St. Charles City Republican intelligencer. [volume] (St. Charles City [Charles City], Iowa) 1857-1861, 1858-05-13

SIS ID" receiver or receivers appointed proyided
IN the eleventh section shall be required give h nd N
such sum, and such securities the state bank Of Iowa
or Executive Committee, shall judge sufficient and unde,
the direction OF bank shall proceed settle IN IN,
AFFAIRS {" scch branch and convert its assets money
| the money 50 made shall be applied -
J. TO reimburse all moneys which shall have been al
vahced by the several branches, for the redemption
ti'c notes and bills Of the nsolvcnt branch and which
! y fund.
2 To- reimburse all moneys advanced from the safet,
iuhd, other than moneys derived from that portion o
I '"s safety fund furnished b i"e failing branch
" 10 the lay mcnt aud discharge Of all the remaining
| iabiltcs of such branch
T. The residue shall be- divided among the stockholders
Oh The falling branch in Proiorton To the stock by them
| respectively held
| ga If any branch against which the state bank Of
Iowa shall have instituted proceedings on account of any
section Of this shall deny having committed such ac,
oi inso lyency. such branch apply any
competent jurisdiction for wit "i injunction t said state
bank OIL Iowa, to suspend all further proceedings against
such branch nsolycnt bank and such court after
citing said state bank Of Iowa to appear and show
why such writ should granted and after the find
Ing Of jury that such branch has at all times continued
and still continues to redeem in gold and silver coins, its
notes Of circulation, shall make order enluining the
state bank o Iowa from all further proceedings against
such branch account Of the supposed act Of oveacy
on which such proceedings were instituted, and thereup
on all the property and Of such branch shall be
restored to its directors
Is. If the state Bank Of Iowa shall any case fail
|" proceed IN the manner prescribed III the foregoing
ti"fS of Iii, act ia prov nE fr the py the
standing notes of circulation, aud in closing the affairs Of
any branch that shall have committed act Of n-oven
cy the holder Of any o its notes of circulation other
creditor ot such bTanch, may, in payment III such
notes of circulation other clam has been refused when
lawfully demanded, and remains unpaid, apply to any
court OF competent urlsdCt"n for its writ, commanding
ihe saie bank OF Iowa 20 10 proceed and shall be the
duty Il such court after calling such bank to appear and
show eau.e why such writ should not issue, and upon
the hnding of jury that such act d insolvency has been
committed, Z" issue their writ commanding sai bank
irthwi,h to proceed in the manner pointed out in the
cedng sections Of this act IL provide for OF the
make application Of its assets.
Is. That any branch shall neglect refuse
ply with any order Of the state bank Il Iowa, requiring
such branch 10 reduce its circulation other liabilities,
or provide larger amount Of specie other means
TO pay IN It's stock or 10 do cause to be done any mat
ter or thing which said bank may deem necessary for
the security Of such branch or any other branch or
branches said bank, director thereof acting for
sad bthk may Apply TO any nde" "i the supreme court
ordtirt court, any judge Ut superior court to
any Judge oi other not inferior to the District
Court by pcttion in which the bank Of Iowa shall
be made the petitioner and the branch implicated the de
ienGnt setting forth the ot such order or
ders and such neglect or refusal on the part o the branch
IL officers agents to comply Herewith and If the
President Vice President or any director OF the bank,
shall make affidavit of tn. truth ui the facts therein sta
ted shall be the duty Of such judge Ia allow an inunc
ton and I" enjon such branch, its 'hc"rs and agents,
and all other, in its employ connected herewith from
d'ing suffering permitting to be- done, any busl
ness whatever a. a bank and from inermeldlng with
or in any manner di- po ng Of the boks, papers, mon
eys chooses IN action, sses, or property OF the branch
until the further order the supreme court
IL. Upon the allowance Of such njunctoa, the prop
cfty, credits, securities, liens and asos ii every de
scriron, Of such branch, shall forthwith vest IN the
state bank OF Iowa, who shall apnt receiver T., take
ION t the provided IN the eleventh sec
ton Of this act certificate Of appointment OF such re-
ccivCr by the Judge court clerk thereof, making
the same hall be sufficient authority to him TO take los
session ol the books, property aud right Of every de
scrt"n II nch branch, and shall be full authority to
the sheriff "f the county where the branch Is located to
tax" and give full Possession Of such bkS property and
rights with the ai u the county, required and said
bank receiver shall be governed by the provisions Of this
act a provided IN cases Of SsTns ion and upon the dis
solution OF such injunction, GcontinuaHce of such
suit by the bank all the rights and properly Of such
branch shall be restOrcd 10 and vest in such branch
Is. Natural persons, not less IN number thlh hNe,
may associate and form branches ii the state bank I"
Iowa for the purpose of carrying on the business ot
banking, each such place this state sll be dss
iga"d IN the ccrthatc hereinafter required t" be made
subject to the contingencies rcsctlons condition and Ii
abilities prescribed IN tins act.
