The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1898-08-11
CHAPTER ".
SAVINGS ASSOCIATIONS.

the purpose of organizing an association to
receive on deposit the savings of laborers, me-
chanics, farmers, servants, minors and others;
and to loan the same for the benefit OF such
depositorS; three-fOurth of such number of
persons or corpora tors sha Ii reside In the county
where the proposed association is to be located.
SECTION q Every such association may at
any annual meeting, by majority of at least
twothirds Of those present. elect by ballot any
citizen of the county wherein the association Is
located or of any adjoining county, to be
member thereof. Any member failing to attend
such non attendance may be deemed equivalent
to a resignation, and his place may be filled IN
the usual manner. The association may fill
vacancies and add to their number from time
to time, as they may desire.
SECTION 3. They shall make, sign and ac-
knowledge in triplcate, certificate IN writing,
in which shall be stated the name of such as
ISOLATION, the mes 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 asSo-
citation is to be carried i, on one shall IL be de-
and one shall be deposited in the office of the
bank commissioner.
SECTION 4. Such corporation shall have the
power to enact bylaws, not inconsistent with
the laws of this state or of the United States,
for the government of its affairs, and such by
laws may prescribe the conditions on which de-
posts shall be made, and the terms on which
payments of such deposits shall be made to the
depositorS by such institution, and the deposl-
tors shall be bound by the regulations enacted
in such bylaws, which regulations shall be
printed and conspicuously posted in the office
of such corporation, so as to be visible and &C
cessibe to all persons visiting the business Of
fee of the association.
SECTION ). 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-third shall be electedi for one year, one
third for two years, and one third for three
1,nlno ion Of 10 n
trustees or directors, all subsequent trustees or
directors shall be elected al the annual meeting
for the full term of three years unless elected to
fill vacancy, when they shall be elected to
serve the unexplred portion OF the term they MI.
SECTION 6. The trustees or directors, within
ten days after their election shall elect from the
members of their own board, president, one or
more vice-presidents, 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 ON,
GERS to hold their Offices till others are elected
and qualified to fill their places.
SECTION 7. 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 8. 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 IN every
! 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 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, 1t is neceS-
sary for the security Of the deposltors, the treas
urer shall give a new bond in such amount as
| said board or the bank commissioner shall re-
quire, and with such sureties as may be ap,
proved. No president director or trustee shall
! be surety on 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 ms ser
vices in the management of such association,
nor derive any emOlument theretrOm; provided,
however, that the president may receive for his
! services sum not exceeding five hundred dol
! lars, when the deposits shall exceed tive hundred
! thousand dollars.
! SECTION 10. No trustee, director manager
of such corporation, shall be borrower, or
surety for borrower, of any of its funds, nor re-
| ceive:any money valuable thing Tor negOtlat-
! ing, procuring or recommending any loan from
| such association, nor for selling or aiding In
the sale of any stocks, bonds or secur1tles TO or
! by such association, and any such officer who
shall violate any provision OF this section snail
| forfeit to the state one thousand dollars.
] SECTION II. Such corporation shall not make
and issue any bill or promissory note to clrcu-
! late as currency.
! SECTTON IT, Such association may receive on
deposit from any one person, in his or her own
! name, or IN the name or announcer IN any one
! a
! SECTION 10. ANY association ORGANIZED mere
) under, may employ not exceeding one-hait OF
! it's 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, Mlchl-
! gan 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 unIn-
numbered real estate, lying and being IN the
! az states, association
shall invest any part of its deposits IN the stock
! of any railroad company, nor loan on nor invest
! in any mortgage 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 cent or the
! value thereof, as determined upon by not less
! than a majority 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
/ the corporation.
SEcTIoN IA. No such corporation shall buy
| or loan any money upon any obligation on
which only one person or firm shall be holden,
without additional security for the same,
s s9me other r re- BON party "
/ SECTION Is. All applications for loans 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.
SECTION 49, The income or profits of every
such association, after deduction of all reason
able expenses incurred IN the management
thereof and the amounts reserved for guar
anty fund, shall be divided among the deposit
ors 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
amounts to ten per cent. of the whole amounto
deposits which fund shall be thereafter main
tanned and held in that ratio, to meet losses In
its business from depreciation of the securities
or otherwise. -
SECTION II. Ordinary dividends shall be
made every six months if the profits are snfh
Gent to warrant it. On all sums which have
been on deposit for less than six months i'm
mediateIy preceding the date of dividend, divi-
dends shall be paid pro rata at the same rate
as for the semi-annual period, except that no
dividend shall be paid for the fractional part of
a 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 ordinary 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 she depositors whose deposits
remained therein tor one year at least then next
preceding as an extra dividend.
SECTION 19. 1t shall be lawful for such cor