Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-29
Continued from Supplement. J

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 be
deposited in the Office of the secretary of
state, and one shall be deposited in the Of
flee of the bank commissioner.
Section 4. Such corporation shall have
the power to enact bylaws. not inconsist-
ent with the laws of this state or Of the
United States, for the government of its
affairs, and such bylaws may prescribe the
conditions on which deposits shall be made,
and the terms on which payments Or sucn
such institution, and the deposltors shall
be bound by the regulations enacted in
printed and conspicuously posted in the Of
fee Of such corporation, so as to be visible
and accessible to all persons. visiting the
business Office Of the association.
Section s. 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 be divided into three
classes, as follows: one-thir d shan be
elected for one year ar tpre for
the election of the first board Of trustees
or directors, all subsequent trustees or Oh
rectors shall be elected at the annual meet
ing for the full term Of three years, uniess
elected to fill vacancy, when they sha4s
be elected to serve the unexpired portion OF
the term they fill.
within ten days after their election. shali
elect from the members of their own boara,
president, one or more vice-presldents, a
treasurer and a secretary; the same per-
son may act as secretary and treasurer
they may also elect from their own mem M
bers a committee on finance; all said or
fcers to hold their offices till others are
elected and qualified to fill their places.
Section Z. Nomore than one officer or any
savings association shall at the same time
be an officer Of any bank or trust CON- ;;
pany; and no stockholder Of bank shall
Section 5. The treasurer shall give al
bond for the faithful discharge OF MS gu o,u
ties with surety to the acceptance OF tns
thousand dollars, payable to said assocla-
ton, and shall give new pond, with sure
ty to the acceptance OF the dlrector Gs,o OF
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 Inspection OF
the bank commissioner OF the staee. =
savings association to safely keep the orig
inal bond so given. Whenever. IN tne
judgment, of the board Of directors or r tra rus
essary for the security Of the depos1tors,
the treasurer shall give new bond In such
amount as said board or the bank commits
sioner shall require, and with such sure
ties as may be approved. No president 81
rector or trustee shall be surety on the
Section 9. No corporator trustee, direc.
tor manager, nor any other OFFICER, except
the treasurer shall receive any lpe,t ~
such association, nor derive any emolu.
ment therefrom; provided, however, tnat
the president maX reeve ve h rDn dollars
when the deposits shall exceed nVe nun
dred thousand dollars
Section TO- No trustee, director or man
ager of such corporation, shall be a Dor.
rover or surety for a borrower. OF any q
it's funds, receive any money OF va i.da-
BILE thing for negotiating, procuring or rec
ommending any loan from such assoclass
ton. nor for selling or aiding IN the SAFE On
any stocks, bonds or securltes 70 OF why by
shall violate any provision OF TINS sgct 1I
shall forfeit to the state one thousand dol
Section II. Such corporation shall not
make and issue any bill or promissory note
to circulate as currency. oo,,o
Section II. Such association may receive
on deposit from any one person, IN ms OF
her own name, or In the name OF anotner,
In any one year, sum not eXceeolis oiie
Section 13 Any association organized
hereunder, may employ not exceeding as one.
half Of its deposl6s IN n l fhe nrc ohs Of the
public stock or bonds Of the United States,
or of the northwestern states, to-Wlt'
oho dda ana or OF the
thorized bonds Of any Incorporated city.
village, town or county, or scnool + alstr hii
other loans shall be secured by mortgage
on unfncumbered real estate, lying and BE-
No association shall invest any part of Its
deposits in the stock of any railroad COM
pany. nor loan on, nor invest In any mort |
gage on real estate, except such real estate
as lies in the aforesaid northwestern
states. No loan shall be made upon real
estate to an amount exceeding sixty per
upon by not less than a majority of the
members of the finance committee, VINO
shall duly certify to the VALVE OF II the fba bast
of their judgment, and such report shal pc
filed and preserved with the records OF the
Section .t orlO ii. No such corporation shall
buy or loan any money upon any ooliga;
ton on which only one person or 1lrm sn sa
the same equivalent to the guaranty. or
Enforcement Of some other responsible
party. ,oone
shall 1'i be made in Writing, through tn;
treasurer of the corporation, Who snall
keep a record thereof, showing the date;
security offered. and he shall cause the
same to be presented to the finance COM
mittee. eAa =.
every such association, after deducuon
of all reasonable expenses incurred IN tne
management thereof and the ear, a9u a di1, Ig
ed among the depositors or their legal rep
resentatives semi-annqally, at the ae tlmes
ton shall, before making any semi-annual
dividend, reserve as a guaranty fund from
the net profits WHICH have <accumulated
during the six months then next preced-
ING. a sum equal to not less than one
fourth Of one per cent, nor more than on. one
per cent of the, whole amount OF deposlts,
until such fund amounts. to ten per cent
of the whole amount of deposits, when
fund shall be thereafter maintained and
held in that ratio to meet losses in its
business from depreciation of the securl-
ties or otherwise.
Section II. Ordinary dividends shall al be
made every six months If the profits are
sufficient to warrant it. On all sums which
have been on deposit for less I'll than da+a SIX X
dividend, dividends shall be paid pro rata
at the same rate as for the sem LAM ha
paid for the fractional part of month or
of a dollar.
Section 49, Once in every term of three
years, if the net profits accumulated over
and above said guaranty fund and or
binary dividends amounts to one per cent
Of the deposits which have sa remained tban neH
preceding. such net profits may. be divided
among the depositors whose deposits ,oo 81 ne re-
next preceding, as an extra dividend.
Section 10. It shall be lawful for such
corporation to purchase, hold and convey
such real estate as banks are authorized