Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-06


of the county In which the business of the
association is to be carried on, one shall he
deposited in the office OF the secretary of
state and one shall be deposited in the or
flee of the bank commissioner,
Section 4. Such corporation shall have
the power to enact bylaws. not inconslst-
ent with the laws OF this state or of the
United States, for the government of Its
affairs. and such bylaws may prescribe 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 SHAH
be bound by the regulations enacted IN
such bylaws, which regulations snail 10
printed and conspcuously posted In the Of
flee of such corporation, so as to be visible
and accessible to all persons visiting the
business 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
! than nine who shall be divided into three
| classes. as follows: One-thtrd shall be
! elected for one year, one-tnird Tor Two
I years, and one-third for three years. After
I the election of the first board OF trustees
| or directors. all subsequent trustees or d.
! rectors shall be elected at the annual meet
| Ing for the full term OF three years, unless
Z elected TO ill vacancy, when they shali
! be elected to serve the uneXpired portion OF
! the term they fill.
Section s. The trustees or directors,
I within ten days after their election. shall
/ elect from the members of their own board,
/ a pres ident, one or more NlCe-preSlutnts' d
]
/ son may act as secretary ana treasurer
/ they may also elect from their own mem
| bers a committee on finance; all sald OF
i ficers to hold their offices III othets are
! elected and qualified to ill their places.
Section 7. Nomore than one officer of any
/ savings association shall AT the same uIne
/ be an officer of any bank or trust com,
! pany; and no stakeholder of a bank snail
| be treasurer of any savings association
Section s. The treasurer shall give
! bond for the faithful discharge of his du-
]
| directors or trustees, in not less thah Ten
| thousand dollars. payable TO SAID assocla-
! ton and shall give new pond, with sure
| ty TO the acceptance of the directors or
| trustees as often as once in every perlou
| of three years from the date OF giving me
! last bond. The said bond shall torthWltn
/ be recorded at length in the books OF said
! savings association, which record shall at
/ all tines he subject 10 the inspection OF
! the bank commissioner of the state "
| shall he the duty OF the president OF SAD
savings association to safely fep me otis
/ iral bond so given Whenever. IN tne
/ Judgment Of the board of directors or trus~
| tees or the bank commissioner 1t is nee
essary for the security of the deposltorS,
the treasurer shall give new bono IN such
! amount rs said board or the bank Cotnlnls-
sloner shall require and with such sure
! ties as may be approved. No president 81
| rector or trustee shall be surety on the
Section Q No corporator trustee direc-
tor. manager nor any other officer. except
! the treasurer shall receive any compehsa.
/
such association, nor derive any enloIu.
ment therefrom; provided. however, that
! the president may receive Tor ms services
a sum not exceeding Eve hundred aotiars y
when the deposits shall, exceed five hun
! bred thousand dollars
/ Section 10 No trustee. director or man
! ager of such corporation shall be DOT.
rover. or surety for borrower oil any OF
! it's funds nor receive any money or Nalua-
! BILE thing for negotiating procuring OF rev
ommending any loan from such assocla,
! for
| any stocks bonds or securities 70 or ny
! such associa ton. and any such oillcer VINO
! shall violate any provision OF TINS sect.pl
shall forfeit to the state one thousand dol
Section II. Such corporation shall not
make and issue any bin or promlssory hole
| to circulate as currency
Section IL Such association may receive
! on deposit from any one person, IN MS or
! her own name. or in the name OF another,
| in any one wear, a sum not exceeding one
! thousand dollars.
Section 10. Any association organized
hereunder, may employ not exceeding one
/ half of its deposits In making loans on per-
| sonal security and in the purchase OF the
! public stock or bonds Of the United states.
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 unincumbered real estate lying and be-
Z
No association shall invest any part OF us
deposits In the stock of any railroad COM
| pany, nor loan on, nor invest in any mort
J gage on real estate, except such real estate
/ as lies In the aforesaid northwestern
I states. No loan shall be made upon real
4 estate to an amount exceeding sixty per
| cent of the value thereof as determined
upon by not less than a majority OF the
! members Of the finance committee VINO
! shall duly certify to the value OF the prem
I ises to be mortgaged according to the best
] Of in a ON report
filed and preserved with the records OF the
corporation,
buy or loan any money upon any oblisa,
Z ton on which only one person or firm shal
! be holden without additional security Tor
the same, equivalent to the guaranty or
! Endorsement Of some other responsible
Section Is. All applications, for loans
] shall be made in writing, through the
treasurer of the corporation, who shal
keep a record thereof. showing the date
/ name of applicant amount asked Tor, ana
security offered. and he shall cause the
! same to be presented to the finance com
Section ls. The income or profits OF
| every such association, after deduction
| OF all reasonable expenses incurred IN the
management thereof, and the amounts re-
served for o guaranty fund, snail pe nlNld-
] ed among the depositors or their legal rep
! resentatives serni-annually, at the times
/ fixed hy it's bylaws. Every such associa-
/ ton shall before making any seIni-annual
. II II
/ the net profits which have accumulated
during the six months then next proceed
I ing. a sum equal 10 not less than one
fourth Of one per cent, nor more than one
/ per cent OF the whole amount or deposits
! untll such fund amounts to ten per cent
/ of the whole amount OF deposits which
/ fund shall be thereafter maintained and
/ held In that ratio 10 meet losses In its
Z business from depreciation or the securl-
( ties or otherwise
! Section NJ. Ordinary dividends shall he
I made every six months n the profits are
( sufficient to warrant IT, on all sums when
have been on deposit for less than SIX
/ months Immediately preceding the date or
dividend dividends shall be paid pro rata
/ of the same rate as for the semi.annual
| period except that no dividend shall be
/ paid for the fractional part OF a month or
| OF a dollar.
/ Section rs Once I'm every term of three
years ~ the net profits accumulated over
( and above said guaranty fund and or
binary dividends amounts 20 one per cent
I OF the deposits which have remained IN
| such corporation for one year then next
preceding such net profits may he divided
amoug tho drpositors whose deposits re-
/ NAMED therein for one year a. least then
/ next preceding, as an extra dividend.
Section a. n shall I've lawful Tor sgch
I corporation 20 purchase h0li ana convey
! such real estate as banks are au'houHgl
/ bv the law Of this state 70 purchase. hoid
3 ~ 11rt-ays agrprf that such savings NE-