Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

be in force from and after its passage
and publication.
Approved August 1. 1913. Copy Law.
No. 1146 Al Published August 2, 1918.
CHAPTER 1888. LAWS OF 1913.
AN ACT-To create section 17S6e-20 Of
the statutes, relating to cooperative
credit associations. providing for their
incorporation and prescribing regula-
lions.
The people of the State of Wisconsin,
represented in Senate and Assembly. do
enact as follows:
Section /. There is added to the stat
utes a new section to read: Section
1786e-20. l. The words cooperative
credit association" shall mean co-opera-
tive association formed for the purpose
of promoting thrift among it's members.
2. A cooperative credit association
may receive the savings Of its members IN
payment for shares or deposit; may
lend to it's members at reasonable rates
or invest as hereinafter provided, the
funds so accumulated; and may conduce
also such other activities relating to the
purpose of the association, as Its by-laWa
may authorize.
who have associated themselves by an
agreement in writing for the purpose or
forming a cooperative credit association
may become a corporation under tue pro-
visions of sections 1786e-1 to liS6e-Ai.
inclusive, of the statutes, provided that
section 1786e-S shall not apply to sucn
associations, Provided further that no
such association shall transact any bus1-
ness under this section until 1t has been
regularly authorized by the commissioners
Of banking to commence such business
Such authorization shall be subject TO ana
shall be given in the manner prescribed
by section 2024-12 Of the statutes.
A. No person, partnership, association
or CORPORATION. except corporations formed
under the provisions Of this section snall
hereafter transact business under any
name or title which contains the Two
words credit and association any
person. partnership, association or corpo-
ration violating the provisions OF this SUP
section may be enjoined from doing busl-
ness under such name at the instance OK
any stockholder of any association Iega1ly
organized under this section.
S. The provisions Of sections 20l8 TO
2024-1. incluive. of the statutes. shan
apply to such association ana lts az
rectors, committees and officers, and they
shall be subject to the supervision or inc
commissioner of banking in the manner
and to the extent set forth in said SEQ
tons
6. The bylaws shall prescribe
(a) The name of the cOrporatloni
(b) The purpose for which it Is formeoI
(c) The conditions of residence or occu-
patton which qualify persons for MEMBER
ship; 20 ,,
ital stock;
(e) The conditions on which SHARES may
be paid in, transferred and w1chdra"ni
C)The conditions on which deposits may
be received and withdrawn;
(g) The method Of receiptlng Tor money
maid on account of shares or deposits;
(h) The number Of directors and num-
Der of members Of the credit committees
% The duties of the several ofIlcers'
() The fines, if any, which shall pc
charged for failure to meet Obligations 10
the corporation punctualiy;
(x) The date Of the annual meeting OK
members; ,,,
be notified of meetings; -,
(m) The number OF members WHICH
shall continue a quorum at meetings;
(n) Such other regulations as may
seem necessary. . !.
Z. No such corporation shall receive ue-
posits or payments on account OF sharess
or make any loans, until its bylaws nave
been approved in writing by the COM
missioner Of banking, nor shan any
amendments to it's bylaws become opera
tive until they have SO been approved
8 THE fiscal wear of every such corpora
tion shall end at the close of business on
the thirty-first day OF OCTOBER Inc an
nual meeting of the corporation slalI DC
held at such time and place as the py-
laws prescribe. Special meetings may Do
held by order of the directors or the sup,
ervisory committee. and the clerk shan
give notice of special meetings upon re-
quest in writing by ten members NotlcS
wa
piven in the manner prescribed by the by"
laws. No person shall be entitled to vote
who has not been a memper lot more tldm IL
three months, but this RESTRICTION snan
not apply during the first twelve mohthS
of the existence Of the corporation, nor
shall any member vote by proxy, or nave
more than one vote. AT the annual meet
ing the members shall, upon recommenda-
ton of the board Of directors, declare olVl-
dends and fix the amount Of the entrance
fee At any meeting, the members may
decide upon any question Of interest to the
corporation; and upon appear oI Two
members, may reverse decisions OF the
credit committee or board Of directors;
and nv a three-fourths vote of those pres
emit provided the notice of the meetlnS
shall have specified the questions to be
considered may amend the bylaws.
9. At the annual meeting the members
shall elect a board Of directors of not less
than five members, a credit committee OF
not less than three members, and super
visory committee of three members mo
member of said board shall be member
of either one Of said committees nor shaA
one person be a member OF more IMAM
one Of said committees, and all members
thereof as well as all officers whom they
may elect, shall be sworn and snail holo
their several offices until others are
elected and qualified in their stead; and
record of every such qualification SHAH
be fled and preserved with the records
of the corporation.
III. AT LHelr HISI Iho0'iAe III -
directors shall elect from their number
a president, vice president, a clerk and
q treasurer who shall be the executive
officers of the corporation The board OF
directors shall have the general manage
ment of the affairs, funds and records or
the corporation, and shall meet as oIten
as may be necessary. il shall be their
special duty
(a) To act upon all applications for
membership;
CD To act upon the expulsion OF mem
bers; . -,
(c) To fix the amount OF surety bond
which shall be required Of each officer
having custody of funds;
witch shall be allowed on deposits;
(e) TO fill vacancies in the board OF
directors or in the credit committee Of
the CORPORATION until the election and