Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-01

Abridged, ehlaf2ed, or modInsd AZ zach pzrsYc.
uiar cAse may require, to conform to the pro-
visions OF this act. Nothing in this act shah
be construed to affect the legality of invest
ments heretofore made. or to tfansactions here
tofore had, pursuant Ia any provisions OF law
IN force when such investments were made or
transaction had. AL banks now existing and
doing business within this state shall on or
before the nr, day Of July next following the
time when this act becomes operative alter or
amend its articles OF organ ization If necessary
TO comply with tue provisions of this act. aud
shall by said time make its business conform in
all respects to the requirements OF this act ex
ceptwhere such requirement Is expressly waived
herein.
CHAPTER III.
PRIyArE BANKS.
SECTION !. Every person, co-partnership or
corporation doing business in his state, or that
may hereafter be doing business in this Stata.
which shall advertise as a bank or a. doing a
banking business, either by signs, circulars
letter heads, or printed matter of any 1p@crip
ton or any such person, CO. partnership or cor
poration, who shall receive money or funds for
deposit or safe keeping a. a regular business, or
who shall buy or sell exchange as a regular bu Il.
ness, shall be deemed Ia oe doing a banking
business, and shall be known a. a private bank
and as such shall be subject To the provisions
of this act so far as the same shall IL. annie.
able. Aud every such person. co-partnPrShip or
corporation shall make reports and he subject
TO examination, the same as banks under this
act. And every such person: co-partnership or
corporation shall maintain the reserve required
pf any bank under similar condition, and shall
keep separate set OF books Cf account relating
to such banking business, and no entries shall
he made upon said books relating to any other
class of business. Such set of books snail be
subject at all times to examination by the bank
commissioner, his deputy, or person appointed
by him. Upon the refusal of any such person,
co-partnership or corporation to keen the re.
serve required under this act, or upon the re-
fusal to keep the separate books of account as
required hereunder or uIpn the refusal Ia
make the reports required 10y this act or upon
the refusal 10 submit the books Of account.
papers, securities aud cqsh to the cxaminat lon
herein required SHALL forfeit not less than
twenty-five dollars aud not more than one hun.
dred dollars for each day of any such refusal.
The banking business of any person, co.pa rtnet-
ship or corporation shall br subject to the limi-
tsiions' powers aud regulations OF this act, in
SO far Us the same may be applicable.
CHAPTER ".
SAVINGS ASSOCIATIONS.
SECTION l. Any number of persons, not less
than twenty, nor more than fifty, may unite for
the purpose of organizing association to
receive on deposit the savings of laborers, me
cbanlcs, farmers servants minors and Others;
and to loan the same for the benefit OF such
depositors; threefourth OF such number Of
persons or corporators shall reside in the county
where the proposed association is to be located.
SECTION :. Every such association may. at
any annual meeting. by majority OF at least
two-thirds of those present, elect by ballot any
citizen of the county wherein the association is
located, or OF any adjoining county, 10 be
member thereof. Any member failing To attend
the annual meeting for two successive YEAR,
such non-attendance may be deemed equivalent
TO resignation, and his place may be filed "a
the usual manner. The association may fill
vacancies and aid to their number, frcm time
to time, as they may desire.
SECTION g. They shall make, sign and ac
knowledge in triplicate, a certificate in writmr
in which shah be stated the name of such st>
ISOLATION. the mes of the corporators. with the
residence of each, the name of the city, village
town and county in which the operation Of such
association is 10 be conducted. Our .rtiicatr
shall he filed in the Office Of the rerlslru deeds
of the county IN which the'huSju"-s "t he as~o.
citation l. 20 toe carried on one sial he de-
positei In the office Of the secretary of state
and one sh6. he deposited 800 tir Office of the
bank COMMISSIONS.
SECTION !. Such corporation shall nave the
power 10 enact bylaws, not Inconsistent with
the laws of this state or Of the United States,
Tor the government of its affairs, and such hy-
laws may prescribe the cpn6 ions on which ue.
posits shall be made and the terms on which
payments of such deposits shall be made to '!ie
depositors by such institution. and the deposit
tors shall be bound by the regulations enacted
in such bylaws. which regulations shall be
printed and conspicuously posted IN III" Office
of such corporation, 50 as 10 be visible and ac-
cessible to all persons visiting the business Of
ice of the association,
SECTION The corporatorS shall. at their
frst 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 at the annual meeting
for the full term of three years unless elected To
fill a vacancy, when they shall be elected 70
the une 1pired portion of the term they tll.
SECTION 8. The trustees or directors. within
ten days after their election shall elect from the
members of their own board, a president, one or
more vice-presidents, a treasurer and score.
tary, the same person may act as secretary ana
treasurer; they may also elect from their own
members committee ON finance; all said ofii,
GERS to hold their offices till others are elected
and qualified to fiji their places
SECTION 7. No more than one officer of any
savings association shall at the same time he
an officer of any bank or trust company aud nc
stakeholder of "A bank shall be treasurer OF auy
savings association.
SECTION s. The treasurer shah give a bond
for the faithful discharge of his dutlrS with
surety to the acceptance of the directors or
trustees, in not less than ten thousand dollars,
PAYABLE to said association. and shall give
Uew bond with surety 70 the acceptance OF the
directors or trustees, as often as once IN every
period of three years from the date of giving the
last bond Tho said bond shaQ forthwith be
recorded At length in the books of said savings
association. which record shall at all times be
subject Ia the inspection Of the bank commits
sioner of the state. 1t shall be- the duty OF the
president Of said savings association TO safeiy
keep the ORIGINAL bond given. Whenever,
in the Judgment Of the board of directors or
trustees. or the bank commissioner, II Is neces-
.rrN fur the security OF the depustors the treas
urcr shall give Lew bond in such amount AZ
-aid board or the bdnk commissioner shhlI re-
lulrc and with such suretes as may be ap.
proved No resident, director or trustee shall
b., surety on the bond of such treasurer.
SECTION 9. No corporator, trustee, director,
manager nor any other officer except the treas
urrr shall receive any compensation for bis SER
vices in the management OF such association,
norderive any emolumcut therefrom provided.
however that the president may receive for has
services a 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 borrower, or
surety for q borrower, of ans Of Its funds nor re-
ccive any money or valuable thing for negotiat-
ing, procuring or recommending any loan from
such association. nor for selling or aiding IN
the sale Of any stocks, bonds or securities 70 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 10 circu-
late as currency.
SECTION - Such association may receive on
deposit from any one person, IN his or her own
nnme or IN the name Of another, IN any one
wear a sum moi exceeding one thousand dollars.
SECTION 49, Any association organized here.
under, may employ not exceeding one-haif OF
its deposits ia making loans on personal Sc
curity aud in the purchase o. he public stoc Il
or bonds Of the United state gr OF the north
xvastaru 81 AZ rg-,Vit. Ohio. Indiana. MlChl.