Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-09-15

| SECTION 1. Such corporation shall have the
! power to enact bylaws, not Inconsistent with
/ the laws OF this state 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 deposit
/ 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.
! cessible TO all persons visiting the business Of
/ ice 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:
Ore-third shall be elected for one year oue.i
third for two years, and one third for three
years. After the election of the first boarC of
trustees or directors, all subsequent trustees or
directors shall be elected at the annual meeting
Tor the full term of three years unless elected to
fill a vacancy. when they shall be elected to
serve the unexpired portion of the term they fill.
SECTION 8. 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, a treasurer and a Secre-
tary; the same person may act as secretary and
| treasurer; they may also elect from their own
members committee on finance; all said off
cers 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
stakeholder of bank shall be treasurer of any
| savings association.
| c.
| 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 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
| association, which record shall at all times be
subject to the inspection of the bank commits
soner of the state 1t shall be the duty of tho
ITnnf of Intrn TO- fNlyF
| keep the original bond given. Whenever,
| in the Judgment of the board of directors or
| trustees or the bank commissioner, it is naceS-
sary for the security of the depositors, the treas
urer shall give new bond in such amount
said board or the bank commissioner shall
| 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 his
| vices in the management of such association,
| nor derive any emolument therefrom; provided,
| however, that the president may receive for his
| services a sum not exceeding five hundred dol
lars, when the deposits shall exceed five hundred
| Thousand dollars.
| SECTION 10. No trustee director or manager
of such corporation, shall be a borrower, or
surety for borrower, of any of Its funds, nor re-
| ceiye any money or valuable thing for negotiat-
| ing, procuring or recommending any loan from
| such association, nor for selling aiding in
| the sale of any stocks, bonds or securities to
! by such association, and any such officer who
shall violate any provision of this section shall
| forfeit to the state one Thousand dollars.
SECTION IL. Such corporation shall not make
| and issue any bill or promSSory note to circu-
! late currency.
SECTION II. Such association may receive on
| deposit from any one person, in his or her own
| name, or in the name of another, in any one
| year. sum not exceeding one thousand dollars.
SECTION IL. Any association organized here.
under, may employ not exceeding one-half of
| its 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, Michi-
gan, Illinois, Iowa, Wisconsin and Minnesota,
or of the authorized bonds of any Incorporated
city, village, town or county, 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
| aforesaid northwestern states. No association
shall invest 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. of the
| value thereof as determined upon by not less
than a majority of the memhers of the finance
committee, who shall duly certify to the value
OF the promises to be mOrtgaged, according to
the best of their Judgment, and such report
shall be filed and preserved with the records of
SECTION H. No such corporation shall buy
or loan any money upon any obligation on
which only che person or firm shall be holden,
without additional security for the same,
equivalent to the guaranty Endorsement of
some other responsible party.
| OECIION ID, All Applications Tor loans shall
be made in writing, through the treasurer of
the corporal ton, 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 Is. The income or profits of every
such association, after deduction of IL 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 scmi-annually,
at the times liked 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 a
sum equal to not less than one-fourth of one
per cont. 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
It's business from depreciation of the securities
or otherwise
SECTION H. Ordinary dividends shall be
made every six months if the profits are suffi-
Gent to warrant it, On all sums which have
been on deposit for less than six months i'm
mediately preceding the date of dividend divi-
dends shall be paid pro rata at the same rate
rs for the seIni-annual period except that no
dividend shall be paid for the fractional part of
| n month or of dollar
| SECTION IS. 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 NAMED in such corporation for one year
then next preceding, such net profits may be
uiVtIeu among ule uepOSlCOrS whose deposits
remained therein for one year at least then next
preceding extra dividend.
SECTION 10. 1t shall be lawful for such cor
poration to purchase, hold and convey such
real estate as banks authorized by the law
of this state to purchase, hold and convey, ex-
cept that such savings associations may pur-
chase or build a building in which to carry on
Its own business, but shall not invest in the land
and building sum exceeding ten thousand
dollars, except upon the consent and approval
| of the bank commissioner.
| SECTION 20. Every association formed hero
nDder shall possess the powers nd be subject to
the provisonsof the general laws relating to cor
poratlonSy so far as the same may be applica ble
and shall be subject to all of the provisions of
this act relating to reports, examination liqui
| dations, powers, liabilities and forfeitures, so
Tar as the same may be applicable. ANY corpo-
ration now organized and doing business as
such savings association, shall continue bust
under this act, and shall be subject to all of
| its provisions.
SECTION u. The directors managers or trus-
tees shall annually appoint not less than two
auditors, who shall not be directors, managers
or trustees of the corporation, who shall exam
Inc the books accounts and securities belonging
to such association, and make sworn state
ment showing the true condition thereof, the
! total amount OF deposits, the whole number Of
! depoSltorS, the largest amount due to any
! depositor the amount invested in loans real
| estate securities, the amount invested in stocks
and bonds, the amount of funds on hand, the
names of the corporators, trustees, and of the
other officers of such Institution, the first day
| of January of each year, which statement shall
be kept file in the office of such associat ton,
| and an attested copy of the same shall be for
| warded to the bank commissioner, on or before
! the first day of February of each year.
CHAPTER V.
|