OF OF
shall be the duty of the president OF said
savings association to safely keep the orig
inal bond so given. Whenever. IN the
judgment of the board of directors or trus-
tees or the bank commissioner, IL is rec
essary for the security of the depositors,
the treasurer shall give 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, d.
rector or trustee shall be surety on inc
bond of such treasurer.
Section g No corporator, trustee, direc-
tor manager, nor any other officer, except
the treasurer, shall receive any compensa-
ton for his services in the management OF
such association, nor derive any emou-
ment therefrom; provided however, t MAJ
the president may receive for his services
a sum not exceeding five hundred doilars.
when the deposits shall exceed 1--WE nun
dred thousand dollars
ager of such corporatiol shall he Dor
rover. or surety for borrower. OF any OF
its funds, nor receive any money or Valua-
BILE thing for negotiating procuring or rec
ommending anv loan from such assocla-
ton. nor for selling or aiding IN the SAFE %
anv stocks bonds or securities 70 or ny
such association. and any such o.hcer VINO
shall violate any provision OF TINS See'rpn
shall forfeit to the state one thousand DOL
Section II. Such corporation shall not
make and issue any bill OF promissorT note
to circulate as currency.
Section 70. Such association may receive
on deposit from any one person, IN ms or
her own name. or in the name OF another
in any one year, sum not exceeding one
thousand dollars
Section 10. Any association organized
hereunder, may employ not exceeding one
half of its deposits in making loans on per
sonal security. and in the purchase OF the
public stock or bonds OF the United states,
or of the Northwestern states states t9-wi a
Wisconsin and Minnesota. or of the au-
thorized bonds OF any Incorporated city,
village town or county, or school dlstrici
in the aforesaid northwestern states. All
other loans shall be secured by mortgage
on unincumbered real estate, lying and be-
ing in the aforesaid northwestern states
No association shall invest any part of lis
deposits in the stock of any railroad COM
pany, nor loan on nor invest in any mort
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 by not less than majority OF the
members of the finance committee, who
shall duly certify to the value of the prem
he mn gas rad according to best
of their Judgment, and such report shall he
fled and preserved with the records OF the
Section Il. No such corporation shall
buy or loan any money upon any ohliga.
tion on which only one person or firm shaH
be holden. without addiuonal security toi
the same. equivalent to the guaranty OF
Endorsement of some other responsible
Section Is. All applications for loans
shall be made in writing, through the
treasurer of the corporation who SHAH
keep a record thereof, showing the date
name OF applicant amount asked for. ana
security offered and he shall cause the
same to be presented to the finance COM
Section le The income or profits OF
every such association, after deduction
Of all reasonable expenses incurred IN the
management thereof and the amounts re-
served for guaranty fund, shall be diNld-
ed among the depositors or their legal rep
resentatives serni-annnallY. at the times
fixed by its bylaws. Every such associa,
ton shall before making any senl-annual
dividend reserve as a guaranty fund from
the net profits which have accumulated
during the six months then next preced-
ing a sum equal TO not less than one
foul tn 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 depositts. which
fund shall he thereafter maintained a"d
held in that ratio to- meet losses in It's
business from depreciation of the securi-
ties or otherwise.
Section Il Ordinary dividends shall he
made every six months 4 the profits are
sufficient to warrant it. On all Suns which
have been on deposit fo~ Ices thar 81.
months Immediately preceding the date OF
dividend. dividends shall be paid pro rata
at the same rate as for the semi-annuai
period except that no dividend shall he
paid for the fractional part of month or
of dollar.
Section IS once in every tern IF three
years II the net profits accumulated over
and above said guaranty fund and or
binary dividends amounts to one Der 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 deoosits re-
mained therein for one year at least then
next preceding as an extra dividend
Section 10. It shall be lawful for such