Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1898-08-18

posed association IS to be located
/ SECTION ? Every such association may. at any
/ annual meeting by a majority Of at least two
thirds Of those present, elect hy ballot any citizen
OF the county wherein the association IS located.
/ Of. any member failing 70 attend the annual
| meeting for two successive years, such nonat-
| tendance may be deemed equivalent 10 a resigna-
ton, and hs place may be iilled IN the usual
ner. Tie association may oil vacancies and add
| 70 their number from time TO time, as they may
desire. =
Section 3. Il ev shall make. sign and aelnowl.
edge in triplie4tc. certificate il writing in
which shall be stated the name Of such assoca-
dence of each, the name of the city, village town
and county in " hich he operation of such asso.
elation IS 70 De g nducted- one certificate shall
De MED IN the Office q the register OF deeds Of the
county in which the business Of the association is
70 be carried on, shall be deposited in the Of
fee OF the secretary Of state and one shall be de-
posted in the Office Of the bank commissioner
SECTION T. Such corporation shall have the
power 10 enact bylaws not inconsistent with The
laws OF this state Of the United States for the
government Of its affairs, and such bylaws NAV
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 depostors shall be bound
by the regulations enacted in such by laws, which
regulations sshali De printed and cOnspicuously
posted in the office of such corporation so as to
be visible and accessible all persons visiting the
business Office of the association.
SECTION ;. The corpOrators shall at their first
annual meeting, elect by ballot from their own
number, board iof trustees or directors, which
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 uneXpired por-
ton of the term they fill.
81 ToN 8. The trustees or directors. within
ten uays after their election, shall elect from the
members of their own board a president, one or
more vice presidents, a treasurer and a secre-
tary; the same person may act - secretary and
treasurer; they may also elect from their own
members committee on finance all said officers
70 mold their offices I'LL others are elected and
qualified to fill their places.
SECTION I. No more than one officer of any
savings association shall at the same time he an
officer Of any bank trust company; and no
stockholder OF bank shall be treasurer of any
savings association
SECTION ;. The treasurer shall give a bond for
the faithful discharge OF his duties, with surety
10 the acceptance of the directors or trustees in
not less than thousand dollars, PAYABLE to
said association, and shall give new bond, with
surety 70 the acceptance OF the directors or
trustees a. often once in every period of three
years from tine date Of giving the last bond The
Said uOnd shall forthwith be recorded at length
IN the books OF sad savings association which
record shall az ali times bee subject the inspec
ti,u o. tA. bank commissioner of th., state II
saai ~ the dutY OF taA president OF said savings
asso'Htipn To safely keep the original bond 50
Stt-,4 tleneNer, IN the jutlsm mt of the board
o. directO.S oc trustees. or tine bank commits
SHntr Il Is necessary for the security of the de-
pa>iiols. the treasurer snail give new bond in |
~lea aiAtCnt as sad 8oard or The bank commits
si"il4r shtt REQUIRE anu with SIcn sureties az
ntv be approved NJ pre- hient. director or |
trustee shat. b. surety The boHd OF such treas
upt.r.
SECTION o No corporator, trustee director.
maalser, nor any other officer. except the treas
n. snail receive any compensation for his serv
ices M the management OF suen association. nor |
derive ahy enplaInent theref ON provided, how |
yer, that the president may recris,, TO; his
It's sum not exceeding live noulrel dollars |
"aeh tar sta shall exceed five hundred thou
Sand dollars.
SEcrlos % No trustee director or manager |
of such corporation, snail b. a borrower ar |
surety for "A borrower, Of amy of is funds, nor |
receive any m 1ney valuable thing negutiat-
Ing. pro,urtnS or recommending any loan from |
~l9 oi any Slnc&S ho2t's or securities 10 or by |
such as,o iatoh, AMI any sdch officer who shall |
yioil Y" any pioVison 81 THIS section shall forfeit
t. the state one Thousand dollars.
