The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1855-04-03
counted and taken in advance out of the sum

counted and taken in advance out of the sum
loaned.
SEC. 81. TIE shnres of said association
shall be deemed personal property, and shall
! be transferable on the books of articles Of
association; and every person becoming
shareholder by such transfer shall in proper
/ ton to his shares succeed to all the rights
and liabilities of prior shareholders; and 90
change shall be made in the articles o. asso-
citation by which the rights, remedies, or Sc
curities of. its existing creditors shall be
weakened or impaired. Such association
shall not be dissolved BY the death or insanity
of any of the shareholders therein; nor shall
any such transfer operate to release the
party so transferring from the operation of
section twenty fifth OF this act, making stock
holders liable over and above their stock to
an amount equal to such stock: Provided,
that such individual liability Of such stock
holder so transferring, as aforesaid, shall not
extend beyond the period of one year from
the time such transfer shall have been report
ed to, or otherwise fled in the Office Of the
Auditor of State.
Sec. %. 1t shall be lawful for any associ-
alton of persons organized under this act by
their articles of association, to provide for an
increase of their capital and of the number Of
their associates from time TO time as they
may think proper and in case of any shares
of stock held in the name of one person, but
in whole or in part for the use and benefit,
or as the property of another, both the per-
son in whose name such stock is held and
the person for whose use it is so held, shall
be subject to the operation of the twenty
fifth section of this Get, making stockholders
liable over and above their stock to an
amount equal to such stock.
Sec 90. Contracts made by such associa-
tons and all notes and bills by them issued
and put in circulation as money, shall be
signed by the President, or Vice-President
and Cashier thereof; and all suits, actions,
and proceedings, brought or prosecuted by or
on behalf of such association, may be brought
or prosecuted in the name of the President
thereof; and no such suit, action nor proceed
ing shall abate by reason OF the death, re-
moval from Office, or resignation of such
: President, but may be continued and prose-.
cuted according to such rules as the courts
of law may direct, in the name of his success
sor in office, who shall exercise the powers,
enjoy the rights, and discharge the duties of
his predecessor.
Sec. "a. All persons having demands
against any such association, may maintain
action against the President thereof, which
suits or actions shall not abate by reason of
the death, resignation or removal from office
of such President, but may be continued and
} prosecuted to jugment against his success
sor, and all judgements and DEGREES obtained
or rendered against such President for any
) debt CT liability of such association, shall be
enforced first against the joint property of
the association, and which property shall be
liable to be taken and sold by execution
under any such judgment or decree.
|, SCI. 25. Every shareholder OF any such
association shall be liable in his individual
capacity for any contract debt or engage
ment of such association, to an amount over
, and above his stock equal to the amount of
his shares Of such stock.
| Sec. 26. |. shall be lawful for such asso.
citation to purchase, hold and convey real
estate for the following purposes:
, FIRST. Such as shall be necessary for its
r immediate accommodation in the convenient
, transaction of its business: or,
SECOND. Such shall be mortgaged to il
| in good faith by way Of security for moneys
due to such association: or.
} THIRD. Such as shall be conveyed to it, in
$ satisfaction of debts previously contracted
in the course gifts dealings: or,
FOURTH. Such as it shall purchase at
sales under Judgments, DEGREES or mortgages
held by such association. The said assccia.
ton shall not purchase, hold or convey real
0 estate in any other case or for any purpose;
, and all conveyances of such real estate shall
4 be made to the President, or such other
e officer as shall be indicated for that purpose
in the articles of associations; and which
' President or officer and his successors, from
: time to time may sell, assign, and convey
d the same free from any claim thereon against
s any of the shareholders, or any person claim
! ing under them.
5 Sec. 81. Such association shall on the
first Mondays Of January and July, in every
S year after having commenced the business
b of banking, as precribed by this act, make on,
and transmit to the Auditor, in form to be
h provided by him, full statement of the af.
i fairs OF the association, verified by the oaths
of the President or cashier, which statement
s shall contain:
n FIRST. The amount of the capital stock
!. including tina. deposited with the Auditor
paid in according to the provisions of this
K act.
# SECOND. The value of the real estate oil
n the association as necessary to the transac.
ton of business.
!. THIRD. The shares of stock held by such
l. association, whether absolutely or as col.
). lateral security; specifying each kind and
desert ption of stock, and the number and
j. value of the shares of each.
;; FOURTH. The amount Of debts due to the
J. association, specifying such as are due from
k moneyed or other corporations or association
J. and also specifying the amount secured by
y judgement, and the amount which ought tc
If be included in the computation OF losses.
FIFTH. The amount of debts due by such
q association. speci[ying such as are navahle