The weekly hawk-eye. [volume] (Burlington, Iowa) 1858-1860, 1858-04-27
LAWS OF IOWA.
c wIGHTNAN,
Cosaty Jsdgs.
ny AUTHORITY.
CHAPTER ia
CHAPTER ia.
AN ACT authorizing General Banking In the
State of Iowa,

AN ANA autnVrtzsug Ueuet9t oauAsng In s0e
State of Iowa.
SECTION !. Be 1t enacted 5y HE General IA
.sembiy Of the State Of Lora, That the Auditor
Of public accounts is hereby authorized and re
quired to cause to be engraved and printed II
the best manner to guard against coun.erieiting
such quantity Of circulating notes in similitudl
OF Bank notes in blank Of different denomina
tions not less than one dollar, as he NAV from
time 70 time deem necessary, to carry into effect
the provisions of this act, such blank circulA
ting notes shall be countersigned, numbered
aud registered in proper books to be provided
and kept for that purpose, in the Office vi the
Auditor and under his direction BY such regis.
ter or registers as the said Auditor shall appoint
for that purpose so that each such circulating
notes shall bear the signature Of such Register,
or one of sucn Registers, of the notes furnished
to any corporation ORGANIZED under the provi.
sions of this act, not more than ten per cent of
the amount shall be in notes of one dollar each,
not more than ten per cent in notes Of two dol
lars each, aud not more than twenty live per
cent shall be in notes Of all denominations under
FIVE dollars, and not more than fifty per cent in
notes of all denominations under ten dollars.
So Nothing herein contained shall be SO
construed as to prevent any corporation from
procuring their own plate dies and other ma.
terials for engraving and printing blank notes
and furnishing them to the Auditor and leaving
them ever after in his custody and control, to
be used and disposed Of as though such Auditor
had procured them under the preceding section.
3. Whenever any corporation formed for
the purpose Of Banking under the provisions of
this act shall lawfully transfer to and depo it
with the Auditor any portion of rhe public stock
issued, or to be issued by the United States or
auy State stocks OH which full interest is an
nnally paid, or the stocks Of this State, said
stocks to be rated at ten per cent below their
average value in the city Of New York, for thirty
days next preceding the time when such stocks
may be left on deposit with the Auditor, and
in no case shall the Auditor issue b lis for bank.
ing purposes on bonds OF this or any other State
on which not less than six Der cent is regularly
paid, such corporation shall be entitled to re-
ceive from the Auditor an amount of SUCH cir
culating notes Of different denominations regis.
tered and countersigned as aforesaid, equal to
the amount Of stock actually deposited, rating
said stock at ten per cent less than its average
value as aforesaid.
4. A descriptive list Of the circulating
notes SO registered and signed. shall be deliver
ed to the Treasurer, who shall copy the same in
the book hereinafter required, to be kept by
him, for recording descriptive lists OF securities
NSpOsitSu Win Nulc hcCptuS.
s. Such corporation is hereby authorized,
after having executed and signed the circulating
notes registered and counsers;g ned as aforesaid,
in the manner prescribed bv this act, made pay
able on demand ut the Banking House Of said
corporation within this State, to loan and cir.
culate the same according to the ordinary course
OF Banking business, and no such corporation
shall At any time, issue or have in circulation
any note, draft, bill of exchange, acceptance,
certificate of deposit or other evidence OF debt,
which from its character or appearance, shall,
be calculated or intended to circulate as money
other than such notes of circulation rs are in
this section provided for.
