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


Loan may appeal 10 the beard Of trustees from the
cecisfon Of the conAinI tee on loans
Sect.en 2024-leS. The inccrpcratDFs sha at thedI
first annual meeting elect by ballot rom their nuns
UT an auditing committee. no one Of whom shan
auditing committee shall be eIec ed By the stock
holders at each annual meeting
Section 2024-l0a. l. The auditing committee shan
The csrporaton. and shall at all times supervise me
acts Of its board Of trustees and officers.
2 At the annual meeting Of the stockholders the
auditing committee shall submit heir report includ-
ing the results of said audit. together with sucn
citemc Of thor proceedings since the last previous
meeting A cory ef such roper. shall be forwarded
to the commissioner Of banking
Section 2o24-Iie |. AT any time. the audluns
committee. by unanimous vote. may suspend any
trustee ciecr member Of the committee on loans;
and " a majority vote may call nice ing OF the
stockholders 70 consider any vie aticn Of statutes
latiyr to such ccrlxTatioa Of the bylaws or any
ITaeuce q the corporation VIII, h In the opihioh
/ Of SAID committee is unau herized.
o Within seven days after the suspension Of any
trustee officer or member Of the committee on leans
relative TO ssch suspension seem necessary.
The auditing committee shall fill vacancies IN their
cNl number until the next annual meeting.
Section 2o24-llI The treasurer sha give bond
fer the faithful discharge his duties. with such
surrey. and IL sach amount as shall be approved ay
the trustees All bonds 50 given shall be recorded a.
sngth IN The books At the land association and snail
he subject at all times TO the inspection of the stock
holders. The bend itsc + immediately upon having
seen recorded shall be delivered 10 tho commissioner
Of eanlang. and. shall remain in his custody. The
trustees may whenever it is in the interests
OF the association, require additional bonds to be
given No officer. trustee member of the auditing
eaMmittce Of the company shall be surely upon the
bond OF the treasurer.
| Section 2o24-ll2 Said land mortgage association
| 40 To make loans ard accept security for
any such lean irst mortgage upon agricultural
houses within this state such loan shall not ex-
coed. however sxty-fve per cent OF the value OF
such real estate 50 conveyed ii the same Is improved
and not to exceed forty per cent II wholly unim-
proved. according to the appraisal made as herein
provided
~ 10 issue bonds secured by the pledge Of the
mortgages taken.
$50 To pledge the mortgages taken under the
provisions Of Subdivision III hereof security for
the bonds of the land mortgage association referred
| to in subdivision t2) hereof.
Section a024--l13. Section 2024-9 OF the statutes
shall be applicable to he land mortgage associations
organized hereunder except that no such association
shall exercise possess any Of the powers enumer
sixth Sections 2Ol5 to 20o4-5. inclusive. 202i--
10 to 202414 inclusive. 2024--l6. 2o24-1S. 2o24-
90 to 2G24-25 inclusive, 2024-27. 2024-23. 2024--
%. aos4-s2. 2o2433, 2o2f-s4. 2o24--ss to 2024-
As, inclusive 202i-4T. and sections 2o24-51 to
2o2454, inclusive OF the statutes insofar apple
abe shall also apply to land mortgage associations
organized hereunder.
section 2o24-114. l. Such corporation shall have
the power to enact bylaws Inconsistent with the
Jaw and subject to the approval Of the commissioners
| of banking.
q In such bylaws may be provided:
! ~ The time and place of the annual meeting;
| az The method Of calling special meetings.
