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

loan. The balance shall be received
In full satisfaction Of said loan. and
the shares thus credited be cancelled
and revert back to the association All
settlements made at periods fnterven-
ing between stated meetings or the
directors shall be made as of the date
Of such meeting next succeeding such
settlement. A borrower may repay his
loan at his option without claiming
credit for said shares, whereupon said
shares shall be retransferred to him
freed from all claim by reason of said
loan. Partial payments of loans may
be made in sum equal to the par
value of one share or any multiple
thereof, and for each such sum one
pledge.
Section 2014-7. Whenever a Dor
rover shall be six months In arrears
in the payment Of his dues. interest
or premium his whole loan shall be-
come due and payable without deduc.
ton OF any premium paid; his pledged
shares may be declared forfeited and
their withdrawal value at the time Of
the first default, if any payments OF
dues have been made, applied as
payment on the loan; the balance, or
the amount due. with interest and
premium, fines and other charges
thereon from the time Of the first de-
fault, may be enforced by proceedings
on his security according to Law. When
amount due the excess shall be re-
turned to the defaulting borrower.
Section 2014--s. Any person Of full
age and sound mind may become
member of any such association in such
manner as may be prescribed in the
bylaws; but no person shall in any
one association, in his own name or
in the name OF another, become the
owner of y shares of instalment
stock exceeding in par value the sum
of ten thousand dollars; nor of paid
up stock exceeding in par value the
sum Of ten thosand dollars. Shares
may be issued to minors above the age
of fourteen years, who shall then be
subject to the same duties and liabil-
tiles as adult members, and such
shares, in the discretion of the direct
ors, may be Withdrawn by such minor,
his parents Or guardian, and in either
case the payment made on such with
drawal shall be valid, as well as In
relation to payments on shares for
feited, retired or matured. Minors
under fourteen may hold by trustee
or guardian. Each member shall have
one vote for each share y Of stock
appearing in his name on the books
may prohibit voting by proxy.
Section 2014-9. The real estate
owned by such local association shall
be assessed for taxation.
Section 2014-10 Quarterly, semi
annually or annually. as may be specified
in the bylaws, the gross earnings of the
association shall be ascertained, from
which shall hrst be deducted the ex-
penses of the association, and from
the fund for the payment Of contin-
gent losses hereinafter provided for.
The balance Of the profits shall be
declared as a dividend; the
proportionate amounts may be placed
to the credit Of the holders Of install
mont stock, and holders Of paid-up
stock may receive their dividends in
cash; provided. that if at the
time of such dividend period there be not
sufficient amount in the contingent
existing, no dividend shall be declared
and no dividend shall be apportioned
or credited on instalment stock and
no dividend shall be apportioned, cred
tied or paid on paid-up stock until all
losses have been fully paid. Before
any dividend shall be declared, cred
tied or paid, at least five per cent OF
the net profits shall be set aside as
losses, until such fund reaches at least
Ave per cent Of the tstanding loans.
ALI losses shall be paid out Of such
fund until the same Is exhausted, and
per cent Of the loans aforesaid it shall
be replenished by regular appropria-
tions Of at least five per cent of the
net earnings, as hereinbefore provided.
until it again reaches said amount
At the close of = each fiscal year.
and at such time as the COM
missioner Of banking may direct or
the board of directors may determine,
1t shall be the duty Of the president
to appoint committee Of five, three
Of whom shall be members Of the
board Of directors, and two shall be
stockholders, not directors, the duty
Of which committee shall be to sche-
dule the assets of the association, fix
their value and determine any losses
which may have been sustained and
make a report Of all their findings to
hAo ri 90 oh HTp0-
upon be the duty of the board of d.
rectors to charge off all losses SO re-
ported, and If there be not sufficient
amount in the contingent fund and
the net profits for the period for the
payment of such losses, then such loss
es or the balance unpaid, shall be ap-
portioned according to the number Of
all shares outstanding, whether install
ment or paid-up stock, and the pro
portionate amount shall ba charged to
each member.
Section 2014-1L The bylaws Of
each local association must specify:
The manner in which persons may be-
come and cease to be members; the
number Of shares member may own;
the terms on which certificates
for shares are to be issued, the form
thereof and the fees therefor; the
manner and condition of transfer Of
shares and fees therefor; the manner
of renewing lost or destroyed certi-
fcates and fees therefor; the time aud
manner Of paying and the amount Of
dues, fees, interest, premiums (unless
the bylaws provide for bidding for
loans in open meeting) and other
charges; the fines for nonpayment OF
any sum due or for other defaults or
violation Of rules; whether div1-
dends shall be allowed on dues paid
in advance; how shares in default
may be forfeited and disposed of; how
shares may be withdrawn, the fees to
| be charged therefor and the proper
tion of the profits payable on such
withdrawal; the regulations as to re-
| firing shares and the amount to be
| paid holders thereof; the proportion IF
the profits to be paid the legal repre-
| sentatives Of deceased members; y
the terms and conditions upon which
loans may be obtained, paid and cam
celled; provisions for the custody and
| handling of securities and the banking
and checking Of funds; when and how
meetings shall be called and held and
what shall constitute g. quorum; y
whether voting by proxy be permitted;
| the election and removal of officers
| and directors, the filing of vacancies,
defining their duties and fixing remun-
Grafton; and provide such other rules
and regulations, not inconsistent with
| law or the articles of incorporation, as
| the business Of the association may
| require.
| Section 2014-11l livery person ap-