River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-15

any attaining county, TO be a member
thereof Any member failing 10 attend
the annual meeting for two successive
years such nou-attendance may be
deemed equivalent 10 q resignation, and
his place may be filed in the usual
manner The association may fill va
cancies and add to their number, from
time to time, as they may desire.
Section B. They shall make, sign and
writing. IN which shall he stated the
name OF such association the names Of
the corporators, with the residence Of
each, the name OF INC city. village; town
such association is 10 he 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 the office of the secretary of state. and
one shall be deposited in the office of the
bank commissioner.
Section 4 Such corporation shall have
the power to enact bylaws. not incon-
sistent with the laws of this state or of
the United States. for the government of
scribe 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 shall be bound by the
regulations enacted in such bylaws,
which regulations shall be printed and
conspicuously posted In the Office of such
corporation, so as to be visible and ac-
cessible TO all persons visiting the bust
ness Office of the association.
Section 5. The corporators shall, at
their first annual meeting, elect by ballot
from their own number n board of
trustees or directors, which shall con-
sst 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 directors shall be
elected al the annual meeting 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
Section 6. The trustees or directors,
within ten days after their election, shall
elect from the members of their own
board, a president, one or more vice
presidents, a treasurer and a secretary;
the same person may act as secretary
and treasurer; they may also elect from
their own members committee on
finance; all said officers to hold their
offices till others are elected and qualified
to fill their places
Section Z. No more than one officer of
any savings association shall al the same
time be an officer x any bank or trust
shall be treasurer Of any savings associa-
ton.
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 dollars, payable TO said as
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 in the books Of said savings as
ISOLATION, which record shall at all times
be subject to the inspection OF the bank
commissioner OF the state. 1t shall be the
duty of the president of said savings as
ISOLATION to safely keep the original bond
so given. Whenever, in the judgment of
hp n 4 directors n
bank commissioner ii is necessary for
the security of the depositors, the
treasurer shall give a new bond in such
amount as said board or the bank COM
missioner shall require and with such
sureties as may be approved. No presi-
dent, director or trustee shall be surety
on the bond of such treasurer.
Section 3. No Corporator, trustee,
director, manager, nor any other officer,
except the treasurer, shall receive any
compensation for his services In the man
agement of such association, nor derive
any emolument therefrom; provided. how
ever, that the president may receive for
hundred dollars, when the deposits shall
exceed five thousand dollars.
Section 10. No trustee, director or man
ager of such corporation, shall be a
borrower, or surety for a borrower, of
any of its funds, nor receive any money
or valuable thing for negotiating, procur-
ing or recommending any loan from
such association, nor for selling or aiding
in the sale of any stocks, bonds or Sc
curities to or by such association, and
any such officer who shall violate any
the state one thousand dollars.
Section II. Such corporation shall not
make and issue any bill or prOmissory
note to circulate as cure ncy.
Section T. Such association may re-
ceiVe on deposit from any one person, in
his or her own name, or in the name OF
another, in any one year, a sum not eX-
ceeding one thousand dollars.
Section l3. Any association organized
hereunder, may employ not exceeding
one-half of its deposits in making loans
on personal security, and in the purchase
of the public stock or bonds of the United
States, or of the northwestern states, to-
wit: Ohio, Indiana, Michigan, 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 unncumbered real estate,
lying and being in the aforesaid north
western states. NO association snail IN
vest 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 10 an
amount exceeding sixty per cent OF the
value thereof. as determined upon py not
less than a 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
filed and preserved with the records of
the corporation
Section H. No such corporation shall
buy or loan any money upon any obliga-
ton on which only one person or firm
shall be holden, without additional Sc
curity for the same, equivalent to the
guaranty or Endorsement of some other
Section Is All applications for loans
shall be made in writing, through the
treasurer of the corporation, who shall
keep a 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 1G. The income or profits of
every such association, after a deduction
of all reasonable expenses incurred in the
management thereof and the amounts
reserved for guaranty fund, shall be
divided among the depOsitOrs or their
legal representatives semi-annually, at
the times fixed by its bylaws. Every
semi-annual dividend, reserve as a
guaranty fund from the net profits which
have accumulated during the six months
then next preceding, 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 securities or other
Section H. 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
annual period, except that no dividends
shall be paid for the fractional part Of a
month or of dollar.
Section IS. once in every term of three
years, II the net profits accumulated over
and above said guaranty fund ana ordl-