Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-01


the laws OF this state or of the United States.
for the government of its affairs. and such by
laws may prescribe the conditions on which de-
/ poslts shall be made. and the terms on which
/ payments of such deposits shall be made 10 the
depOsltors by such Institution. and the deposit
tors shall be bound by the regulations enacted
In such bylaws, which regulations shall be
printed and conspicuousiy posted in the office
OF such corporation, SO as to be visible and ac-
cess1ble TO all persons visiting the business of
ice of the association.
SECTION ), The corporators shall, at their
first annual meeting, elect by ballot from their
own number, board of trustees directors.
which shall consist of not less than nine who
shall be divided into three classes, as follows:
One-thlrd shall be elected for one wear opeL
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 the annual meeting
for the full term of three years unless elected TO
I'LL a vacancy. when they shall be elected to
serve the une1pired portion of the term they fill.
| SECTION 8. The trustees or directors within
ten days after their election. shall elect from the
| members of their own board, president, one or
more vIce-presldents, q treasurer and 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.
> SECTION I. No moro than officer of any
! savings association shall at the same time be
| an officer of any bank or trust company: and no
| stakeholder of a bank shall be treasurer Of any
! Savings association.
: SECTION s. The treasurer shall give bond
| for the faithful discharge of his duties. with
| surety to the acceptance of the directors or
trustees in not less than ten thousand dollars
PAYABLE to said association, and shall give
| 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 be
! subject to the inspection of the bank commits
siOner of the state. 1t shall be the duty of the
| president of said savings association to safely
q IrIn hnn 50 CrIva Whaoo
| in the Judgment of the board of directors or
| trustees, or the bank commissioner, 1t Is naces-
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-
qulre, and with such snreties as may be ap;,
! 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 a sum not exceeding five hundred dol
lars, when the deposits shall exceed five hundred
| thousand dollars.
SECTION 10. No trustee director or maoager
of such corporation, shall be a borrower, or
surety for borrower, Of any of its funds, nor re-
ceive any money valuable thing for negotiat-
| ing, procuring or recommending any loan from
| such association, nor for selling or aiding in
| the sale of any stocks bonds or securities to
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
and issue any bill or promissory note to circu-
| late as currency.
SECTION II. Such association may receive on
| deposit from any one person, III his or her own
name, or IN the name OF another IN any one
| year sum not exceeding one thousand dollars.
SECTION IL. Any association organized here
| under, may employ not exceeding one-half of
| its deposits in making loans on personal Se
curity, and in the purchase of the public stock
or bonds of the United States, or of the north
! western states, to-W4t; ONO, indiana, Mlchl-
IrJr- ,-tYN Il
or of the authorized bonds of any incorporatod
! city, village, town county, or school district
| in the aforesaid northwestern states All other
! loans shall be secured by mortgage on unin-
| numbered real estate, lying and being in the
| aforesaid northwestern states. No association
shall 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 he made upon real estate
| F0 an ahount exceeding sixty per cent. of the
| value thereof, as determined upon by not less
| IMAM majority OF the memhers of the finance
committee, who shall duly certify to the value
Of the premises to be mortgaged, according to
the boat Of their Judgment, and such report
| the corporation.
SECTION H. No such corporation shall buv
or loan any money upon any obligation on
which only one person or firm shall bta holden,
without additional security for the same,
equivalent to the guaranty or Endorsement Of
some otherresponsibla party.
SECTION. Is. Al APPLICATIONS for loans shall
~ H9Hf ~ MF4tlhS1 through The treasurer of
the eorroFaflon, who shall keep a record
thereof, showing the date, name of applicant
amount asked for, and security offered and he
shaIlFeause the same to be presented to the
finance committee, ~ VIZ
SECTION IS. The income or profits of evarv
sqGh association: after deduction of all reason
able expenses incurred IN the yasnarament
thereof, and the amounts rass.Eye;t for a guar
anty fund, shall he Yt4Vidad among the deposit
ots 81 SAGA i7a4 representatives semi-annually
% tt9 times liXed by its bylaws. Every such
| aSsocIatl0n shall, before making any somi
annQaI dividend, reserve as a guaranty fund
during the six months tlta, - nraJ; Ccu
sum equal to not Hess shan one-fourth of one
per G9HF:, nor more than one per cent. of the
whole amount OF deposits, until such fund
amounts to ten per cent. of the whole amount O
| deposits, which fund shall be thereafter main
tanned and held III that ratio, to meet losses in
Its business from depreciation of the securities
or otherwise.
SECTION II. Ordinary divldqptla shah be
made every six months if the nrotlts are suffi-
Client to warrant it, On al sums which have
been On dRnosi6 Ipr less than six months i'm
94edjately, preceding the date of dividend diVi-
ae1fas t sta4l Pc pad pro rata at the Same rate
95 iqr the semi-annQal period, except that no
dividend shall be paid for the fractional part of
month or OF 3 dollar
.sEoTIoN Is. Once in every term of three years,
II the net profits accumulated over and above
said guaranty fund and ordinary dividends
amounts to one per cent. of the deposits which
! nave remained in such corporation for one wear
| then next preceding, such net profta MAY be
divided among the depQsiEQga whose deposits
olIldiiteu ILleFFtH t fsI ySaEa least then next
precedina5 as an extra dividend
| 2Eo31QH H. 1t shall be lawful for such cor
| por2tIon 20 purchase, hold and convey such
! zeal estate as banks are authorized by the law
| or thus state to purchase, hold and convey ex-
! cept that such savings associations NAV Dur-
chase or build building in which to carry on
It's own business but shall not invest in the land
ana building sum exceeding ten thousand
collars, except upon the consent and approval
| of the Eank commissioner '"
SECTION 70. Every asSopiati sion ierIaeet hero
t sna!l possess Fa pawprs and be subject to
te EFISf0ns0F che general laws, relating to cor
porations, so far as the Same may be applicahIe
ana shall pc subject to all of the provisions of
thls act relating to renarts, examinations liou-
cations, powers, liabilities and forfeitures so
| Tar rs the Same may be applicable. Any c0rpo-
Fdn0l 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 q. The directors, managers or trus.
tees shall annually appoint not less than two |
auoltorS' who shall not be directors, managers |
or trustees of the corporate Wla shall exam |
me the DOCKS, accounts ani securities belonging |
TO SUCH cfatlon, and make sworn state
fnany slQWlng the true condition thereof the |
toFal AMOUNT OF deposits tho whole number of |
feposltors. the largest amount due to any one |
depoSltoF, the amount Invested in loans on real
estate securities, the amount invested in stocks
ana 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 shan
DO kept on file IL the office of such agsaotatton
and an attested copy of the saIna shslI Ike for.
warded to the bank soneF, on or before
Inc hrst day q February Of each year,
CHAPTER Y.
UNLAWFUL USE OF TENN BANK. ETC.
SECTION ]. 1t shall be unlawful for any rer- |