Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22
Published Aug. 2, 1918.

No. 1921, Al Published Aug. 2. 1918.
CHAPTER 1872, LAWS OF 1913.
AN ACT-To amend sections 2009 to
2014-26. inclusive, of the statutes,
relating to building and loan assoc
Citations.
The people of the State of Wisconsin.
represented in Senate and Assembly.
do enact as follows:
Section l. Sections 2009 to 2014-26,
inclusive, of the statutes, are amended
to read: Section zoos. A corporation
for the purpose of raising money to
be loaned among its members shall be
ciation; if organized under the laws
of this state, as a local association,
and If under the laws of any other state
or territory, as a foreign association.
The words building and loan associ-
alton" shall form part Of the name
of every such local association here
after organized, and no corporation
not organized under these statutes
shall be entitled to use name en-
bodying said words, except that cor
porations now existing may continue
their present names.
Section 2010. Local associa-
lions may be organized and conducted
under the general laws relating to
corporations except as herein provided;
but the articles of Incorporation, amend
ments thereof, and all papers relating
thereto shall be filed with the s.
commissioner of banking, who may
but the same shall not issue until a
verified copy of the bylaws adopted
by the incorporators shall be
filed with and approved by him =
no such association shall have legal
existence and only such bylaws. al
terations and amendments thereof as
shall have been SO filed and approved
! for said certificate shall be ten dol
| lars, for fling amendments to the ar
! ticles five dollars, which shall be paid
| to the commissioner of banking
and all fees received by him shall be
paid into the state treasury. Any
such association failing to commence
business within one year from the date
| of the issuance of the certificate of
| incorporation shall cease to exist and
such articles Of incorporation and such
| certificate shall be null and void.
Section 2011. Such local association
shall have power.
assess and collect from members fees,
| dues, fines, interest, premiums and
| other charges, and the same shall not
| be held to be usurious; to permit or
force members to withdraw all or part
of their stock; to make loans to mem
bers; all upon such terms and condi-
tons as may be provided in the by
laws.
CD To borrow money for temper
ary purposes, not inconsistent with
| the objects of the association, and is
sue it's evidences of indebtedness
therefor, but for no longer term than
one year and not exceeding in the ag-
gregate amount one-fifth of the assets
on hand.
CD To require, by purchase or 9TH
erwise only such real estate as may
be necessary for the protection or en-
| forcement of it's securities and the
collection Of any claims or debts due
to it; and all the same shall be SOLD
| within ten years from acquiring title
| thereto.
(O To delegate authority to it's d.
rectors to alter or amend its bylaws
under such restrictions and limitations
as it may deem proper.
(5) To exercise all such powers as
are necessary and proper to enable
them to carry out the purposes Of their
organization.
Section 2O12. The capital stock OF
any such association shall not exceed
any association shall have issued stock
to the amount Of ninety per cent of its
authorized capital 1T may amend Its
articles Of incorporation to provide for
an increase of capital not exceeding
one million dollars; = the same may
be divided into two or more classes
Stock in any class may be made issu-
able at any time or in successive series
In such amount as may be provided in
the bylaws, or in the absence of such
mine. II issued in. successive series
no series shall exceed five hundred
dollars nor one-tenth of the aggre.
gaze capital stock. The capital stock
shall be divided into shares OF pa:
value of not less than fifty dol.
lars each, payable in periodical install.
ments. called dues, not exceeding tive
dollars each per share. ." . WheI
the demand for loans exceeds the in.