River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-08-18

/ any adjoining county, TO be a member
| the annual meeting for two successive
years such non-attendance may be
/ deemed equivalent 70 q RESIGNATION: ana
/ manner The association may fill va
| cancles and add TO their number, from
time to time, as they NAY ~ desire. -
| acknowledge in triplicate, a certificate IN
writing. in which SHAH be stated the
/ name of such association. the names of
| the corpora tors with the residence of
| each, the name of the city village, town
| and county In which the operation OF
| 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.
| the power to enact bylaws, not incon-
| sistent with the laws OF this state or of
| its affairs. and such bylaws may pre-
| scribe the conditions on which deposits
| shall be made, and the terms on which
| payments of such deposits shal pe made
| to the depositors by such institution, and
the depositors shall be bound by the
regulations enacted II such bylaws;
| which regulations shall be printed and
| conspicuousy 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 board of
| trustees or directors, which shall con-
sist 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 at the annual meeting for the full
! term of three years, unless elected to fill
| vacancy when they shall be elected to
| the nnpXDiTpd portion of the term
Section c. 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 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
Section L No more than one officer of
| any savings association shall at the same
! time be an officer OF any bank or trust
| company: and no stockholder of bank
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
| ISOLATION, and shall give new bond,
with surety to the acceptance or 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
sociation to safely keep the original bond
so given. Whenever, in the judgment of
! the board of directors or trustees, or the
! bank commissioner, il 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
suretes as may be approved, No presi-
dent, 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 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
| his services a sum not exceeding five
| hundred dollars, when the deposits shall
exceed five thousand dollars.
Section TO- No trustee, director or man
| ager of such corporation, shall be
! borrower, or surety for borrower, or
| 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 by such association, and
any such officer who shall violate any
| provision of this section shall forfeit 10
the state one thousand dollars.
Section H. Such corporation shall not
| make and issue any bill or promissory
| note to circulate as currency.
Section Y. 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 -. 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
district in the aforesaid northwestern
states All other loans shall be secured
by mortgage on unincumbered real estate,
lying and being in the aforesaid north
| western states. No association shall IN
vest any part of its deposits in the stock
| of any railroad company, nor loan on,
nor invest i'm 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 ma1oriity OF me me me h S,, on
| certify to the value of the premises 10
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 obliga-
ton on which only one person or firm
| shall be holden, without additional Sc
CuTitX Tor the same, equivalent TO inc
| guaranty or Endorsement of some other
| responsible party.
Section 10 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 16. The income. or profits of
every such association, after deduction
| of all reasonable expenses incurred in the
| management thereof, and the amounts
| reserved for a guaranty fund, shall be
| divided among the depositors or their
| legal representatives semi-annually, 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, 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 It's business from
| depreciation of the securities or other
Section II. Ordinary dividends shall be
made every six months If the profts are
| sufficient to warrant 1T. 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
| month or of d dollar.
| Section IS. Once in every term of three
| years If the net profits accumulated over
! and above said guaranty fund and ordi-
| nary 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-
| NAMED therein for one year at least
then next preceding. as an extra dividend
Section 10. 1t 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
| and convey, except that such savings as
| sociations may purchase or build build
| ing i'm which to carry on It's own bust
| ness but shall not invest in the land and
| building q sum exceeding ten thousand
! dollars. except upon the consent and APP
| proval of the bank commissioner.
| Section 20. Every association formed
hereinunder shall possess the powers and
/ be subject to the provisions of the gener-
| al laws relating to corporations, so far
| as the same may be applicable. and shall
! be subject to all of the provisions of this
/ act relating to reports, examinations,
! foundations, powers. liabilities and for
| fixtures so far as the same may be APP
! plfcabie ANY corporation now organized
| and doing business as such savings assoc
| citation shall continue business under
| this act and shall be subject to all its
| provisions.
| Section 81 The directors, managers or
| trustees shall annually appoint not less
! than two auditors. who shall not be di-
| rectors managers or trustees of the cor
! Doration who shall examine the books
| accounts and securities belonging TO such
L. =aWHr st ton nan