Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1913-08-29
Published August a. 1918.

h ll!l Al published August q 1918.
CHAPTER 7sz. LAWS OF 1915
ACT To amend sections 2009 to 20l4-2e, In
ae Of Inc statutes. relating to building and loan
t9iatinns
NJ people Of the State Of Wisconsin, represented in
innate and Assembly, do enact as follows:
ston l, Sections 2009 to 2014-26s inclusive Of
statutes, are amended to read: Section 2003. A
nEsilon for the purpose Of raising money to be
aM among its members shall be known as
1Hg and loan association; II organized under the
iE this state. as a local association, and If
1E The laws OF any other state or territory, as a
1U association. The words building and loan
gaaton" shall form part Of the name Of every
q local association hereafter organized, and no
vrdon not organized under these statutes shall
entitled 10 use a name embodytng said words,
ist that corporations now existing may continue
hI present names.
Sdlon POLO Local associations may be
Irzed and conducted under the general laws re-
hs 70 corporations except herein provided; but
Elcles OF Incorporation, amendments thereof and
papers relating thereto shall be filed with the
commissioner Of banking who may issue the
sGfcate OF Incorporation; but the same shall not
W until verified copy OF the bylaws adopted by
incOrporators shall be filed with and APP
no T him and until such certificate
isled no such association shall have legal exist
Y ana only such bylaws, alterations and amend
VIZ haeof as shall have been 80 fled and approved
~ le deemed operative The fee for said crtihcate
" be ten dollars. for filing amendments TO the
aas i've dollars. which shall be paid to the
commissioner OF banking, and all fees re-
IVA ~ him shall be paid into the state treasury.
" aCh association falling to commence business
Ml one year from the date OF the issuance Of the
alacae Of Incorporation shall cease to exist and
articles Of Incorporation and such certificate
~ he null and void
S'iol 2Oll. Such local associations shall have
fEG;
To issue stock to members; 70 assess ana col
'mn members fees dues, hnes, interest, premiums
oDd charges. and the same shall not be held
SuHols; 70 permit or force members to with
~ au or part Of their stock; to make loans TO
- all upon such terms and conditions as may
| n0lded in the bylaws
lo borrow money for temporary purposes, not
NsVm with the objects Of the association and
us evidences Of Indebtedness therefor, but for
.su Term than one year and not exceeding in
's!Ssa'e amount one-ffth OF the assets on hand.
~ acquire, ny purchase or otherwise, only
ea estate as may be necessary for the protection
y, ~.penent Of its securities and the collection
M cams or debts due to it; and all the same
sold within ten years from acquiring title
10 delegate authority to its directors to alter
as4 49, us bylaws under such restrictions and
y as II may deem proper.
10 exercise all such powers as are necessary
laF organization
~ - -VIZ The capital stock Of any such asso-
n snail not exceed FIVE million dollars except
awe
M ~ OF ninety per cent Of its authorized
81 y may amend its articles Of Incorporation to
EN- s IN increase Of capital not exceeding one
N, Vo.aFs the same may. be divided
t w more classes. Stock in any class may be
nslanle at any time or in successive series. in
, IInylW as may be provided in the bylaws. or in
49,. Ce Of such provision. as the directors may
sr's. Issued in successive series no series
S'e1 I'VE hundred thousand dollars nor one
r ue aggregate capital stock The capital
~. an DC divided Into shares of par value OF
ros -su fifty dollars nor more than
sarts "u collars each. payable in periodical in
N,,a '.hel dues, not exceeding two dollars each
,Fe When the demand for loans ex
n n income OF the association applicable for
d, 'en 'ne association may issue its paid-up
han Il" amount sufficient to meet such demand
Il ~ 'uuas IN excess OF its requirements for
y 80. 4,l Such paid-up stock shall be retired in
ss9o..s' as the bylaws provide or as the board
NM sSf5 s may determine
esrr 4g sl Whenever any shares are
ss n' FORFEITED. retired or surrendered
Una -la ' or certificates therefor shall be sur
II 60, gu cancelled, and such shares shall there
Il Ne ue property Of the association, and in
Is ~ same new shares may be issued.
|ssss-l parual withdrawal of stock the certificate
ss.s,s me same shall be cancelled and a new
ttl7s nS1ed for the amount of stock remaining
Ssst, VI ,ue withdrawal may be endorsed on the
n ana agu endorsed by the member withdrawing
4 ir.,, 1l NE stub Of the certificate book. Un-
fs, - ''e NtitVA NiidIgSS upVu SAdACo ShoA-
|ssfbs 5-deon' enforceable as in the bylaws
u m "a ayments of dues or interest may be
Ssss ,lu1ahee, but no discount shall be
@s,I Is'eier and dividends shall be credited
r"Seu'hs six per cent per annum, nor for
|eeat, ~ menus exceeding in amount the regular
M q, wa Il q member not borrower be in
ss,s, more than six months for dues
n be d. ,he option of the directors
a,, 1''a Ia forfeited. The withdrawal value Of
.ssr,i1s at the lime Of the first default shall be
sssr a'u an fines and other charges deducted
- an ne balance paid to such member.
~ anu SISIes SO forfeited shall cease to paTtiei-
AS s5tl fronts Of the association accruing after
h ss5 E 'ment and valuation OF said shares
frr .T,'gu!t but shall revert to the association
ssa new M interest, claim or demand on the part
ssaaB S oiS or any person claiming under him.
sai SIR. /. member may withdraw his UNI
"a BotiooS az any time by giving thirty days
vs. IN - Ni such intention. and shall then ne
seh I've he amount Of dues paid in BY him.
sitf uon Of the profits as the by laws may
aatnp.@S,S ali fines, charges and losses accrued
u bSsr, " me time of the notice of Withdrawal.
4ais =. 0 dirsc.ors may determine, with no
y prtSS Isl or profits from the tine OF such
y ir,sr.t..t however, that the amount Of diyi
|Sas 49,. OF profits paid shall not exceed the
Sssgg 'ened or credited TO the shares of stock
aarr ,t- and further. that at no time
eles1ia ,n enc hall Of the funds in the treasury
~ ~ !" me demands Of Withdrawing members
s1ls S,I consent Of the directors
SUI his ~ Sixty days after the death OF
'aa srd %si representative may be paid
l-oH ~ ~ q dues paid in and sucn
la 10 .is dividends or earnings apnortioned or
Ee lpss SHARES Of stock as the bylaws may
si'hi1 ,, a. charges due on his stock; provided.
lie N tline. il the shares be pledged Tor
sa Ia re fully repaid. No fine shall be
y ta,. members account after his deeease
asai es ltymehis on such shares be assumed ~
sls, ~ sesentatiVes
s.bs,s When : any stock