Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-20
sscr1oN 4. snc6 corpnration shall haz. -.

SECTION 4. Such corporation shall have the
power TO enact bylaws, not inconsistent with
the laws OF this state or of the United States
tor the government of its affairs, and such BY
laws may prescribe the conditions on which d.
posts shall be made and the terms on which
payments or such deposits shall be made 10 the
deposltors by such institution. and the deposit
tors shall be bound by the regulations enacted
In such bylaws, which regulations shall ba
printed and conspicuously posted in the offica
of such corporation. so as to be visible and ac-
eesslole to all persons visiting the business Of
nee OF the association.
| SECTION 3 The corporators shall, at their
hrst 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-thlrd 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
Tor the full term OF three years unless elected to
| bll 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. a 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 OWL
members committee on finance; all said Off
GERS to hold their offices till others are elected
and qualified to fill their places
l. SECTION l. No moro 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 bank shall be treasurer of any.
| Savings association.
| SECTION s. 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 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
cinr " tla ~ II oh ha +l,a IF 81
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, 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 re-
| qulre, and with such SureteS may be APP
| proved. No president, director or trustee shall
| be surety on the bond of such treasurer.
| SECTION 8. No corporator, trustee, director,
manager, nor any other officer, except the treas
urer, shall receive any compensation for his SER
| 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 recommending any loan from
such association, nor for selling or aiding in
| the sale of any stocks bonds or securities to or
Dy SuCn association, ana any SuCn OlIlcer VINO
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 prOmlSSOry 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 Ii. 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-wlt: Ohio, Indiana, Michi-
gan, Illinois, Iowa, Wisconsin and Minnesota,
| or of the authorized bonds of any incorpora ted
| 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
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 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 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 record; of
the corporation.
SECTION II. 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
equivalent to the guaranty or Endorsement of
some other responsible party.
SECTION 10. 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 IL. 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 n cuar-
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 d
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 amount o
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 suffi-
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 seml-annnal period, except that no
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 remained in such corporation for one year
then next preceding, such net profits NAV be
divided among the depositors whose deposits
remained therein for one year at least then next
preceding, as an extra dividend.
SECTION 49, 1t shall be lawful for such cor
poration to purchase, hold and convey such
real estate as banks are authorized by the law
of this state to purchase, hold and convey, ex-
cept that such savings associations may pur-
chase or build 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
under shall possess the powers end be subject to
the provisionsof the generallaws, relating to cor
poratlons, so far as the same may be applica ble
and shall be subject to all of the provisions of
this act relating to reports, examina TONS lioui
dations, powers, liabilities and forfeitures, SO
| FAR as the same may be applica BILE. Any corpo-
ration now organized and doing business as
| such savings association, shall continue bnsi-
ness under this act and shall be subject to all OF
| its provisions.
| SECTION p. The directors, managers or tFus,
| tees shall annually appoint not less than two
or trustees of the corporation, who shall exam
| Inc the books, accounts and securities belonging
to such association, and make a sworn state
ment showing the true condition thereof, the
! total amount of deposits, the whole number of
! depositors, the largest amount due to any
| depositor, the amount invested in loans ON real
estate securities, the amount invested In stocks
| and bonds, the amount of funds on hand, tho
| names OF the corporators, trustees, and OF the
other officers of such Institution, on the first day
of January OF each year, which statement shall
| be kept file in the office of such association,
| 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 Y.
! UNLAWFUL USE OF TERM BANK, ETC.
! SECTION /. 1t shall be unlawful for any per-
SON ceo1partnes,rship or corporation to use the
Of n nch lords in any of no hF1Cj