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

corporation is open for the transaction Of business
For failure pay the Interest or any fnstament 81
Qlired hy the terms Of the loan the porto"er may
be fined If the bylaws SO prescribe
III No member OF the hoard of directors or OF the
credit or supervisory committee snall $500 @ 49,,
pcisstiion fer his services as member Oh saio poaLa
or committees nor shall member OF the credt or
SUPERVISORY committee either directly or lnulreeus'
borrow from, become surety for any loan On au-
vance made by the corporation But the officers eject
ed by the board of directors may receive such com
IeiIsation as said beard shall authorize.
49, The board of directors may expel from me
corporation any member who has not carried out his
engagements with the corporation. has been con-
yicted Of q criminal cfense or neglects refuses
comply with the provisions Of this section OF OF
scandal or who hatitualy negects TO pay his debts
or shall become insolYent bankrupt or shali nave
deceived the corporation with regard TO the use OF
borrowed money; but member shah 50 be *
peed until lie has been informed in writing OF the
charges against him, and an opportunity mas been
given to him. after reasonable notice, TO be neard
thereon
10 The amounts paid in shares deposited
by members who have withdrawn or have been ex-
pcled shall be paid to thesn but in the order OF
withdrawal expulsion and only as funds therefore
become arailaEle and after deducting any amounts
due by said members to the corporation; but sucn
expulsion shall not operate to relieve member from
any remaining liability to the corporation.
90 Immediately before a meeting of the directors
called to recommend the declaration Of dividend.
the supervisory committee shall make a thorough
audit & the receipts disbursements income assets
liabilities Of the corporation for the fiscal year
shall make full report thereon to the directors
Said report shall be read at the annual meeting and
ASSHASo " eANS
corporation.
I'll AT the annual meeting dividend may be
declared from income which has been actually collect
cd during the fiscal next preceding. or during
the months which have elapsed since the corporation
began business and which remains after the deduc-
ton of al expenses. interest deposits and
the amount required TO he set apart guaranty
fund Such dividend shall be paid all fully paid
shares outstanding at the close of the fiscal year. but
shares which become fully paid during the year shall
lie entitled only to proportional part OF said div-
dend, calculated frem the first day OF the month
following full. Dividends due to
member shall be paid to him in cash credited to
the account Of partly paid shares for winch ne has
subscribed.
90 Immediately before the payment OF each divi-
demo there shall be set apart s guaranty FUND
twenty per of the net income which has accumu-
lated during the fiscal year Said fund and the in
yestents thereof shall belong to the corporation and
shall be held to meet contingencies or losses IN It's
business All entrance fees shall be added at once
to the guaranty fund But upon recommendation OF
the board of directors the members at an annual
meeting increase and whenever said fund equals
in may decrease. the proportion of profits which is
required by this subsection to be set apart as a
guaranty fund.
% AT any meeting specially called TO consider the
subject, The members. upon the unanimous recommen-
dalton of the board Of directors vote to dissolve
the corporation. provided least twothirds of the
members present such meeting. and provided
not than ten members, either In person or by
written notice. object thereto. committee OF three
shall thereupon be elected to hQudate the assets OF
the corporation and each share of the capital stock
according to the amount paid in thereon shall be en-
titled its proportion of the proceeds after all de-
pCsits and deEts Of the corporation have been paid
a. Section 2924-7Sm Of the statutes shall not
apply 70 cooperative credit associations.
IS. The capital stock Of cooperative credit as
sociations shall be exempt from taxation
Section = This act shall take effect and be In
force from and after its passage and publication
Approved August l. 1913.