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

business, shall have redeemed at least
ninety per cent. OF their circulating
notes, and shall produce q certificate
that such corporation has deposited in
his office, subject to the order OF the
auditor, sum Of money equal in
amount to the notes OF such corpora
ton then on standing, it shall be law
full for the auditor to receive the same
and to give up all the securities there
tofore deposited by such corporation,
for the redemption Of the notes issued,
which sum so deposited with the State
Treasurer as aforesaid, shall be appro-
priated solely for the redemption of the
outstanding ,otes of such corporation
subject to the provisions hereinafter
provided.
5 ~. Every officer, agent or clerk
Of any corporation authorized by this
act, who shall wilfully and knowingly
subscribe or make any false statement
or false entries in the books Of such
interpretations, or shall knowingly sub
scribe or exhibit false papers with the
intent to deceive any persons authori-
Zed to examine as to the condition OF
such incorporation, or shall wilfully or
knowingly subscribe or make false re-
ports. shall be deemed guilty Of felony,
and upon conviction thereof shall be
fined not exceeding ten thousand dol
lars, and be imprisoned in the State
Prison not less than two or more than
/ fourteen years, and be forever after
endcred incapable Of holding any Office
created by this act.
. 43. Such corporation, after hay
ing complied with the provisions OF the
preceding sections Of this act, may
give notice for two years in a paper
published at the seat Of government,
and also in at least one paper publish
ed in the county where said corporation
shall have been located, that all cirou-
lating notes issued by said corporation
must be presented at the auditors Office
within two years from the date Of said
notice, Or that the funds deposited for
the redemption of the notes will be
given up to the corporation, and on
receiving satisfactory proof Of the Civ
ing of such notice for the time afore-
sad, the auditor shall surrender to the
order Of said corporation, any securi-
ties which he may hold for the payment
Of any unredeemed notes of said cor
poration, and the Treasurer shall deliy-
er over to such corporation any moneys
in his hands which have been deposited
with him for such purpose, on the pro-
duotion Of such certificate, such notice
to be published at least three weeks in
each six months Of each year.
Al. Each corporation organized
under the provisions Of this act may
take, receive, or charge on any loan OF
discount made or upon any note or bill
Of exchange Or other evidence Of debt
discounted or purchased by them, in
teresta at the rate Of ten per centum per
annum on the amount of any such note,
bill Of exchange or other evidence of
debt so discounted or purchased, and
no moro until the first day Of January,
A. D. 1868, after which time no more
than eight per cent. shall be so taken,
received or charged +; Provided, howev-
er, that no interest may be taken or re-
served in advance at the time Of making
the loan or discounting according to
the usual rates Of banking, Or as calcu-
lated in Rowlet's interest Tables, %
and the knowingly taking, reserving or
charging on any debt or demand dis
counted or purchased by any corpora
ton rate Of interest greater than that
allowed by this section, shall be held
and adjudged a forfeiture Of said debt
or demand, but the purchaser Of bo-
ma fae bill of exchange Or note paya-
bic at another place, than the place Of
such purchase OF discount, and the ia
king or rcserving interest thereon at
the rate aforesaid from the time Of such
purchase or discount, until the L aturi :
ty Of such bill or note shall not be held
usurious, although exchange on the
place where it is made payable is at the
time Of such purchase Or discount, worth
premium, nor shall the discount or
purchase Of a bona .fde bill or note
payable at place between which and
the place Of discount or purchase there
may be a difference in exchange and
the taking in addition to the rate Of in
terest aforesaid, the rate Of exchange
between such places be deemed usuri-
Gus, Provided that in no case shall more
than the current rate Of exchange be-
tween such places be taken
5 As. No corporation organized I'm
der the provisions of this act, shall OK
list longer than twenty years.
5 46. The stockholders or share
holders as used in this act shall apply
not only to such persons as appear by
the books after association, to be such,
but also to be equitable owner of stock,
although the same may appear on such
books in the name Of any other person,
and also to every person who shall have
advanced the instalmcnt or purchase
money Of any stock in the name Of any
person under twenty one years Of age,
and while such person remains minor
to the extent of such advance and also
to every guardian OF other trustee, who
shall voluntarily invest any trust funds
in such stock, and no trust funds in
the hands Of such guardian or trustee
shall be i'll any way liable under the
PROVISIONS Of this act, by reason of any
such inv ,stment, nor shall the person
for whose benefit any such investment
may be made, be responsible in respect
to such stock, until thirty days after
the time when such person respectfully
hocomn co,nnetent and able tO cOntrO!