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

7 yVhar c,oL matliTed until T,afd -
S wen such maturity is reached 10 u,ii pala, ana
, uSelneht the holders Of X 4 Ing uales y
to Interest atlon to the value thereof be entitled
/ hxed III a. y uiEiuends at such rate as NAV he
Of H. py tle bylaws for all fun months from may y
tnna euiig adjustment. or they NAV elect n rnr
nnart Deyelts OF dues until the next date ~ a,;
to q profits at which time tev shall - suVss
yided th. an cues paid and profits apportioneds mr.
tnat at no time shall more than one ~ ~
thohllly receipts Of the association he La ~ lne
q matured shares without consent If te
retire unpedre ses may at any time before maturity
~ e same as prescribed In the bylaws and artde
VI incorporation. = ~ anu aiAees
/ Section 20l4-4
.ne association shall be- loanes a, ~. iunas OF
nra,d d9 upon the terms prescribed in the bviarvs,
/ of nrsn aI1 Il the bylaws prescribe the payment
| thereof o. I'm upon loans without fixing the rate
h q the manner Of bidding such MONEY shall
who shall bd pan ~ open meeting. and member
or ga. uiu the highest premium for the preference
priority of the loan shall be- entitled ~ 1as
him e l1l amount of each share of stock held nv
tna -, li interest at such rate as NAV he aYed nv
io bylaws provided the security ofgersd ~, .i ~
49, 70 the board Of directors The nrem,ro Md
LAY % certain sum or percentage ~ +Ie 49, -
70 oe deducted in advance from tha lasn ~ 70 - i
~ AL aln periodical nsalmens during the existence
80 iOan as the bylaws may prescribe
Secuon fol4-5. For every loan raaa -
nssVuaoe rote bond, secured Inv mor+oaee mon
estate situated in the county where sa,rh SEQ
Of such unncumhered except by prior loans
Such sSoeiauon shall be given. accompanied by
sui pieuge OF stock shall be evidenced nv the oese
certiAcst ASSOCIATION and surrender of the stock
$500 or ceruncates representing the stock pledged
rroVoed that any association heretofore orosnszsd
.L make loans upon real estate situated outside If
th, eouiy where such association is located II au
toIl1ed thereto by It's articles or t,vIa,ya ssucb
rlorgage shall have priority over ali items unon the
llor gagged premises and the buildings and trnroye
ments thereon which shall be filed s,I,senIant - tba
s1corulhg OF such mortgage. The directors In bear
the withs may dispense with said mortgage when
49,. =, aWaA value OF the shares borrowed luon
snan exceed the borrowed and intere thereon
c,,t aontns. the borrower neglect to offer Sc
. -sy SATISFACTORY 70 the directors within the time
prescribed by the bylaws his light 10 oan shall
Iorelted ana he shall be charged with one months
siueo IN the bylaws and any expense incuyred
1t shall be unlawful for any ASSOCIATION
lar. AI 3 Q, which do not exceed nfy thousand dol
" make loans exceeding in the aggregate five
~. collars upon piece of property: II
Tcss sSse.S exceed nfy thousand dollars but do not
$500 ole hundred thousand dollars it shall be I'M
awrul for It to make loans exceeding in the ar0re
sa.e seven thousand five hundred dollars upon any
o pSce OF property; If its assets exceed one hun
dred thousand dollars but do not exceed two hun
urea thousand dollars it shall be unlawful for II to
she loans exceeding in the aggregate ten tho,,sand
uoiafs upon any one piece of property IL its assets
exceed Two hundred thousand dollars II sbaIl he
unlawful FOR 1t to make loans exceeding in the agrre
property. p04 any ono PIECE VI
an Sec non zSl4 borrower repay his loan at
any ume by giving thirty days written notice of
such intention. He shall be charged with the amount
Of me original loan and interest premium and fnes
alteas pc given credit for the withdrawal value of
ms shares pledged security and In cases where te
premium was deducted from the loan in ADVANCE
th SUN proportion OF the premium deducted
.iio part OF the term unexpired bears to the whole
term OF the loan. The balance shall be received in
s,t sa,is aeuon OF said loan and the shares thus
pc cancelled and revert back to the associa-
uon All settlements made periods Intervening he
tween stated meetings Of the directors shall be made
| % tne aate OF such meeting next succeeding such
settlement. borrower may repay his loan at his
option without claiming credit said shares where
upon said shares shall be retransferred 10 him feed
from all claim by reason Of said loan Partial nav
ments OF loans may be made in a sum equal to the
par value Of share or any multiple thereof and
ioI eacn sncn sum one share OF stock shall be
/ leased from pledge
section 2Ol4-7. Whenever a borrower shall be six
IN
or premium his whole loan shall become due and
payable without deduction of any premium paid; his
withdrawal value at the time Of the first default il
