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

for and pay over to the proper officers
all moneys and turn over to them all
Shalt esms into o s his hnas
such officer, promptly at the time or
times required by the laws of this
state or the bylaws of said associa-
ton, or as may be required by the board
of directors Of said association, then
this obligation shall be void; otherwise
to remain In full force, virtue and eff
feet.
shall in any manner modify or affect
the liability of the sureties to the
obligee herein.
Signed, sealed and delivered in pres
ence OF
seal
SEAL
Section 2o14-11m. Such bonds shall
be executed annually and shall be filed
with the commissioner Of banking of
this state within ten days next after
the approval thereof by the board of
association shall contain record Of
| each bond executed and approved.
Section 2014-11n. Such bonds shall
be sufficient in amount to protect the
association from loss by reason of
malfeasance in office or failure to
faithfully perform and discharge the
duties imposed. The commits
sioner of banking may at any time
require additional bond or security,
when. in his opinion. the bonds then
executed and approved are insufficient
Section 2014-11o. NO officer or en-
ploye who is required to give bond,
shall be deemed qualified to enter upon
the discharge Of his duties until his
bond shall have been approved by a
majority of the board of directors by
written endorsement thereon and
filed with the commissioner of bank
ing as herein required.
Section 2014-12. All associations
formed under this or other similar
law, or authorized to transact in this
state a business similar to that author
lied to be done by this chapter, shall
be under the control and supervision
of the commissioner Of banking.
Every such corporation, on the thirty
first day of December Of each year, shall
make a full and detailed report Of it's
business done the preceding year, and
of it's condition on such date. in such
form and containing such information
as said commissioner may pre-
scribe, and shall file with him a true
and verified copy thereof on or
before February first thereafter; &C
companying the same shall be attached
copy Of the statement OF the asso-
citation at the close of it's last fiscal
year, and an affidavit of the secretary
Of said association showing that true
copy Of said statement was or will be
A verified copy of the report of the
schedule committee appointed under
the provisions of section 2014-10 shall
also accompany the report. II any
such association shall fail or refuse to
furnish the report herein required it
shall y be subject, at the discre-
ton Of the commissioner Of banking,
to forfeiture Of ten dollars per day
for each and every day = Of default,
and said commissioner Of bank
ing may maintain an action in the
name Of the state to recover such pen
atty. and the same shall be paid into
the state treasury.
Section 2014-13. At least once in
each year, the said . . commissioner
of banking shall make or cause to be
made an examination into the affairs
of all such associations and for that
purpose said commissioner or the ex-
aniners appointed by him shall have
full access to. and may compel the
production of ell their books. papers,
securities. and moneys, administer
oaths to and examine their officers and
aminations shall be made upon writ
ten request Of five or more members
bers, they guaranteeing the expense
of the same; otherwise, the actual
aminations shall be paid out Of the
state treasury. Any such association
refusing to submit to an examination
ordered or requested shall be reported
institute proceedings to have its char
ter revoked which refusal shall be
the cause for such revocation.
Section 2014-14. Should the =
commissioner of banking find any such
| association conducting its business
contrary to law he shall notify it's
board of directors in writing Of the
fact, and if, after thirty days, such
illegal practice continues he
may take possession Of said associa-
ton and liquidate the same in the man.
ner provided in respect to state banks
by section 2022 Of the statutes. Should
he find that the affairs Of any such
association are in an unsound condition
and that the interests of the public
demand the dissolution thereof and
the winding UP of it's business he shall
take possession of said assO-
citation and liQuidate the same in the
manner provided in respect to state
banks by section 2022 Of the statutes.
Section 2O14-14I. Whenever it shall
appear to the commissioner of banking
| that any building and loan association
operating in this state does not keep
books and accounts in such manner
the true condition of such building and
! loan association, he shall have the
power to require the officers of such
association or any Of them to open and
in his discretion determine and pre-
! scribe for the purpose Of keeping ac-
| curate and convenient records of the
transactions and accounts of such as
| Section 2014-14ln. Any building and
| loan association that refuses or neg
! lects to open and keep such books or
accounts as may be prescribed by the
commissioner of banking, shall be sub
ject, at the discretion of the commits
! sioner of banking, to a forfeiture Of
| ten dollars for each day it neglects
and fails to open and keep such pre-
scribed books and accounts. Whenever
! any building and loan association fails
or refuses to pay the forfeiture here
under imposed for failure to open and
keep such books or accounts, the COM
missioner Of banking is hereby author
! lied to institute proceedings for the
recovery of such forfeiture,
! Section 2014-15. The articles of In
corporation or the bylaws may pro-
vide for the time and terms Of the
dissolution Of the association and in
case of dissolution the directors may,
| by majority vote, be authorized to sell
and transfer its mortgage securities
and other property to another associ-
ton, person or persons.
Section 2014-1s. Said COM
missioner OF banking shall annually, at
! the earliest practicable date after the
/ reports are received, make a report
| to the governor of the general conduct
and condition OF all building and loan
associations doing business in this
state. including the information con-
1 L -. l.