Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-27

VI Nlt county Ill WHICH the uuSlutSS Oh Tue
association Is 10 be carried on. one shall he
deposited ia the Office OF the secretary Of
state and one shall be deposited In the Of
nee OF the bank commissioner.
Section 4. Such corporation shall have
the power 70 enact bylaws not incnnsist-
ent Win the laws OF this state or OF ths
United States. tor the government OF its
al airs. and dch bylaws may prescribe tho
conditions ora which deposits shall be made.
and the terms on which payments of such
deposits shall be made 90 the depositors ~
such institution, and the depositors shall
be bound 10y the resolutions enacted in
such bylaws, which regulations shall he
printed and conenCuouSly posted IN the OF
ice OF such corporation. So as to be visible
business office Of the association,
Section .. The corrorators shall, at then
first annual meeting, elect by ballot from
their own number, a board OF trustees or
directors which shall consist of not less
than n.ue who shall be divided into three
classes, as follows One-third shan be
years aud one third for three years After
the election of the first board OF trustees
or directors all subsequent trustees or dl-
rectors shah he elected M the annual meet
elected 20 fiji a vacancy, when they shaI!
be elected 20 serve the unoxplred portion or
the term they I'LL
within ten days after their election, shall
elect from the members Of their own board,
a president, one or more vtcc-pres'dents,
son may act as secretary and treasurer.
they may also elect from their own mem
hers a committee on finance ali SAID OF
ticers TO hold their offices TIL others arc
elected and qualified to M their places.
Section Z Nomore than one officer of any
savings association shall at the same time
be an officer OF any bank or trust com.
pany; and no stockholder OF a bank shall
be treasurer of any savings association,
Section s. The treasurer shall give
bond for the faithful discnargc OF ms dn-
81, ~ Ia IA aRRfnfIngH
directors or trustees I'm not less than ten
thousand dollars payable TO SAID asSocla-
ton, and shall give a new BOND, win sure
~ to the acceptance OF the directors q.
trustees as often rs once in every period
of three wears from the date or ElNlnE tne
last bond The said bond shali fortnWltn
be recorded AT length IN the books or salu
savings association. which record shaii ny
ali times be subject to the inspection OF
the bank commissioner of the state. !
shall he the duty OF the president OF s9l3
savings association TO safely keep the orig
innl bond 50 given, Whenever. IN the
Judgment of the hoard Of directors or Uus-
tees or the bank commissioner, " IS nee
eesary for the security of the deposuors,
the treasurer shall give new bond In sueh
amount as said board or the bank commits
siouer shall require. ana Win suSh sur,
ties as may be approved. No president, 81.
rector or trustee shall be surety on the
bond OF such treasurer.
Section Q No curporatOr. trustee, dtrec-
tor manager, nor any other officer, except
the treasurer. shall receive any compensa.
lion FOR his services in the management OF
such ass0cia ton, nor derive any euo'u.
mept therefrom; provided, however, tna,
the president may receive for his services
n sum not exceeding five hundred dollars,
when the deposits shall exc ed i've nun
bred thousand dollars
Section 10 No trustee, director or uan-
nger of such corporation. shall be Dor,
rover or surety Cor n borrower, or any OF
its funds. nor receive any money or Valua-
bic thing FOR negotiating, procuring or roc
lyUn from Slit0 ANNpClb-
ton nor for selling or aiding IN tle sale oa
any stocks bonds or securities to or ny
such association and any such Sinee sr Wno
shall forfeit TO the state one thonsanu uo'-
lars -
make aud Issue any bill or promissory 'o'o
to circulate as currency,
Section T. Such association may recelVe
on deposit from any one person IN ms UT
her own name or in the name OF another,
In any one year. n sum not exceeding one
thousand dollars
hereunder. may employ not exceeding one
half of It's deposits IN making loans on per-
sonaI security. and in the purchase OF the
public stock or bonds OF the United states,
or OF The northwestern states, t2-w OWL
Ohio. Indiana Michigan, Illinois, iowa.
Wisconsin and Minnesota, or OF me hu-
thorized bonds OF any incorporated CITY,
village, town or county or schooi dlst.G,
an the aforesaid northwestern states. An
other loans shall be secured by mortgage
on unincumbered real estate, lying ana be-
ing in the aforesaid northwestern states.
No association shan invest any part OF lts
deposits IA the stock OF any railroad conf
pauy nor loan on. nor invest IN any mort
gage on real estate except such fei estate
as lies IN the aforesaid notthWestern
states. No ioaf shall be made upon real
estate 70 an amount exceeding sixty per
cent OF the value thereof, as deterinlneu
upon by not less than a majority OF the
members OF the finance committee. who
shall duly certify to the value of the prem
ises to be mortgaged, according TO me PEST
Of their Judgment pud such report snail De
fled ana preserved WIN the recurus OF mo
Section IL. No such corporation shan
buy or loan any money upon any obliga,,
ton on which only. one person or firm shhli
he holden without additional security for
The same, equivalent to the guaranty OF
Endorsement of some other responsible
section Is. Al applications, for loans
shall be made IN writing through tho
treasurer OF the corporation, who shall
keep "a record thereof showing the aale;
security offered and he shan cause the
same 10 be presented to the finance com
mlttee a,
every such association after a DEDUCTION
OF all reasonable expenses Incurred ~ the
management therDof, and the amounts fe-
served for guaranty FUND, Hhall pe alVih-
cd among the depdaitors or Their legal rep
rosentatiVes semi anuually, at the times
fixed bv its bylaws Every such aasoch-
ton shall before making any scml-annual
dividend reserve a. "A guaranty fund from
the net profits which have accumulated
during the elk months then next prcced-
Ing. sum equal TO not less than one
fourth Of one per cent nor more man one
per cent OF the whole amount or deposits
ilutil such fund amounts 20 ten per cent
of the whole amount OF deposits, whlch
fund shall be thereafter maintained apo
held i'm that ratio to meet losses IN lts
business from depreciation Of the securI-
ties or otherwise.
section 81 Ordinary dividends SHAH be
made every six months n the profits are
sufficient 10 warrant a. ON all sums when
have been on deboait for less thnn NlE
months Immediately preceding the date OF
dividend dividends shall be paid pro rata
al the same rate as for the semi annual
period except that no dividend shall De
paid for The fractional part Of month or
Of a dollar -,
years. II the net profits accumulated, over
and above said guaranty fpnd ana OF.
binary dividends amounts TO one per CEN
sich CORPORATION FOR one year then next
nreoediup puoh net profits may bu divided
among the deuosiiorg whogH deposits We
rnained therein FOR one year ~ least then
uoxt preceding AZ an extra dividend
Section 10 n shall Zoe lawful for auch
cnruofafi On 10 purchase hold and convey
such real estate ag banks are authorized
bv the law. OF this state 10 purchase. hoid
and convey. except hat such savings as
eorlatlonF may purchase or blild y build
a.. a., ,.sIta1y carry ON lie own business.