Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-10-20

association IL to I've carried ON, one shall I'D
deposited in the Office Of the secretary OF
state, aud one shalt In deposited In tho Of
nee ~ the bank commissioner,
Section l, Such corporation shall have
the power to enact bylaws, not tnconstst-
ent With the laws OF this state or OF the
United States, for the government of Its
aNatrS ana such bylaws may prescribe tho
conditions on which deposits shall be made.
aud the terms on which payments o. such
deposits shall I've made 10 the depostors by
such institution. and the depositors shall
I've bound hS The rcg0,attons enacted in
such hS-laws Witch regulations shalt be
printed and conNptruously posted In tho OF.
tlce of such corporation, so as to he visible
and accessible u all persons visiting the
business office OF the association,
Section b. The corporators shall, ut thet
nrst annual mcettng, elect ny hallnt from
their own number, 4 hoard ot trustees or
directors. which shall consist OF not less
than nine who shall I've divided into three
classes, ~ follows, one-thlM shall I've
elected tor one wear, ene-thlrd for two
wears, and ono thtrl Cor three years, After
the election OF the hrst board Of trustees
or directors, all subsequent trustees or Dis
recters shalt I've elected at the annual meet
ms for the fu0 term OF three wears, unless
elected Ia IN a Vacancy, when they shall
he elected to serve the unexptred portion OF
the term they TIL
within ten DAYS after their elections shall
elect from the members OF their own board.
Il president, one or more NtcS-presidchts
treasurer and a secretary; the santc per-
they may also elect from their own menu
Ncrs committee on tinancet all said OF
ncers to hold their offices I'LL others ara
elected aud qualified TO I'LL their places
Section I. Nomore than one officer or any
savings association shalt AZ tho same tmo
he an officer OF any hank or trust COM,
puuy. aud no stakeholder OF a bank ahau
be treasurer ot amy savings association
Section 5 The treasurer shall give
ties with surety TO tho acceptance OF tho
directors or trustees, tn not lcss than ten
thousand dollat, payable to said assooM-
ton, and shalt give new nond, with sure
~ to the acceptance of the directors or
trustees, as often NJ once IN every periSa
OF three years from the date OF giving the
he recorded AZ length In the books or aalu
savings association, which record shall ny
all times I've subject to tho tnsneeuen 9.
the bank commissioner OF tho state
shall he the duty ef the president or satd
sN,ngs association TO safely Keep the otM-
inal bond 40 given WhenHVnr, IN tne
Judgment cf the hoard OF directors or trua.
tees OF the bank commissioner, II " nco-
easarp for the security Of the depositorS
the treasurer shall givc new bond IN suon
amount M satd honrd or the bank commits
sioner shall require aud Win Mch SURF
Ties az may he approved, No president ui-
rector or trustee shall he surety ON tho
bond Of such treasurer,
section q No rnrporator, trustee, dtreo.
tor, manager. nor any other otlcnr except
the treasurer, shali receive any comhenSas
ton FOR his services In the management OF
aueh association, nor derive any emolu-
ment thercrrom; provided. however, that
the president may receive Tor ms asrnlres
n sum not exceeding dvo hundred dollars.
when tho deposits shall exc cd five nun
drcd Thousand dollars
section TO- No trustee, director or man"
ager OF such corporation. ahall 10 Dor,
rover. or surety for II borrower OF any OF
It's funds nor receive any money or valna-
bile thing for negotiating, procnr,ns OF res-
ton, nor for settling or aiding 70 tho sale os
any stocks. bonds or securities TO or py
such nssociatio and any anch pWecr MO
shall Violate any provision or TINS secton
shall forfeit to the state ono thousand doi-'
lars. -, -.
make and Issue any bill or promissory NOV"
to circulate M currency,
Section 70 Such association may receive
on deposit from nnS one person, IN M OF
her own name or ~ tho name OF nnother.
IN amy one year a sum not exceeding one
thousand dollars
section II Any association organized
half of Its deposits tn making loans on per
sonnl security. and IN the purchase of the
puhlle stock or bonds OF the United states.
or OF tho northwestern states, to-wt;
Ohio Indiana, Michigan, Illinois Iowa,
Wisconsin and Minnesota. or OF the nu-
thoriSod bonds of amy Incorporated nlyt
VILLAGE, town or county or school dlatrlct
IN the aforesaid northwestern states Al
other lunna ahall be secured by mortgage
on unineumhered real estate, lying ana De-
Ing IN the aforesaid northwestern states
No nasocIs ton shall invest any part OF its
a"noalts In The atoch OF any railroad COM
pang, nor lonn on nor invest " any mort
gage on real estate except such real estate
AZ lies IN the aforesaid northwestern
states No lonn shall he made upon real
estate To an amount exceeding sixty per
cent Of the value thereof, M dotermineu
upon hy not leaa than u majority OF tho
mcmhora OF the finance committee VINO
shall duly certify to the value of the prem.
lsoa to be mortRnRcd according TO the pest
OF their Judgment, and anch report shall DO
filed and preserved with the records OF the
corporation, ,
buy or loan any mor"y upon any obliga.
tlon on which only one person or nrm shall
be holden without additional security Tor
the same, equivalent to the guaranty ur
Endorsement OF some other Responsible
party $50,
shall bo made In writing, through tho
,rensurer OF the corporation, who shall
keep record thereof. showing tho date,
name of applicant amount asked Tor nnn
security offered. and no snail cause ,no
same to be presented to the finance com
mttec.
Section 10. The income or profits OF
every such association, after deduction
OF all reasonable expenses incurred IN tho
management thereof and the amounts re-
served for q guaranty FUND, shnll he aisil-
ed among the deposilora or theif legal rep,
resentntlves aemisannuelly, nj the times
hxed by Its bylaws. Every such aasonia.
ton shall before making any setnt+annuai
dividend, reserve as guaranty innd from
during tho six months then hexi proceed.
ing a sum equal 10 not less than ONE
fourth OF one per cent. nor more than ohs
per cent OF the whole amount OF deposits,
until such fund amounts TO ten per cent
~ tho whole amount OF deposits which
fund shall be thereafter maintained ana
held IN that ratio 10 meet losses In hs
business from depreciation OF the sscuri-
ties or otherwise.
Section II. Ordinary dividends shall bs
made every six months u tho profits are
sufficient 10 warrant IT, On all Sums whch
have been on deposit for less than ak
months Immediately preceding tina date OF
dividend. dividends shall be paid pro rata
nj the same rate aH for tho Henii.annuai
period except that no dividend shall be
paid for the fractional part OF month or
OF dollar,
years, II the net profits accumulated over
and above said guaranty fund ana or
binary dividends amounts to one per cent
OF the deposits which have remained w
such eurpornti ton for ono year then next
preceding, such net profits may be DIVIDED
among the depoaitora whore deposits re-
mained therein for one year at least then
next preceding, ns mn extra Dividend.
Section TO- II shall be lnwfuI Tor sucn
corporation to purchase, hold ana convey
such real estate M banks are nuthorixed
by the law OF this state to purchase, hold
and convey. except that such savings as
.oota ttona may purchase or build n build