Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-08-18

SECTION 4. Such corporation shall have the
power TO enact bylaws, not inconsistent with
! the laws OF this state or of the United States
| tor the government of its affairs, and such by
/ laws may prescribe the conditions on which de-
! posts shall be made. ami the terms on which
payments of such deposits shall be made Il, the
! depositorS by such institution. and the deposit
/ tors shall be bound by the Iccllafions enacted
| IL such bylaws, which regulations shall be
printed and conspicuOUsly posted in the office
OF such corporation, so as to be visible and ac-
cesslble to all persons visiting the business Of
ice OF the association.
! SECTION , The cOrporatoTS shall, at their
| first annual meeting elect by ballot from their
own number, a board of trustees or directors
WHICH shall consist Of not less than nine who
shall be divided into three classes. as follows:
One-third shall be 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
directors shall be elected at the annual meetiug
for the full term of three years unless elected to
I'LL a vacancy. when they shall be elected to
serve the unexpIred portion of the term they fill
| SECTION &. The trustees or directors within
ten days after their election. shall elect from the
members OF their own board, president, one or
more ylce-preSldentS treasurer and q Sec7e-
| tary; the same person may act as secretary and
| treasurer; they may also elect from their own
members a committee on. finance; all said Off.
GERS to hold their Offices till Others are elected
| and qualified to FL their places.
| SECTION I. No more than one officer of any
! savings association shall at the same time be
an officer of any bank or trust company: and no
stockhoIder of bank shall be treasurer of any
| savings association.
| SECTION s. The treasurer shall give bond
4 Tor the faithful discharge of his duties, with
surety to the acceptance OF the directors or
sEustees, in not less than ten thousand dollars
| payable to said association, and shall give q
new bond. with surety to the acceptance of the
| directors or trustees, as often once in every
| period of three years from the date OF giving the
| last bond. The said bond shall forthwith be
recorded at length in the books of 81 id savings
| association, which record shall at all times be
| subject to the inspection of the bank commits
| sioner of the state. 1t shall be the duty of the
4 president of said savings association to safely
keep the original bond so given. Whenever,
| in the Judgment of the board of directors or
| trustees or the bank commissioner, it is nacos-
sary for the security of the depostOrs, the treas
| urer shall give new bond In such amount as
| said board or the bank commissioner shall re-
| quire, and with such sureties as may be ap-
| proved. No president, director or trustee shall
| be surety on the bond of such treasurer
! SECTION 9. No corporator, trustee director,
manager, nor any other officer, except the treas
urer, shall receive any compensation for his SER
| vices in the management of such association,
| nor derive any en4olument therefrOm; provided,
| however that the president may receive for his
| services a sum not exceeding five hundred dol
| thousand dollars.
| SECTION 10. No trustee, director or manager
| Of such corporation, shall be borrower, or
surety for borrower, of any of its funds, re-
| ceive any money or valuable thing for negotiat'
| ing, procuring or recommending any loan from
| such association, nor for selling or aiding in
the safe or any STOCKS, DOnuS or SeCurlJleS 10 OF
by such association, and any such officer who
shall violate any provision of this section shall
| forfeit to the state one thousand dollars.
| SECTION II. Such corporation shall not make
| and issue any bill or prOmlssory note to clrcu'
late as currency.
| SECTION II. Such association may receive on
| deposit from any one person, in his or her own
! name, or in the name of another, in any one
year. sum not exceeding one thousand dollars
| SECTION ID. Any association organized here
| under, may employ not exceeding One-half OF
| its deposits in making loans on personal Sc
curity, and in the purchase of the public stock
| or bonds of the United States, or of the north
| western states, tO-wit: Ohio, Indiana, Michi
gan, Illinois, Iowa, Wisconsin and Minnesota
or of the authorized 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 min
cumbered real estate, lying and being in the
aforesaid northwestern states. No association
shall invest any part of its deposits in the stock
OF any railroad company, nor loan on, nor invest
| IN any mortgage 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 mem rers of the finance
committee, who shall duly certify to the value
of the premises to be mOrtGaEed according to
| the best of their Judgment, and such roDort
shall be filed and preserved with the records of
| the corporation.
| OF loan any money upon any obligation on
Wnlcn only one person or firm shall be holden,
without additional security for the same,
equivalent to the guaranty or Endorsement of
| some other responsible party.
SECTION l7 All ppllcatlOns for loans shall
DC made In writing, through the treasurer of
the corporation, who shall keep a record
thereof, showing the date, name of applicant
amount asked for, and security offered and he
shall cause the same to be presented to the
finance committee.
SECTION 49, The income or profits of every
such association, after deduction of all reason
able expenses incurred III the management
| JlGcGOf, ana the amounts reserved for
| anty fund, shall be divided among the deposit
ors or their legal representatives emi.annualIy,
at thC times fixed by its bylaws. Every such
ASSOCIATION shall before making any semi
annual dividend, reserve as a guaranty fund
| from the net profits which have accumulat ted
during the six months then next preceding a
sum equal to not less than one-fourth of one
per ceut., nor more than one per cent of the
whole amount of deposits, until such fund
amounts to ten per cent. 0f the whole amount O
deposits, which fund shall be thereafter main
tanned and held in that ratio. to meet losses in
It's business from depreciation of the securities
or otherwise
SECTION II. Ordinary dividends shall be
made every six months if the profits are suffi-
GENT to warrant it. On all sums which have
mediately preceding the date of dividend divi-
bends shall be paid pro rata at the same rate
as for the semI-annu9l period, except that no
olYlNehd shali be pad for the fractional part of
month or of a dollar
SECTION IS. Once in every term of three years
If the net profits accumulated over and above
| SC'i't SuttId ulS lunu anu ordinary dividends
| amounts to one per cent. of the deposits which
| have remained in such corporation for one year
| then next preceding, such net profits NAV bn
| divided among the depositors whose depOsits
remained therein for one year at least then next
preceding, as 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 NAV mr.
chase or build a building in which to carry on
Its own business, but shall not invest in the land
anq 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 end be subject to
the proVSIonsof the general laws relating to cor
| pOratlonS, so far as the same may be aDplicab e
ana shall be subject to all of the provisions of
TINS act relating to reports, examinations lioui-
datlOns, powers, liabilities and fOrfeitures so
! Tar as the same may be applicable. Any corpo-
! such savings association, shall continue bns-
ness under this act, and shall be subject to all of
| It's provisions.
| SECTION q. The directors managers or trus.
| tees 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 aud 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
and bonds, the amount of funds on hand the
names 81 the corporators trustees, and of the
other officers of such institution, the first day
of january of each year, which statement shall
DO kept on file in the Office of such association
ana an attested copy of the same shall be for