Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-22
Continued from Supplement-,

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
fee Of the bank commissioner.
Section A. Such corporation shall have
the power to 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
such bylaws, which regulations shall be
printed and conspicuously posted in the Of
fee of such corporation SO as to be vlsl9 PIE
business Office Of the association:
Section S. The corporatorss SHALL, at their
their own number, a board of trustees or
directors, which shall consist OF not less
than nine, who shall be divided into three
elected for one year, one-third for two
years, and one-third for three years. After
the election Of the first board of trustees
rectors shall be elected at the annual meet
ing for the full term of three years. unless
elected to fill vacancy, when they sE-1 ~
be elected to serve the unexplred pofuon OF
the term they fill.
Section G. The trustees or directors;
within ten days after their election snail
elect from the members Of their own board,
a president, one or more yice-presldents, a
treasurer and secretary; the same SAM s; per.
son may act as secretary and treasurer:
they may also elect from their own mem
bers a committee on finance: al SAID Oh
ficers to hold their offices III others are
elected and qualified to fill their places.
Section Z. Nomore than one officer OF any
savings association shall at the same tiIne
be an officer Of eRy 6ank Of BANK sa
be treasurer of any savings ASSOCIATION.
Section s. The treasurer shall give
bond for the faithful discharge OF ms rs gu 4ts
ties, with surety to the acceptance OF ths
directors or trustees, in not less than ten
thousand dollars payable to sald ass s,1a-
ty to the acceptance of the directors OF
Trustees, as often as once In every pefloo
of three years from the date OF givln4g frs
be recorded at length IN the BOOKS OF Fl sa ~
savings association, which record snalI a.
all times be sgbledt to t nf the state Il
shall be the duty of the president OF saao
savings association to safely keep the orig .I9o
i indgm oGtu of the Board of directors trus
tees, or the bank commissioner, 1t IS nee
essary for the security of the depsos1Io ,oS,
the treasurer shall give new, bond IN such
amount as said board or the BANK conlnls-
sloner shall require and Wtn saGn SURF di.
ties as may be approved. NO pp@sio9 en- The he
rector or trustee shall pc surety Oh '1ie
bond of such treasurer 7,o
Section 8. No corporator, trustee, direc.
tor a n6a any rsceiVe any compensa
tion for his services In the management VI
such association, nor derive any ell. tio+
ment therefrom; provided, however !nat
the president may receive for his services
a sum not exceeding five hundred dollars
when the deposits shall exceed llVe nuii-
III S se 10. No trustee, director or man
aeer of such corporation, shall be Dor.
it's funds, nor receive any money or valua-
bic thing for negotiating, procuring OF rec
ommendng any loan 1rGm S IN The sale Of
anv stocks bonds or securities TO or py
such association. and any such Queer NM
shall violate any provision o1 tb [ls dol
shall forfeit to the state olle lhloo8e'Ao W.
Sac+ion II. Such corporation shall not
make and issue any bill or pronllssoiS MUG
to circulate as currency.
Section Y. Such association may receive
on deposit from any one person. III ms ms VI
her own name, in the name OF anotne l
In any one year, a sum not exceeding one
thousand dollars. .n,uoa
Section 10. Any association organizes 60
hereunder, may employ not exceeding one
half of its deposits in making loans on per.
sonal security and in the purchase @ Ct t the
public stock or bends Of the s tasea toW
Ohio, Indiana Michigan, Illinois, Iowa,
Wisconsin and Minnesota. or Of the au'
thorized bonds Of any incorporated City, ely;
An the aforesaid northwestern states: All
other loans shall be secured by mortgage
ing in the aforesaid northwestern states.
No association shall invest any part OF It's
deposits in the stock OF any i IA anV mort
gage on real estate, except such feal estdLe
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 majority OF the
members Of the finance committee, VINO
shall duly certify to the value OF the prem,
Uses to be n1ortgaged, according to the pe Isl
of their judgment, and such report sha IA pc pc
filed and preserved with the RECORDS OF the
Section Il. No such corporation shall
buy or loan any money upon any opn9a1
he holden. without additional security for
the same, equivalent to the guaranty or
Endorsement Of some other responsible
IS Section Is All applications for loans an
shall be made in writing, through tna
treasurer of the corporation who shal
name Of anplicant. amount asked for, and
security offered. and he shall cause the
same to be presented to the finance COM
Section Is. The income or profits OF
every such association, after deduction
of all reasonable expenses incurred in the
management thereof, and the amounts re-
served for a guaranty fund, shall be dlvlo-
ed among the depositors or their legal rep
fxed by it's bylaws Every such .associa--
ton shall, before making any seTnl-ansn I
dividend, reserve as a guaranty fund FROM
the net profits which have accumulated
during the six months then next preced-
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,
until such fund amounts to ten per cent
of the whole amount of deposits, which
fund shall be thereafter I'm main atan ana ifd
business from depreciation of the securi-
ties or otherwise.
Section H. Ordinary dividends shall be
made every six months If the profits are
sufficient to warrant it. On all sums which
have been on deposit for less than six
months Immediately preceding the date OF
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
Section 18 Once in every term of three
years. if the net profits accumulated over
binary dividends amounts to one per cent
xx-1oi oh hay