Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1898-10-27

posts shall be made. and the terms on which
payments of such deposits shall be made tn the,
| depoSltors by such Institution and the deposit
| tors shall be bound by the regulations enacted
IN such bylaws, which regulations shall be
printed and conspicuOUSiy posted in the Office
| OF such corporation, so as to be visible and ac-
ceSSIbte TO all persons visiting the business Of
| ice of the association.
| SECTION 3 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 ::
One-thlrd shall be elected for one year, one-i
| 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
| I'LL vacancy. when they shall be elected To,
serve the une1 pired portion OF the term they fiji
! SECTION 6. The trustees or directors, within
ten days after their election shall elect from the
| members OF their own board, president, one or
more vlce-presidentS, treasurer and secre-
| tary; the same person may act as secretary and
| treasurer; they may also elect from their own
| members committee on finance AL said Off
GERS 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.
| SECTION s; The treasurer shall give 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
| new bond. with surety to the acceptance of the
directors or trustees as often 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 al all times be
| subject to the inspection of the bank commits
sloner of the state. 1t shall be the duty of the
| 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 1t is neces-
hoe e 81, Il
| urer shall give new bond in such amount as
| said board or the bank commissioner shall re-
| quire, and with such sureties as may be APP
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 ser
| vices in the management of such association,
| nor derive any emolument therefrom provided,
however, that the president may receive for his.
| services sum not exceeding five hundred dol
| lars, when the deposits shall exceed five hundred
| thousand dollars.
| SECTION TO- No trustee, director or manager
| of such corporation, shall be a borrower, or
surety for borrower of any of its funds, nor re-
| ceive any money or valuable thing for negOtiat-
! ing, procuring or recommending any loan from
| such association nor for selling or aiding in
the sale of any stocks, bonds or securities to or
| by such association, and any such officer who
shall violate any provis ion of this section shall
| forfeit to the state one thousand dollars.
SECTION IL. Such corporation shall not make
and issue any bill or promissory note to clrcu-
| late as currency.
| SECTION H. 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 ID. 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. 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 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 thereon: 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 IA. 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 otherreSponSible party
SECTION Is. 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 Is. The income or profits of every
such association after deduction of all reason
| able expenses incurred the management
thereof, and the amounts reserved for a 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, "a
sum equal to not less than One-fOurth of one
| per cont, nor more than per cent. of the
whole amount of deposits, until such fund
amounts to ten per cent. of the whole amount
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
SECTION II. Ordinary dividends shall be
made every six months if the profits are suffi-
Client to warrant it. On all sums which have
been on deposit for less than six months i'm
medi ately preceding the date of dividend, divi-
bends 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
a month or of dollar
| SECTION Is. Once in every term of three years,
| II 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
tnen next preceding, such net profits may be
divided among the depositors whose deposits
| remained therein for one year at least then next
| preceding, extra dividend.
| SECTION 49, 1t shall be lawful for such cor
| poratlon 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 a building in which to carry on
Its own business, but shall not invest in the land
and building a sum exceeding ten thousand
dollars, except upon the consent and approval
| of the bank commissioner
SECTION ~ Every association formed here
under shall possess the powers 3ud be subject to
the provisionsof the generallaws relating to cor
poratIonS so far as the same may be applicabl
and shall be subject to all of the provisions of
this act relating to reports, examinations liqui-
far as the same may be applicable. Any corpo-
ration now organized and doing business as
such savings association, shall continue bust
ness und this act and shall be subject to all of
its provisions
SECTION p. The directors, managers or trus-
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 a sworn state
ment showing the true condition thereof, the
total amount of deposits, the whole number of
depoS1torS, the largest amount due to any one
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, the first day
of January of each year, which statement shall
be kept on file in the Office of such association,
and an a ttested 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 l. 1t shall be unlawful for any per-
ON