Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-10-20

deposited In the office of the secretary Of
state. and one shah be deposited in the Of
fee OF the bank commissioner,
Section T. Such corporation shall have
the power to enact bylaws not inconsist-
ent with the laws OF this state or of the
United States. Tor tho government OF its
affairs. and such by laws may prescribe the
conditions ON which deposits shall be made,
and the terms on which payments OF such
deposits shall be made 90 the dcpositors by
such institution and the depostors SHAH
he bound 10y the regulations enacted IN
such Ny-laws. which regulations shall 10
priHtcu and conspicuously posted In the Of
flee of such corporation SO as to be visible
and accessible to all persons visiting ths
business office of the association.
Section D. The corporators shall, at their
first annual meeting, elect 10y ballot from
their own number a board OF trustees or
directors. which shall consist of not less
than nine who shalt be divided into thres
classes, as follows: One-third shall he
elected FOR one year, oue-third for two
years. and one-thlrd for three years After
the election OF the first hoard of trustees
or directors, all subsequent trustees or d.
rectors shall be elected at the annual meet
Ing for the fun term of three years unless
elected TO III vacancy when they shal
be elected 10 serve the unexpired portion OF
the term they I'll
within ten days after their election shall
elect from the members OF their own board,
a president, one or moro vice-presidents.
treasurer and secretary; the same per-
son may act rs secretary and treasurer,
they may also elect from their own MEM
bers a committee on finance; all said Of
tcers to hold their offices gu others are
elected and qualified 10 iii their places.
Section Z. Nomore than one officer OF any
savings association shall At the same time
be an officer of any bank or trust COM COM
pany; 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 du-
ties. with surety to the acceptance OF the
directors or trustees In not less than ten
thousand dollars, payable to SAID assoch-
ty to the acceptance OF the directors or
trustees as often as once IN every period
OF three years from the date OF giving mo
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 or
the bank commissioner OF the state it
shall be the duty of the. president OF s9ld
savings association to safely keep the orig
inal bond SO given. Whenever. IN me
Judgment of the board of directors or trus-
tees or the bank commissioner, It Is nee
essary Tor the security of the depositofs.
the treasurer shall give new bond In such
amount rs said board or the bank commits
soner shall require. and with such sure
ties as may Ice approved, No president. d.
rector or trustee shalt he surety on thu
bond of such treasurer.
Spctlon Q Nc corporator. trustee. d'rec-
tor manager nor any other officer, except
the treasurer shall receive any compensa,
ton for his services In the management OF
such association, nor derive any emoln.
ment thcrefrom provided however, tnat
the president may receive Tor ms services
n sum not exceeding i've hundred dollars.
when the deposits shall exc ed I'VE nun
dred thousand dollars
Section TO- No trustee. director or man
ager of such corporation, sholl pe Dor
rover OF surety for borrower. on any OF
"a funds, nor receive any money or Valna'
lie thing for negotlating procuring or rec
ommcnding any loan from snch asspcih..
ton nor for selling or aiding IN the sale on
any stocks. bonds or securities 70 or py
such association aud any such officer VINO
shall violate any provision or TINS sert,oh
shall forfeit 10 the state one thousand DOL
lars -.
make and Issue any bill or promissofy nous
to circulate as currency. ,...
Section L. Such association may receive
on deposit from any one person. In ms or
der own name or In the name OF announcer,
IN any one year sum not exceeding ons
section Is Any association organized
hereunder may employ not exceeding one
half of it's deposits In making loans on per-
souai security. and In the purchase OF the
public stock or bonds of the United states,
or OF the northwestern states, to-w';
Ohio Indiana, Michigan. Illinois, iowa.
Wisconsin and Minnesota, or OF the nu-
thorl2cd bonds OF my Incorporated CITY.
village town or county, or school district
In the aforesaid northwestern states. All
other loans shall be secured by mortgage
on unncumbcred real estate, lying ana pc
ing In the aforesaid northwestern states
No associa ton shall invest any part OF It's
deposits In the stock of any railroad com
pany, nor loan on, nor invest IN any mort
gage on real estate. except such real estate
AZ lies In the aforesaid northwestern
states. No loan shall be made upon real
estate 10 an amount eNceening slSV per
cent OF the value thereof, az Determined
upon by not less than majority or the
members Of the finance committee, VINO
shall duly certify 70 the value OF the prem.
ises to be- mortgaged, according 10 me pes,
of their Judgment, and such report shall Do
filed and preserved with the records OF tho
corporation.
buy or loan any murey upon any obilga.
ton on which only one person or nrm shall
be holden without additional security for
Endorsement OF some other Responsible
party.
shall be made In writing through the
treasurer OF the corporation, who shall
keep a record thereof. showing the date,
name Of applicant AMOUNT h s asne1 ca ,p t Ina
game 10 be presented to the finance com
mittee
every such association, after n deduction
OF all reasonable expenses incurred n tho
management thereof, and the amounts re-
served for a guaranty fund, shall be avid
ed among the depositors or their legal rep
rcsentatives semi-annually at the times
fixed by its bylaws, Every such associa.
ton shall before making any semi-annual
dividend. reserve as guaranty tund from
the net profits which have nccumuiatea
during the six months then next prtcei-
Ing. "A sum FJNHl 10 not lFen ii'I 'iH9-
fourth Of one per cent, nor more than ono
per cent OF the whole amount Of deposits,
until such fund amounts 20 ten per cent
of tho whole amount Of deposits, when
fund shall be thereafter mnlntaned ana
held in that ratio 10 meet losses In its
business from depreciation OF 10" secufi-
ties or otherwise
section N Ordinary dividends shall be
made avery six months " the profits are
sufficient 10 warrant u. on al sums when
have been on deposit for less man SIX
months Immediately preceding the date Of
dividend dividends shall be- paid pro rata
al the same rate as for the semi.annuai
period except that no dividend shall be
paid for The fractional part OF month or
Of a dollar
Section "a once IN every term OF three
years n the net profits accumulated over
and above said guaranty fund and or
binary dividends amounts 70 one per cent
Of the deposits which have remained IN
such corporation for ono year then next
preceding such net profits may be divided
among the depo7tors whose deposits re-
NAMED therein for one year az least then
noxt preceding, as an extra dividend
Section 49, n shall be lawful for such
CORPORATION 10 purchase. hold ana convey
such real estate aa banks are authorized
by the law OF this state 70 purchase, hold
and convey except that such savings az
sncations may purchase or build build
a. a.. 80. nm, Fyn "a