Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-08-25

/ for the government of its affairs aud such by.
| laws may prescribe the conG itions on which de-
poslts shall be made, and the terms On which
/ payments of such deposits shall be made 10 :he
depoSltors by such institution. and the 0pDosi-
/ tors shall De bound BY the regulations enacted
In such bylaws, which regulations shall be
! printed and conspicGOusly posted in the Office
| of SUCH corporation, so a to be visible and ac-
seessl9ie 70 al persons visiting the business Of
ice of the association.
| SECTION 5. The corporato~s shall at their
hrSt 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:
Qne- i f shau De elected, for one year, oneI
| thlro Tor two years, and one third for three
years. After the election of the first board of
trustees or directors, all subsequent trustees or
directors shan be elected al the annual meeting
Tor the ful1 term OF three years unless elected to
I'LL a vacancy. when they shall be elected to
serve the unexpired portion of the term they fill
I SECTION o. The trustees or directors within
ten days after their election shall elect from the
! members OF their own board, a president, one or
more Tlce-presldents, treasurer and secre-
tary; the same person may act as secretary and
| treasurer; they may also elect from their own
| members committee on finance; all said Off.
GERS to hold their offices till Others arc aIoc+n
and qualified to ell their places.
! . SECTION Z. No more than one officer of any
. savings association shall at the same time be
| an officer of any bank or trust company; and no
| stakeholder of bank shall be treasurer OF any
! savings association.
| SECTION 5; The treasurer SHALL give a bond
| for the faithful discharge of his duties with
! surety TO the acceptance of the directors or
! trustees, IN not less than ten thousand dollars,
payable to said association. and shall give &
! new bond. with surety to the acceptance of the
| directors or trustees as often as once III every
period 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 shal at all times be
! SUBJECT to tile inspection of the bank commits
| sioner of the state 1t shall be the duty of the
| president of said savings association to safely
! keep the original bond so given. Whenever,
| in the Judgment of the board of directors or
! trustees, or the bank commissioner, it is naces-
sary for the security of the depOsitors the treas
| urer shall give new bond in such amount
| said board or the bank commissioner shall re,
| Quire, and with such sureties as may be APP
| proved. No president director or trustee shall
| be surety oh the bond of such treasurer.
| SECTION 9. No CorpOrator, trustee, director,
manager, nor any other officer, except the treas
urer, shall receive any compensation for his SER
! nor derive any emolument therefrOm provided,
however that the president may receive for his
| 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
1 OF such corporation, shall be a borrower, or
surety for borrower, of any of It's funds, nor re-
| Ceive 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 to or
| by such association, and any such officer who
shall violate any provision OF this section shall
forfeit to the state ono thousand dollars.
SECTION IL. Such corporation shall not make
and issue any bill or promissory note to circu-
late as currency.
SECTION II. Such association may receive on
| deposit from any one person, in his or her own
name, or in the name of another in any one
year, sum not exceeding one thousand dollars.
SECTION 13. Any ASSOCIATION organized here
under, may employ not exceeding one-half of
its deposits in making loans on personal Sc.
curity, and in the purchase Of the public stock
or bonds of the United States or of the north
! western states, to-wit: Ohio, Indiana, Michi-
gan, Illinois, Iowa, Wisconsin and Minnesota,
or of the authorized bonds OF any incorparate Ted
city, village town or county, 4F school district
IN the aforesaid nqrtAWe@tarA states, All other
{p4n$ SHAH BE secured by mortgage on unin-
pnnhbred real astEt6, lying and being in the
aforesaid northwestern statos, No association
SHAH invest any part of its deposits in the stoci
OF any railroad company, nor loan on, nor inve.
IN any mortgage on real estate, except such
real estate as lies i'll the aforesaid hwosteru
states. No loan shall DC made upon real estate
to an amount exceeding sixty per cont os thc
value thereof as determined bl4ia ~ not less
than q majority QF tBG 4lain hG"S of the finance
f9rntqitte>t WHO shall duly certify TO the value
Of the premises 10 be mortgaEed, according to
The best Gf thelF Judgment, and such report
shall be sled and preserved with the record Of
the corporation.
