Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1898-09-29
IN which the operation of such association


Is TO be conducted. One certificate shall
be filed in the Office of the register OF deeds
OF the county in which tn. business or the
association is TO be carried on, one shall be
deposited in the office of the secretary of
state. and one shall be deposited in the Of
nee of the bank commissioner.
Section 4. Such corporation shall nave
the power to enact bylaws. not inconsist-
ent with the laws OF this state or of the
United States, for the government OF It's
affairs. and such bylaws may prescribe the
conditions on which deposits shall be made.
and the terms on which payments OF such
deposits shall he made TO the depositors hy
be bound by the regulations enacted in
such bylaws, which regulations shall DO
printed and conspicuously posted In the or
ticee of such corporation. so as to be visible
business office OF the association.
Section 3, The corporators shall, at their
first annual meeting, elect by ballot from
their own number, a board OF trustees or
directors, which shall consist OF not less
than nine. who shall be divided into three
classes as follows; one-third shall be
years and one-third for three years, After
the election of the first board of trustees
or directors, all subsequent trustees or di-
rectors shall he elected at the annual meet
ing for the full term of three years, unless
elected TO FIJI a vacancy. when they shall
be elected to serve the uneSpired portion or
Section s. The trustees or directors
within ten days after their election, shall
elect from the members of their own board,
a president. one or more vlce-presldents, a
treasurer and a secretary; the same per-
son may act as secretary ana treasurer
they may also elect from their own mem
bers committee on finance an salu Oh
ficers to hold their offices till others are
elected and qualified to ill their places
Section T. Nomore than one officer OF any
savings association shall at the same uine
be an officer of any bank or trust COM
pany; and no stockholder of "A bank snail
be treasurer of any savings association.
Section s. The treasurer shall give
bond for the faithful discharge OF ms gu
ties with surety TO the acceptance OF the
directors or trustees. in not less thah ten
thousand dollars, payable to SAID assocla-
ton and shall give a new bond, with sure
~ to the acceptance of the directors or
trustees as often as once In every period
of three years from the date OF giving me
last bond The said bond shall Forthwith
be recorded at length in the books OF Said
savings association. which record shali az
all times be subject to the Inspection OF
the bank commissioner of the state "
shall he the duty of the president OF SAID
savings association to safely Keep the orig
inal bond given. Whenever. IN tne
Judgment of the board OF directors or trus-
tees, or the bank commissioner. IT is nee
essary for the security of the depositofs.
the treasurer shall give a new BOND In sucn
amount as said board or the bank commas
sioner shall require, and with such SURF =,
ties as may be approved. No president, 81
rector or trustee shall be surety on the
bond of such treasurer. a.,
tor manager nor any other officer, except
the treasurer. shall receive any cohpeiSa.
ton for his services In the manaseinent OF
such association. nor derive any eulolu-
ment therefrom. provided. however, that
the president may receive Tor ms services
a sum not exceeding 1--WE hundred doi,ars'
when the deposits shall exceed nNe nun
dred thousand dollars
Section TO- No trustee. director or man
ager of such corporation, shall ne a nor
rover or surety for a borrower OF any OF
its funds nor receive any money or Nalua-
BILE thing for negotiating, procuring or rec
ommending any loan from such associa
ton nor for selling or aiding IN the sale or
any stocks bonds or securities 70 or ~
such associa ton and any such oincer VINO
shall violate any provision OF TINS sect,o,,i
shall forfeit to the state one thousaho uoi-
section IL Such corporation shall not
make and issue any bill or promissory note
TO circulate as currency.
Section - Such association may receive
on deposit from any one person IN ms OF
her own name, or in the name or ano'ile l =,
in any one year, sum not exceeding one
section 10 Any association organized
hereunder. may employ not exceeding one
! half of its deposits In making loans on per
| sonal security. and in the purchase OF the
| public stock or bonds of the United States.
| or OF the northwestern states, to-wit'
Ohio. Indiana, Michigan, Illinois iowa
Wisconsin and Minnesota, or or the au-
thoriZed bonds OF any Incorporated CITY.
village, town or county, or school distric,
In the aforesaid northwestern states. All
other loans shall be secured by mortgage
on unincumbered real estate lying ana be-
| ing In the aforesaid northwestern states.
No association shall invest any part OF lts
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
as lies in the aforesaid northwestern
states No loan shall Toe MADE upon redl
estate 10 an amount exceeding sixty per
cent OF the value thereof, as determined
| upon by not less than a majority OF me
members of the finance committee, VINO
! shall duly certify TO the value of the, prem.
ises to be mortgaged. according to the pest
| of their judgment, and such report shail pe
| filed and preserved with the RECORDS OF the
Section ID. No such corporation shall
| buy or loan any money upon any obliga,
ton on which only one person or hrm shall
| be holden without additional security Tor
| the same equivalent to the guaranty OF
Endorsement of some other Responsible
party. 49,.
| shall be made In writing, through the
treasurer of the corporation, VINO shali
keep a record thereof showing the cate,
name OF applicant amount asked Tor, a,lu
security offered and he shall cause the
same TO be presented to the hnance COM
mlttee
every such association after deduction
of all reasonable expenses incurred In the
management thereof, and the amounts re-
served for a guaranty fund, shall be ovid
ed among the depositors or their legal rep
resentatives semi-annually, at the times
fixed by its bylaws. Every such associa-
ton shall before making any seml-annual
dividend reserve as a guaranty fund from
the net profits which have accumulated
during the six months then next proceed
ing 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, winch
fund shall be thereafter maintained ana
held In that ratio to meet losses In its
business from depreciation Of the securi-
ties or otherwise.
Section II. Ordinary dividends shall be
made every six months n the profits are
sufficient TO warrant IT. on all sums whlch
have been on deposit for less than SIX
months Immediately preceding the date OF
diyldcnd 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 a month or
OF a dollar.
Section 49, Once I'm every term Of three
years ~ the net profits accumulated over
and above said guaranty fund and or
binary dividends amounts 10 one per cent
OF the deposits which have remained IN
such CORPORATION for one year then next
preceding such net profits may he divided
among the appOztors whose deposits re-
manned therein for one year AT least then
next preceding as an extra dividend
Section 70 II shall be lawful for such
corroraficu to purchase hold ana convey