Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-10-17
SO


equivalent to the guaranty or iudasselaen5 Of
some other responsible party.
I SECTION b. All applications for Leans shall
/ be made IN writing, through the ttetssaeor Of
I the corporation, who shall kee g record
thereof showing the date, name % 30 icant,
amount asked for, and security ofc.-., aud he
Shau c8use the same to be presented so the
finance committee.
SEcTIoE. Is. The income or pros of every
such association, after deductio5f al raasson-
able expenses incurred the ..se. rseaan9
thereof, and the amounts reserv,s, z.ly q 2taar-
anty fund, shall be divided aIess,ssa- ss3-it-
oFs or their legal repressntatesvss; > +2a3uaily,
at the times liked by its by-'.-s.S~ 4ys>ry such
ASSOCIATION shall, before ps7.-sv auy semi
annual dividend reserve as = .sil.r4 ty fund
from the net profits which nave ~, INFLATED.
during the SIX months then > st;ing,
sum equal TO not less than o,r 80 q Of one
per cent, nor more than one is.s g. ~ of the
wheaee amount OF deposits, ", Il -. =. fund
amounts to ten per cent. of the Es3 sl;.s4unt O
deposits, which fund shall be ts-t.f.r.e MAIN
tanned and held in that ratio 10 meet l. ss:s ia
rs 9pslno*S fFss2L Depreciation 81 sse :, a ;scs
or otherwise.
SECTION II, Ordinary dividends shall be
made every six months ii the profits are suffi-
Gent t- warrant it, On all sums which have
been on deposit for less than six mouths i'm
medlately, preceding the date of dividend Cliyi-
dends shall be paid pro rata at the same rate
as Tor the semI-annuai period, except that no
dividend shall be paid for the fractional part of
month or of dollar
SECTION Is. Once in every term of tB,rne years,
If the net profits accumulated over I'D above
amounts to one per cent of the deposits which
have remained in such corporation Fs,r one year
then next preceding, such net profits may be
divided among the depOsitors wlt,~,4 deposits
remained therein for one year at least then next
preceding, an extra dividend.
SECTION 10. 1t shall be lawful for such cor
poratlon to purchase, hold and convey such
real estate as banks are authorized by the law
OF this state to purchase, hold and convey, ex-
cept that such savings associations may pur
chase or build a building IN which to carry ON
own business, but shall not invest IN the land
ana building sum exceeding ten Thousand
dollars. except upon the consent and approval
OF the bank commissioner
SECTION 20. Every association formed here
under shall possess the powers and be subject to
the proVlsionsof the general laws 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 examinations, liQuf
1ations, powers, liabilities and forfeitnTes so
lar as the same may be applicable. Any corpo-
ration now organized and doing business as
such savings association shall continue bust
ness under thus act, and shall be- subject to all OF
its provisions.
SECTION Fl. The directors, managers or trus-
toes shall annually appoint not less than two
auditors, who shall not be directors managers
or trustees OF the corporation, who shall exam
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
depOsltors, the largest amount due to any one
deposltOr, the amount invested in loans on real
estate securities, the amount invested in stocks
names, of the cOrporators, trustees, and of the
other officers of administration, the first day
OF January of each year, which statement shall
be kept on file in the Office of such association
and an attested copy OF the same shall be for
warded to the bank commissioner, on or before
the first day of February of each year.
CHAPTER Y.
UNLAWFUL USE OBJ TERM BANK, ETC
SECTION l. It shall be unlawful for any per-
son. co-partnershlp or corporation to use the
word bank, " banking" or 4" banker or the
plural of any such words, in any other business,
or IN connection with any other business than
that of the business of banks private banks and
savings associations. Any person, co-partner-
ship or corporation so unlawfully using said
words or either of them, shall forfeit the sum of
twenty-five dollars for each and every day said
person, cO-partnership corporation shall SO
unlawfully use said words, or either of them.
CHAPTER VI.
MISCELLANEOUS.
SECTION l. The term bank as used in this
act, shall be construed to mean any Incorporated
banking Institution which shall have been in
corporated under the laws of this state, as they
existed prior to the passage of this act, and to
such banking institutions as shall hereafter be-
come Incorporated under the provisions of this
act. The terms private bank, - private bank
or" or the plural of such terms, shall be con-
strued to mean any person, firm, association or
corporation who shall use the words bank,
banking" or banking house" g banker, or
the plural OF any such words upon any sign, adj
VeruSement, or designation of any place of bust.
ness in this state or upon any poster, bill head
draft, check, note or bill of exchange, or on any
form Of commercial paper, as title, sign, notice
or designation or who shall receive money or
funds for deposit or safe keeping a regular
business, or who shall buy or sell exchange as a
regular business and shall not be organized as
provided In chapter IL. of this act, or shall not
be organized as a savings association as pro-
Vided in chapter ". of this act. The term
savings association shall be construed to mean
any corporation, organized pursuant to the pro-
visions of the act for the organization of savings
banks and savings societies. as such act existed
prior to the passage of this act, to such COR
porations as shall hereafter incorporate
savings. associations under this act. The term,
lawful money, as used in this act, shall DO
construed to mean all coin. United States notes,
treasury notes. gold certificates silver certif-
icates national bank notes, and all other forms
of money issued by, or which may hereafter be
issued by or under the authority of the United
States as circulating medium, and shall also
be construed to mean any form of certificate
which is now, may hereafter be declared to
be lawful money by any law of the United
States.
CHAPTER VII.
REPEATING CLAUSE.
SECTION l. All acts and parts of acts of which
this act IS amendatory and all acts or laws IN
consistent with the provisions of this act. are
hereby repealed
CHAPTER VIII.
SUBMISSION TO ELECTORS.
SECTION /. This act shall be submitted to the
electors of this state for their approval disaD
proval, at the general election 70 be held ON tho
November, in the year A. ID. 1898 At said eiae-
tion ballot box shall be provided and kept by
the several boards of inspectors therefor. for re-
ceiying the votes cast for or against this act.
The proper officers shall provide separate bal
lot for the electors to vote upon this act. Said
separate ballot shall contain besides the usual
forms for the endorsement thereof, and upon tIie
face thereof, the following words: Banking
law ballot" then under said words the follow
ing words: For the revised banking law as
passed By the legislature OF 1857" Following
which words shall be a square space for the max
ing Of a cross: and then under said last words
shah follow the words Against the revised
banking Law as passed by the legislature Of
1891" Following which words shall be a square
space for the making of a cross; and under
which shall be glis instruction to the voter:
''If you desire to vote in favor Of the revised
banking law, as passed by the legislature of 1897,
make q cross In the top square ii you desire to
vote against such revised banking law, make
cross in the bottom square" A cross made ia
the top square shall be a vote for this act; a
cross in the bottom square shall be vote
against this act.
SECTION 2. The canvass of the vote for and
against this act, and the return thereof shall be
made by the proper. canvassing officers, within
the same time and. in the same manner as now
prO7iGed by law for the canvass and return of
the votes cast at said general election, and the
result shall be declared by the board of canvass
ers at the same time and in the same manner as
the result of the canvass for state officers, and
If it shall appear that a majority of the votes
cast at such election, are in favor of this act
for this act, then this act shall become a law