Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1898-09-01
CONTINUED ,from supplement,)

Of the county in which the business of the
association is to be carried on one snall'pes
deposited in the office of the secretary OF
state, and one shall be deposited IN the Oh
flee of the bank commissioner. -,
Section 4. Such corporation snan nave
the power to enact bylaws. not ncons1st-
ent with the laws of this state or OF tne
United States for the government OF us
affairs, and such bylaws may presGcrloe t dn
conditions on which deposits shall be MADE,
and the terms on which payments or sucn
deposits shall be made to the deposltors oX 1
such institution, and the deposd.ols. d snd -,
be bound by the regulations enacted IN
such bylaws, which regulations shall De
printed and conspicuously posted in the Of
fee of such corporation SO as 70 pc vlsl th
and accessible to all persons Vlslt4hg lie
business Office Of the association:
Section 5. The corporators shall, at their
first annual meeting elect by 9 }nlotaa IRON or
directors, which shall consist OF not less
than nine. who shall be divided into three
classes, as follows: One-third shail DC
elected for one year, one-third Tor two
years, and one-third for three years After
the election Of the first board Of trustees
rectors shall be elected al; the annual meet.
ing for the full term of three years unless unless
elected to fill a vacancy when they, sha ~
Section 6. The trustees or directors,
within ten days after their electlon snaIl
elect from the members of their own boaro,
a president, one or more ylce-presiueIt "a a
treasurer and a secretary; the same per.
son may act as secretary ana Ire 7la,,,
hers a Committee on finance; all said Of
ficers to hold their offices tn others afe
elected and qualified to fill their places.
Section Z Nomore than one officer OF any
savings association shall at the same tl1ne
be an officer of any bank or trust conn
pany; and no stockholder OF PANS siiai'
section & The treasurer shall give
bond for the faithful discharge of his du-
ties, with surety to the acceptance OF tae
or r11S
thousand dollars, payable to SAID assoc 1.a
ton, and shall give new BOND, with sure
trustees, as often as once In every ; perif66o 100
of three years from the date OF giving !ne
last bond. The said bond shall iortnW Wy
be recorded at length in the books OF sala
savings association, which record snalI az
ali times be subject to the Inspection o.
the bank commissioners OF the stage. - y
SAVINGS saiT association to safely keep the orig.
inal bond SO given. Whenever. IN the
Judgment of the board Of directors or t nee.
essary for the security of the deposltors,
the treasurer shall give new bond IN sucn
amount said board or the ,t bank scp srs.
ties as may be approved. No president "a. az.
rector or trustee shall be surety on the
' Section 8. No corporator, trustee, direc.
tor manager, nor any other oncer, except
the treasurer shall receive any compensa11
ton for his services in the management ,s OF
such association, nor derive any emolu.
ment therefrom; provided, however, that
the president may receive for his services
q sum not exceeding five hundred doiars'
when the deposits shall exceed five hun
dred thousand dollars. ..,.,,
Section TO- No trustee. director or ), man IAN.
rover, or surety for borrower. of any OF
its funds, nor receive any money or valu da
BILE thing for negG1t aan from such s
ton. nor for selling or aiding in the sale Oh
any any Stocks, bonds or securities to or by
such nv an roy an Of this Section
shall forfeit to the state one tnousano ool'
lars .hou Nh,
make and issue any bill or promissory note
Section T. Such association may receive
on deposit from any one person IT, IN ano ti
in any one year, a sum not exceeding oile
thousand dollars.
Section 10. Any association organized
hereunder, may employ not exceeding one
half of it's deposits in making loans on per.
sonal security. and in the purchase S OF tne
Ohio, Indiana, Michigan illinois, Iowa,
Wisconsin and Minnesota. or OF the au'
Village Village town or county, or school district
An the aforesaid northwestern states: Al
other loans shall be secured by mortgage
on unincumbered real estate, lying and be-
ing in the aforesaid northwestern states.
No association shall invest any part OF ITS
deposits in the stock of any railroad com
gage on real estate, except such real estate
as lies in the aforesaid northwestern
states. No loan shall be mace upon re ea,
cent of the value thereof. as determined
upon by not less than a majority OF the
members Of the finance committee ~ tee nr Wmo
Uses to be mortgaged, according to the best
of their Judgment, and such report shall be
filed and preserved with the RECORDS OF the
'V Section H. No such corporation shall
buy or loan any money upon any opliga,,
ton on which only one person or nrm snau
the same, equivalent to the guaranty or
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 oaIe;
same to be presented to the finance COM
Section 49, The income or profits OF
every such association. after deduction
of all reasonable expenses incurred In the
served for a guaranty fund, shall be divid-
ed among the depositors or their legal rep
resentatives semi-annually. at the times
fixed by it's bylaws. Every such assoc1a,
dividend, reserve as guaranty fund from
the net profits which have accumulated
PANSSA
ing, a 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 that ratio to meet losses IN Its
business from depreciation of the securi-
ties or otherwise.
Section IT, Ordinary dividends shall be
made every six months II the profits are
sufficient to warrant it. 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 as for. the semi;annual
period. except that no dividend shall be
paid for. the fractional part Of month or
Section Is Once in every term OF. three
years, if the net profits accumulated over
and above said guaranty fund and or
binary 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 10. It shall be lawful for such
corporation to purchase. hold and convey
such real estate as banks are authorized
by the law of this state t, nlr"N"ee. hold