Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22
Of officers to fill said va

number or shares which may be held by,
and the maximum amount which may be
lent to any one member; the dividend,
to be declared; amendments to the by
laws; and any other matters which, in
their opinion, the members should decide.
IL. The credit committee shall approve
every loan or advance made by the corpo-
ration. Every application for loan shall
be made in writing and shall state the
purpose for which the loan Is desired and
the security offered. No loan shall be
made unless the credit committee is sat
isfied that it promises to benefit the Dor
rover, nor unless 1t has received the
unanimous approval of those members of
said committee who were present when
it was considered, nor if any member Of
said committee shall dsapprove thereof;
but the applicant for loan may appeal
from the decision of the credit committee
to the board of directors
IL. The supervisory committee shall in
spect the securities, cash and accounts
of the corporation and supervise the acts
of It's board Of directors. credit committee
end officers. At any time the supervis-
Dry committee by a unanimous vote, may
suspend the credit committee, or any Of
ficer elected by the board Of directors
and by a majority vote may call meet
ing of the shareholders to consider any
violation Of this section or Of the by
laws or any practice of the corporation
which, In the opinion Of said committee
is unsafe or unauthorized. Within seven
days after the suspension of the credit
cause notice to be given of a special
meeting of the members to take such &C
ton relative to such suspension as may
seem necessary. The supervisory COM
nlittee shall fill vacancies In their own
number until the next annual meeting.
IS. The capital of the corporation
shall be unlimited in amount. Shares of
capital stock may be subscribed for and
paid in such manner as the bylaws shall
prescribe.
IA. Shares may be issued and deposits
received in the name of a minor and such
shares and deposits may, in the discretion
of the directors, be Withdrawn by such
minor or by his parent or guardian, and
in either case payments made on such
Withdrawals shall be valid. If shares are
held or deposits made in trust the name
and residence of the beneficiary shall be
disclosed and the account shall be kept In
the name Of such holder as trustee for
such person. If no other notice of the ex-
istence and terms of such trust has been
given in writing to the corporation, such
shares or deposits may, upon the death
of the trustee. be withdrawn by the per-
son for whom the amount of such shares
was paid in for which such deposit
was made or by his legal representative.
15. The capital, deposits and surplus
funds Of the corporation shall be either
lent to the members for such purposes
and upon such security and terms as the
credit committee shall approve, or de-
posted to the credit Of the corporation
in savings banks or trust companies in
corporated under the laws of this state.
or In national banks located therein.
16. borrower may repay the whole or
any part Of his loan on any day in which
the office of the corporation is open for
the transaction of business. For failure
to pay the interest or any instalment re-
CURED by the terms Of the loan, the bor-
rover may be fined if the bylaws so pre-
scribe.
IT, No member of the board of directors
or Of the credit or supervisory committee
shall receive any compensation for his SER
vices as g. member of said board or COM
mittees, nor shall any member of the
credit or supervisory committee, either
directly or indirectly, borrow from, or
become surety for any loan or advance
made by the corporation But the officers
elected by the board of directors may
receive such compensation as said board
shall authorize.
Is. The board Of directors may expel
from the corporation any member who has
not carried out his engagements with the
corporation, or has been convicted of a
criminal offense,~ or neglects Or refuses to
comply with the provisions of this section
Or Of the bylaws, or whose private life Is
q source of scandal, or who habitually ne
elects to pay his debts, or shall become
insolvent or bankrupt, or shall have de-
ceived the corporation with regard to the
use Of borrowed money; but no me, member
formed in writing of the charges against
him, and an opportunity has been given
him, after reasonable notice, to be heard
thereon.
10. The amounts paid In on shares or
deposited by members who have with
drawn or have been expelled shall be paid
to them, but in the order of withdrawal
or expulsion and only as funds therefore
become available and after deducting any
amounts due by said members to the cor
poratiOn but such expulsion shall not
operate to relieve member from any re-
naming liability to the corporation.
toII Iafn . FL
directors called to recommend the de-
claration of q dividend, the supervisory
committee shall make thorough audit
of the receipts, disbursements, income,
assets and liabilities of the corporation for
the fiscal year, and shall make full re-
port thereon to the directors. Said re-
port shall be read at the annual meeting
and shall be filed and preserved with the
records of the corporation
81 At the annual meeting a dividend
may be declared from income which has
been actually collected during the fiscal
year next preceding, or during the months
which have elapsed since the corporation
began business, and which remains after
the deduction Of all expenses, losses, in
terest OH deposits, and the amount re-
quired to be set apart as a guaranty fund.
Such dividend shall be paid on all fully
paid shares outstanding at the close Of
the fiscal year, but shares which become
fully paid during the year shall be entitled
only to proportional part Of said divi-
month following such payment in full.
Dividends due to a member shall be paid
to him in cash or credited to the account
Of partly paid shares for which he has
subscribed.
% Immediately before the payment of
each dividend, there shall be set apart as
a guaranty fund twenty per cent of the
net income which has accumulated during
the fiscal year. Said fund and the in
vestment5 thereof shall belong to the cor
poration and shall be held to meet con-
tingencies or losses in it's business. All
entrance fees shall be added at once to
the guaranty fund. But upon recommen-
dalton OF the board of directors the mem
bers at an annual meeting may increase,
and whenever said fund equals or exceeds
the amount of capital stock actually paid
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 recommendation of the
board Of directors may vote to dissolve
the corporation. provided at least two
thirds of the members are present at such
meeting, and provided not more than ten
members, either in person or by written
notice. object thereto. A committee of
three shall thereupon be elected to liquid
ate the assets of the corporation, and
each share of the capital stock. accord
ing to the amount paid in thereon, shall be