SECTION II. Such corporation shall not make |
and issue any bill or proniSSory to circulate |
SECTION Z. Such a,gs). aton may receive on /
deposit FROM ANY on" person. in mis- or her name |
or IN the fa'ue of another. in any year, a sum
NOT exceeding ofe Thousand dollars
SECTION 3. Any association organ iled hereun. |
de. may employ not exceeding nalf of It's de-
posts ~ making ioans on personal security. and |
lii ia liiHa;s 81 the public stock bonds of the
Inupd states. or of the no fhWestsrn States To-
VII; l'lt'. indana, Michigan. Illinois, Iowa, Wis
't'iis and Minnesota. or 81 ta1 authorized iolS
Of any Incorporated city. village. town or county
ar sehoVt diSirct ia thA Aforesaid northwest I'm
states All ashar 5anS slaU I've secured IN
hrlnS III the aforesaid northwestern states No |
%st-iat on shall invest say ~ deposits in
the stock o. any ralifol IN lanY. non Ibal on.
nor invest ~ any ~ NJ : - ON real estate. except
S!lca real estate =. h. .8ort.Stid MORT invest
rfi states. ~ OIL Sstt - mAd. uir3n re Il t.S-
Tar ~ an aHlf I'll T. Stt0ng Sky ci ent, OF
tn .@te til"tt i. tst"rli. u upon 'F not le~S
i'f3i' g i;l4}3t E . int M uDar> ri the fnal
ntt' tiitt-. ~ .at duly c,Arisy 10 J value IF
l,2' itfs = p 'nortSa get according The
az t.ts' 4, s'l,'nJ. and >ilcl u,t shall he
a., are rfn.i With he re,Ar Is -: tle c,)rpo-
.9..e.:5Ni. - ..ica corporation shah buy ~
~ H.l,- ..piteN- upon ANY oul,r3ti1sf Wli.a
= p l.r -. .!.an sail a,i.;,.a, Without
81 MAJ Nt'ct itb TOR sir- >an e1ttttt,''lt 4, ne
r. s.! 81 MA, 3" SOM pt.i II resrin>!-
ioN i. vi applications ~ 10 s,; saaa he
80 m WistiiE. thro1s Il TIE treasure Ut fha
p"f.,;'''i ~ sall H. record - ','os, $40
a * IL. Gai0. n;,n" Ut apptgtui amount s,sked
int 3tn ';,trity ~ ''esl tnl L. snail ctlst the
- ~ - ~. presented 20 the naace nlttee.
t'N -. The Income or profits 0. every such
assh-L t,1!t. after a deduction 81 al relS0aaU!
expenses incurred ~ the management tht. ep$. |
and the s.aluuBts reserved 10, guaranty fund.
shai DE diVitt aplonl Tie ue!n1silors o. Their l..
Eai representatives Selil-annuailN at the tlgl"S
fixed by its bylaws. Every such as ,ociajiol I
shall before making amy semi-annual dividend
reserve aS guaranty fund from the net profits |
which have accumulated during tile SIX months |
then next preceding sum equal 10 n0l less iiiln
one fourth of one per cent nos more. than ore DER
cent OF the Whole amount 0f deposits, ,!ntil such /
fluid amounts 10 ten per cent 81 the wh0ia amount
OF deposits, which fund shall be- thereafter man
tanned and held IN that ratio ulre iS>S in Us
business from depreciation OF the securities Or /
SECTION l. Ordinary dividends shalt Il. made. |
every SIX mouths II tns lrsfI> ar, suti.cient H.
warrant It on an suns wuen nave bA,n de-
post Tor less than SIX months immediately pre-
ceding he date OF dividend, dividends snail be /
pad pro rata AZ The same rate a Tor the semi. |
aunIal period, except that divId.ud shall lie |
pad Tor The fractional part - nlouth o. OF 4 |
do.ia.
SECTION is once in every term Of three years |
il the net profit accumulate ed over and ahore said |