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

pers and documents pertaining to the
business Of the corporation, and to
swear or affirm all officers, agents and
others connected with the corr Grafton
in respect to any matter or thing about
which they have the right to inquire, and
their reports shall be published in some
newspaper published at the seat of gov
eminent and in newspaper published
in the county in which the bank does
business, and if there be no paper pub
lished in such county, then in a news
paper published in the nearest county
thereto; Provided, That neither of
the Commissioners elected in accord
anco with the provisions of this section
shall be engaged either directly or in
directly in banking under the provis-
ions of this act, either as stakeholder,
director or under officer, and should
either of them so engage in banking,
SO elected, it shall be construed as a
full resignation of his Office as Com
missioner.
5 "a. Such Bank Commissioners
before entering upon the duties Of their
Office shall take or subscribe an oath or
affirmation faithfully and impartially
TO perform all the duties enjoined upon
and required to be performed by them,
which said oath or affirmation shall be
filed in the Office Of the Secretary Of
State.
5 So. If the said Bank Commission
ers shall ascertain upon any examination
which they may make that any change
has been made in the securities depos-
tied with the Treasurer, or that any
part thereof has been lost, destroyed or
improperly withdrawn, or in any way
or manner misused or misapplyed, or
that securities have from any cause be-
come lessened i'll value or insufficient
for the redemption Of bills Of circula-
ton they shall notify the President and
cashier Of such corporation liable to be
affected by any such state Of facts Of
the discovery thereof, and require the
transfer and deposit Of other security
of the like value with those originally
transferred, to supply the place of those
changed, lost, destroyed or improperly
withdrawn, or which shall have become
insufficient security as aforesaid, in a
reasonable time to be fixed by said Com
missioners, or that said corporation
surrender to the Auditor a sufficient
amount of bills to be funded to reduce
the liability Of such corporation to such
sum as that the securities in possession
Of the Treasure will be sufficient for
the redemption of all notes not so sur
rendered and in case Of any failure to
comply with any such requisition the
Commissioners shall report the facts
to the Auditor, as well as to all the
other corporations incorporated under
the provisions Of this act, and the Au-
ditor shall thereupon proceed to put
such defaulting incorporation into Ii
quotation as provided for in case of
failure, to redeem or pay notes on de-
mand. II the said Bank Commission
ers shall ascertain upon any such OK
animation that any bank has in any
manner failed to comply with the pro-
visions Of this act, they shall immedi-
ately report the same to the Auditor,
who shall thereupon proceed to put such
dcfaulting incorporation into liquida-
ton, as provided for in case Of failure
to redeem or pay notes or bill on de-
mand,
5 36. Thomas Hedge, Of Des Moines
county, George L. Davenport, Of Scott
county, ?. Cad. Bryan, Of Warren
county, Thomas A. Graham, Of Tama
county and E. G.. Potter, Of Jackson
county, shall be and they are hereby
appointed Bank Commissioners, who
shall hold their office until their sue
cssors arc elected and qualified. Saide
commissioners shall. during their term
of office, perform the duties prescribed
by this act.
s 81. The Bank Commissioners ere
ated by this act shall each be entitled
to receive for their services, for every
day actually spent in making the semi
annual examination by this act requi-
red, the sum Of five dollars per day,
which said sum shall be appo1tioned
among the said banks by the commits
sioners, in proportion to the amount of
their capital, and when the said banh
commissioners shlll deem it necessary
to visit any Bank oftener than twice in
each year, and shall make such vista
ton, said bank shall pay said commits
sioners the sum Of five dollars for every
day actually spent in such visitation.
a8. Said bank commissioners may
cause such semi annual or other exam
ination to be made by any one Or more
of their number as they may determine,
but all action by them contemplated in
section IS Of this act, shall be decided
by majority.
5 80. Every corporation who shall
hereafter carry on banking business I'M
der the provisions Of this act shall make
out and transmit to the auditor Of
State, a full statement Of its affairs. as
they existed on the first Monday Of
January, April, July and October, Of
each year, verified by the oath CT its
President or Cashier, which statement
shall be deposited in the office of said
auditor, by the Goth day Of each Of
said months in each year, which state
ment shall be published quarterly in the
nearest newspaper, and such statement
shall contain:
1st.-The amount Of capital stock
Of the corporation paid in, and invested
according to law.
2d.-The value of the real estate,
specifying what portion is occupied by
the corporation for the transaction of