any payments of dues have been made applied as a
payment on the loans the balance or the amount due
Win interest and premium. fines and other charges
thereon from the time Of the first default. may be-
enforced by proceedings his security according to
law When the amount thus collected exceeds the
amount due the excess shall be returned the de-
fauling borrower
Section 2014-S Any person of full age and sound
mind may become a member Of any such association
IN such manner as may be prescribed in the bylaws:
but person shall in any one association in his
own name or in the Of another become the
owner OF shares Of instalment stock exceed
Ing In par value the sum Of ten thousand dollars
or pald-up stock exceeding in par value the OF
ten thousand dollars, Shares may issued to minors
above the Of fourteen years, who shall then be
subject to the same duties and liabilities adult
members. and such shares in the discretion Of the
directors. may be withdrawn by such minor his
parents guardian, and in either the payment
made On such withdrawal shall be valid. well in
relation to payments shares forfeited. retired
matureu. Minors under fourteen hold by trustee
or guardian Each member shall have one vote for
on the books Of the association. The by
laws may prohibit voting by proxy.
Section 2014-9 The real estate owned by such
local associations shall be assessed for taxation.
Section 20I4-10 Quarterly, semiannually.
ally, may be specified i'm the bylaws, the gross
earnings Of the association shall be ascertained from
which shall first be deducted the expenses Of the
association and from the balance shall be set aside
the fund for the payments OF contingent
losses hereinafter provided for The balance Of the
he a
proportionae amounts be placed to the credit OF
holders of nstalment stock and holders of paid-up
stock may receive their dividend in cash;
provided that If at the time of such dividend period
there be not sufficient amount In the contingent fund
for the payment OF losses then existing no dividend
shall be declared and dividend shall be appoI toned
credited instament stock and dividend shall
be apportioned. credited or paid paid-up stock
until all losses have been fully paid. Before any
dividend shall be declared credited paid, at least
five per cent Of the net profits shall be set aside as
fund for the payment Of contingent losses, until
such fund reaches at least five cent Of the out
standing loans All losses shall be paid out Of such
fund until the is exhausted. and whenever said
fund falls below five per cent of the loans aforesaid
it shall be replenished by regular appropriations of
at least five per cent OF the net earnings as heren-
before provided until it again reaches said amount
At the close of each fiscal year, and at
such other time the commissioner Of
banking may direct the board of directors de-
termine, it shall be the duty of the president to ap
members Of the board of directors. and two shall
be stockholders, not directors the duty OF which COM
ttee shall I've to schedule the asses of the associa
II
nay have been sustained, and make report of al
their findings to the board of directors 1t shall
thererpon be the duty of the board OF directors to
charge Off all losses reported and II there be not
a sunlcient amount in the contingent fund and the
net profits for the period for the payment OF such
lossts then such losses, the balance unpaid shall
he auportoned according to the number Of shares out
standing whether instalment paid-up stock, and
the proportionate amount shall be charged to each
member.
Section 20l4-I1. The bylaws of each
local association must specify: The manner In which
nersors may become 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
and condition of transfer of shares and fees
tberefor. the manner Of renewing lost or destroyed
certificates and fees therefor: the time and manner Of
having and the amount of dues. fees, interest pre-
minrs uniess the bylaws provide for bidding FOR
loans in open meeting and other charges; the nnes
for nonpayment Of any due or for other defaults
or violations of rules; whether dlvldends
shall, he allowed on paid in advance; how shares
n default may be forfeited and disposed OF; nov
shares NAV he withdrawn, the fees TO be charged
Therefor ana the proportion of the profits payable on
cb pithdrawal the regulations as to retiring shares
aud The amount to paid holders thereof the pro-
NORTON of the profits to be paid the legal repre-
sasntotives OF deceased members; the terms
o,,d conditions upon which loans may be obtained
naid and cancelled provisions for the CUSTODY ana
hsnd,ng Of securities and the banking and chechhg
~ funds. when and how meetings shall De caleu anu
t{,.fa otOrl