The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1858-04-29
VOL


debt shall be assguable except for collection
or for the following purposes:
:. To pay and redeem the circulating notes
of such branch.
2. To pay other liabilities of srch branch
and after such liabilities shall have been dis
charged. o.& .hmEt.t..N
g. To divide among the stockholders or
their stock.
No branch shall be permitted, in receiving payment
at its banking house, other places than where the
was pa able, of any note, b other evidences
of debt, due TO such branch, and payable at place
other than its banking house to receive in addition to
the amount of such debt ami the legal interest due
thereon <nrnnam whatsoever premium, exchange,
or dau yided, That nothing in this section
zrcntaih0l u prevent such branch from receiving
damages allowed by law upon any bona fde bill OF
exchange duly protested for acceptance non
payment.
$50 All transfers Of notes. bonds bills Of exchange,
and other evidence of debt owing to branch of
desposits to its credit all assignments of mortgages or
other securities real estate, of judgments or
DEGREES in its favor all deposits of money bullion,
other valuable thing for its use, for the of any
of its stockholders credors all payments Of money
made after the commission of act of insolvency,
in contemplation thereof with view to prevent the
application of its assets in the manner provided by
this ast with a view to the preference of one cred
ior another, except in payment of its circulating
notes, shall be held utterly null and void
6 40 If the directors of any branch shall knowingly
violate or knowingly permit any of the officers, agents
or servants af such branch to violate any of the pro-
visions of this act all the rights privileges and fran
chses of such branch shall thereby be forfeited such
violation shall, however, be determined and adjudged
by court OF competent jurisdiction agreeably to the
laws of this State and the practice of such court be-
fore the corporation shall be declared dissolved aud
in of such violation, every director who partic
pated in assented to the same, shall be held liable
in his personal and individual capacity for all DANA
ges which the branch, its stockholders, any other
persons body polite corporate shall have sustained
in consequence of such violation.
Al Every President Director, Cashier, Teller, Clerk
Agent of any branch, who shall embezzle, abstract,
or wllfully misapply any of the moneys, funds, or
credits Of such branch, shall without authority from
the Directors issue put in circulation any Of the
notes Of such branch, shall without such authority
issue put forth any certificate of deposit draw any
order or bill Of exchange, make any acceptance, sign
any note, bond draft bill of exchange, mortgage
otherlnstrument of writing; or make any false entry
any book report statement of the branch, with
intent in either case to injure defraud such
branch, or to injure defraud any other company,
body corporate polite any individual person,
to deceive any officer agent appointed to inspect
the affairs of any branch, shall make, shall omit
to make shall advise consent to the making of
any report statement required by this act shall be
deemed guilty of felony and upon conviction there
Of shall be confined in the Penentiary hard labor
not less than more than twenty years.
6 AZ Stockholders in branches shall each be ndivid-
liable To the creditors
of which they the stockholders and above the
amount of stock by them held TO amount equal to
their respective shares held for all its liabilities
crung while they remain stockholders and transfer
of stock shall affect such liability and should such
branch become insolvent, and its assets be found in
sufficient pay its debts and liabilities its stocklod
may be compelled to pay such deficiency in pro-
portion to the amount of stock owned by each, and
should the whole amount for which stockholders
individually responsible provided in this section,
be found in any to be Inadequate to the payment
of all the residue of the debts of any branch after the
application of its the payment of such debts
then the moneys due from the stockholders account
of their individual liabilities such shall be disrib-
uted equally among all the creditors of such branch,
In proportion the amount due each; the personal
liability ia this section provided for is and above
the stock owned by stockholders, and any
paid thereon. H
49, The term stakeholder shareholder. used
in this act shall apply not only to such persons APP
pear by the books of the association to be SUCH but
also to every equitable owner Of stock although the
may appear such books in the name of another
person. and also to every who shall have ad-
yanced the installments purchase money of any
stock in the name of any person under twenty -one
years of age and while such person remains a minor
to the extent of such advance and also to every
dian other trustee, who shall voluntarily invest any
trust funds in such stock and trust funds in the
hands of such guardian trustee shall be in any way
liable under the provisions of this act by Of
any such investment shall the person for whose
benefit any such investment may be made be responsi-
BILE in respect to such stock until thirty days after the
time when such persons respectively become compe-
tent and able control and dispose OF the same but
the guardian other trustee making such investment
aforesaid shall continue resp ,nsible a stock
holder until such responsibility deyolves upon the
bene6ciay interested therein and in respect to
stock held by guardian trustee under transfer Of
the same by third person, under positive direc-
tons by third person for such investment the person
making such transfer giving such directions and his
executors and administrators SHALL for the purposes
of this act be deemed stakeholder and the estate of
such person If he be deceased shall be responsible
the debts and liabilities chargeabe such stock
cording to the provisions of this act. ...-..
s A. The General Assembly may alter repeal this
act at pleasure in the provided in the Const
tuition of this State but act altering repeating
this act shall impose any injustice wrong upon the
stockholders of any branch.
A. Every branch shall have power to make all
essary and proper bylaws for the management and
control of its business and to fix and regulate the rat
OF charges for making collections subject to be
trolled therein by the State Bank Of Iowa.
s46. No branch shall Issue any notes intended for
circulation money except the notes furnished for
that purpose by the State Bank Of Iowa. aud all such
notes shall be payable at the branch by which they
issued in gold and silver coln the lawful currency OF
the United States provided for in section OF this
act demand they shall be signed by the President
Vice President of the proper branch, and counter
signed by the cashier thereof, made payable to the
bearer, and shall be negotiable by delivery; all other
evidences Of debt issued by any branch shall be
gotiabe or transferable in the il is
sued by natural person, and shall be binding on the
branch, whether nnder seal not and all such eyi
dencs of debt, other than notos of circulation shall
be payable to the order of person therein named
SAL No branch shall put in circulation in this State
the bills notes Of any bank banking company gu
OF the State except such received in the usua
of business; shall any branch either direct
or Indirectly eychan its bills or notes