Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-08

SECTION (. Such corporation shall have the
power to enact bylaws, not Inconsistent Hith
| tue laws OF this state or of the United States
! for the government of its affairs, and such BY
laws may prescribe the conditions on which de-
posts Shall be made. and the terms which
| payments OF such deposits shall be made 10 the
depoSitors by such Institution. and the deposit
TORS shall 6e bound b. the regulations enacted
N such bylaws, which regulations shall be
printed and cOnspicUcUSly posted in the Office
of such corporation, 50 as 70 be visible and ac-
ceSSlbl to ali persons visiting the business Of
ice OF the association.
SECTION ) The corporato-s shall, at their
first annual meeting. elect By ballot from their
own number, board of trustees or directors
which shall consist OF not less than nine who
shall be divided into three classes, as 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 or directors. all subsequent trustees or
directors shall be elected a the annual maatip,
for the full term of three years unless elected to
fill a vacancy. when they shall he alacra5 ~
serve the unexpired portion Of the term they fill
| SECTION .. The trustees or directors, within
ten days after theiCelsct;on shall elect from tho
members OF their own board, president, one or
| more ylce-presldents, treasurer and 4 secrc-
tary; 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 hold their offices till others arc elected
| and qualified to fill 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
stockholder of q bank shall be treasurer Of any
savings association.
SECTION S. The treasurer shall give bond
for the faithful discharge of his duties. with
surety TO the acceptance of the directors or
| srustees, in not less than ten thousand dollars.
payable to said association and shall givo
new bond, with surety to the acceptance Of tho
directors or trustees as 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 DO
subject to the inspection Of the bank commits
n St9 : Sh Hn q Int of 80
president of said savings association to safely
keep the original bond so given. Whenever
! in the judgment Of the board of directors or
| trustees, or the bank commissioner, it is n2ecs-
sary for the security of the depOsitors, the treas
urer shall give lew bond in such amount
said board or the bank commissioner shall re-
quira, and with such SuretieS may be up
proved. No president, director or trustee shall
be surety on the bond of such treasurer.
SECTION 9. No corporator, trustee director
manager, nor any other officer, except the treas
! urer, shall receive any compensation for his SER
nor derive any emOlument therefr0m; 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 manager
of such corporation, shall be a borrower, or
| surety for a borrower of any of Its funds, nor
| ceive any money or valuable thing for neg0tiat-
| ing, procuring or recommending any loan from
| such association, 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 mako
and issue any bill or promlssory note to clrcu-
late as 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
year, sum not exceeding one thousand dollars.
| SECTION IL. Any association organized here
under, may employ not exceeding One-half OF
its deposits in making loans on personal Sc
curity, 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. or school district
IN the aforesaid northwestern states. All other
loans shall be scared by mortgage on unin-
numbered real estate, lying and being in the
| aforesaid northwestern sta5as. No association
shall invest any part of its deposits in the stock
OF any railroad company. nor loan on, nor invest
III any mortgage on real estate, except such
real estate as lies Ill the aforesaid northwestern
| states. No loan shall be made upon real estate
70 an aHlouht exceeding sixty per cent of the
Value thercof: as determined upon by not less
than a majority of the mem crs OF the finance
committee, who shall duly certify to the value
OF the promises to be mOrtGaE ed, according to
the best 0f their Judgment and such reDort
shall be filed aud preserved with the records of
the corporation.
SECTIoN L. No such corporation shall buy
or loan any money upon any obligation on
Whlch ouIy one pcrSCn or nrm shall be holden,
without additional security for the same
equivalent to the guaranty or Endorsement of
some other responsible party.
SECTION u. 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 tho same TO be presented to the
| finance committee.
SECTION IL. The income or profits OF every
such association, after deduction Of all rca son-
apIe expenses incurred Ill the management
| thereof, and the amounts reserved for a guar
anty fund, shall be divided among the deposit
ors or their legal representatives seniannuaIlv
| at the times fiXcG by its bylaws Every such
association shall, before making any semi
annuaI dividend, reserve as guaranty fund
from the net profits which have accumulated
during the six months then next preceding a
sum equal to not less than Oncfourth of one
p pr GiC''C,, nor more IMAM one per cent OF the
amounts to ten per cent. of the whole amount 0
deposits, WHICH fund shall be thereafter main
! tanned ana held in that ratio. to meet losses in
It's business from depreciation of the securities
or otherwise.
SECTION II. Ordinary dividends shall be
made every six months if the profits are sulli-
Client to warrant it. On all sums which have
been on deposit for less than sig months inn
meGiately preceding the date of dividend, div-
oends shall DC PAID pro rata at the same rate
as for the semi-annual period, except that no
DIVIDEND shall be paid for the fractional part of
| a month or of 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
then next preceding, such net profits may be
NiN i'i!d AIMING tie hGijOSItOFS whose QcpOSlfS
| remained therein for one year at least then next
| preceding, as an extra dividend.
| SECTION 19. 1t shall be lawful for such cor
| poratIOn to purchase, 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 build 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
of the bank commissioner.
SECTION 20. Every association formed Zero
under shall possess the powers Gud be subject to
the prOvSIOnSOf the general laws relating to cor
| pOratlOnS, so far as the same may be applicable
and shall be subject to all of the provisions of
TINS act relating to reports examinations liQuI
datlOns, powers, liabilities and forfeitures so
far as the same may be applicable. Any corpo
| ration now organized and doing business as
such savings association, shall continue bnsi- |
ness under this act and shall be subject all Of
| its provisions.
| SECTION q. 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 the |
| total amount of deposits, the whole number of |
| GepOSltors the largest amount due to any one |
depoSltOr, the amount invested in loans 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
and an attested copy of the same shall be for |
warded to the bank commissioner, on or before |
the first day Of February of each year.