Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-22

in which the operation OF such association
Is to be conducted. One certificate shall
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 tho
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 ny
such institution. and the depos'tors shall
be bound by the regulations enacted in
such bylaws which regulations shah be
printed and conspicuousiy posted IN the Of
flee OF such corporation, so as 70 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, a 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 di-
rectors shall be elected at the annual meet
ing for the full term of three years, unless
elected to iii vacancy, when they shall
be elected to serve the uneXpired portion OF
Section 6. The trustees or directors,
within ten days after their election. shall
elect from the members of their own board,
q president one or more interpretations, a
treasurer and a secretary, the same per-
son may act as secretary and treasurer;
they may also elect from their own MEM
bers a committee on finance all SAID OIL
fcers to hold their offices till others are
elected and qualified 70 fill their places.
Section I Nomore than one officer OF any
savings association shall at the same tIne
be an officer Of any bank or trust COM
pany; and no stockholder of bank snail
be treasurer OF any savings association
Section s. The treasurer shall give a
bond for the faithful discharge of his du-
ties, with surety to the acceptance OF the
directors or trustees. in not less than ten
thousand dollars, payable to SAID associa-
ton, and shall give new pond, with sure
tv TO the accordance of the directors or
trustees a often as once in every PERIOD
of three years from the date Of giving the
last bond. The. said bond snail torthwlihl
be recorded at length in the books OF sald
savings association, which record shall at
all times be subject TO the inspection q
the bank commissioner of the state "
shall be the duty Of the president OF said
savings association TO safely keep the orig
inal bond so given Whenever. in the
Judgment Of the board of directors or trus-
tees or the bank commissioner, X Is nee
essary for the security of the depositora,
the treasurer shall give a new bond IN such
amount as said board or the bank comnls-
sioner shall require, ana WIN suSn sur =,
ties as may be approved. No president 81
rector or trustee shall he surety on the
bond Of such treasurer
Section 2 No corporator, trustee dlrec-
tor manager nor any other officer eNcept
the treasurer. shall receive any conpenSd-
ton for his services tn the management OF
such association, nor derive any e'nQlu.
ment thcrefrom. provided, however, that
the president may receive for his services
a sum not exceeding five hundred douars'
when the deposits shalt exceed five hum
drcd thousand dollars
section 10. No trustee. director or man
aper OF such corporation, shall be Dor.
rover or surety for borrower, or any OK
its funds nor receive any money or Nalua-
BILE thing for negotiating, procuring or rec
ommending any loan from such assocld ,
ton nor for selling or aiding IN the sale ut
any stocks, bonds or securities TO or py
such association. and any such ot1cer VINO
shall violate any provision Of this section
shall forfeit to the state one thousand DOL
lars. IN -
Section H. Such corporation shall not
make and issue any bill or promissory note
to circulate as currency
section 70 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 49, Any association organized
hereunder, may employ not exceeding one
half Of it's deposits In making loans on per-
sonal security and in the purchase OF the
public stock or bonds OF the United states,
or of the northwestern states to-wit:
Ohio Indiana Michigan, Illinois, Iowa,
Wisconsin and Minnesota. or OF the au-
thorized bonds OF any incorporated CITY,
village, town or county or school dlstriCt
IN the aforesaid northwestern states Al
other loans shall be secured by mortgage
on unincumbercd real estate, lying ana be-
ing I'm the aforesaid northwestern states.
No association shall invest any part OF lts
deposits I'm the stock Of any railroad com
pany, nor loan on, nor invest IN any mort
gage on real estate, except such rGal estate
as lies in the aforesaid northwestern
states No loan shall be made upon real
estate TO an amount exceeding Sixty per
cent Of the value thereof, as Determined
upon by not less than a majority OF the
members of the finance committee, VINO
shall duly certify to the value OF the prem
ises to be mortgaged, according to the best
of their Judgment, and such report snail De
filed and preserved with the records OF the
Section a. No such corporation shall
buy or loan any money upon any ohliga-
ton on which only one person or firm shall
be holden without additional security Tor
the same equivalent to the guaranty or
Endorsement OF some other Responsible
Section IS All applications for loans
shall be made In writing, through inc
treasurer of the corporation, VINO shali
keep a record thereof, showing the date;
name of applicant. amount asked for, ana
security offered and he shall cause the
same to be presented to the finance COM
mttee.
Section IS. The income or profits OF
every such association, after deduction
of all reasonable expenses incurred IN the
management Thereon, anu lllt hiilpuliAo
served for a guaranty fund, SHAH be dlVld-
ed among the depositors or their legal rep
resentatives sem-annually, at the times
fixed by its bylaws. Every such assocla,
ton shall, before making any seTni-annuai
dividend, reserve as a guaranty fund from
the net profits which have accumulated
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 of deposits,
untn such fund amounts TO ten per cent
of the whole amount OF deposits, which
fund shall be thereafter malnt' ned ana
held I'm that ratio TO meet losses In its
business from depreciation of the securl-
ties or otherwise.
Section II. Ordinary dividends shall he
mace every six months n the profits are
sufficient TO warrant It. On all sums WhCh
have been on deposit for less than SIX
months Immediately preceding the date or
dividend, dividends shall be paid pro rata
at the same rate as for the semi-aunual
period except that no dividend shall be
paid for the fractional part Of month or
Section is Once in every term Of three
years. n the net profits ACCUMULATED, over
and above said guaranty fund ana or
binary dividends 9rfHuI' 20 on" per cent
az the 1ap0elfe witch have ~er09'ncd In
such corporation f1r one wear then next
prnceaiua e-nr 0ut profile +1t" Pc" H.Fl''i
ap7ovl the Ga.1Hif~rs who 'n-nH''a Te-
,,af..H tN.rrfr for rva vH4T ~ 'fref '1Hn