River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-08

/ any adjoining county, TO be a member
| thereof ANY member failing to attend
the annual, meeting for TWO successive
/ years. such non-attendanee may be
4 deemed equivalent TO resishaton, ana
/ his place may be filled IN the usual
manner The association may NIL va
/ cancies and add to their number, from
/ time to time. as they may desire.
| Section 8. They. shall MAKE, sign and
/ acknowledge in triplcate, q certihcate in
/ writing, in which shall be stated the
/ name of such association, the names of
the corporators. with the , I,f5isiaence OF
/ and county, in which the operation of
/ such association is to be conducted, One
| 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 shatl De deposited
/ in the Office of the secretary OF state, and
| one shall be deposited in the Office of the
/ bank commissioner.
/ Section l. Such corporation shall have
/ the power 10 enact bylaws, not incon-
| sistent with the laws of this state or of
/ the United States, for the government of
/ its affairs and such bylaws may pre-
| 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 8. The corporators shall, at
| their first annual meeting, elect by ballot
| from their own number board OF
| trustees or directors, which shall con-
| sist 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
| first board of trustees or directors, all
! subsequent trustees or directors shall be
| elected at the annual meeting for the full
| term of three years, unless elected to fill
a vacancy, when they shall be elected to
! serve the unexpired portion of the term
Section G. The trustees or directors,
within ten days after their election, shall
| elect from the members of their own
presidents, a treasurer and a 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
Section l. 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 a bank
shall be treasurer of any savings associa-
ton.
Section g. The treasurer shall give a
bond for the faithful discharge of his
duties, with surety 10 the acceptance of
the directors or trustees. in not less than
ten thousand dollars, payable 10 said as
SOGldllOn, anu Sndil give d new DOIu,
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
ISOLATION, which record shall at all times
be subject to the inspection of the bank
commissioner of the state. 1t shall be the
duty of the president OF said savings as
ISOLATION 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 necessary for
treasurer shall give a new bond in such
amount as said board or the bank com
missioner shall require, and with such
sureties as may be approved. No presi-
dent, director or trustee shall be surety
on the bond of such treasurer.
Section 3. 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 emoument 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 a borrower, of
any of it's 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 H. Such corporation shall not
make and issue any bill or promissory
note to circulate as currency.
Section u. Such association may re-
ceiVe 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.
Section 10. Amy association organized
hereunder, may employ not exceeding
one-half of its deposits in making loans
on personal security, and in the purchase
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 mortgage on untncumbered 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 majority of the members of
certify to the value of the premises TO
be mortgaged, according 10 the best of
their judgment, and such report shall be
filed and preserved with the records OF
the corporation.
Section IA. 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
responsible party.
Section Is. All applications for loans
shall be made in writing, through the
treasurer of the corporation, who shall
keep record thereof, showing the date,
name of applicant, amount asked for,
and security offered, and he shall cause
he presented the finance
committee.
Section 16. The income or profits of
every such association after a deduction
of all reasonable expenses incurred in the
management thereof. and the amounts
reserved for guaranty fund, shall be
divided among the depositors or their
legal representatives semf-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, 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 its business from
depreciation of the securities or other
Section II. Ordinary dividends shall be
made every six months if the proflts are
sufficient to warrant 1t. 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 s for the semi
annual period, except that no dividends
shall be paid 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 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 19. 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 in 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 and APP
proyal of the bank commissioner.
Section 20. Every association formed
hereinunder shall possess the powers and
be 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,
FIXTURES, so far as the same may be APP
plicabe Any corporation now organized
and doing business as such savings asSo-
citation, shall continue business under
this act, and shall be subject to all its
provisions.
Section q. 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
poration. who shall examine the books.