Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1913-08-29
Published July 20. 1918.

No. 1857 AL published July 49, 1918.
CHAPTER $685. LAWS OF 1919.
AN ACT no create sections 2O24-1o0 to 2024-140.
inclusive. Of the statutes relating to land mort
gage associations
Senate and Assembly, DO enact as follows:
section l. There added to the statutes forty new
sections 10 read Section 2O24-100 AS used in Sec
lions 2o24-lOo 70 ao24-I4O inclusive. the phrase
LAND mortgage association shall corporation
organized as provided in said sections for the pur-
nose Of making loans upon agricultural lands forest
lands and dwelling houses within this state.
Section 2o24--lO1. No person partnership associa-
tiou or corporation except corporations formed under
the provisions Of sections 9o241oO 2o24l4o. In
elusive Of the statutes shall hereafter transact any
business under any name N when IS. snsM occur ne
gage and Association
Section 3O24-102 Any number q adult resident
associate to establish land mortgage association on
th terms and conditions and subject 70 the hAblueu
hereinafter prescribed me asErsga:s amount o. Inc
less than ten thousand dolarA :.
section 2024-1OS. The persons 20 associatinE snail
make aen and acknowledge written articles Of In
III The declaration that thev are assodating fOE
the purpose Of forming land mortsage assoc aos
l40 inclusive -,
be In no material respect similar 70 any otner asSo
ciation in the same county; ~
isl The name Of the particular village. town city
and county T w sasps suee cspsa stock which shan
divided into shares Of hundred dollars each;
az The period for which such association Is or
ganized. . .A.,, {. .haa,
et annual meeting elect BY ballot from their number
! hoard Of trustees. which shall consist OF not less
than six members who shall be diviaeu inuo tnIeS
cIssses sc follows. one-third shall be elected for
ne war. sne- third for two years and ne-thrd loI
bree years After the election Of the hrst board q
t,stnaa veTy subsequent trustee shall be eiected q
he stockho ders at the annual meeting ior Ine Ini
tern, Of three years unless elected to III vacancy
- shch ease he shall be elected to serve the unex-
aired portion Of the term in which such vacancy
occurs .,,., ,v,thsn ION
sftrr their election organize by eeeting from
s-snno their members president VICE presaaen.
M q treasurer AMI secretary. They snal aiso eec'
srnno among their members commttee on aos ~
g ,l IN Of said officers shall hold their ofces
er the term OF one year. until ther successors arr
Seet,on apa4-106 The board Of trustees snail eon-
= - s~.rlallv hound to perform he toAoWlne 1utes
= ~ ~ cas,se the accounts Of the association e @
,5itad once each quarter BY the aueluns
f25 To present to each annual as . tss
sly .st rsar ana summary Of its hnancaai conu.-
~ tceefher With comments and recomme asio1'
.oi', "a sslsnre conduct of its business .a.,.
| faa 10 cause all ofncers TO perform sneH uu1''
Empty s Cause ali defaults in performance o. con-
~ ~ tfe association to be perallzed ana YIN,
IS aes.S ~ ID ats to so fsr as posslOaes
| ~ To administer the a nIls 4. 80
- ,cst eAicent manner practices pc. -. .,a
| ne ms mes son9s-407 The committee on loans shan
$3.50 IN writing an application for lo1. = 49, -
" 1ssore he same shall be granted % m seT
- 49, - ssznciafinn Every applcaucn ~ 1850
seLgSs0 n writing and shall state the pl5tss
uatt u sha loan Is desired no Aohn 49, j, :,
1s siess the committee on loans y q ~
Otisss 10 benefit the borrower. ne q III n.
"a nhauinous approval ~ Wits -, 49,
aeretts1 80 49, Sscsrnnittek onQlie