River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-08-25

manner The association may fill va
eaneies and add Io th mav n ddni9e from
/ Section 3. They shall make. sign and
/ acknowledge in triplicate, certificate in
/ writing, in which shall be stated the
\ name Of such association. the names of
4 the corporators, with the residence of
4 each the name OF the city village. town
/ such associa ton 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
1 to be carried on. one shall be deposited
/ in the office of the secretary of state, and
4 one shall be deposited IN the office or the
bank commissioner.
| Section A. Such corporation shall have
1 the power TO enact by avs. 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
4 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-
cessibe to all persons visiting the bust
! ness office of the association.
Section 5. The corporators shall. at
! their first annual meeting, elect by ballot
4 from their own number, board of
/ trustees or directors, which shall con-
1 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
| 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 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 6. The trustees or directors,
within ten days after their election, shall
! elect from the members of their own
] hoo = 50 10 N-fFg
| presidents, treasurer and a secretary;
| the same person may act as secretary
| and treasurer; they may also elect from
! their own members a committee on
| france: all said officers to hold their
| offices till others are elected and qualified
| to I'LL their places.
| any savings association shall a 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
| 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
| sociation. and SHAH give a new bond,
| 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 commissioners. ii is necessary for
| the security of the depositors the
| 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
IN 10 n
Section g. No Corporator. trustee,
| director, manager, nor any other officer,
except the treasurer, shall receive any
| compensation for his services in the man.
| agemCnt OF such association, nor derive
| any emolument therefromi 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 II. Such corporation shall not
make and issue any bill or promissory
| note to circulate as currency.
Section II. Such association may re-
! CelVe on deposit from any one person., III
his or her own name, or in the name or
| another, in any one year, a sum not eX-
| ceeding one thousand dollars.
Section ID. Any 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 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 G ma iority 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
| their judgment, and such report shall be
| filed and preserved with the records of
| the corporation.
Section a. No such corporation shall
buy or loan any money upon any obltga-
| 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 16. The income or profits of
| every such association after q deduction
of all reasonable expenses incurred in the
mana cement thereof, and the amounts
| reserved for guaranty fund, shall be
legal representatives, semi-annually, at
the times fixed by it's bylaws. Every
such association shall, before making any
semi-annual dividend reserve as
guaranty fund from the net profits which
have accumulated during the six months
then next preceding, sum equal to not
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 H. Ordinary dividends shall be
made every six months if the profts are
sufficient to warrant 1t. on an 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
month or of a dollar.
..
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 depositoTs whose deposits re-
manned therein for one year at least
then next preceding, as an extra dividend.
Section 49, IL shall be lawful for such
corporation TO purchase; mold ana 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 a 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
proval of the bank commissioner.
Section 90 Every association formed
hereinunder shall possess the powers and
be subject to the provisions of the gener-
as the same may be applicable, and shall
he subject to all of the provisions of this
act relating to reports. examinations.
liquidations, powers. liabilities and for
FIXTURES, so far as the same may be APP
pliCa BILE 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
Section p. The directors, managers OF
trustees shall annually appoint not less
than two auditors. who shall not be di-
rectors managers or trustees of the cor
poration who shall examine the books,
accounts and securities belonging to such
association. and make sworn statement
showing the true condition thereof. the
total amount of deposits, the whole num-
Der of depositOrs. the largest amount
due to any one dep0SitOr, the amount IN
vested in loans on real estate securities.
the amount invested in stocks and bonds.
+ba If funds hand the names