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

Q. The total amount Of bonds actually
outstanding shall not at any time ex-
coed the total amount unpaid upon the
notes secured by the mortgages belong
ing to the association and pledged for the
payment Of the bonds, plus such secur-
tiles and moneys as may be on deposit
with the state treasurer under the pro-
visions hereof
Section 2024-134. All mortgages
pledged to secure the payment of the
bonds issued hereunder shall be deposited
and left with the state treasurer. The
land mortgage association may, with the
approval Of the state treasurer, remove
such mortgages from the custody of the
state treasurer. substituting in place
thereof other of its mortgages, or money
or state Of wisconsin government bonds
or certificates Of deposit, endorsed in
blank, issued by Incorporated associa-
tons located and doing business in the
United States, in an amount equal or
greater than the amount unpaid upon the
notes secured by the mortgages with
drawn.
Section 2o24-135 1. Notice of re-
demption Of bonds may on no account
be given Oh the part of the holder there
Of, but may be given by the association
only for the purpose of effecting redemp-
ton in accordance with the conditions
of the bond and as provided by law and
the bylaws.
2. If the land mortgage association
shall elect to redeem any bond prior to
maturity six months notice Of redemption
shall be given and shall be effected by
personal service upon the owner and
holder of the bonds, by notice mailed to
his address as registered or by advertise
ing the same three times in a newspaper
selected by the state treasurer.
8. The numbers of the bonds of which
notice of redemption Is to be given shall
be determined by lot, to be drawn by the
president or the vice president at a meet
ing Of the trustees.
Section 2024-136. In case the holder
of any bond outstanding shall not have
presented the same for payment within
the period Of two years after it's maturity
or within two years after the date fixed
for the redemption, as the case may be,
then such bond shall cease to be lien
upon the mortgages moneys, and secur-
tiles pledged to the state treasurer and
deposited with him as security therefor,
but such bond shall still constitute; until
the statute of limitations running against
such bond shall have expired, a simple
legal money claim or demand against
the land mortgage association issuing the
same, and be recoverable from 1t in a
suit at law, and in no event shall any IN
terest be collectible upon such bond after
the maturity thereof or after the date
fixed for it's redemption.
Section 2024-137. If the association
give notice to a debtor for repayment of
the mortgage loan the latter must pay to
the association in cash or in It's bonds at
par the face of the same SO far as it has
not yet been covered by his assets in the
amortizat ton and payments.
Section 2024-13S. The bonds of a land
mortgage association shall be legal
investment for savings associations, trust
companies or other financial institutions
chartered under the laws Of this state
and shall also be legal investment for
trustees executors, administrators, or
custodians of public or private funds, or
corporations, partnerships or associations.
Whenever the taxes upon the real estate
subject to the mortgages pledged as Sc
curity for any bonds Of any land mort
gage association shall be payable by
either the mortgage or the mortgagor
then such bonds shall be exempt from
further taxation in the hands of their
holders.
Section 2O24-139 The gross earnings
of the association shall be ascertaned an
nually, and there shall first be deducted
association for the preceding year, and
the balance thereof shall be set aside as
a reserve fund for the payment of con-
tingent losses. to an amount equal to two
per cent of the capital stock outstanding,
and until such reserve fund equals twenty
twenty per cent Of the capital stock Of
such association.
Section 2024-140. No land mortgage
association shall acquire real estate
(other than for the occupation OF it's Of
fice) except to protect it's interest IN
are foreclosed and the property therein
described sold to pay the indebtedness
secured thereby. All real estate SO ac
CURED shall be promptly sold.
Section 2. This act shall take effect
and be In force from and after it's pas
sage and publication.
Approved July "a, 1913 Copy Law.