Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-10-27

association is to be carried ON, one shalt w.
deposited ia the office nE the secretary ot
state, ANA enc shall be deposited IN the of.
nee " The hank commissioner,
Section l. such corporation shall have
the power 10 enact NN-laws, not iooonstSt'
ent with the laws OF this state or OF tho
United States, Tor the goverumeul OF It's
auatrs, and such bylaws may prescribe tina
conditions ON which deposits shalt he made,
deposits shall he made ~ the deposftors by
| such institution, and the depositors shall
I've hound NY HE rcgn)atons enacted In
such bylaws, which regulations shall 10
printed and ronSpitWously posted In the Of
nee VI such corporation, 81 as to DC visible
and accessible ~ al persons, visiting the
Section 4 The corporators shalt, at thch
first annual mceting, elect by haltot nom
thctr own number, y hoard OF tnsteeS or
directors, which shalt consist OF not less
than uluc who shall I've divided into three
classes, as follows; Onc.thiW shall 10
elected rnr one year. one-third Tor two
YEARS amt one third for three years, After
the election vi the first board ot trustees
or directors, all suNSeaucnt trustees or d.
rectorS shall W. elected nj the annual meet
tNc few tNr fun term NJ three wears, unless
elected 10 IN II Vacancy, when they. shall!
I've t,ertrd 10 serve the uncNpred portion or
the tCrm they Till
Section i, The trustees Or directors
witNm ten DAYS after thnir election, shall
elect from the members OF their own board,
4 president, one oC moro N'NC-Nrcsldents,
/ treasurer and a secretary; the same per
son may act as secretary aud ueasursri
thCy may also elect iron, their own mom-
hers a committee ON finance all s.W OF
lcvrS to hold their etireS IN others arc
elected AMI qualified to III thNlr placrs,
Section I, Nomore than one officer or any
savings association shall ~ the Same time
he M officer OF amy haCS Q" trust com,
paly; and no stockholdor OF Ntnk shall
I've treasurer OF any SAVINGS assoc alion'
Section \ The TREASURER SHAT give
bond FOR the faithful dSchRrEc Nt MS du-
ties, with surety to the acceptance or the
directors or trustees, ~ nos less IMAM teh
thousand dollars, payable to saul assoela-
ton, and shall giNc a new bond, WIN sure
~ to the aNNGp@nre OF we 81 uv'U ,,,,,, :"
Of three wears from the date or swing tho
last hNnd. The said hNnd ShN' tottnWun,
be recorded AT tenEth N lhe hNNka eI SAW
SAVINGS association, which record shall ny
all times he NnNleEt To thr mSistsWn y.
the bank commissioner OF the state.
SHAH he the dNlN NI thc presWcht " ~"
savings association to @Lr,N keen 'n1 or,n,
NAL bond 50 given. Whenever, In the
tndRmSnt o. LnT eoarm m snnpr il nee
essarN for the scyurtN OF the dSpositors,
the treasurer shall give new BOND IN HnSh
rNr sSa s s rao HS% and Tr VIII sSH sure
ties NJ may he approved No president az.
rector or trustee shalt he snreN on tho
bond OF such treas'WCr A.,
Section . No eornoratnr, trustee Ore,
tor. manaEer, nor amy other olheer, oNsep.
the treasurer, shall receive amy Vonpsn1Sa,
ton for hts services IN me m"' my "n,ou.
mont therefrom: provided, however. that
the president may receive Tor my Aer Me-"
sum not eXccGdnS ny1 y n"r n1 nye s' hun.
drCh thousand dollars -
Section 10, No trustee, uWecnr OF I'M han
| agcr of shch corporation, m,"n ~ a., 40 ~
ROVER. or surety for borrower, VI uilS VI
its funds, nor receive amy money OF N WILMA
ble thing FOR negotiating nrusuriI'R VI rHe,
ommend'nE any loan rom Even ~ " saIo "a
tion, nor for sclling or olulng IN 'ne sN.o Wv
any stuClSs, bonds or securities 70 or ny
shall violate any rrov,eion Of THIS ssc. to-,
shall forfeit to the Fite one lhouso"" wv
lars, ,, 80,
Section II, such rnrporauon sn,,' , n'e
| make and ISSUE nnN nill OF pt""''Sso's '''''
to circulate as currency, ,,, r,,o,,,
ON deposit from any one person, IN nis or
her own name, or VI tne nn',,s s ", on,
thousand dollars,
Section IL, Any hssoNl,toh ai nv, ~,
hereunder. may employ h9t eScocu'ns u 1ar
half OF its deposits ~ h,hN'nK ,onns W, pbo
public stock or bonds Of the United states.
or of the northwestern stnles, '1-m wv,
Ohio, Indiana, Michigan, lllhlois IoMn'
Wisconsin and Minnesota, or u! ,ho nv
tholiZcd bonds OF any incorpotnt3eu ,.ts,
village, town or county,, W n,''" va u,"'' All
in the aforesaid northwestern t'HtcS, wv
other loans shnll be secured n{ hor.taee
on unlnCumhercd real estate, lE,nR anu W., DC
Ing IN the aforesaid nnFthW'"'otn N.r nv ~,
~
deposits In tho stock OF any tNirohu Co,,,'
pany, nor loan on, nor invest IN any mlt
gage on real estate, except sueh Iull oHthsu
rs lies In the aforesaid northWeS.etii
states, No loan shall he mace upon rthI
estate 20 an amount exceeding slNty PEI
cent of the value thereof, az u"terlnin.n
upon by not less than majority OF Inc
members of the finance comnnI'tse' Wno
shall duly ccfttS 10 we NnIut On wy p',n.a s,
| iseg to be mottEhsed, nr'olhll'R 70 lhc nv sN
! of their Judgment, ANA suGh report shn,l po
| flied and preserved with the RECORDS OF tho
! corporation -
Section H. No such corporation shali
| buy or loan any money upon any opl,Ri,,
| tiOn on which only one person or urn snail
| he holden without additional security Tor
the same. equivalent to the guaranty o.
! iFdol unent of sJ'ne olher responsive
! party.
section H. All applications for loans
| SHAH he made in writing. through tho
| treasurer of the corporations VINO ahali
| keep a record thereof. showing the dats;
! name Of applicant. amount asked Tor, hnn
| security offered and he shall cause tho
! Same TO be presented to the finance com
! mlttrc
! Section TO- The Income or ptonta OF
/ every such association, after deduction
| of all reasonable expenses Incurred IN tho
| management thereof, and the amounts re-
| served for guaranty fund, shall he uiNid-
| cd among the dep0sltors or Their Legal rep
! rrscntntivcs scmi-nunuelly, nj the times
| nxod by It's bylaws, Every such associa,