Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-11-03

curity, and In the purchase Of the public stos1
or bonds OF the United States, or OF the north
western states, tc-wit: Ohio, Indiana. Mich0
gan, illinois, Iowa. Wisconsin and Minnesota
or o. the authorized bonds Of ans incorporated
CITY, village, town or county. or school district
In the aforesaid northwestern states, All othes
loans shall be secured by mnrttassa on unin-
eunsered real estate, living aud being In the
AFORESAID Northwestern stateS No association
shall invest part ot III a. posts IN the stoc
or any railroad culps-uJ fDr ioap Oh, nor invest
IN any MORTGAGE ON real estate, except such
real estate as lies in the aforesaid uort Investors
states No loan snail bs made upon real estate
to an amount exceeding sixt~ 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
SNall be hled and preserved with the records u
the corporation.
SECTION H. No such corporation shall buy
or loan any money urou any obligation 90
which only one person cor firm shall be holden,
without additional security for the same,
equivalent to the guaranty or Endorsement OF
some other responsible party.
SECTION 10, All applications for loans shall
De made IN writing, through the treasurer uf
The corporation, who shall keep record
thereof showing the date, name of applicant
amount asked for, aud security offered aud he
shan cause The same 10 he presented to The
SECTION u.s. The income or profits Of ever,
such association, afterp deduction of all reason
hhtN FNi Nt~SS lNCuflDl m tho nAuANpnpuf
thereof, aud the amounts reserved for a guar
aut' fund, shall be divided among the deposit
orS or their legal repre-, euta tlves semi annually
at the times Fixed 10y its bylaws, Every such
association shall before making ANY sent.
annual dividend, reserve as a guaranty fund
frOm the net profits which have accumulated
during the six months then next precedlug, a
sum equal 10 not less than onef fourth of one
per cent, nor more than one per cent. NJ the
Who'll amount uf deposits. until such fund
amounts ten per cent q the whole amount o
deposits, which fund shall be thereafter mann.
tanned aud held in that ratio 10 meet loss', In
its business from depreciation of the secul ites
otherwise.
SECTION II, Ordinary dividends shah be
made every six months II the profits arc suib
cheat {" warrant II, On all sums which have
been on deposit for less than six months i'm
medlately preceding the date of dividend, divi
dcuds shall be paid pre- rata at the same rats
as FOR the somiannuat period, except that no
dividend shall he paid FOR the fractional part ot
n month or of q dollar
SECTION Is Once to every term OF three years
II the net profits accumulated over aud above
SAID guaranty fund and ordinary dividends
amounts Ia one per cent Of the deposits which
have remained IN such corporation for opc year
then next preceding, such net profits may bs
divided among tho depos'tors whose deposits
remained therein for one year at least then usx,
preceding, as an extra dividend
SECTION 10. II shall be lawful for such cor,
poratlon to purchase, hold aud convey such
real estate as banks are authorized 10y the Law
Of this state 30 purchase, hold and convey, ex
Coht thht Suru SAVINGS ASSOCIATIONS iuny {lar
chase or build a building In which to carry ut
its own business but shall not invest Ia the laud
aud building sum exceeding ten Thousand
dollars, except upon the consent aud approval
of the bank commissioner.
SECTION 70, Every association formed hero
under shall possess the powers and be subject to
the provisionsof tho general laws, relating to cor
porutlous, 81 tar as the same may be appllcHb BILE
aud shall be subject To all of tho provisions VI
tiis act relating To reports, examination liuut
datiuus, powers, liabilities aud forfcitulps. -
far as the same may be applicable. Any corpo
ration now organized and doing business ~
such savings association, shall continue bust.
ness under this act and shall be subject 10 all "
its provisions
SECTION n The directors, managers or tr.s
tees shall Annually appoint not less than two
auditors, who shall not be directors, mauager
or trustees Of the corporation. who shall exam
me tue books, accounts aud securities belonging
to such association, and make a sworn state
mCut showing the true condition thereof. the
total amount % deposits, the whole numoer oi
dcpu-itors the largest amount due to any one
deposition, the amount invested in loans GA real
estate securities, the amount invested ia stocks
and bonds the amount Of funds on hand. the
names ~ tho curpOratnrs. trustees, aud ~ the
C'hrr officer Of such IT, titutjon, on the tr-t del
OF January ~ each year. which statement shah
be KEEP tu illr TO- the office ol such a.soc,ttiou
aud Hf HtiraiHU copy 81 the -uur sNtii joe iur
Wprit.t te boo, htuk commissioner uu 90 islur.
Il ASST das OF February OF each year