Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-15
CONTINUED from SUPPLEMENT-


deposited in the Office of the secretary O.
state, and one shall be deposited In the Oh
fee Of the bank commissioner.
Section d. Such corporation shan nave
the. power to enact bylaws. not inconslSt.
ent with the laws Of this state or OF t ne
affairs, and such bylaws may prescribe tle
conditions on which deposits shall be mace 9,
and the terms on which payments OF rs sue c1,
such institution, and the depostors shalI
be bound by the regulations enacted ~,
such bylaws, which regulations snalI 20
printed and conspicuouSly posted IN the ol-
fee of such corporation, SO as to be vlsl9ls
and accessible to all persons. visiting the
business office Of the assoclatllo ION, 81 +be,r
first annual meeting, elect by ballot from
their own number, a board or trustees OF
directors which c ss sn he eo dyed p into three
classes, as follows: One-thlrd s saa +r po
elected for one year, ,one-third for ftpo
years. and one,thlrd Tor three yeaFs tee
or directors, all subsequent trustees or al
rectors shall be elected at the annual meet
ing for the full term of three years, un mess
elected to FIJI a vacancy, when they. shat
be elected to serve the unexplred porlloh VI
the term they fill. ,,..
within ten days after their election. shall
elect from the members of their own poafa,
a president, one or more YIce-presldeIlts,
treasurer and secretary; the same same ,,, Per.
they may also elect from their own mem
bers a committee on finance; al salu ",
ficers to hold their offices TIL others are
elected and qualified to fill their places.
Section T. No more than one ofdcer OK any
savings association shall at the same t1,1,e
be an officer of any bank or trust conn., com,
pany; and no stakeholder Of a bank shali
be treasurer Of any savings assoG ii 9ine q
SECTION The dScharg gna Of his du
ties, with surety to the acceptance OF t tiie
directors or trustees, In not less tnan a Ten
thousand dollars, payable to SAID assoc la-
~ wi to the acceptance Of the directors OF
trustees, as often as once In every perloa
Or o. e th bond ye The said bond shall forthwith
he recorded at length in the books OF sald
savings association, which record snall a.
the bank commissioner Of the state at 81 +
shall be the duty of the president OF salo
savings association to safely keep the ot ~
inal bond SO given; Whenever, IN tx tne
judgment of the board Of directors or trus-
tees, or the bank commissioner, 1t IS nee
essary for the security of the depso o ,nS,
amount as said board or the bank con1lls'
sioner shall require, and With such sure r;
ties as may be approved. NO president ~ a.,
rector or trustee shall De surety oA l'io
bond of such treasurer. . z,oo
Section g. No corporator, trustee, dlrec.
tor NOR n6a any rysc ever any n,o
tion for his services In the management VI
such association, nor derive any enl0lu.
ment therefrom provlaeo' We serv ices
q &c sim m not exceeding five hundred dollars,
when the deposits. shall exceed hve nun
dred thousand dollars
ager of such corporation, shall De Dor.
rover, or surety for a borrower, or any OF
its funds nor receive any money or Valud-
bic thing for negotiating, procuring or rec
ommending any loan from such ass0clds
ton. nor for selling or aiding IN the SAFE o, on
any stocks, bonds or securities to or by
lot
shall violate any provision of this sec9on
shall forfeit to the state one thousaio ooi'
lars. ~, o4
Section II. Such corporation shall NOT
make and issue any bill or prom1ssory nole
to circulate as currency. ooo,,,o
on deposit from any one person, In ms OF
her own name or in the name or 5 anotn a7ln
IN any one year, sum NOT eAoee'4i1ie oA-'
Section 49, Any association organized
hereunder may employ not exceeding one
half of it's deposits In making loans on per 7,.
public stock or bonds Of the United States,
Or of the northwestern statea1 tG 2oW5
V7i@ ri and Minnesota. or Of the au
thorized bonds Of any Incorporated city,
village, town or county, or school 81 dlstf ~
other loans shall be secured by mortgage
on unincumbered real estate lying ana pc
ing in the aforesaid northwestern STATES eSs
No association shall invest any part of its
deposits in the stock of any railroad com
paIly. nor loan on nor invest in any mort
ea ia the IG norhwestern
states. No loan shall be made upon real
estate to an amount exceeding sixty per
cent of the value thereof, as determlned
upon by not less than a majority OF the
members Of the finance committee VINO
shall duly certify to the value Of the prem.
ief to be repo a3 shall BE-
filed and preserved with the RECORDS OF the
Section H. 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 security for
the same, equivalent to the guaranty OF
party, :. -; -,,.,o, ~ teams
t treasu Re Of the en- coTporaion who shall
name Of applicant, amount asked for. dtlu !
security offered, END he sinai. Cause the
Section 10. The, income or profits Of
every such association, after deductlon
management thereof, and the amounts re-
served for a guaranty fund, shall be dlvld-
ed among the depositors or their legai rep
fixed by it's bylaws. Every such ,associa,,
ton shah, before making any semi-annuai
the net profits which have accumulated
during the six months then next preced-
ing, 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 securi-
ties or otherwise.
Section II. Ordinary diiyidends shall be
made every six months Il 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-annIal
period, except that no dividend shall be
paid for the fractional part Of a month or
of a dollar.
Section Is Once in every term Of three
years, If the net profits accumulated over
ana 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
next preceding, as an extra dividend.
Section 10. It 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
end convey. e~ce@t that @,lc.l savings a.