River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1898-11-03

| any adjoining county. 70 be a member
! the annual meeting for. two successive
years such non-attendance may be
/ deemed equivalent 10 resignation, ana
! his place may be hlled in the usual
| manner. The association may I'LL va
| cancies and add to their number, from
time to time, as they may desire
| acknowledge in triplieate, a certificate In
! writing in which shall 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 fncon-
sistent with the laws OF this state or OF
the United States. for the government OF
| 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
| regulations enacted IN such bylaws,
| which regulations shall be printed and
| corporation, so as to be visible and ac-
cessible to all persons visiting the bust
/ ness ONCE OF the dSSbtldLlOn.
| Section 5. 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 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 directors shall be
| elected at the annual meeting for the full
! term of three years, unless elected to fill
| a vacancy, when they shall be elected to
| serve the unexpred portion of the term
Section c. The trustees or directors,
| within ten days after their election, shall
| board, a president one or more vice
| presidents, q treasurer and a secretary;
| the same person may act as secretary
| and treasurer; they may also elect from
! finance; all said officers TO hold their
| offices till others are elected and qualified
Section I. 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 S. 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
| sociation, which record shall at 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
| ISOLATION 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
| the security of the depositors, the
| treasurer shall give 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 3. No corporator. trustee,
| director, manager nor any other officer,
| except the treasurer, shall receive any
| compensation for his services in the man.
| any emolument therefrom; provided how
| ever, that the president may receive for
his services a sum not exceeding t1Ve
| 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, OF
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, and
any such officer who shall violate any
| provision OF llll5 SGtllJIi SIld4l lOIISlh "
| the state one thousand dollars.
Section IL. Such corporation shall not
make and issue any bill or promissory
note to circulate as currency.
Section u. 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 Is. 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 s lnll 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 cent or the
value theI eof, 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
Section a. No such corporation shall
buy or loan any money upon any obllga-
ton on which only one person or firm
shall be holden, without additional Sc
curity for the same, equivalent to the
guaranty or Endorsement of some other
Section Is. All applications for loans
shall be made In writing. through the
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
Section l6. The income or profits OF
| every such associa tion after a deduction
of all reasonable expenses incurred in the
management thereof, and the amounts
reserved for a 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
amounts to ten per cent of the whole
| amount of deposits, which fund shall
| be thereafter maintained and held in tina.
ratio, to meet losses in its business from
depreciation of the securities or other
wise.
Section II. Ordinary dividends shall be
made every six months If the profits 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 for the semi
| annual period, except that no dividends
shall be paid for the fractional part of q
| month or of a dollar.
| Section is. once in every term OF three
years. If 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 49, 1t shall be lawful for such
corporation to purchase, hold and convey
such real estate as banks are authorizec
bv 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 busl'
ness, but shall not invest in the land and
building a sum exceeding ten thousand
dollars, except upon the consent and ap'
prevail of the bank commissioner.
Section 90 Every association formed
! hereinunder shall possess the powers anC
be subject to the provisions of the gener'
al laws relating to corporations, so fan
as the same may be applicable, and sinai
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 ap,
plicabe Any corporation now organized
and doing business as such savings asSo
citation, shall continue business undel
this act and shall be subject 10 all us
; provisions.
Section Fl. The directors, managers OF
trustees shall annually appoint not les:
, than two auditors. who shall not be di
rectors managers or trustees of the cor
poratfon who shall examine the books