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

Il
tilted to the secretary of state actually necessary
| shall be raid out of the general fund.
Section This act shall take effect and be in
force from and after its passage and publication.
Approved Augugt l. 1913.
No. LAG. Al Published August 2. 1918
CHAPTER 733, LAWS OF 1918.
AN ACT. TO create section l786e20 Of the statutes
relating to cooperative credit associations. pro-
udlng for their incorporation and prescribing
The people of the State Of wisconsin represented in
| Senate and Assembly do enact follows
/ Section /. There is added to the statutes new
| section to read: Sections l7s6e-20 l. The words
/ cooperative credit association. shall mean CO.
operative association formed for the purpose Of pro
noting thrift among its members.
| 2. cooperative credit association may receive
the savings of its members payment shares
| a Deposit may lend its members at reasonable
rates invest hereinafter provided the funds so
accumulated; any may conduct also such other activ
Ties relating to the purpose OF the association its
| bylaws may authorize.
3. Seven OF citizens of this state who have
associated themselves@by agreement in writing for
the purpose Of forming cooperative credit associa
ton may become corporation under the provisions
! OF sections l7S6e--l to 1859 IL inclusive OF the
statutes. provided that section l7S6e-S shall not
apply to such associations Provided further that no
such association shall transact any business under this
section until 1t has been regularly authorized by the
commissioner Of banking to commence such business
fSuch authorization shall be subject to and shall be
given IN the manner prescribed by section 2024-12
! of the statutes.
No person partnership. association or corpora
ton except corporations formed under the provision,
of this section shall hereafter business
der any name or title which contains the two words
credit aid Association" Any person partnership
this subsection may be enioined from doing business
under such name at the instance of any stakeholder
or any association legally organized under this section
5. The provisions of sections 2018 2024-l, in
cusiye Of the statutes shall apply to such association
and Its directors, committees and officers and they
shall be subject to the supervision Of the commits
sioner Of banking in the manner and to the extent
1 set forth in said sections
8. The bylaws shall prescribe
TAI Fhe name of the corporations:
/ Obi The purposes for which it is formed;
(cl The conditions Of residence occupation
which qualify persons for membership:
az The par value Of the shares Of capital stock
in. transferred and withdrawn;
~ The conditions on which deposits may be re-
ceived and withdrawn;
! (g) The method receipting for money paid on
account of shares deposits;
(hl The number of directors and number Of mem
bers of the credit committee;
/ ID The duties OF the several officers:
ID The fines. if any. which shall be charged for
| ually:
tl) The date Of the annual meeting Of members,
| fed of meetings;
/ fm) The number Of members which shall consti-
tute quorum at meetings;
tn) Such other regulations as may necessary
Z. No slch corporation shall receive deposits or
payments on account of shares. make any loans
until It's bylaws have been approved In writing by
| the commissioner of banking nor shall any amend
ments to IT'S by laws become operative until they
so been approved.
s. The fiscal year Of every such corporation SHAH
end at the close of business the thirtyhrst day
| of October The annual meeting of the Corporation
shall be held at such time and place the bylaws
prescribe Special meetings may be held by order
of the directors the supervisory committee and the
clerk shall give notice of special meetings upon
quest In writing by ten members. Notice Of all
meetings of the corporation shall be given in the
manner prescribed by the bylaws. No person shall
be entitled to vote who has not been member for
more than three months, but this restriction shall
not apply during the first twelve months Of the e1-
I istence of the corporation nor shall any member
vote by rroxy. or have more than one vote At the
annual meeting the members shall. recommended
ton OF The board of directors declare dividends and
fix the amount Of the entrance fee. At any meeting
the members may decide upon any question Of inter-
est to the corporation; and appeal of two mem
bers decisions Of the credit committee
board Of directors: and. by threefourths vote OF
those present provided the notice the meeting shall
have specified the questions to be considered may
] amend the bylaws.
/ O. At the annual meeting the members shall elect
board of directors Of not less than FIVE members
credit committee of not less than three members ana
supervisory committee of three members No mem
Der of said board shall be member Of either ole
of said committees nor shall one person be mem
| Der Of than OF said committees, and all
members thereof, well all officers whom they
may elect shall be and shall hold their several
offices until others elected and qualified In their
be fled and preserved with the records Of the
! poration
TO- At their first meeting the board Of directors
shall elect from their number president. a vice
president clerk and treasurer who shall be the
executive officers of the corporation. The board Of
directors shall have the general management of the
affairs, funds and records of the corporation, and
shall meet as often as may be Necessary 1t shall
be their special duty
(a) To act upon all applications for membership
I ID TO act upon the expulsion Of members;
(cl To fix the amount Of surety bond which shall
be required Of each oicer having custody of funds
/ i'd To determine the rate Of interest which shall
1 be allowed deposits;
In the credit commottee oS the corporation until the
election and qualification Of officers to fill said
! vacancies
| (fl To make recommendations to meetings Of the
members relative to the amount Of entrance fee the
maximum number Of shares which may be held by
and the maximum amount which shall be lent to,
one member the dividend to be declared amendments
| to the bylaws; and any other matters which, In
/ their opinion, the members should decide.
/ IL The credit committee shall approve every loan
4 or advance made by the corporation Every applica-
ton for a loan shall be made in writing and shall
state the purpose fer which the loan desired and
the security offered. No loan shall be made unless
The credit COMMITTEES is satisfied that it promises to
benefit the borrower unless it has received the
unanimous approval of those members OF said com
nnittee who were present when 1t considered,
if any member Of said committee shall disapprovr
/ thereof: but the applicant for loan may appeal
from the decision Of the credit committee to the
board OF directors.
! ~ The supervisory committee shall inspect the
securities cash and accounts Of the corporation and
committee and officers. At any time the supervisory
! committee By a unanimous vote suspend the
credit committee oilcer elected by the board
/ of directors and by a majority vote may cali
meeting Of the shareholders consider any violation
Of this section OF the bylaws any practice Of
the corporation which, in the opinion OF said
nittee Is unsafe unauthorized Within seven days
/ after the suspension Of the credit committee the
supervisory committee shall notice to be given
! Of a special meeting Of the members to take sucn
action relative such suspension may neces-
The supervisory committee shall All vacancies
! in their own number until the next annual meeting
49, The capital of the corporation shall be I'M.
limited in amount Shares Of capital stock may be
subscribed for and paid in such manner as the by
laws shall prescribe.
III Shares may be issued and deposits received
/ in the name OF minor and such shares and deposits
may in the discretion Of the directors be withdrawn
| by such minor by his parent guardian. and in
either case payments made on such Withdrawals shall
/ he valid II shares are held or deposits made In
trust the name and residence Of the beneficiary shall
be disclosed and the account shall be kept In the
name oe such holder as trustee for such person II
no other notice ar the existence and terms Of seh
! truss has been given ID writing 10 the corporation
such shares or deposits NAV upon the death Of the
/ trustee be Withdrawn u the person for whom fine
| AMOUNT Of such shares paid IN or for whom such
1 deposit sras made 0x f5 his legal representative