6. Three de scriptive lists Of the securities
transferred to the Auditor as aforesaid, shall
be made and signed by the Auditor and persons
making the transfer, one in well bound book
to be kept by the Auditor for tina, purpose, and
one IN a like book TO be kept by the Treasurer,
and one in book to be kept by the corpora
ton, which shall at all times be open to inspec-
ton, and said securities shall then be delivered
to the Treasurer for safe keeping, who shall
receipt to the Auditor for the same, and who
shall be responsible for any loss or destruction
thereof growing out of, or resulting from negi-
geiice or the want of reasonable precauiion and
care. The whole or any part of said securities
may be re-delvered to the Auditor for the pur
pose OF being sold under the provisions Of this
act, or being used or disposed OF under any Or
der or decree OF court, or of being returned to
the owner in conformity with the provisions of
this act, the Auditor in either case givin. a re.
ceipt upon the book kept by the Treasurer
aforesaid, specifying therein the purpose for
which such re-delivery was made, which receipt
shall discharge the treasurer from all further
but the Auditor shall be liable in
the same manner ss the Treasurer is while keep.
ing or disposing OF such security.
81. Amy person may e, tablish, or any mum.
Der of persons may associate to establish Offices
of discount, deposit and circulation, and become
incorporated upoa the terms and conditions,
aud subject to the liabilities prescribed in this
act but the aggregate amount Of the capital
stock Of any such corporation shall not be less
than fifty thousand dollars and the, Auditor Of
State shall not deliver to any incorporation
notes for circulation, until such corporation
shall have deposited with and transferred to HIM
the full amount Of fifty thousand dollars worth
of stocks as named in section three OF this ACT,
the same to be rated as provided in said section,
and the capital stock as required in this section
shall be paid up in cash and be and remain SO
much Of the bona tide capital OF such corpora
ton. No portion of the capisal stock pal in as
shall be at any time Withdrawn from
such corporation SO as to reduce the remaining
paid up capital then actually held by aud in the
po>s sson LOT such corporation below the esti
mated value of the stocks deposited with and
then in the possession OF the Auditor or Treasu-
fer belonging TO such corporation, which shall
be paid up in cash. and BE- and remain SO much
Of the bona tide capital Of such corporation.
No portion OF the capital stock paid in shall be
1t any time or under any circumstance, With
drawn from such corporation, as to reduce
the remaining capital paid IN actually and held
by and then in the possession of such corpora
tion below the estimated value Of the stocks
then held by, and in the possession OF, the Au-
siitor or Treasurer belonging to such corpora
lion.
s 8. Such person or persons uider their
hands and seals, shall, previous, 10 their reeeiv
Ing from the Auditor. the circulating notes IS
make certificate which shall specify
-First. The name assumed to distinguish such
aud to be used in its dealings. Sec
ond The place where the business is to he car
ried on, designating the particular city, town or
village, and the county. Third. The amount of
c api,al stock which shall be divided into shares
Of 300 each. Fourth. The names and residen-
ces OF the shareholders and the number OF shares
held by them respectively. Fifth. The period
1t which such corporation shall commence and
which certificate shall be acknowl-
edged and be recorded in the office OF the Re-
cQrder OF the county where the Office OF such
corpora ion sh IL be established, and ia copy
thereof shall be filed in the office OF the Secreta-
y Of State, and the Auditor of State; and upon
he recording of which certificate, the person or
persons aforesaid shall become body polite
md corporate, by the name assumed as aiore-
said, for and during the time fixed in the Ger.
i6cate, which shall not be more than twenty
years, and by such name shall have power to
make cOntracts, to grant and receive. 10 sue
and be sued, to plead and be implicated, in all
courts and places wherein legal or judicial pro-
ceedings may be had to have and use COM
mon seal aud alter the same at pleasure; to have
hold, use and enjoy property, real, personal and
mixed with the rents, issues and profits thereof,
- hereinafter provided, and to exercise all other
powers conferred by this act and all grants or
conveyances Of real estate shall be under the
seal Of the corporation, signed by the president
and countersigned by the cashier.
So. A copy Of the certificate required BY
The eighth section of this act, duly certified by
The Recorder Of the county and Secretary OF
State, or by either Of these officers, may be
used as evidence in all courts and places, by
my such corporation, or any person when such
evidence may be necessary or any evil or crimi.
lal trial
3 10. Such corporations shall have power