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

| Section 20l4-Ilo. No ofncer or employee who is
required TO give bond shall be deemed qualified to
snaii nave been approved by majority Of the board
o. directors by written endorsement thereon and
lled WITH the commissioner OF banking herein
Section 2oI4-l2 An associations formed under this
OF other similar law authorized transact in this
/ state business similar to that authorized to be
done by this chapter. shall be under the control
! ana supervision Of the : commissioner OF
oahKilg Every such corporation on the thirty-iFst
day OF December of each year shall make full
ana detailed report Of its business the preceding
year, and OF its condition on such date in such
FORM and containing such information said
,, . commissioner may prescribe. and shall file
on or before February first thereafter accompanying
Inc same shall be attached copy Of the statement
q te association at the cose Of year and
AZ aindaTlt 81 the secretary Of said association
showing that true copy Of said statement was or
VIII be delivered mailed each member verified
copy OF the report OF the schedule committee appointed
under the provisions of section 2O14-lO shall also
accompany the report any such association shall
or refuse % furnish the report herein required it
| a go pe subject. at the discretion OF the
Commissioners Of banking to forfeiture Of dollars
a1r , gay , Ior each and every day Of default
ei.u ssau commissioner OF banking may
maintain action in the name Of the state to
recover such penalty. and the shall be paid
section 20l4-l3- At least once in each year. tho
Saiu commissioner Of banking shall make or
cause 10 be made examination into the affairs OF
all such associations and for that purpose said com
missioner or the examiners appointed by him shall
have full to- and may compel the production Of
aii uaeir BOOKS papers. securities and moneys, adj
munster oaths to and examine their officers and agents
as 70 Their affairs. Special examinations shall be
laaae upon written request of five more members
tney guaranteeing the expense of the same otherwise
me actual and necessary expenses Of such examina
IONS snail be paid out Of the state treasury Any
such association refusing to submit to an examina
aon orueTed OF requested shall be reported to the
attorney general. who shall institute proceedings to
Lave us charter revoked. which refusal shall be the
| cause FOR such revocation.
Section 20l4-14. Should the commits
sloner OF banking find such association conducting
It's business contrary law he shall notify its board
u directors IN writing Of the fact and IT, after thirty
Gays such Illegal practice continues he = may
take possession Of said association and nquidate the
same IN the manner provided in respect to state
banks by section 2022 Of the statutes Should he find
that the affairs of such association are in an
sound condition and that the interests Of the public
demand the dissolution thereof and the winding up
association and liquidate the same in the manner
provided in respect to state banks by section 2022
| OF the statutes
Section 2014-14I Whenever it shall appear to the
commissioner Of banking that any building loan
ass9cialon operating in this state does not keep books
and accounts in such manner as to enable him to
readily ascertain the true condition such building
ana loan association. he shall have the power to
Iequre the ocers OF such association any of them
70 open and keep such books accounts as he may
In bis discretion determine and prescribe for the
purpose Of keeping accurate and convenient records
OF the transactions and Of such association
| Section 20l4-l4m Any building and loan asso-
citation that refuses or negects to open and keep
sueh books or accounts may be prescribed by the
commissioner Of banking, shah be subject the dis
ceuon OF the commissioner of banking shall be subject
at the discretion of the commissioner TO forfeiture
Of ten dollars for each day it negeets fails
open and keep such prescribed books and accounts
whenever any building and loan association fails
refuses TO pay the forfeiture hereunder imposed for
failure to open and keep such books accounts the
commissioner Of banking is hereby authorized to
sute proceedings for the recovery of such forfeiture
Sectlon 2ul4--l5 The articles Of Incorporation
tne bylaws may provide for the time and terms Of
tie dissolution OF the association, and in of
dissolution the Director may, by majority vote be
authorized to sell and transfer its mortgage securities
ana other property to another association. person
persons.
Section 2014l6 Said commissioner Of
banking shall annually. at the earliest practicable
date after the reports received make report to
the governor of the general conduct condition Of
all building loan associations doing business in
this state, including the information contained in
suea reports, arranged in tabular FORM together with
such suggestions as he may deem expedient He shall
also report the names and compensation Of employees
and other expenses in relation to such associations
| the whole amount Of the income and the sources
of said report shall be printed, Of which not to ex
coed one hundred and fifty nay be cloth bound each
local association shall be entitled to three copies the
remainder to be for general distribution
Section 2014-17. No foreign building and loan
association and no foreign association corporation
representing itself to be building and loan asso-
citation doing business the building society plan
and no association corporation organized under the
laws Of other state territory and doing busi-
ness in the provided for mutual loan and
building associations by this chapter upon any
similar nsalnent plan shall issue its shares receive
moneys transact business in this unless
such association shall have and keep deposit with
the state treasurer. In trust for the benefit and
clrity of all its members in this state hundred
thousand dollars to be held in trust aforesaid until
all shares of such association held by residents Of this
state shall have been fully redeemed and paid Off
and until its contracts and obligations persons
| and members residing in this state shall have been
fully performed and discharged; the securities
prising such deposit shall first be approved by
commissioner of banking under the
rules and regulations governing the approval Of
curities Of trust company banks, and upon
such deposit being made the state treasurer shall
issue certificate therefor. ard thereupen the
authority to said association to transact business in
| this state.
Section 2oI4-lS. The deposit to be made with
the state treasurer by foreign association may
consist of bonds or treasury notes Of the United
States. bonds of this or other state. any
city. town county of this state Of any other
state having authority to issue the same mortgages
being first liens ON real estate located In this state
All dividends and interest which may accrue
curiies held by the state treasurer and all dues and
monthly payments which become payable on stock
pledged security for loans, the mortgages for
which deposit with him, may be collected and
retained by the association depositing such securities
or mortgages so long as such association remains sol
vent and performs all contracts with Its members
Any securities deposit as provided herein, if
proved by the commissioner of banking.
may from time to time be withdrawn if others Of
equal value and OF the character named in this section
are substituted therefor. If any such securities shall
deprecate in value new ones must be added, so that
the deposit may at all times be kept good and Of
the value Of one hundred thousand dollars, and 1t
shall be the duty Of the commissioner Of
banking to revoke the certificate of authority of any
such association whenever there exists an impairment
of such deposit for period Of than thirty days
after due notice to the association given by such
= commissioner.
Section 2014-l9 No foreign building and loan as
ISOLATION shall do business in this state without hav-
ing frt paid the fees prescribed in this chapter and
Obtained from The state treasurer certificate that
the deposit required by this chapter has been made
and from the commissioner Of banking
certificate of authority or license authorizing it to
do business in this state. stating that such assoca
has complied with all the provisions Of this chap
ter; and such certificate shall be in force year
unless revoked and shall be renewed from
10 year and unless renewed and continued in force
such association shall not do business in this state