Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-05-01

OF specie sufficient to redeem all sue
;; bills ornotes as may be presented at tn
place of payment.
) 22. Each corporation shall alway
keep on hand an amount Gin addition
to that required to be kept on ham
by the provisions of the preceding sec
tion) equel to twenty five per cent o
the amount of specie deposits in speci,
and the same proportion of its othe
deposits for the security Of depositors
but no such corporation shall pay an,
interest on current deposits.
; -. No corporation organized un.
der the provisions Of this act shall a
any time pay out on loans or discounts
or in purchasing drafts or bills Of ex.
change or in payment Of depositors
nor shall it in any mode put in cir
culation the notes of any bank or bank
ing company, which notes shall not al
that time be redeemable in specie al
the place where such notes are made
payable.
) "a. All grants, conveyances, as
slgnments, transfers, sales or DISPOSE
tion of property, rights, credits or ef-
fec;s by any such corporation, for the
purpose or with the intent to secure the
payment Of one liability in prefererce ce
to another or others, or in any manner
to secure any priority or preference to
any one or more creditors or which
may be intended to have such operation
or effect, shall be void in respect to all
other persons and creditors whose rights
or remedies may be affected thereby.
25. 1t shall be lawful for such
corporation to purchase, hold and con-
vey real estate for the following purpo-
scs: 1st, such as shall be necessary for
its immediate accommodation, banking
houses and buildings connected there
with, in the transaction of its business.
I'd, such as it shall purchase at sales
under judgments, DEGREES or mortgages
held by such corporation and at sales
under judgment and DEGREES in favor of
others, where it is done with the sole
view Of securing debts due or to be-
come due to such corporation.
5 26. The said corporation shall not
purchase, hold or convey real estate in
any other case or for any other purpose
whatever and all conveyances of such
real estate shall be made to the corpo-
ration and which the President and
cashier Or either may sell, assign, grant
or convey under direction of the corpo-
ration free from any claim thereon in
favor Of or against the shareholders, or
any person claiming under them.
p. Upon the application Of the
auditor or Of any shareholder Or share
holders whose shares shall amount to
five thousand dollars or of any person
or persons holding evidence of indebt-
edness against any such corporation to
that amount, which application shall
set forth in full the facts and eircum-
stances upon which it is made and shall
be verified by affidavit, the Judge Of the
District Court Of the county in Which
the business Of the corporation may be
conducted, may order an examination
to be made by any competent person or
persons to be by him appointed Of the
affairs Of such corporation for the pur-
pose of ascertaining the safety Of its
investments and the prudence Of it's
management and the result Of such ex-
animation together with the opinion of
the Judge thereon shall be published in
such manner as he shall direct, and
who shall make such order in respect to
the expense of such examination as he
may deem proper.
5 %. If any corporation organized
under this act shall refuse to pay any
of its circulating notes in gold or silver
coin, the lawful currency Of the United
States, on which payment shall be law
fully demanded at its banking house or
customary place of doing business, du-
ring usual banking hours, the holder Of
such note o: notes making such demand
may cause the same to be protested as
hereinafter provided such corporation
shall only be allowed to make payment
Of any such demand in silver coin where
the sum so demanded does not exceed
the amount for which silver coin is a
legal tender according to the laws of
the United States I; and when payment
shall be demanded on more than one of
it's notes at the same time, the aggre-
gate amount Of such notes to the
amount of one hundred dollars shall be
considered on demand when any notes
the payment of which has been refused
as aforesaid are sought to be protested.
The Notary Public who presents the
same for protest shall present at each
time so many Of said notes, If so ma
ny there be, as will amount in the ag-
gregate to the sum of one hundred dol
lars, and protest the same in like man
ner as If said notes we're but note,
and so in like manner for all such notes
if they do not in the aggregate amount
to one hundred dollars and the auditor
on receiving and filing in his office such
protest shall forthwith give notice in
writing to the corporation, the maker
or makers of such notes, to pay the
same, and if he or they shall omit to do
so, the auditor shall Immediately there
upon, (unless such corporation shall
satisfy him by affidavits, filed at his Of
fee, that they or he had a good defence
as against the person presenting the
same to recovery thereof,) give no.
tice in at least one paper printed (if
any paper is so printed or published
at the place Of business Of such corpo-
ration so refusing payment Of any note,
and in one newspaper published at the
seat of government Of the State Of Iowa