Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-29

power to enact bv-ia,v-. ror Inconsistent with
the laws o. this stale Cr Of lla United States
t2r the government If it E.j7s, and such ~
laws may nTeScrI5a tss c,,a-tit. oDS on which -.
HOSItS shall be made ana the terms On Which
payments OF Sslcl tegl snail be made 10 the.
utpoSltorS by such lEStJ rC5s,u. and the GopCSi-
tors shall be bound by the regulations enacted
IN such bylaws, which regulations shall he
printed and conSpicaouSly posted in the Office
OF such corporation, 50 a to be visible and ac-
cessi5le TO all persons visiting the business Of
fee Of the association.
SECTION ) The corpora tors shall. at their
hrSt annual meeting, elect by ballot from their.
own number, 4 board OF trustees or directors
which shall consist of not less than nine who
shall be divided into three classes as .ol,oys:
One-thlrd shall be elected for one year. oue-j
tnlrd tor two years, and one third for three
years. After the election of the first board ok
trustees or directors, all subsequent trustees or
directors shall be elected at the annual NESTING
LOT the tut term OF three wears unless elected to
Ill vacancy. when they shall be elected to
serve the uneEpiTed portion of the term they fill
SECTION g. The trustees OF directors, within
ten days after their election shall elect from the
members OF their own board. a president one or
more vice-preSiientS, q treasurer and a secre-
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 fill 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
Stakeholder of bank shall be treasurer OF any.
savings association.
. SECTIONS 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,
payab bic. to said association. 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 tho
last bond. The said bond shall forthwith be
recorded at length the hooks of said
association, which record shall at all times be
subject to the inspection Of the bank commits
slOuer OF the state. 1t shall be the duty OF the
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 commissioners it is uaccs-
sary for the security of the depOstors, the treas
urer shall give a Lew bond in such amount as
said board or the bank commissioner shall re-
quire, and. with such sUreties as may be APP
proved. No president director or.trustee shall
be surety on the bond of such treasurer.
SECTION y. 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 emolument therefrom; provided,
however, that the president may receive for his
services sum not exceeding five hundred dol
lars when the deposits shall exceed five hundred
thousand dollars.
SECTION 10. No trustee, director or manager
of such corporation, shall be a borrower, or
surety for borrower, OF any of Its funds nor re-
CelVe any money or valuable thing for negOtiat-
ing, procuring or recommending any loan from
SIiCn ASSOCIATION, nor for selling aiding in
the sale of any stocks, bonds or securities 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 promissory note to circu-
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.
SFCTTON AnV nD ORG izaH hor
under, may employ not exceeding onehalf 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
clay, village, town or county, school district
IN the aforesaid northwestern states. All other
loans shall be secured by MORTGAGE on min
numbered real estate lying and being in the
aforesaid northwestern states. No association
shall invest any part of its deposits in the stool,
of any railroad company, nor loan on nor invest
IN any mortgage 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 mentors 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 report
shall be tled and preserved with the records of
the corporation.
SECTION II. No such corporation shall buv
or loan any money upon any obligation on
which only one person or firm shall be holden,
without additional security for the same,
equivalent to the guaranty or Endorsement of
some otherresponsible party.
; SECTION II. All app LEGATIONS 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
Shl1 cause the same to be presented to the
finance committee.
SECTION Is. The income profits of every
such association, after a deduction of all reason
able expenses incurred L the management
thereof, and the amounts reserved for 2 guar
anty fund shall be divided among the deposit
ors or their legal representatives. seIni.annuaIly
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 ii
sum equal to not less than One-fourth of one
per cont, nor more than one per cent. of the
whole amount of deposits until such fnnd
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
SECTION II. Ordinary dividends shall be
made every six months if the profits are sufi-
Gent to warrant it. On all sums which have
been on deposit for less than six months i'm
mediately preceding the date of dividend, divi-
dcnds shall be paid pro rata at tho same rate
rs Tor the senl-annual 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
II the net profits accumulated over and above
SAID guaranty fund and ordinary dividends
amounts to enc 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
remained therein for one year at least then next
preceding, as an extra dividend
SECTION 49, 1t shall be lawful for such cor
poratlon to purchase, hold and convey such
real estate as banks are authorized bv the law
OF thus state to purchase, hold and convey, ex-
cept that such savings associations NAV Dur-
chase or build building in which to carry on |
Its own business, but shall not invest in the land
enG building sum exceeding ten thousand
dollars, except upon the consent and approval
of the bank commissioner.
SECTION 20. Every association formed hero
nnder snail possess the powers Gud be subject to
the proVlSlonsof the general laws, relating
poratlOnS, so far as the same may be applicable,
and shall be subject to all of the provisions of |
TINS act relating to reports, examinations, liqui
cations, powers, liabilities and forfetureS, so |
far as the same may be applicable. Any corpO-
ration now organized and doing business as
such savings association, shall continue busi- |
ness under this act and shall be subject to all of
its provisions
SECTION q. The directors managers or trus- |
tees shall annually appoint not less than two |
auditors, who shall not be directors, managers
DIT trustees OF the corporation, who shall exam |
inc the books, accounts and 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 |
1epOSltorS, the largest amount due to any one |
1epoSltor, the amount invested in loans on real |
estate securities, the amount invested in stocks
and bonds, the amount OF funds on hand the !
other officers of such institution, on the first day
)t January of each year. which statement shall |
De kept on file in the office of such association
and an attested copy of the same shall be for |
Earded to the bank commissioner, on or before
-he first day Of February of each year.