Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-11-03
Continued from SUPPLEMENT-

OF the county In which the business OF the
deposited in the Office Of the secretary OF
state, and one shall be deposited In the Of
f1ce OF the bank commissioner.
the power to enact bylaws. not inconsist-
ent with the laws of this state or Of the
United States, for the government OF its
conditions on which deposits shall be made,
and the terms on which payments Of such
deposits shall be made to the depositors by
be bound by the. regulations enacted in
such bylaws, which regulations shall be
printed and conspicuously posted in the Of
flee of such corporation, SO as to be visible
and accessible to all persons visiting the
business Office of the association.
Section s. The corporators shall, at their
their own number, a board of trustees or
directors, which shall consist 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
rectors shall be elected at the annual meet
ing for the full term of three years, unless
elected to fill vacancy, when they. shall
be elected to serve the unexpired portion OF
the term they fill.
Section G. The trustees or directors,
within ten days after their election. shall
elect from the members of their own board,
a president, one or more vice-presidents,
treasurer and a secretary; the same per.
son may act as secretary + and treaS ye91i
bers a committee on finance; all SAID OIL
ficers to hold their offices till others are
elected and qualified to M their places as -,
savings association shall at the same tlne
be an officer of any bank or trust com,
pany; and no stockholder OF Dan tio snai'
be treasurer of any savings ASSOCIATION.
Section s. The treasurer shall give
bond for the faithful discharge of his du-
ties, with surety to the acceptance OF t tne
III, nV t1,nC NOT less
thousand dollars, payable to SAD assocla-
tion and shall give a new bond, with sure
ty to the acceptance OF the dlrector e5;o %
of three years from the date OF giving tIle
last bond The said bond shall forthWltn
be recorded at length in the books OF sala
s9viness association, which record shall at
the bank commissioner of the state. Il
savings association to safely keep the orig rig
inaI bond so given. Whenever. IN the
Judgment of the board OF directors or lrus-
tees or the bank commissioner, IL IS nee
essary for the security of the depositors'
the treasurer shall give a new bond IN such
amount as said board or the banK coInlL L
sioner shall require, and with sucn sure
ties as may be approved. No president, a.
rector or trustee shall be surety on the
bond of such treasurer. 80
Section 9. No corpOratOr, trustee, dlrec.
tor manager, nor any other officer, except
the treasurer, shall receive any compensa-.
ton for his services IN the manageflen 10, ul
ment therefrom; provided, however, that
the president may receive Tor ms SSfN Ices
a sum not exceeding five hundred dollars,
when the deposits shall exceed five hun
dred thousand dollars
Section TO- No trustee, director or man
ager Of such corporation, snal oe ,I po ~
rover or surety for a borrower. or any OF
its funds nor receive any money or Vaiua-
BILE thing for negotiating, procuring or rec
tion. nor for selling or aiding in the sale on
any stocks bonds or securities 70 OF py
such association. and any such otacer W n.1
shall violate any provision OF this sectlon
shall forfeit to the state one thousand doi-
Section il. Such corporation shall not
make and issue any bill or pfonlssory Hole
to circulate as currency.
Section r. Such association may receive
on deposit from any one person, IN ms ~
In any one year. a sum not exceeding olle
thousand dollars.
Section - Any association organized
hereunder. may employ not exceeding one
half of it's deposits in making loans on per-
sonal 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 o; au'
thorized bonds of any Incorporated CITY.
village town or county, or School olstriCt
in the aforesaid northwestern states: Al
other loans shall be secured by mortgages
on unincumbered real estate, lying ana De-
ing in the aforesaid northwestern STATES
Mo association shall invest any part OF us
deposits in the stock of any ra1lroao coIt-
pany nor loan on nor invest In any mort.
gage on real estate, except such real estate
as lies in the aforesaid northwestern
states. No loan shall be mace upon Upon, r ,eaI
cent of the value thereof, as Determined
upon by not less than majority OF tne
members of the finance e eomm ~ zee r,r Mo
Uses to be mortgaged, according to the pest
of their Judgment, and such report snail pc
filed and preserved with the RECORDS OF the
Section ii. No such corporation shall
buy or loan any money upon any oolga,,
he holden without additional security for
the same, equivalent to the guaranty or
Endorsement of some other responsible
Section Is. All applications for loans
shall be made in writing, through the
treasurer of the corporation, VINO SnaH
name of applicant amount asked for and
security offered and he shall cause the
same to be presented to the finance COM
Section 16. The income or profits OF
every such association, after deduction
of all reasonable expenses incurred IN tn as
served for a guaranty fund, shall pc dlvlo'
ed among the depositors or their legal rep
1Sed bv it's bylaws. Every such associa,
ton SHALL before making any semi-annuai
dividend, reserve as guaranty fund from
the net profits which have accumulaIeSu
during the six months then next preced-
ing. a sum equal to not less than one
fourth of one per cent, nor more than one
per cent of the whole amount of deposits,
pntii such fund amounts to ten per cent
of the whole amount of deposits, which
fund shall be thereafter maintalned ana
held in that ratio to meet losses in It's
business from depreciation of the secui-
ties or otherwise
Section H. Ordinary dividends shall be
made every six months If the profits are
sufficient to warrant it. On all sums when
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 dividend snail oe
paid for the fractional part of a month or
sectio, IS. Once in every term of three
and above said guaranty fund and or
binary 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-
mained therein for one year at least then
next preceding. as an extra dividend.
=. .l.AIl ~ Iox4~