Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-10-27
(Ce ntinued from Supplement-

OF the county in which the business Of the
association Is to be carried on, one shall be
state. and one shall be deposited in the Of
ice of the bank commissioner.
Section 4, Such corporation shall have
ent with the laws Of this state ate 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 of such
deposits shall be made to the depositors by
such institution. and the depositors shall
be bound by the regulations enacted in
such bylaws, which regulations shall be
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 5. The corporators shall, at their
first annual meeting, elect by ballot from
their own number, board of trustees or
than nine. who shall be divided into three
classes, as follows: One-third shan De
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 dl-
rectors shall be elected at the annual meet
elected to fill a vacancy, when they shall
be elected to serve the uneXpired portion OF
the term they fill.
within ten days after their election. shall
elect from the members Of their own board,
q president, one or more V1ce-presldentS,
treasurer ana a secretary, ll6 Sttlllo pOI
son may act as secretary and treasurer;
they may also elect from their own mem
bers committee on finance; all said Of
ficers to hold their offices till others are
elected and qualified to fill their places.
Section 7. Nomore than one officer OF any
savings association shall at the same tlme
be an officer of any bank or trust COM
pany; and no stockholder of bank snail
be treasurer of any savings ASSOCIATION:
SECTION & The treasnrsr shat ~ b eve 9,a
ties, with surety to the acceptance OF the
directors or trustees, in not less tnan ten
thousand dollars payable to SAD assocla-
ton and shall give a, new bond, with sure
ty to the acceptance of the directors OF
trustees as often as once in every pefloo
of three years from the cate OF giVatt1g it 10
be recorded! at length in the BOOKS OF SaIa
savings association, which record shall az
all Tires be subject to the inspection OF
shall he the duty Of the presldehI OF sstld
savings association to safely Keep the oLlg.
tnal bond 50 given WIhenetEer, +, Ilss
tees or the bank commtssioner, It is nee
essary for the security Of the depository,
the treasurer shall give a new bond IN sQcn
amount as said board or the bank commits
siOner shall require, and with so2n SURE ";
ties as may be approved. No president, Oh
rector or trustee shall be surety on the
Section q No cornorator, trustee, direc-
tor manager, nor any other officer, except
the treasurer, shall receive any conpensa-
zion for his services in the management OF
s slT1I associat ton, nor derive any euolu--
ment therefron; provided, however, i,lat
the president may Tecsiye ,1 LOT as doars
when the deposits shah exceed five hun
dred thousand dollars
Section 10. No trustees, director or man
ager of such corporation, shall be Dor.
rover or surety for a borrower. or any OF
its funds, nor receive any money or Yalua-
bic thing for negotiating, procuring or rec
oTnmending any loan from such assocla..
ton, nor for selling or aiding in the sale OF
any stocks, bonds or securities 70 or py
shall violate any provision Of this section
shall forfeit to the state one thousand ool'
lars. , -.
make and issue any bill or promissory note
to circulate as currency.
Section 12 Such association may receive
on deposit from any one person, IN ms l5o oi
her own name, or in the name or announcer,
In any one year, sum not exceeding ol4e
thousand dollars.
hereunder, may employ not exceeding one
half of it's deposits in making loans on per
sonal security. and in the purchase OF tne
public stock or bonds of the United states.
or of the northwestern states, to-Wlt:
Ohio, Indiana. Michigan Illinois iowa,
Wisconsin and Minnesota. or of the au-
thorized bonds of any Incorporated CITY,
village. town or county, or school d1stf!cI
in. the aforesaid northwestern states: All
other loans. shall be secured oy nor ,5 ~
ing in the aforesaid northwestern states.
No association shall invest any part of its
deposits in the stock OF any ralipoa s r oo1t
pany nor loan on, nor invest IN any mort
cage on real estate, except such real estate
as lies in the aforesaid northwestern
states No loan shall oe maze s sExty l per
cent of the value thereof as Determined
upon by not less than majority OF tne
members of the finance Gomm nj zee Wmo
Uses to be mortgaged, according to the pest
of their Judgment, and such report shan pc
filed and preserved with the records OF the
Section eotsrl01 Il. No such corporation shall
buy or loan any money upon any oonga,,
ton on which only one person or hrm snan I
the same equivalent to the guaranty OF
Endorsement Of some other responsible
party. ,.,.
shall be made In writing, through the
treasurer of the corporation. who snaL
keep a record thereof, showing the cate;
security offered and he shall cause the
same to be presented to the finance COM
mittee. Al. =.
every such association, after deduction
of all reasonable expenses incurred IN tns
management thereof and the amounts 3.l u,,, r.
ed among the depositors or their legal rep
resentatives semi-annually, at the tlmes
iioe shall 6s l'I before making any
dividend reserve as a guaranty 1unu taoa
the net profits which have accumulateo
during the six months then next proceed
ing. a sum equal to not less than one
fourth of one per cent, nor more than one
per cent of the whole amount or deposlts,
until such fund amounts to ten per cent
of the whole amount of deposits, wnion
fund shall be thereafter mc.'talned anu
held in that ratio to meet losses IN Its
business from depreciation OF the securl-
ties or otherwise.
Section Il. Ordinary dividends shan be
made every six months II the pronts arg
sufficient to warrant 1t. On all sums when
have been on deposit for less than s1S
months Immediately preceding the date OF
dividend, dividends shall be paid pro rata
at the same rate as for the seml,annuai
period except that no dividend snail pc
bald for the fractional part of month or
section s. Once in every term OF, three
years, if the net profits accumulated Il ted over yer
and above said guaranty fund ana or
dinary dividends amounts to one per cent
Of the deposts which have e,r rem Then nex n
nreceding. such net profits may. be divided
among the depositors whose deposits re-
mafned therein for one year at least then
next preceding. as an extra DIVIDEND.