Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-13
IN which the oper,,Ion o, ,uc, .,,oc,a,,on


state. and one shall be deposited in the Of
fee OF the bank commissioner.
Section 4. Such corporation shall have
the power 10 enact bylaws not inconsist-
ent with the laws of this state 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
flee 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, a board of trustees or
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 fun term Of three years, unless
elected to I'LL vacancy, when they shall
be elected TO serve the unexpired portion or
the term they fill
Section s The trustees or directors,
within ten days after their election. shall
elect from the members of their own board,
a president, one or more Nlce-presldents, a
treasurer and 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 Of
ficers to hold their offices till others are
elected and qualified TO fill their places
Section T. Nomore than one officer of any
savings association shall at the same time
be an officer of any bank or trust com,
pany, and no stoCkhoder OF bank Shall
be treasurer of any savings association
Section 8 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 assocla-
ton, and shall give new BOND, with sure
" to the acceptance of the directors or
trustees as often as once in every period
of three years from the date OF giving tho
last bond. The said bond shall torthwlth
be recorded at length In the books OF said
savings association which record shall at
all times he subject to the Inspection OF
the bank commissioner of the state. u
shall he the duty of the president OF sald
inal bond so given. Whenever. IN the
Judgment of the board of directors or trus-
tees, or the bank commissioner, II is nee
essary for the security of the depositorS
the treasurer shall give a new bond in such
amount as said board or the bank commits
sioner shall require, and with sueh sur
ties as may he approved. No president, d.
rector or trustee shall be surety on the
bond OF such treasurer.
Section 9. No corpcrator, trustee, direc-
tor manager, nor any other ofucer except
the treasurer shall receive any compensa-
ton for his services in the management or
such associate nor derive any emolu- :
the president may receive Tor MS services
a sum not exceeding i've hundred dollars
when the deposits shall exceed flVe nun
dred thousand dollars
section 10 No trustee. director or man
ager Of such corporation. shall he Dor,
rover, or surety for borrower, OF any uL
it's funds nor receive any money or Valaa-
hle thing for negotiating, procuring OF rec
omm6 naing any loan from such assocla.
ton nor for selling or aiding IN the SAFE oc
any stocks, bonds or securities 70 or ~
u, g.fgt+ lon DfflNpf
shall violate any provision OF this section
shall forfeit to the state one thousand dol
lars. -, -.
make and issue any bill or promissory note
to circulate as currency.
Section u. Such association may receive
on deposit from any one person, IN ms or
her own mare, or in the name OF another,
In any one year. sum not exceeding one
thousand dollars.
hereunder may employ not exceeding one
half OF its deposits In making loans on per-
sonal security. and In the purchase OF me
public stock or bonds Of the United states
or OF the northwestern states, to-wit'
Ohio Indiana, Michigan, Illinois, Iowa,
Wisconsin, and Minnesota or or the au-
thori2od bonds OF any Incorporated city,
Village. town or county. or school district
I'm the aforesaid northwestern states. All
other loans shall be secured by mortgage
on unincumbered real estate, lying ana be-
ing In the aforesaid northwestern states.
No association shan invest any part OF lts
deposits IN the stock OF any railroad COM
pany, nor loan on, nor invest IA any mort
gage 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
cent Of the value thereof, as Determined
upon by not less than q majority OF the
members of the finance committee, VINO
shall duly certify TO the value or the prem
ises TO be moTtgaged, according to the best
of their Judgment and such report snail be
filed and preserved with the records or the
corporation. -
buy or loan any mopey upon any ohllEa-
tion 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
party.
shall be made in WRITING, through inc
treasurer OF the corporation who shall
keep a record thereof showing The date;
name Of applicant amount ASKED Tor, ana
security offered. and he shall cause the
same TO be p esented TO the hnan'e COM
section 1s The Income or profits OF
every such association, after dSducloh
Of all reasonable expenses incurred In the
management thereof, and the amounts re-
served for a guaranty fund, shai, ne dlNlu-
ed among the depositors or their ieSai rep
resentatives semi-annuallY. az the times
fixed by its bylaws. Every such assoca.
ton shall before making any semi-annhh
dividend reserve as a guaranty fund WON
the net profits which have accumulated
during the six months then next proceed
ing q 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 amount OF deposits. which
fund shall be thereafter maintained and
held In that ratio 10 meet losses In lts
business from depreciation OF the securl-
ties or otherwise.
section H. Ordinary dividends SHAH be
made every six months II the prohts arc
sufficient 10 warrant II. on all sums when
have been on deposit for less thtn 81.
months Immediately preceding the date or
dividend dividends shall be paid pro rata
al the same rate as for the scmi-annual
period except that no dividend shall be
paid for the fractional part or a month or
OF a dollar
section IS Once IN every term of three
vealo n the net profits accumulated over
and above said guaranty fund and or
binary dividends amounts 10 ono per cent
Of the deposits which hav" remained IN
such corporation for one year then next
preceding such not profile may be DIVIDED
among the 7euoritOrg whore deposits re-
manned therein FOR one year az least fh"n
next uracpafrg. MS an extra dividend.
Section r. n shall be lawful for such
cu~udrati0n 70 purchase. hold and convey
such real estate ss banks are auihorzgd
by the law Of this state 20 purchase h'la
and convey. except That such savings aF-
roclati0uF may purchase or build nHl''-
Ing l1 which 70 carry on ne own b9sllaga,