SEcTIoN II. No such corporation shall buy
or loan any Money upon any Obirati0n on
which only one person or firm shall be holden
without additional security for tho SAM
equlvai69nt to the guaranty ~ iupu.&sSA,eul of
some other In4ApAsihl party,
St.c+I({N l5 Al apaie5ti6ns for loans shall
Pc made IA Writing, through the treasurer OF
thoro e99fpoFat,ion' who shall keC,. record
t' ~ sue. name or a., nm r.
amount asked for, and security offered and he
shall cause the aaAe Va ho presented to the
finance aonmitteo,
SECrIoN IS. The income or profits of every
such aSSOciut ion, aftcra deduction of all reason
able expenses incurred II the management
thereof, and the amounts reserved for a guar
anty fund, shall be divided among the ,InDosit-
orS or their legal representatives emanuuaily,
at the times fixed by its by-la VS. Every such
aSsocl2uon shall, before making any semi
annual dividend reserve as guaranty fund
from the net profits winch nave accumulated
daring the six months then next proceed ing,
sum eQu& to not less than Oue-fourth of one
per cent, nor more than one per cent. of the
whole amount OF deposits, until such fund
amounts to ten per cent. of the whole amount 0
deposits, WHICH fund shall be thereafter main
tanned and held in Jhat ratio. to meet losses in
Its business from depreciation Of the securities
or otherwise.
SECTION Il. Ordinary dividends shall be
made every six months if the profits sufi-
Gent to warrant it. On all sums which have
been on deposit for less than six months inn
nlediatoly preceding the date of dividend, divi-
dends shall be paid pro rata at the same rate
as for the semi-annuaI period, except that no
diVideGd shall be paid for the fractional part of
Il month or OF a dollar
SECTION IS. Once in every term of three years,
If the net profits accumulated over and above
said guaranty fund and ordinary dividends
amounts to one per cent. of the deposits which
nave remained IN such corporation for one year
then next preceding, such net profits may be
divided among the depOsitOrs whose deposits
preceding, as an extra dividend.
SECTION 10. 1t shall be lawful for such cor
poration to purchase, hold and convey such
real estate as banks are authorized by the law
OF this state to purchase, hold and convey, ex-
cept that such savings associations may pur-
Chase or bul lid building in which to carry on
its own business, but shall not invest in the land
and building sum exceeding ten thousand
dollars, except upon the consent and approval
of the bank commissioner.
SECTION ~. Every association formed here
under sha!l possess the powers end be subject to
| the proviSiOnsOf the generallaws, relating to cor
pOratlOnS, so far as the same may be pplica BILE,
and shall be subject to all of the provisions of
this act relating to reports, examinations liQui-
datious, powers, liabilities and forfeitures, so
far as the same may be applica BILE. Any corpo-
ration now organized and doing business as
such savings association, shall continue busi-
ness under this act and shall be subject to all Of
| its provisions
| SECTION u. The directors, managers oc trns-
| tees shall annually appoint not less than two
| auditors, who shall not be directors, managers
or trustees of the corporation, who shall exam
Inc the books, accounts and securities belonging
to such association, and make sworn state
ment showing the true condition thereof, the
total amount of deposits, the whole number of
dep0sltors the largest amount due to any one
deposItor, the amount invested in loans on real
estate securities, the amount invested in stocks
and bonds, the amount of funds on hand, the
names Of the corporatOrs, trustees, and of the
other officers of such institutions on the first day
of January of each year, which statement shall
and an attcsted copy of the same shall be for
| wardcd to the bank commissioner, on or before
| the first day of February of each year.
CHAPTER V.
| unlawful USE OF TEEM BANK. Etc.
! SECTION /. It shall be unlawful for any per-
son. co-partnershjp or corporation to the
word bank, banking or " banker, or the
| or in connection with any other business than
| that Of the business Of banks, private banks and