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

until their successors are elected and
qualified
Section 2024-106. The board of trus-
tees shall control the conduct of the bus
mess of the association. 1t is especially
bound to perform the following duties:
/ G) To cause the accounts of the asso-
citation to be audited once each quarter
by the auditing committee;
/ ca To present to each annual meet
ing statement of the activities of the
association during the preceding year and
a summary of it's financial condition. to-
gether with comments and recommended
tons for the future conduct of its bust
ness;
(3) To cause all officers to perform
/ their duties promptly and efficiently;
/ (4 To cause all defaults in perform
ance of obligations to the association to
be penalized and continuation of defaults
to cease so far as possible;
co To administer the affairs Of the
company in the most efficient manner
i practicable.
Section 2024-1o7. The committee on
loans shall approve in writing an appli-
i cation for a loan or advance before the
same shall be granted by the land mort
gage association Every application for
a loan shall be made in writing and shall
/ state the purpose for which the loan Is
desired No loan shall be made unless
! the committee on loans is satisfied that
/ 1t promises to benefit the borrower, nor
unless it has received the unanimous ap-
prevail in writing of all the members OF
| the committee, but an applicant for a
loan may appeal to the board of trustees
from the decision of the committee on
| loans.
Section 2o24-1os. The incorporators
| shall at their first annual meeting elect
| by ballot from their number an auditing
committee, no one of whom shall be an
officer Of such association. Thereafter
an auditing committee shall be elected
4N11rl, D1l 1o1l1n nnt-
ing.
Section 2024-109 /. The auditing COM
mittee shall quarterly inspect the secur-
tiles, cash and accounts Of the corpora
| ton, and shall at all times supervise the
acts of it's board of trustees and officers.
2. At the annual meeting Of the stock
holders the auditing committee shall sub
nit their report including the results of
said audit. together with such recon-
mendations as they have to offer, and an
| epitome Of their proceedings since the
last previous meeting. copy of such
report shall be forwarded to the commits
sioner of banking
Section 2024-110. /. At any time, the
auditing committee by unanimous vote,
may suspend any trustee, officer or mem
| Der of the committee on loans; and by a
majority vote may call a meeting of the
| stockholders to consider any violation of
statutes relative to such corporation or
of the bylaws, or any practice Of the
corporation which In the opinion Of said
committee is unauthorized.
] 2. Within seven days after the sus-
pension Of any trustee, officer or mem
! Der of the committee on loans, the au-
| diting committee shall cause notice to be
given of a meeting of the stockholders
| to take such action relative to such sus-
pension as may seem necessary. The
| auditing committee shall fill vacancies in
their own number until the next annual
meeting.
| Section 2O24-111 The treasurer shall
give bond for the faithful discharge of his
duties, with such surety, and in such
amount as shall be approved by the trus-
| tees. All bonds SO given shall be record
| ed at length in the books of the land as
ISOLATION, and shall be subject at all
times to the inspection of the stockhold-
! ers. The bond itself Immediately upon
I having been recorded shall be delivered
! to the commissioner of banking, and
shall remain in his custody. The trus-
| interests of the association, require ad-
ditional bonds to be given. No officer,
| trustee or member Of the auditing COM
| mittee of the company shall be surety
upon the bond of the treasurer.
Section 2024-112. Said land mortgage
association shall have power:
| CD To make loans and to accept as
| security for any such loan a first mort
gage upon agricultural lands, forest lands
or lands occupied by dwelling houses
within this state Such loan shall not ex-
coed, however. sixty five per cent of the
value of such real estate so conveyed, If
| coed forty per cent if wholly unimproved,
according to the appraisal made as herein
| provided.
CD To issue bonds secured by the
| pledge Of the mortgages so taken.
| CO To pledge the mortgages so taken
under the provisions of subdivision %
hereof as security for the bonds OF the
land mortgage association referred to In
subdivision CD hereof.
Section 2o24-113 Section 2o24-9 of
the statutes shall be applicable to the
land mortgage associations organized
hereunder, except that no such associa-
powers enumerated in that paragraph Of
said section denominated Sixth Sec
lions 2015 to 2024-5, inclusive, 2024-10
to 2o24-14, inclusive, 2o24-16, 2O24-1s,
2o24-2O to 2O24-25, inclusive, 2O24-27,
2o24-2s, 2o24-29, 2o24-32, 2o24.33.
2o24-34, 2o24-3S to 2024-45, inclusive,
2024-47, and sections 2024-51 to 2024-54,
inclusive, of the statutes, insofar as ap
plicable, shall also apply to land mort
gage associations organized hereunder.
Section 2024-114. l. Such corporation
shall have the power to enact bylaws not
inconsistent with the law and subject to
| the approval of the commissioner of
1 banking.
g. In such bylaws may be provided:
Cd The time and place of the annual
| ~ The method of calling special
| meetings;
| CD The conditions under which bor-
| rOWerS may make pdrlidl Payments upon
| principal and interest of the debt owing
by them in addition to the payments pro-
vided for in section 2024-123
| ca Penalties which may be affixed
for default in the payment CT principal or
! interest;
go The nature of the evidence of title
which must be furnished by a prospective
borrower and the method in which such
title may be approved;
| co The times and places of all meet
ings of the board of trustees and of the
auditing committee and the nature Of the
notices required for such meeting;
| CD The number of stockholders who
shall constitute a quorum at any general
or special meeting and the number of
trustees and the number of members Of
the auditing and loan committees;
60 The duties of the officers and en-
ployees and such other regulations as are
necessary and as are not provided for by
law or the articles of Incorporation
Section 2024-115. No such land mort
gage association shall issue any bonds or
make any loans until it's bylaws have
been approved by the commissioner of
banking. No bylaws or amendments
thereof subsequently adopted shall be OPP
erative until approved in the same man
ner.
Section 2024-116 l. At all stock
holders meetings each share of stock