The weekly hawk-eye. [volume] (Burlington, Iowa) 1858-1860, 1858-04-27

| citation, or Of the shareholders or members
/ thereof, BY which the Hghta, remedies Or secu-
sifaes Of is exciting cs~slitors may b. impaired,
| each corporation shah mot Be dissolved by the
| death or insanity OF any Of the shareholders
therein, whea there b more than one share
holder 10 sach association. Taxes shalt be
levied On and paid By the cooperation, and not
upon the individual stockholders: the value Of
| the property 70 be ascertained annually By the
Bank Commissioners herein provided for; and
the rate Of taxation shall be the same o that
| required to be levied on other taxable property
| by the revenue laws Of the State.
| ) IL. Contracts made by any such corpora
ton, and all notes by them issued and put in
circulation, shall be signed by the President
| and Cashier thereof, and oil snits, actions and
proceedings brought or prosecuted by, o. in
behalf Of such corporation, may be brought or
prosecuted in the name Of the corporation
| and no such suit, action or proceeding shall
| abate by reason of the death, resignation or
removal from Office Of any President, but may
be continued the same as ii such death, resig-
| nation or removal from Office had not taken
place.
Is. Amy person or persons having de-
| mands against any such corporation, may mein-
tain action or actions against such corporations,
which suits or actions shall not abate BY reason
| of the death, resignation, or removal from Of
| fee Of any President or other officer, but may
be continued and prosecuted to judgment
against the corporation and all judgments and
DEGREES obtained against such corporation for
any debt or liability of such corporation, shall
be enforced against the property of the same
except such judgments or DEGREES as may be
obtained against shareholders as herein pro-
vided.
IA. The Auditor shall give to any corpo-
ration SO transferring stocks in pursuance Of
the provisions OF this act, power Of Attorney
to receive interests on dividends thereon, and
apply to their own use but such power may be
revoked upon such corporation failing to re-
deem the circulating notes SO issued, or when
ever in the opinion of the Auditor the principal
OF such stock shall become Insufficient security
and whenever any such corporation shall go
into liquidation, or in any other manner pro-
ceedo to close up its affairs, the Auditor shall,
npon application Of the owner or owners Of
such stock, retransfer the same or any part
thereof to such owner or owners upon receiv-
ing and cancelling an equal amount of such cir
cu!ating notes delivered to him by such eorpo-
ration in such manner that the circulating notes
outstanding, shall always be secured in full BY
the pledge Of stocks, which cancelled cifcn-
lating notes after descriptive lists thereof have
been made and recorded by the Auditor and
Treasurer shall, in presence Of these officers, be
consumed by burning, and in case they shall
fail to so burn any notes returned to them for
that purpose, they shall be deemed guilty of
felony, and liable TO q fine of not more than
$4,000 and Imprisonment IN the Penitentiary
not less than Eve nor more than twenty years.
10. In case such corporation shall fail or
refuse to pay any DILL or note on demand in the
manner specified in the 2s,h section Of this act,
the Auditor, after ten days notice given in two
newspapers printed in the city Of New York,
shall proceed to sell at public auction in the city
Of New York, the public stock SO pledged, or
such portion as may be necessary, and out Of
the proceeds OF such sale shall cancel and pay
the said bill or note default in paying which
shall have been made as aforesaid; but nothing
in this act contained shall be considered as inn
plying any pledge on the part OF the State for
the payment OF said bills or notes beyond the
proper application Of the securities pledged TO
the Auditor for their redemption.
s l6. The public stock deposited with the
Auditor by any such corporation shall be held,
first, for the security of notes OF such corpora
tiohs put in circulation as money until the same
are redeemed as herein provided, second, for the
payment of depositors. Mird, for the payment
OF all other liabilities and the excess for the use
ofstockholders.
5 II. The plate. dies and materials, which
may be furnished by the Auditor for the print.
ing and marAing of the notes provided for here
by, shall remain in his custody and under his d.
rec ion, and the expense incurred in executing
the provisions OF this act shall be audited and
settled by the Auditor, and paid out of any mo
ney in the Treasury not otherwise appropriated;
and for the purpose of reimbursing the same
the said Auditor is authorized and required TO
charge against and receive from such corpora
ton applying for such circulating notes, such
rate per cent. thereon as may be sufficient for
that purpose.
s Is. 1t shall not be lawful for the Auditor
or other officer 10 countersign notes for any cor.
poration, to any amount in the aggregate ex-
ceeding the public stock deposited with the
Treasurer by such corporation rated as provided
in the third section OF this act, and any Auditor
Or other officer who shall violate the provisions
Of this section, shall upon conviction be adudg-
ed guilty OF felony and shall be punished by a
fine OF no: less than five thousand dollars and
be imprisoned not less than Ave years Id the
Penitentary.
s 10. Every corporation under the proyis-
ions of this act shall be liable to pay the holder
of every note put in circulation, the payment Of
which shall have been demanded and refused,
damages for the non pay ment thereof in lieu
OF interest at the rate of twelve and one half
per cent per annum from the time Of such refu.
sal, until the payment OF such debt and the dam
age thereon, Prorided, that no damage shall be
allowed on such demand after the bank has gone
into liquidation. The President and cashier of
every corporation formed pursuant 10 the pro-
visions Of this act, shall keep true aud correct
list of the names of all the shareholders Of such
corporation and shall file IA copy OF such list in
the office Of the Clerk OF the county where the
office of such corporation may be located, and
also in the Office of the Auditor on the first Mon
day in January in every year. but the holder of
.Io;.,
able on demand or due a; the time Of going in.
to liquidation, shull be entitled to interest at
the rate OF ten per cent per annum until paid,
and all other claims shall bear the same rate OF
interest after maturity.
5 20. 1t shall not be lawful for any corpo.
ration under this act to make any Of its notes
put in circulation as money, payable at any
other place than Mt the office where the bust
ness of the corporation is carried OH; every cor
poration which may be authorized under the
provisions Of this act shall be located in some
city, town or village having population OF not
less than five hundred inhabitants, nor shall The
office where the business If such corporation is
transacted be ut any other place than the city,
town or village, wherein such corporation is
located.
s Il. No corporation shall issue or put in
circulation an, notes Of such corporation unless
the same be made payable on demand, and
every such corporation shall always keep on
hand Az amount Of specie sufficient to redeem
all such bills or notes as may be presented at
the place OF payment.
5 %. Each corporation shall always keep on
hand an amount lin addition to that required
to be kept on hand by the provisions Of the
preceding sec,ion) equal to twenty five per cent
of the amount OF specie deposits in specie, and
the same proportion of is other deposits for
the security OF dep0sitors; but no such corpo-
ration shall pay any interest on current de-
posits
%. No corporation organized under the
provi ions OF this act shall at any time pay out
on loans or discounts or III purchasing drafts or
bills OF exchange or in payment of deposi,ors,
nor shall 1t in any mode put in circulation the
notes OF any bank or banking company, which
notes shall not at that tune be redeemable in
specie at the place where such notes are made
payable.
s "a. All grants, conveyances, assignments,
transfers, sales or disposition of property,
rights, credits or effects by any such corpora.
ton, for the purpose or with intent to secure
the payment OF one liability in preference to