Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-08-25
CONTINUED from SUPPLEMENT-

be filed In the once ~ Nv w. Snsinass of fha
association Is to be carried on. one snan Ds
deposited In the Office Of the secretary O.
state and one shall be deposlleu III @nS Va
fee Of the bank commissioner. 80
Section a Such corporation shah nave
the power to enact bylaws. not inconsi aS
fns wte the la foT Il he 'ne
affairs, and such bylaws may prescribe tae
conditions on which deposits snan De mace a,,ob
and the terms on which payments o. su Su
deposits shall be made to the depos.Iors ~
such institution, and the deposltors sna ~
be bound by the regulations ena ae1G ne ~
printed and conspicuously posted IN the ,e, Of
Ace of such corporation, so as to pc vlsl PIE
and accessible to all persons ns, v,slung 'hs
business Office Of the asSoc1atlon: ..,
first annual meeting, elect by. ballot from
their own number, board or trustees a os
than nine. who shall be divided into three
classes. as follows One-tnr,d a. S far two po
the election of the first board OF trustees Sc,
or directors, all subsequent trustees OF "
rectors shall be elected at the annual NEE.
ing for the full term of three years, ulliesS
elected to fill a vacancy, when they snals
be elected to serve the uneXpired portloh oA
the term they I'LL. . -, a,ractors-
within ten days after their election. snaii
elect from the members Of their own poaru,
treasurer and a secretary; the same per, per.
son NAV act as secretary and treasurer;
they may also elect from their own Ine ~
hers q committee on finance; all SAID Oh
f1cers to hold their offices till others are
elected and qualified to fill their places.
Section Z. No more than one ofhcer OF ANY any
be an officer of any bank or trust CON- com,
pany; and no stockholder OF a bank siaat'
be treasurer Of any savings asS SI GIVE a
bond for the faithful discharge OF ms gu gu
ties, with surety to the acceptance oI t tae
directors or trustees IN nG 10 is said associa
ton, and shall give new ponu, ,t s.A ~
ty to the acceptance of the directors OF
trustees as often as once IN o eve eiy,ne the
last bond The said bond shau Iortnw W ~
be recorded at length in the books or say
savings association, when recoru stia,1 81
the bank commissioners OF the stase =
shall be the duty of the president or sac
f NAL bond SO given. Whenever. in the
judgment of the board Of directors or trus-
tees or the bank commissioner a II rs nee
the treasurer shall give new bona IN su lis
amount as said board or the bank con1 inns
soner shall n require aad No W5'n nresident a.
rector or trustee shall be surety on the
bond Of such treasurer. ..,.oo a,-oc.
tor manager, nor any other officer, except
the treasurer, shall receive any compensa..
tion for his services in the management OF
aSSOCl6I1OU.
ment therefrom; provided, however, that
the president may receive FOR MS services Nn
a sum not exceeding FIVE hundred dollars,
when the deposits shaA exceed AVe AAA
dred thousand dollars .,
Section 10. No trustee, director or man
ager of such corporation, shall oe a.. po "a
rower. or surety for borrower. OF any OF
it's funds, nor receive any money or valua-
bic thing for negotiating procuring or rec
ommending any loan from Sucn asSoclde
tion. nor for selling or aiding in the sale OF
anv stocks bonds or securities to or py
such association. and any such o1hcer VINO
shall violate any provision OF TINS. secd do1
Section II. Such corporation shall not
make and issue any bill or promlssory ho'o
to Giro ulate as currency.
Section 12. Such association may receive
on deposit from any one person, III L4I ~.
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 seaIds
Ohio Indiana, Michigan, Illinois, Iowa.
Wisconsin and Minnesota, or OF the au-
thorized bonds of any incorporated city.
village town or county or school d1stric!
lin the aforesaid northwestern states: AZ AZ
other loans shall be secured by mortgage
ing in the aforesaid northwestern states.
No association shall invest any part or It's
deposits In the stock Of any railroad COM
Page on real estate, except such real estate
as lies in the aforesaid northWeStefQ
states. No loan shall be made upon rea!
estate to an amount exceeding sixty per
cent of the value thereof, as determined
upon by not less than majority OK the
members Of the finance s Go ~ zee Wno
ises to be mortgaged, according 70 the besy
Of their Judgment, and such report shall be
filed and preserved with the records OF the
IS Section pH Il No such corporation shall
buy or loan any money upon any ooiga,
ton On which only one a9anna o. urn sh sos
the same, equivalent to the guaranty. o.
Endorsement Of some osheR Responsible
pS Section Is. All applications. fos loaas
treas treasu re Of the corporation, who shall
keep a record thereof, showing TIE ne. cate,
security offered, and he shall cause the
same to be presented to the finance COM
Section 1a The income OF profits OF
of all reasonable expenses incurred IN the
served for guaranty fund, shall be Ovid
ed among the depositors or their legal rep
resentatives semi-annua1ly, at the times
fixed by It's bylaws. Every such associa,
ton shall, before making any seni-annual
dividend, reserve as a guaranty fund from
the net profits which have accumulated
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 II. 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 six
months Immediately preceding the date Of
dividend, dividends shall be paid pro rata
at the same rate as for the semi-annua1
period except that no dividend shall be
paid for the fractional part Of month or
of a dollar.
Section IS. 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 be divided
among the depositors whose deposits re-
manned therein for one year at least then
Section 10. It 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
q md convey pyCoDf thai c,lcfa savings as |