River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-08-11

any adjoining county. TO be a member
thereof. Any member failing to attend
the annual meeting tor, two successive
years such non-attendance may be
| deemed equivalent TO a resignation, ana
| his place may be filled in the usual
manner. The association may fill va
| time TO time. as they may desire.
Section 8. They shall make, sign and
| acknowledge in triplicate, a certificate in
writing. in which shan oe stated the
| the corporators, with the residence of
| each, the name of the city, village, town
and county. in when the opera ton OF
| certificate shall be filed In the office of
/ the register of deeds OF the county in
| which the business of the association is
/ to be carried on one shall be deposited
/ in the office of the secretary OF state, and
! one shall be deposited in the office of the
/ bank commissioner
/ the power to enact bylaws. not incon-
! sistent with the laws or this state or of
the United States, for the government OF
/ scribe 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 shall be bound by the
! regulations enacted in such bylaws.
which regulations shall be printed and
! conspicuously posted in the Office of such
! corporation, so as TO be visible and ac-
! cessible TO all persons visiting the bust
ness office of the association.
Section g. The corporators SHALL at
| their first annual meeting, elect by ballot
4 from their own number a board of
/ trustees or directors. which shall con-
! sist of not less than nine, who shall be
| divided into three classes, as follows:
! One-thrd 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 meeting for the fun
/ term of three years. unless elected to fill
| a vacancy, when they shall be elected TO
| serve the unexplred portion of the term
| they fill.
| within ten days after their election, shall
| elect from the members of their own
| board, a president, one or more vice
| presidents a treasurer and secretary:
! the same person may act as secretary
| and treasurer; they may also elect from
! their own members committee on
| finance; all said officers to hold their
Offices till others are elected and qualified
| to fill their places
Section T. 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 stOCkholder of a bank
| shall be treasurer of any savings associa-
| ton.
Section S. The treasurer shall give a
| bond for the faithful discharge of his
| duties. with surety TO the acceptance of
| the directors or trustees, in not less than
| ten thousand dollars, payable to said as
| ISOLATION. and shall give a new bond,
! with surety to the acceptance of the
| directors or trustees, as often as 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 said savings as
socfa ton which record shall at all times
| be subject to the inspection of the bank
| commissioner of the state. II shall be the
| duty of the president of said savings as
| sociation to safely keep the original bond
| so given. Whenever, in the judgment of
| the board of directors or trustees, or the
| bank commissioner 1t is necessary for
| the security of the depositors. the
| treasurer shall give new bond in such
| amount as said board or the bank com
missioner shall require and with such
| sureties as may be approved. No prest-
| dent, 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 treasurer, shall receive any
| compensation for his services in the man
| agement of such association. nor derive
any emolument therefrom; provided, how
| ever that the president may receive for
| his services a sum not exceeding five
| hundred dollars, when the deposits shall
exceed five thousand dollars.
Section 10. No trustee, director or man.
| ager of such corporation, shall be a
| borrower, or surety for borrower, of
| any of its funds, nor receive any money
| or valuable thing for negotiating, procur-
| ing or recommending any loan from
| such association, nor for selling or aiding
| in the sale of any stocks bonds or Sc
| Curities to or 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 promssory
note to circulate as currency.
Section r. Such association may re-
ceve on deposit from any one person, in
his or her own name, or in the name OF
another, in any one year, sum not ex-
ceeding one thousand dollars.
association organized
hereunder, may employ not exceeding
one-half of its deposits In making loans
on personal security, and In the purchas sc
of the public stock or bonds of the United
States, or of the northwestern states, to-
wit: Ohio, Indiana, Michigan, 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 mort gage on unincumbered real estate,
lying and being In the aforesaid north
western states. No association shall in
vest 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 a majority of the members of
the finance committee, who shall duly
certify to the value of the premises to
be mortgaged, according to the best OF
filed and preserved with the records of
the corporation.
Section a. 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 Sc
curity for the same, equivalent to the
guaranty or Endorsement of some other
Section Is. All applications for loans
shall be 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 l6. The income or profits of
every such association, after q deduction
of all reasonable expenses incurred i'm the
management thereof and the amounts
reserved for a guaranty fund. shall be
divided among the depositors or their
legal representatives semi-annually, at
the 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 accumulated during the six months
then next preceding, a sum equal to not
less than one-fourth of one per cent. nor
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 i'm that
ratio to meet losses in its business from
depreciation of the securities or other
wise.
Z.
made every six months If the profits are
sufficient to warrant II. 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
annual period. except that no dividends
shall be paid for the fractional part of a
month or of dollar
Section u.s. Once in every term of three
years IL the net profits accumulated over
and above said guaranty fund and ordi
nary 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 ~. II 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
and convey except that such savings as
sociations may purchase or build build
ing i'm which to carry on Its own bust
ness but shall not invest in the land and
building a sum exceeding ten thousand
dollars. except upon the consent ana APP
prevail of the bank commissioner.
Section 20. Every association formed
herenunder shall possess the powers and
he subject to the provisions of the gener-
al laws relating to corporations, so far
as the same may be applicable. and shall
be subject to all of the provisions of this
act relating to reports. examinations,
liquidations, powers, liabilities ana Tor
FIXTURES, so far as the same may ne APP
plicable ANY corporation now organized
and doing business as such savings asSo-
citation, shall continue business under
this act and shall he subject to all It's
provisions.
Section a. The directors. managers or
trustees shall annually appoint not less
than two auditors, who shall not be d.
rectors managers or trustees of the cor
poratfon, who shall examine the books.
80 f.sE= lna1r, inc to VrTh