Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-10-06
CONTINUED from Supplement.

IN which the operation Of such association
is to be 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 Of
flee Of the bank commissioner.
Section 4. Such corporation shall have
the power to enact bylaws. not inconstst-
ent with the laws of this state OF, of the
United States. for the government OF II rs
conditions on which deposits shall be made,
and the terms on which payments or Sucn
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 Of
fee of such corporation, so as to be visible
and accessible to all persons visiting the
business office Of the association,
Section s.. The corporators SHALL at their
their own number, board of trustees or
directors, which shall consist Of not less
than nine. who shall be divided into three
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 Oh
rectors shall be elected at the annual meet
ing for the full term of three years, unleGs
elected to fill a vacancy, when they snail
the term they fill
Section 6. The trustees or directors,
within ten days after their election. shaIi
elect from the members of their own board,
a president, one or more vlce-presldents, a
treasurer and a secretary; the same per.
son may act as secretary +b ana ore Ine
bers a committee on finances; all SAID OIL
fcers to hold their offices TIL others are
elected and qualified to III their d places os
savings association shall at the same time
be an officer of any bank or trust COM n,
pany: and no stockholder of a bank shall
no nf II.
Section g. The treasurer shall give
bond for the faithful discharge of his du-
directors or trustees, in not less than ten
Thousand dollars, payable to SAID assocla-
ton, and shall give new pond with sure
Trustees, as often as once in every. period
of three years from the date OF giving tne
last bond: The said bond shall forthwlth
savings association, which. record shall at
tn the bank Commissioners of the state. +
savings il1 association to safely keep the orig
inal bond so given. Whenever. In the
judgment of the board of directors. or trus-
essary for the security Of the deposltors
the treasurer shall give new bond IN such
amount as said board or the bank commits
ties as NAV be approved. No president, d.
rector or trustee shall be surety Oh lie
bond of such treasurer.
..
tor manager, nor any other officer, except
the treasurer, shall receive any compensa.
ton for his services In the management OF
such association, nor derive any eniGlu.
ment therefron; provided, however, that
the president may receive FOR MS services
a sum not exceeding FIVE hundred Cd, dol lars
when the deposits shall exceed uVe HulA'
dred thousand dollars,
Section TO- No trustee, director or man.
ager of such corporation, snanl a oe az DOT "
it's funds, nor receive any money or Valua-
BILE thing for negotiating, procuring or rec
ommending any loan from such assoclazz
ton. nor for selling or aiding in the sale Oh
any stocks, bonds or securities TO or py
such association, and any sucn OIncer Wllu
shall forfeit to the state one thousand dol
Section IL. Such corporation shall not
make and issue any bill or promlssory nous
to circulate as currency.
Section u. Such association may receive
on deposit from any one person, IN ms OF
her own name, or in the name OF announcer,
in any one year, a sum not exceeding one
thousand dollars.
Section 13 Any association organized
hereunder, may employ not exceeding one
half of it's deposits in making loans on per-
sona1 security. and in the purchase OF the
public stock or bonds of the United STATES states:
or of the northwestern states, to-Wlt:
Ohio Indiana, Michigan, Illinois, Iowa,
Wisconsin and Minnesota. or of the au-
thorized 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 unneumbered real estate, iytng ana no + De-
No association shall invest any part OF It's
deposits in the stock of any railroad com
gage cage 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, VINO
shall duly certify to the value OF the prem.
Uses to be mortgaged, according to the best
of their judgment, and such report shall be
filed and preserved with the records of the
cG section Il. No such corporation shall
buy or loan any money upon any obliga,,
ton on which only one person or firm sh ea
the same, equivalent to the guaranty or
Endorsement Of some other responsible
party.
shall be made in writing, through the
treasurer of the corporation, who shall
keep record thereof, showing the date,
name Of aRpcaant nd bn sba Cause IDE
same to be presented to the finance COM
mittee.
every such association, after deduction
of all reasonable expenses incurred in the
management thereof and the amounts re-
ed among the depositors or their legal rep
resentatives semi-annually, at the times
fixed by it's bylaws. Every such assoc1a,,
ton 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 proceed
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 H. Ordinary dividends shall be
made every six months # 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-annlal
period. except that no dividend shall be
paid for the fractional part of month or
of a dollar.
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