River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-09-29

any adjoining county, to be a member
the annual meeting for two successive
years, such non-attendahce may be
deemed equivalent 70 a resignation, ana
manner. The association may fill va
cancies and add to their number, from
time TO time, as they may desire.
Section 3. They shall make, sign and
acknowledge in triplicate. a certificate in
writing IN which snail be stated the
name OF such association, the names 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 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 office of the
bank commissioner.
Section 4. Such corporation shall have
the power TO enact bylaws, not incon-
sistent with the laws of this state or OF
the United States, for the government of
its affairs and such bylaws may pre-
scribe 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
which regulations shall be printed and
conspicuously posted in the Office of such
corporation, so as to be visible and ac-
ness office of the association.
Section s. The corporators shall, at
their first annual meeting, elect by ballot
from their own number. a board of
trustees or directors, which shall con-
sist of not less than nine, who shall be
divided into three classes, as follows
One-third shan 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
ole GA of ha n ffr1n for n ftrif
term of three years, unless elected to fill
a vacancy, when they shall be elected to
serve the unexpired portion of the term
Section G. 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, q treasurer and secretary;
the same person may act as secretary
and treasurer; they may also elect from
their own members a committee on
finance; all said officers to hold their
offices till others are elected and qualified
TO fill 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 stockholder of a bank
shall be treasurer OF any savings associa-
ton.
Section 8. The treasurer shall give
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 as
ISOLATION, and shall give a new bond
with surety to 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. The said
bond shall forthwith be recorded at
length in the books of said savings as
ISOLATION, which record shall a all times
be subject to the inspection of the bank
commissioner of the state. 1t shall be the
duty of the president of said savings as
sociation 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 necessary for
treasurer shall give d new bond in such
amount as said board or the bank COM
missioner shall require, and with such
sureties as may be approved. No presi-
dent director or trustee shall be surety
on the bond of such treasurer.
Section 8. No corporator. trustee,
director, manager, nor any other officer,
except the treasurer, shall receive any
compensation for his services in the man.
agement of such association. nor derive
any emolument therefrom; provided, how
his services sum not exceeding five
hundred dollars, when the deposits shall
exceed five thousand dollars.
Section 10. No trustee, director or man
ager of such corporation, shall be a
borrower, or surety for borrower. or
any of its funds, nor receive any money
or valuable thing for negotiating, procur-
ing or recommending any loan from
such association, nor for selling or aiding
in the sale of any stocks, bonds or Sc
curities to or by such association, ana
any such officer who shall violate any
provision of this section shall forfeit to
the state one thousand dollars.
Section II. Such corporation shall not
make and issue any bill or promissory
note to circulate as currency.
Section T. Such association may re-
ceive on deposit from any one person, in
his or her own name, or in the name OF
another, in any one year, sum not eX-
ceeding one thousand dollars.
Section 13. Any association organized
hereunder, may employ not exceeding
one-half of its deposits in making loans
on personal 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 authorized bonds of any incorporated
city village, town or county, or school
district in the aforesaid northwestern
states. All other loans shall be secured
by mortgage on unincumbered real estate,
lying and being in the aforesaid north
western states. No association shall In
vest any part of its deposits in the stock
of any railroad company, nor loan on,
nor invest in any mortgage 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 t fent 81 81 he he
less than a ind5ofity Of the members of
the finance committee. who shall duly
certify to the value OF the premises TO
be mortgaged, according to the best of
their judgment, and such report shall be
filed and preserved with the records of
Section IA. No such corporation shall
buy or loan any money upon any Obllga-
ton on which only one person or hrm
shall be holden, without additional Sc
curity for the same, equivalent to the
guaranty or Endorsement of some other
responsible party.
shall be made in writing, through the
treasurer of the corporation, who shall
keep a record thereof showing the date,
name of applicant amount asked for,
and security offered, and he shall cause
the same to be presented to the finance
committee.
every such association, after a deduction
of all reasonable expenses incurred in the
management thereof and the amounts
reserved for guaranty fund, shall be
divided among the depositors or their
legal representatives semi-annually, at
the times fixed by its bylaws. Every
such association 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 preceding, sum equal to not
less than one-fourth of one per cent, nor
more than one per cent of the whole
amount of deposits, until such fund
amount of deposits which fund shall
be thereafter maintained and held in that
ratio to meet losses in its business from
depreciation of the securities or other
Section II. Ordinary dividends shall be
made every six months If the pronts are
sufficient to warrant 1t. On all sums
which have been on deposit for less than
six months Immediately preceding the
date of dividend, dividends shall be paid
pro rata at the same rate as for the semi
annual period, except that no dividends
shall be paid for the fractional part of a
month or of a dollar.
Section IS. Once in every term of three
wears IL the net profits accumulated over
and above said guaranty fund and Ordi-
nary dividends amounts to one per cent
of the deposits which have remained In
such corporation for one year then next
preceding, such net profits may be divided
among the depositors whose deposits re-
manned therein for one year at least
then next preceding, as an extra dividend.
Section 10. II shall be lawful for such
corporation to purchase, hold and convey
such real estate as banks are authorized
by the law of this state to purchase, hold
and convey. except that such savings as
sociations may purchase or build build
ing in which to carry on It's own busi-
ness but shall not invest in the land and
building sum exceeding ten thousand
dollars. except upon the consent and APP
prevail of the bank COmmi SsiOner.
Section 20. Every association formed
hereinunder shall possess the powers and
be subject to the provisions of the gener-
al laws. relating to corporations, so far
a the same may be applicable, and shall
be subject to all of the provisions Of this
act relating to reports, examinations,
foundations powers, liabilities and for
FIXTURES, so far as the same may be APP
pIica BILE Any corporation now organized
and doing business as such savings aSso-
citation, shall continue business under
this act, and shall he subject to All It's
Section p. The directors, managers or
trustees shall annually appoint not less
than two auditors who shall not be di-
rectors managers or trustees OF the cor
poration, who shall examine the books.
accounts and securities belonging to such
association and make Il sworn statement