Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-22
SECTION 4. Such CORPORATION shall bay, ,h.

SECTION 4. Such corporation shall have the
power TO enact bylaws, not inconsistent with
the Ia VS. OF this state of the United States,
for the government of its affairs, and such by
laws may prescribe the conditions on which de-
posts shall be made. and the terms on which
payments of such deposits shall be made to the
depositors by such institution. and the deposit
tors shall be bound by the regulations enacted
printed and conspicuously posted in the office
Of such corporation, so as to be visible and ac-
cessibe to all persons visiting the business Of
ice of the association.
SECTION 3 The corporators 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 electedi for one year. oneI
| third for two years, and one third for three
years. After the election of the first board of
trustees directors, all subsequent trustees or
directors shall be elected at the annual meeting
Tor the full term OF three years unless elected to
| I'LL a vacancy. when they shall be elected to
serve the unexpired portion of the term they fill.
| SECTION 6. The trustees OF directors within
ten days after their election shall elect from the
| members of their own board, president, one or
| more vice-presidents, treasurer and secre-
| farE; 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 Z. No more than officer Of any
, savings association shall at the same time be
an officer of any bank or trust company; 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 duties, with
surety to the acceptance of the directors or
trustees, IN not less than ten thousand dollaras
payable to said association. and shall give
new bond. With surety 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 i'll 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
! keep the original bond given. Whenever,
| in the Judgment of the board of directors or
! trustees, the bank commissioner, it is neces-
sary for the security of the depostors, the treas
urer shall give a new bond in such amount
| said board or the bank commissioner shall
| quire, and with such sureties may be, ap-
! proved. No president, director or trustee shall
| 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
| vices in the management of such association,
| nor derive any emolument therefrom; provided,
| however, that the president may receive for his
services sum not exceeding five hundred dol
lars, when the deposits shall exceed five hundred
! thousand dollars.
| SECTION TO- No trustee, director or manager
of such corporation, shall be borrower,
surety for borrower, of any of its funds,
| ceive any money valuable thing for negotiat-
| ing procuring or recommending any loan from
| such association, nor for selling aiding in
! the sale of any stocks, bonds securities to or
| by such association and any such officer who
shall violate any provision of this section shall
| forfeit to the state one thousand dollars.
! SEC TON IL. Such corporation shall not make
and issue any bill or promlssory note to clrcu-
late as currency.
SECTION II. Such association may receive 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 thousand dollars.
SECTION ID. Any association organized here
under, may employ not exceeding one-half of
its deposits in making loans on personal
| the nurchaSe
| or bonds of the United States, of the north
western states, to-wit: Ohio Indiana, Michi-
gan, Illinois, Iowa, Wisconsin and Minnesota,
or of the authorized bonds of any incorporated
city, village town or 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 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 premises to be mortgaged according to
| the best OF their judgment, and such report
shall be filed and preserved with the records of
SECTION II. No such corporation shall buy
or loan any money upon any obligation on
which only one person or firm shall be holden,
without additional security for the same
equivalent to the guaranty or Endorsement of
some other responsible party.
SECTION -. All applications for loans shall
be made IN writing, through the treasurer of
the corporation, who shall keep record
thereof showing the date, name of applicant,
amount asked for, and security offered, and he
shall cause the same to be presented to the
| finance committee.
SECTION Is. The income or profits of every
such association, after a deduction of all reason
able expenses incurred the management
thereof, and the amounts reserved for guar
anty fund shall be divided among the deposit
rpr mt
at the times fixed by its bylaws. Every such
association shall, before making any semi
annual dividend, reserve as a guaranty fund
from the net profits which have accumulated
| during the six months then next preceding IL
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
RmoU 1ts to ten per cent of the whole amounto
deposits, WHICH fund shall be thereafter main
tanned and held in that ratio. to meet losses in
It's business from depreciation of the securities
or otherwise
SECTION H. Ordinary dividends shall be
made every six months if the profits are suffi-
Gent to warrant it. On all sums which have
been on deposit for less than six months inn
mediately preceding the date of dividend divi-
dends shall be paid pro rata at the same rate
rs for the semi annual period, except that no
dividend shaI! be paid for the fractional part of
month of dollar
SECTION Is. Once in every term of three years
II the net profits accumulated over and above
said guaranty fund and ordinary dividends
have remalned 10 such corporation for one year
then next preceding, such net profits may be
divided among the depositors whose deposits
remained therein for one year at least then next
preceding, as an extra dividend.
| SECTION 10. 1t shall be lawful for such cor
poration to purchase, hold and convey such
real estate as banks authorized by the law
of this state to purchase, hold and convey, ex-
cept that such savings associations may pur-
chase or build building in which to carry on
Its own business but shall not invest in the land
and building sum exceeding ten thousand
dollars. except upon the consent and approval
|
| SECTION 70 Every association formed hero
under shall possess the powers aud be subject to
the provisionsof the generallaws, relating to cor
poratlons, so far as the same may be applicable,
and shall be subject to all of the provisions of
| this act relating to reports, examna tions liqu-
far as the same may be applicable. Any corpo-
| ration now organized and doing business
such savings association, shall continue bnsi-
ness und this act, and shall be subject all OF
its provisions.
| SECTION q. The directors, managers or trus-
| tees shall annually appoint not less than two
| auditors who shall not be directors, managers
Inc the books, accounts and securities belonging
to such association, and make a sworn state
ment showing the true condition thereof, the
total amount OF deposits, the whole number of
depos1tors, the largest amount due to any one
depOsitOr, the amount invested in loans real
estate securities, the amount invested in stocks
and bonds, the amount of funds on hand, the
other officers of such institution the first day
of January of each year, which statement shall
be kept on file in the Office of such assocat ton,
and an attested copy of the same shall be for
warded to the bank commissioner, or before
the first day OF February of each year.