Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-08
CONTINUED from SUPPLEMENT-

of the county in which the business OF lne
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 OIL
fee of the bank commissioner. u,,ou Nova
Section 4. Such corporation shan NAYS
the power to enact bylaws. not mconSlst-
ent with the laws of this state or OF D. the
unted saes for 5he ay prescrbe the
conditions on which deposits shall De H Ia.
and the terms on which payments OF sucn
such institution, and the depositors shal
be bound by the regulations enacted IN
such bylaws, which regulations snalI %
fee of such CORPORATION, so as to be visible
and accessible to all persons Vlsltlng tue
business Office of the assoclatl6o a11 81 +ba,r
their own number, board Of trustees ste Ia or
than nine. who shall be divided into three
classes as follows: One-third shall pe
elected for one year, one-third Tor Two IWo
the election of the first board Of trustees di
or directors, all subsequent trustees or "
rectors shall be elected at the annual n1eee.
ing for the full term of three years, ua ne
elected to fill a vacancy, when they snset -
be elected to serve the unexpired portlon OF
'n Section efi So 6 The trustees or directors;
within ten days after their election, shali
elect from the members of their own poara,
president, one or more 3 nar
son may act as secretary and treasurer
they may also elect from their own mem n
9 efr d to hold their offices till others are
elected and qualified to fill their places.
Section Z. Nomore than one oiflcer OF ANY any
be an officer of any bank or irust c CON
pany; and no stakeholder of bank shall
be treasurer OF any sag s1lreT shall give
b6 sSi for the fafthfu dscnarge Of his du
ties, with surety to the acceptance OF t taLa
directors or trustees, in not less than ten
tbo1Iea171 dollars navable to said assoc1a-
ton and shall give a new Dond, WIN SUI e.
ty to the acceptance of the directors GGs.;o o7
of three years from the date of giving the
last bond. The said bond shall fort IT VI q
be recorded at length In the ge oopds shall bi at
all times be subject to the Inspection o. u
the bank commissioner Of the state. Il
Savings association to safely keep the orig tls
inal bond so given. Whenever, IN Tn. tne
judgment of the board of direc5orS + or i
essarv for the security of the deposltors,
the treasurer shall give new bond In sucn
amount as said board or the nanK col, ,,re
sioner shall require, and with su iea,f sure r.
ties as may be approved. NO president ~
rector or trustee shall be surety on the
ot Section 8. No corporator, trustee, direc..
tor manager, nor any other officer, except
the treasurer, shall receive any compe pen a.
fion for his services in the management OF
such association, nor derive any enl4 put
ment therefrom; provided, however, that
the president xdae aX ve h lu dollars
when the deposits shall exceed five nun
dred thousand dollars
Section 10. No trustee, director or man nan
ager of such corporation, shall De DOT
rover, or surety for borrower. OF any VI
its funds, nor receive any money OF va1 laa-
BILE thing for negotiating, procuring or rec
ommending any loan from such assoclas
ton. nor for selling or aiding IN the sac %, on
sock sn Or any such officer who
shall violate any provision OF TINS sectlon
shall forfeit to the state one thousand doA-
Section H. Such corporation shall MOI
make and issue any bill or promissory note
to circulate as currency. o., rooa,7,o
on deposit from any one person, In ms OF
her own name, or in the name OF ; anoth a
n any % one do yI1ear, sum not ee'7
Section 49, Any association organized
hereunder, may employ not exceeding a, one one.
half of Its depos nd IN N ih nrehase of the
pubI.o stock or bonds of the United States,
or Of the northwestern states, tq-WLt'
Ohio Indiana Michlgan LUNGS LII of the aoM a1
thorized bonds of any incorporated city,
village, town or county, or school dlstriG! |
I'm the aforesaid, northwestern statesl All
other loans shall be secured by MORTGAGE
on unncumbered real estate, lying ana Pc
ing in the aforesaid northWestern sda a IS
deposits in the stock of any railroad com
pany, nor loan on, nor mvestin any mort
on real estate except sucn rfa
states. No loan shall be made upon real
estate to an amount exceeding sixty per
Ge non G BY mot H less than a. majority Of
members of the finance committee, VINO
shall duly certify to the value OF the prem. |
of their Judgment, and such report shall be
filed and preserved with the RECORDS Oh the
Section IA. No such corporation shall
buy or loan any money upon any obllga,
ton on which only one person or firm shall
be holden, without additional security for
the same, equivalent to the guaranty or
Endorsement OF some other Responsible
party.
shall be made in writing, through the
treasurer of the corporation, who shall
keep a record thereof, showing the ne cate;
security offered, and he shall cause the
same to be presented to the finance COM
mittee.
every such association, after deduction
of all reasonable expenses incurred in the
served for guaranty fund, shall be divid-
ed among the depositors or their legal rep
resentatives semi-annually, at the tunes
fixed by it's bylaws. Every such .associa-,
ton shall, before making any semi-annual
dividend, reserve as a guaranty fund from
during the six months then next preced-
ing, sum equal to not less than one
fourth of one per cent, nor more than one
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 securi-
ties or otherwise.
Section II. Ordinary diyidends shall be
made every six months II the profits are
sufficient to warrant it. 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
paid for the fractional part of a month or
of dollar.
Section IS. Once in every term of three
years. if the net profits accumulated, over
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-
NAMED therein for one year at least then
next preceding, as an extra dividend.
Section 10. It 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
c-77 convey. e-Scn-9t rot Sc ~7E'~~~ -