Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-11-03

SECTION 1. such corporation shau hare ire
power to enact bylaws. not Inconsistent with
taes iaEes-ef this state or Of rhe Unite5 States
Tor theG government o. ITS Affairs, and such hv-
laws may prescribe the coa Itj5Is Gu which -
posts Snai5 oe made clr14 t5la terms on walsh
payments or such deposits shall be raade II, tbs
depoSltorS bv such Institution. and tho fjefosi
tors shall be bound 5T the regulations enacted
IN such bylaws, which regulations shall ne
printed and coRSpicUoIsiy posted in the 0iF;ce
OF such corporation, so as TO be visible and ar-
/ cessible to all persons visiting the business 81
hce of the association.
SECTION 5 The corpo-ators shah. at their
first annual meeting, elect by ballot from their
I own number, board OF trustees or t!irecfors
/ which shall consist Of not less than nine vI,o
shall be divided iato three classes as folIov-s
0ne-thlrd shall be elected for one year, ones
talrd Tor two years, and one third For three
years. After the election Of the first hoard DF
trustees or directors all subsequent trustees or
directors snail be elected at the annual meeting
Tor the fu1 term OF three years. unless elected 10
/ I'LL a vacancy. when they shall be elected 10
serve the unexpired portion of'rhe term they FIN
| SECTION s. The trustees or directors, within
ten days after tl9ir election. shall elect from Inc
members of their own board, a president. one or
| more ylce-preSIdentS, 4 treasurer and secre-
lary the same person may act as secretary and
treasurer; they may also elect from their own
| members committee on finance; all said Off
GERS to mold their offices till others are elected
| and qualified TO Eli their places
| SECTION I. 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
StOckhoIder of q bank shall be treasurer Of any
savings association.
SECTION S. The treasurer shall give bond
Tor the faithful discharge OF his duties, with
surety to the acceptance of the directors or
trustees, IN not less than ten thousand dolars,
payable to said association. and shall give a
new bond, 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 fta
last bond. The said bond shall forthwith be
recorded at length in the books of said SAVINGS
association, which record shall a all times DO
subject to the inspection OF the bank commits
siouer of the state. Il shall be the duty of the
president of said savings association 20 safely
keep tine original bond SO given. Whenever,
in the Judgment of the board OF directors or.
trustees, or the bank commissioner it is naces-
sary for the security of the depositors the treas
urer shall give lew bond IN such amount IS
SAID board or the bank commissioner shall re-
| qulre, and with such sureties as may be APP
proved. No president, director or trustee shall
be surety on the bond of such treasurer.
SECTION g. No corporator, trustee, director,
manager, nor any other officer, except the treas
urer, shall receive any compensation for his ser
vices in the management of such association,
nor derive any emolumenU therefrom; provided,
however, that the president may receive for his
services sum not exceeding five hundred dol
! lars when the deposits shall exceed five hundred
thousand dollars.
SECTION 10. No trustee, director or maDacer
of such corporation, shall be a borrower, or
surety for borrower, Of any of Its funds, re-
ceive any money or valuable thing for negotiat-
Ing, procuring or recommending any loan frOm
such association, nor for selling aiding in
the sale of any stocks, bonds or securities 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 pTOInissOry note to circu-
late currency.
SECTION II. Such association may receive on
deposit from any one person, in his or her own
name, or in the name of another, in any one
! year, a sum not exceeding one thousand dollars
SECTION ID. Any association organized here
under, may employ not exceeding one-half of
itc in NAL oil
curlty, and in the purchase of the public stock
or bonds of the United States, or of the north
western States tO-wit: Ohio, Indiana, Michi-
gan, Illinois, Iowa, Wisconsin and Minnesota,
or of the authorized bonds of any Incorporated
city, village, town or county, school district
IN the aforesaid northwestern states. All other
loans shau oe secured by mortgage on unin-
numbered real estate, lying and being in the
aforesaid northwestern states. No association
snail invest any part OF its deposits in the stock
OF any railroad pany, nor loan on, nor invest
IN any mortgage on real estate, except such
real estate as lies in tho aforesaid northwestern,
states. No loan shall bG made upon real estate
to an amount exceeding sixty per cent of the
Value thereoI: as determLnea upon by not less
than majority of the Nom >ers OF the finance.
committee, who shall duly certify to the value
| or the premises to be mortgaged, according to
the best of their judgment, and such report
shall be filed and preserved with the record of
| the corporation.
SECTION Il. No such corporation shall buv
or loan any money upon any obligation on
winch only one person or firm shall be holden
WlGIlOuG d0ulGIOuaI security the
equivalent to the guaranty or Endorsement Of
some other responsible party.
SECTION 10 All applications for loans shall
be made in writing, through the treasurer of
the corporation, who shall keen A recorj
thereof, showing the date, name of applicant
amount asked for, and security offered. and he
shaI cause the same TO be presented to the
finance committee.
sEoTIoN 16 The income or profits of every
SUCH association, after deduction of all reason
able expenses incurred III the managelnent
thereof, and the amounts reserved for a rnar
anty fund, shall be divided among the deposit
ots or Lnelr legal representatives semi 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 a
sum equal to not less than Cne-f0urth Of one
per cont, nor more than one per cent, OF the
whole amount of deposits until such fund
amounts to ten per cent. OF the whole am0unto
deposits, which fund shall be thereafter main
tanned and held in that ratio to meet losses in
us business from depreciation Of the securities
Or otherwise
SECTION II. Ordinary dividends shall be
made every six months if the profits are suffi-
Client to warrant 1t. On all sums which have
been on deposit for less than six months inn
mediateiy preceding the date of dividend, divi-
dendS shall be paid pro rata at the same rate
as for the seml-annual period, EXCEPT that no
dividend shall be paid for the fractional part of
month or of a dollar
SECTION IS. Once in every term of three years,
II 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 wear
tnen next preceding, such net profits may be
dlVlced among the depositOrs whose deposits
remained therein for one year at least then n8xt
preceding, as extra dividend.
SECTION 10. It shall be lawful for such cor
poratlon to purchase, hold and convey such
real estate as banks ara authorized by the law
OF TINS state TO purchase, hold and convey, ex-
cept thaG such savings associations may pur-
chase or build a building in which to carry on
It's own business, but shall not invest in the land
and building sum exceeding ten thousand
dollars, except upon the consent and approval
of the bank commissioner.
SECTION 70. Every association formed hero
under shall possess the powers erld be subject To
the provisionsof the general laws relating cor.
poratlons, so far as the same may be applicable,
end shal4 Pc subject to all of the provisions of
khls act relating to reports, examnaG tons liQui-
cations, powers, liabilities and forfetures, so
tar as the same may be applicable. ANY corpo.
ration now organized and doing business as
such sayings association, shall continue busi-
ness under this act, and shall be subject to all of
its provisions.
SECTION p. The directors, managers or trus-
tees shau annually appoint not less than two
auditors, who shall not be directors, managers
pr trustees of the corporation, who shall exam
ine the books, accounts and securities belonging
TO such association, and make d sworn state
meut showing the true condition thereof the
total amount or deposits, the whole number of
fepositors. the largest amount due to any oDe
depositor, the amount invested in loans on real
estate securities, the amount invested in stocks
and bonds, the amount Of funds on hand tho
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 be for
warded to the bank commissioner, or before
the hrst day OF February of each year.
CHAPTER Y.
UNLAWFUL USE OF TERM BANK, ETC.
SECTION 1. Tt shall be unlawful for any per-
son. co-partnership or corporation, to use the
word bank, " banking or " banker, or the