Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-08
CHAPTER ".
SAVINGS ASSOCIATIONS

CHAPTER ".
SAVINGS ASSOCIATIONS
| SECTION ]. Any Dumher of persons NOT less
nan twenty nor more than ffty NAV unite for
ne purpose OF organizing an association To re
| elNe on deposit the savings of laborerS mrchan-
cs farmers servants, minors and others and to
oan the same for the benefit of such depositors.
i-r"'' 'urtl OF sucn numUnr OF persons or Coz pc
Gators sl1li reside IN tnc county where the pro
lus association is to he located
| HCrloN , Every such association may. at any
rnHld meeting, 10y a majority OF AT least two
nHs OF those present eject 10y ballot any citi1.n
Of tue county wherein the association Is heated.
| or OF any adJoiAing county to he member there
| or. Any member failing To attend the auigal
meeting for two successive years such non-,,t-
| tendance may be deemed equivalent to a reSi.snl-
ton, and hi place may be llled in the usual M
| ner. The association may I'LL vacancies and adj
| TO their number from time 10 time a. 'hes may
| desire.
SECTION They shall make sign and acknowl,
| edge IN trplicate a certificate in writing in
which shall be stat Il the name OF such associa.
tion, the names OF the corporntors VITA the resi-
dcnce of each the name of the city, village, town
| AMI county in which the operation OF such aSso-
! citation Is TO lie CONDUCTED one certificate shall
be filed in the office Of the register Of deeds OF the
county IN which the business OF the association is
| To be carried on one shall he deposited in tho Of
fee of the secretary Of state and one shall be de.
| posted In the office of the bank comm tuuer.
! SECTION {. Such corporation shat, ave the
/ power to enact ny laws not inconsistent with the
laws of this state or Of the United States FOR the
| government OF its affairs, and snch bylaws may
| prescribe the conditions on which deposits shall
| be made and the terms on which payments of
| such deposits shall be made to the depositors by
such institution, and the dep1sitors shall he bound
| by the regulations enacted in such bylaws, which
| regulations shall he printed and ConSpicuously
posted IN the Office or sucn corporation, so as to
be visible and accessible to all persons visiting the
| business Office of the association.
| SECTION 5. The corporators shall AT their first
| annual meeting. elect 10y ballot from their own
number board .of trustees or directors, which
shall consist Of not less than nine. who shall
| divided into three classes 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 directors,
| all subsequent trustees or directors shall he
elected at the annual meeting for the full term Of
three years, unless elected TO fill vacancy when
! they shall be elected to serve the unexpircd por-
! ton 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, president, one or
more vice.presdents, Il treasurer and a secre-
| taTy; the same person may act as secretary and
! treasurer, they may also elect from their
| members committee on finance; all said officers
To hold their offices till others are elected and
| qualified to fill their places
SECTION Z. No more than one officer OF any
savings association shall at the same time be
officer of any bank or trust company; and no
! stakeholder OF a bank shall be treasurer of any
savings association
SECTION $ The treasurer shall give a BOND for
the faithful discharge of his duties, with surety
to the acceptance of the directors trustees in
not less than ten thousand dollars, payable to
said association, and shall give a new bond, with
surety to the acceptance of the directors or
trustees often as once in every period of three
! years from the date of giving the last bond The
said bond shall forthwith be recorded at length
| IN the books OF said savings association, which
record shall at all times be subject to the inSpec
| ton of the bank commissioner of the state. 1t
shall be the duty of the president of said savings
association 10 safely keep the original bond so
given. Whenever, in the Judgment OF the board
of directors or trustees the bank commits
Sioner it is necessary for the security Of the de-
posters the treasurer shall give new bond in
such amount as said board or the bank commits.
sioner shall require, and with such suretieS
may be approved, No president, director or
trustee shall be surety on the bond of such treas
urer.
SECTION o. No corporator, trustee, director,
manager, nor any other officer except the treas
urer, shall receive any compensation for his serv-
ices in the management of such association, nor
derive any emolument therefrom; provided, how
ever, that the president may receive for his
ices sum not exceeding five hundred dollars,
when the deposits shall exceed five hundred thou
sand dollars
SECTION 10 No trustee, director or manager
OF such corporation, shall be borrower, or
surety for borrower of any of its funds, nor
receive any money or valuable thing for negotat-
ing. procuring or recommending any loan from
such association, nor for selling OF 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 H. Such corporation shall not make
and issue any bill or promissory note to circulate
as currency.
SECTION IL Such association may receive on
deposit from any one person, in his or her name,
or in the name of another, in any one year, sum
not exceeding one thousand dollars.
SECTION IL. Any association organized hereuu
der, may employ not exceeding one-half OF its de-
posts in making loans personal 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, Wis.
consin and Minnesota, or of the authorized bonds
Of any Incorporated city, village town or county,
or school district in the aforesaid northwestern
states. All other loans shall be secured by
mortgage on unncumbered real estate, lying and
being in the aforesaid northwestern states. No
association shall invest any part OF its deposits IN
the stock of any railroad company, nor loan on,
nor invest in any mortgage on real estate except
such real estate lies in the aforesaid northwest
ern states. No loan shall be made upon real es
tate to an am oult exceeding sixty per cent OF
the value thereof determined upon by not less
than majority y the members Of the finance
committee, wLJ shall duly certify 20 the value OF
the premises Ia be mortgjrsed according TO the
best Of their judgment and such report shall be
filed and preserved with the records of the corpo-
ration.
SECTION H. No such corporation shall buy or
loan any money upon any obligation on which
only one person or firm shall be holden, without
additional security for the same equivalent 70 the
guaranty or Endorsement of some other response
Stcrl6S - Al applications for loans shall be
made ia writing, through the treasurer Of the cor
porattou. VINO snail keep record thereof, show.
ing the date name of applicant amount asked
for and security offered and he shall cause the
same Ia be presented to the finance committee.
SECTION IL The income or profits OF every such
association, after deduction Of all reasonable
expenses incurred in the management thereof,
aud the amounts reserved for a guaranty fund,
shall be divided among the depoStors or their L.
gal representatives semiannually, az the times
fixed by It's bylaws. Every such association
shall before making any srm-anuual dividend,
reserve as guaranty fund from the net profits
watch have accumulated during The SIX months
then next preceding. a sum equal 70 not less than
one fourth of one per cent. nor more than one per
cent al the whole amount of deposits, untii such
fund amounts u ten per cent Of the Who'll" amount
of deposits which fund shall be thereafter main
tanned and held in that ratio 10 meet lOss, in rs
business from depreciation OF the securities Or
otherwise.
s.g-fllv Il. Ordinary dividends shall De made
every SIX months f the profits are suiirenr go
warrant DO ON an sums which have been 4u dee
rs8.i, FOR less tlmu SIX months immediately pre-
esulus the da.r uf dividend, dividends shall -
pliI rrl rata ~ the 1ls rate as Tor NE -'inl.
nuHiMI period except that no dtidtuu sitad re
p8ld ,ar the fractional lart % q month ~ ui
tHlAf.
-.rloS l4 pule n every trr.H gi three f"li.
81 t.tf Profits accumulate over and above ri&Hi
guaranty UuuI and ordinary dividends amounts
h a..s isr cent ui tue deposits Hui.h anF" pee
r.lsr w. l .lcH corporation for one Ee4# l nest
flr.s1.ly surh ~ Or it- mas DE- u'i - among
i,- ,t.,ipa-issE. Wtf5ss deposits AFr fsta.nhej
therein Tor ON. car AZ .- then neat prF'7Ius