Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-11-03

c~rty, and In che purchase Of the public sec<1
or bonds OF the United States, or OF the rortl
western states, te,wit; Ohio, Indiana, MiehA
or ~ the authorized bonds ~ any incorporated
city, village, town or county, or school district
in the aforesaid northwestern states, All Other
loans Aall be secured nv MORTGAGE on unire
cuMeered real estate lying and being In the
aSopAssid northwestern states, No association
snail invest any part vt tts deposits In the stock
Of any railr,ad compSuy, Tor lNar OF, nor invcst
real estate as lies In the atoreSaia mort hwestern
states, No loan snail he made upon rcal estate
to an smount eSeecding sixty pcr cent, " the
value therAof, as dotrrmiued upon by not less
than majority of the neml>ers OF the finance
committee, who shall duty certify to tho value
" the premises TO be mortSaSod, According to
tho best OF their ludcWeNt, and such rcpNr,
skau bc filed ami preserved with tho records "
the corporation,
SecrtoN IL No such corporation shall bu,
or loan any money upon any obligation 90
which only ono person or firm shah be holden,
without additional security for tho Same,
equivalent {" the guaranty ar Endorsement of
some other responsible party,
SEcrloN ~ All applications for loans shall
be made in writing through the Treasurer VI
the corporation, who shall keep record
th"Nnf, showing tho date, namn VI applicant
amount aSScd for, and security otfcred aud he
shall cause the Same IL hc presented IL the
hnaNce committees
SEcr,oN Ii, The INCOME or profits Of over,
such association, after deduction " all reason
ahlc rNl euScS incurred III the management
thereof, and the amounts reserved for \ guar
ann fund, shall h divided among the dcposN
orS or their legal rcprNScnt ives semi aunually
at the tunes iNed nv its bylaws, livery such
association shall, before making any soml
annual dividend, reserve as a guaranty fluid
'rom the net profits which have accumulated
during tho six months then ncxt preceding,
sum equal Ia not less than ono, touUh VI one
perccnt,, nor morp than one per ccltt of th,
Who'll amount ot deposits, until such fund
amounts totcu per cent of tho whole amount q
deposits, which fund shall hc theMaf,ot ma,M.
tanned aud held in that ratio to meet losses In
ITS business hNNm depreciation VI tho securities
or otherwise.
SrCrioN II, 0rlmar, u,v,dends shah he
matte every six mouths II the profits arc suih
cicnt I" warrant it, On all Sums which have
boon on deposit for lass than six months i'm
mcdmtclN prrccdmG the date " dividend, divi
dcnd> Nlnll hc paid pro rata at tho Same rata
as for the >cmtaunuNt rcrlod except that no
dividend N!,,ll hC pud toI tho {, artluual mart ~
MONTH or ot q dollar
SECrtON Is Once IN every term ot thrCe Ncnrs
II tho net profits accnmalatod over aud above
said guaranty fund aud ordinary dNidcnds
amounts To ono Ier cont OF tho deposits which
have remained IN such corporation for QUO >csi
then next preceding, such not profits may b,
divided among tho dcp0s,tors whose deposits
rrmalnod thcrem for ono Year At least thon meg
preceding, rs NntNtrn dividrnd
SECriON ~ II shall In lawful for such cor
poratIon to purchase, hold and convey snch
wal estate rs banks am autluttsrd 10y thu lav
VI THIS state to purchase holt and convey, on
cept that such savings stations may pur,
chase or build building In which to carry vi
itsown business, but shall not invcNt IN tina laud
and huiltmE sum exceeding ten Thousand
dollars, except upon the consont aud approval
of tho bank commissioner
SECTlON 10, Every association furmed hero
under shalt posse .. the powors aud Inv suhjcct Ia
the prayis iunSof tho general laws rrlatur tn cor
porat,nns, so fnrAs tho same mNN he applicable
and shall I've subject to all of tho Prov ions III
tht~ act relating to reports, oNamina,ious, llum
dltiuns, powers liabilities and furCHitulos, N
lar a tho same may IN applicable, ANY carIo
tHtiun NOW nrRanigod and lnIng husinnss ~
such saVinES association, siNll continue busi'
nos> under this act aud shall he subject to all VI
lis prnN lSlunN,
SECTION u, The directors, managers or tr.s
tee SHAH annual appoint not less than two
auditors, who shalt not he directors, manaucn
az tIustcrs of the corpora ion, who shall exam
me Inc huukS, accounts aud securities belonging
to such association, and mako a sworn state
mrut Nhnwinu lhr trnr condition thereof, the
total amount ~ deposits, tho whole nuhtper of
drWu,ttNr~ the largest amount duo to any Ons
drWrttur, titr amount invested IN loans ON real
estate securities, the amount invested In Stocks
aud bonds, tho Hmuunt ~ funds On hand the
nnnIH- ut the curnorat"rs, trustees, aud NJ the
olhrr officers Of such H. titulinn. on the FIRST dag
ot JANUARY of each year, which statement shall
bn kept nn file IN the office uf such assoc ntion
aud an aurstod copy e the same shall be for
Mhrdw' IT, tho hAnk commissioner, on or before
tho Iirsi day of February Of each year