Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1898-08-29
NUMBER %

| some otherresponsible party.
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 Is. The income or profits of every
such association, after deduction of all reason
| able expenses incurred IN the management
| thereof, and the amounts reserved for a guar
anty fund, shall be divided among the deposit
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 less than One-fourth of one
per CENT, nor more than one per cent. of the
wh0(e amount of deposits, until such fund
I amounts to ten per cent of the whole amount
deposits, which fund shall be thereafter main
tanned and held in that ratio. to meet losses in
its business from depreciation If the securities
or otherwise.
/ SECTION II. Ordirary dividends shall bs
made every six months If the profits are suff-
Gent to warrant it. On all Sums which have
been on deposit for less than six months inn
mediately preceding the daae of dividend divi-
dends shall be paid pro rata at the same rata
as for the semi-annuaI period except that no
dividend shall be paid for the fractional part OF
a month of dollar
SECTION 10. Once in every term of three years,
If the net profits accumulated over and above
said guaranty fund and ordinary 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 deposjtOss whose deposits
remained therein for one year at least then next
preceding, as aRextra dividend.
SECTION 10. It shall be lawful for such cor
pOratiOn to pGrchaSe, hold and convey such
real estate as banks are authorized by the law
of this state TO purchase, hold and convey, ex-
cept that such savings associations may pur-
chase or bulld building IN which to carry on
its own business but shall not invest in the land
and building a sum exceeding ten Thousand
dollars; except upon the consent and approval
nj no AMI onYa iocin
SECTION 70. Every association formed here
under shall possess the powers and be subject to
porations, SO far the same may be applicable,
and shall be subject to all of the provisions of
this act relating to reports examinat ions, iqni-
dat1ons, powers liza bllities and forfeitures,
far as the same may be applicable. Any corpo-
ration now organized and doing business
such savings association, shall continue bust.
ness under this act and shall be subject to all of
its provisions
SECTION 81. The directors, managers or trus-
tees shall annually, appoint not less than two
auditors, who shall not be directors managers
or 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, tha
total amount of deposits, the whole number OF
depositOrs, the largest amount due TO any one
depoSitOr, the amount invested in loans on real
estate securities, the amount invested in stocks
and bonds, the amount of funds on hand, the
names OF the corporators, trustees, and OF the
other officers Of such institution, on the first day
of January of each year, which statement shall
be kept on file in the Office of such association.
and an attested copy of the same shall pc for
warded to the bank commissioner on or before
| the frst day Of February OF each year.
CHAPTER Y. u
UNLAWFUL. USE or TERN BANK, ETo.
SRcTIoN I. It shall be unlawful for any per.
son, CO. artnership or corporation to use the
word bank, banking" or banker" or the
or in connection with any other business than
that OF the business Qf banks, private banks and
savings associations. Any person, co-partner-
words, or either of them, shall forfeit the sum of
twenty-five dollars for each and every day said
person, co-partnership or corporation shall so
CHAPTER VI.
MISCELLANEOUS.
SECTION /. The term bank, as used in this
act. shall be construed to mean any incorporated
banking institution which shall have been in
corporated under the laws of this state, as they
existed prior to the passage of this act, and to
such banking institutions as shall hereafter be-
come Incorporated under the provisions of this
act; The terms private bank, private bank.
err or the plural of such terms, shall be COM
strued to mean any person. firm association or
corporation who shall use the words bank"
banking" or Z" banking house." banker or
the plural of any such words, upon any sign, adj
vertisement, or designation of any place of bust.
ness IN this state or upon any poster, bill head.
draft check, note or bill of exchange, or on any
or designation, or who shall receive money or
funds for deposit or safe keeping as regular
business, or who shall buy or sell exchange as
regular business, and shall not be organized as
provided in chapter IL of this act, or shall not
BE- ORGANIZED IN as savings association as pro-
savings association shall be construed to mean
any corporation, organized pursuant to the pro-
visions of the act for the organization of savings
banks and savings societies, as such act existed
prior to the passage of this act, or to such
porations as shall hereafter incorporate as
savings associations under this act The term,
lawful money" as used in this act, shall be
construed to mean all coin, United States notes,
treasury notes, gold certificates, silver certif'
icates, national bank notes, and all other forms
of money issued by, or which may hereafter be
issued by or under the authority OF the United
be construed to mean any form of certificate
which is now, or may hereafter be declared to
be lawful money by any law of the United
States.
CHAPTER VII.
REPEALING CLAUSE.
SECTION 1. ALI acts and parts of acts of which
TINS act Is amendatory, and all acts or laws III
consistent with the provisions of this act, arc
hereby repealed.
CHAPTER VIII.
SUBMISSION TO ELECTORS.
SECTION /. This act shall be submitted to the
electors of this state for their approval disap.
proval, at the general election to be held on the
Der. in the year A. D. 1898 At said cleo
ton ballot box shall be provided and kept by
the several boards of inspectors therefor for re-
ceiylng the votes cast for or against this act.
The proper officers shall provide separate bal.
lot for the electors to vote upon this act. Said
separate ballot shall contain, besides the usual
forms for the endorsement thereof, and upon the
face thereof, the following words: Banking
law ballot" then under said words the follow.
ing words: " For the revised banking law as
passed by the legislature of 1897" Following
which words shall be square space for the max
ing of cross; and then under said last words
shall follow the words: against the revised
banking law as passed by the legislature of
1891" Following which words shall be square
space for the making of cross; and under
which shall be this instruction to the voter;
eff you desire to vote in favor of the revised
banking law, passed by the legislature of 1897,
make cross in the top square; if you desire to
vote against such revised banking law, make a
cross in the bottom square" A cross made in
the top square shall be vote for this act;
cross in the bottom square shall be a vote
against this act.
SECTION 2. The canvass of the vote for and
against this act, and the return thereof, shall be
made by the proper canvassing officers, within
the same time and in the same manner as now
provided by law for the canvass and return of
the votes cast at said general election, and the
result shall be declared by the board of canvass.
ers at the same time and in the same manner as
the result of the canvass for state officers and
if it shall appear that majority of the votes
cast at such election, are in favor of this act or