Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-15

In which the operation OF such association
is to be conducted. One certificate shall
be filed in the office of the register or deeds
of the county in which the business OF the
association is 10 be carried on. one shall be
deposited in the office OF the secretary or
state. and one shall be deposited in the Of
fice of the bank commissioner.
Section T. Such corporation shall have
the power to enact bylaws not inconsis.-
ent with the laws of this state or of the
United States, for the government OF It's
affairs. and such bylaws may prescribe the
conditions on which deposits shall be made
and the terms on which payments of such
deposits shall be made 10 the depositors by
such institution. and the depositors shal
be bound by the regulations enacted in
such bylaws which regulations shall he
printed and conspicuously posted In the Of
flee of such corporation, so as TO be visible
and accessible to all persons visiting the
business office of the association.
Section :. The corporators 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 he divided Into three
classes, as follows; One-third shah be
elected for one wear, onc-thrd for two
the election of the first board OF trustees
or directors. all subsequent trustees or Ill
rectors shall he elected AZ the annual meet
ing for the fun term of three years, unless
elected TO fill a vacancy, when they shali
be elected TO serve the uneNpired portion OF
the term they I'LL.
y
within ten days after their election, shall
elect from the members of their own board.
a president, one or more Nlce-preSllents. a
treasurer and secretary the same per-
son NAV act as secretary and treasurer,
they may also elect from their own MEM
bers a committee on finance, all said OF
ficers to hold their offices till others are
elected and qualified TO fill their places.
Section Z NomOre than one officer or any
savings association shah at the same tlne
be an officer of any bank or trust com,
hold Of hank
be treasurer of any savings association.
Section s. The treasurer shall give a
bond for the faithful dlscnarge of his du-
ties. with surety TO the acceptance or the
directors or trustees. in not less than ten
thousand dollars, payable TO said assocla-
ton and shall give a new bond, win sure
~ to the acceptance OF the dlrectors o1
trustees. often as once In every periou
of three years from the date OF giving me
last bond The said bond shall forthwith
be recorded at length in the books OF salu
savings association. which record shall at
all times be subject 10 the inspection OF
the bank commissioner of the state y
shall be the duty OF the president OF salu
savings association TO safely Keep the otlE-
NAL bond so given Whenever. IN the
Judgment of the board of directors or trus-
tees or the bank commissioner, II Is nee
eSsarv for the security of the deposltors'
the treasurer shall give new bond In snch
amount a. said board or the bank comlnls-
sioner shall require, ana WIN sn9h sur i,i
ties as may be approved. No president d.
bond of such treasurer
Section q No corporation trustee, direc.
tor. manager. nor any other officer, except
the treasurer. shall receive any compenSas
tion for his services In the management OF
such association nor derive any eniolu-
ment therefrom. provided, however, that
the president may receive Tor ms SERVICES
a sum not exceeding I've hundred dollars,
when the deposits shah exceed tlVe nun
dred thousand dollars
section 10 No trustee, director or man
Of
rover or surety for q borrower OF any Oh
its funds nor receive any money or Valud-
HE thing for negotiating, procuring or rec
ommending any loan from such associa.
ton nor for selling or aiding N the sale or
any stocks bonds or securities 70 or ny
such association. and any such ofllcer VINO
shall violate anv provision OF TINS section
shall forfeit to the state one thousand dol
Section II. Such corporation shall not
make and Issue any bill or promlssorE H"'o
to circulate as currencN
Section Il Such association may receive
on deposit from any one person III ms or
her own name, or IN the name OF nl, ', ~,
thousand dollars,
Section -. Any association organized
hereunder, may employ not exceeding one
half of it's deposits in making loans on per-
suual security and in the purchase OF the
public stock or bonds OF the United States,
or of the northwestern states, to-wlt
Ohio Indiana Michigan Illinois, Iowa.
tbori9ed bonds 81 any Incorporated city,
viIIa~e town or county. or school district
IN The a foresaid northwestern states. All
other loans shall lie secured by mortgage
IN ,,ninCumbered real estate lying and be-
ING in the aforesaid northwestern states
No association shall invest any part OF It's
deDoeits in the stock of any railroad COM
napv nor loan on nor invest in any mort
page IN real estate. except such real estate
rs lies In the aforesaid northwestern
statee No loan shall bc made upon real
estate 70 an amount exceeding sixty per
ceDt ~ the value thereof. as determined
unon nv nor less than a majority OF the
,nler,boTS of the finance committees, who
sbali d,liv certify to the value of the prem
iees TO be mortgaged according to the best
80 ,b1ir {,,5ernent and such report shall be
died and nrSeeryed with the records of the
nnrnoratio,,
Saction IL No such CORPORATION shall
Inv or loan any money upon any obliga-
Hon on which o,lI,. ono person or firm shall
he holden without additional security for
10 e5t,1g et,uivale0t TO the guaranty or
ndor.eraert of SOM ether responsible
SeiatEton n M a,r,loat,1ra for loans
sh9n he rs s. .-.rs th~ouah no
.reas,,rcr - tr., a9rpotes'1.. who shall
ler,5 a racn~1 -hsre0f showing the date.
1ar1a Of ar,5ii.,pt. amount asked for and