(3) The conditions under which borrowers may
make partial payments upon principal and interest
Of the debt owing by them in addition to the pay
ments provided for in section 2024-l2S;
| al Penalties which may be affixed for default IN
] the payment OF principal or interest
5) The nature Of the evidence OF title which must
be furnished by prospective borrower and the
method in which such title may be approved;
| (6) The times and places Of meetings Of the
board of and of the auditing committee and
the nature of the notices required for such meetings
4 On The number of stockholders who sinai! con-
situte quorum at any general or special meeting
and the number Of trustees and the number Of MEM
bers of the auditing and loan c9mmi tees;
| (8l The duties Of the officers and employees ana
such other regulations as necessary and as are
/ poration
/ section 2o24-1l5. No such land mortgage asso-
until its ylaws have been approved by the commits
sioncr Of banking No bylaws or amendments thereof
subsequently, adopted shall be operative until approved
Section 2024-1le l. At all stockholders meet
ings each share OF stock shall entite the owner OF
record to but If stakeholder shall own
mere than ten per cent Of the sock outstanding no
such stock in excess Of such ten per cent shall 20
voted.
proxy or other power Of attorney shall be effective
to authorize any her person to cast vote for
stoSkh0lder except that it Is permitted
~ For wives TO authorize their husbands and
husbands authorize their wives by proper PROXY TO
vote.
t2) Minors or incompeents In whom stock Is
| vested he represented by guardian:
t3) Joint owners Of stock may authorizes one o.
their number to represent them;
az Corporations and other combinations Of persons
may be represented through legally constituted
attorney:
| (5} widows and unmarried women may be repre-
sentcd through persons holding their power Of at
| B. It shall be incompetent for any person to
| represent more than interest
| Section 2O2i-1l7. /. Elections shall Be effected
by ballot; election BY reclamation shall be permits
sble if there be no objection thereto An absolute
majority Of the stock voted shall be necessary for
elections as well for adopting resolutions
/ 2. If the first ballot at any election gives no
absolute majority. the voting among the candidates
shall be narrowed in subsequent ballot by the drop
! Ping of he candidate who received the smallest
number Of votes on the previous ballot.
1 Section 2024-118 The mortgages 10 Be Given 70
the association the bonds issued and the trust
deed executed 10 secure the bonds shall be In such
form and shall contain such conditions as will ade-
quately protect all parties thereto. The trustees
shall provide the forms subject TO the Joint approval
o. the commissioner Of banking and the attorney
general
qured by the company shall be subject 70 the follow
ing restrictions:
/ az Each such mortgage shah b . nrst and valid
lien upon agricultural lands. forest landA or lands
occupied BY dwelling houses within the state OF
| Wisconsin;
az Each such mortgage shall b . first and valid
! lien upon the whole and undivided fee and upon
(sj Each such mortgage shall be given TO secure
a principal indebtedness not exceeding in amount
fifteen per of the capital and surplus Of the COM
pany; .
| contain provisions OF proper soil conservation;
/ t5) All such mortgages shall contain provisions
for the annual semi annual reduction OF the in
/ debtedness secured thereby
(6l The company shall mako no loan secured by
mortgage OF any real estate In which any o11cer or
trls GO Of the company Is interested either directly
or indirectly except the approval OF thirds
! of all the trustees;
~ The proceeds Of any loans made upon lands
upon which are buildings in course Of construction
shall be retained by the company and paid out only
upon construction vouchers countersigned BY duly
als horized agent Of the company
Section 2024--120. T. upon application for loan
prospective borrower shall the lands which
he proposes to mortgage the association to be ap-
praised by two freeholders. resident in the town,
iy or village In which such lands ere situate who
shall be approved by the directors of the association.
Such prospective borrower shall cause the APP
prasal so made to have attached 1t the certificate
OF the assessor Of incomes the effect that such
assessor Of incomes has reason to believe end does
believe. that the appraisal fixed BY such Appraisers
does not exceed the true market value Of such real
estate. Such assessor Of incomes shall receive no
compensation such certificate but shall be ram-
bursed BY the prospective borrower for the expense
necessarily disbursed IL Qualifying him TO make such
certificate.
section 2O24-121. Any prospective borrower dis
satisfied With the valuation placed upon his lands
may apply to fhe tax commission FOR . change in
such valuation. and shall with application for such
change file such evidence as the tax commission
may direct as to the value Of such land
Section 2034-122. The borrower shall pay al ex-
perses incidental to the examination Of title. The
shall include ~ the rate Of interest agreed upon:
+ alfo NJ