Sl9. Persons asSucE,tug form branch shall under
their hands and seal, make certhcatc which shall
specify
/. The name assumed by such branch and by which
shall be- known in il dealings, in which name shall be
included the name of the city, village or town IN which
It's banking opcTat.nis shall be carried on
=. The amount of the capital stock of such branch and
the number Of shares which the i divided.
5. The and place ot residence and the number Of
shares he'd by each member Of the company.
\. The tine when such company shall have been
formed.
which certificate shall he acknowledged before JUS
tee "l the peace or notary public and shall be recorded
by the recorder Of the county where such branch
established, in book to be kept by him for that purpose
which shall at all times during Office hours be kept open
for the inspection OF any wishing u examine the
same one copy Of which certificate, duly certified, shall
be transferred 10 the Secretary State who shah record
and carefully preserve the in his Office, and anuh
o the bank commissioners Ia this act named, until the
organization o the state bank OF iowa, aud thereafter to
said bank.
20 The officers Of each branch shall the end OF
cry month statement oi the number, names and
place OF residence Of each in such branch al
the amount Of stock owned by each and the date the
transfers o any stock with the names ransierer and
trancree copy oi which statement shall be posted up
cons picuouS place in the bank, and copy
shall be caused by the bank BE- filed the otce the
recorder OF eedsn the county wherein such bank Is 10
Gated which last mentioned copy or certified copy Of
the under the hand Of the recorder shall be prma
iacie evidence court Of justice ia the satc in suit
between the branch state bank Of Iowa and any third
person.
Il. No branch shall he permitted 10 commence or
carry the business oi banking under th act unless
it, capital stock shall be a, least $50 O0r, shall the
ct stock Of any such branch be increased 10
cccd 500 600
At e.,t per cent Of the capital stock Of each branch
shall be d IN gold and silver CON, and shall be IN the
actual posses and bna he the property OF the bran
at the time of the commencement Of it. banking business
and the remainder oi the capital stock oi such branch
,hall BE- paid IN gold and silver aforesaid in install
each OF at least ten cent the whole amount
oi capital sub crbed, frequently every four
successive months from the time OF commencing busi
until the whole amount Of such capital shall be paid
up. Provided That the directors postpone the pay
mens of the deferred nstalmcnS, any part thereof,
u the branches, when satisfied that the public interest
does not require them 10 be paid frequently above
provided for.
S22 Ii any shareholder or his assignee shall fail to
pay any nstilment his stock when the shall be
required u be paid the branch may sell said stock at
pubic auction, having given three week. previous notice
thereof, in NEWSPAPER pnbshcd in the county where
the branchi Is located, (and having mailed written no
tcc such delinquent shareholder his assignce) 10
any person who will pay the highest price therefor
less than the unIi thereon and the excess, if
any, after pay ing the expense. of the sale shall be
funded u the delinquent stock holder.
II no bidder can be found who will pay for such stock,
the amount unai thereon to the branch and cost oi ad
vertcment and sale the previously paid hall be
forfeited To the branch and such stock may be subse
quriily sold in such manner a. the branch may order
The capital stock of each branch shall be divided into
shares OF one hundred dolarS each and stock book
shall be kept by each branch bank showing who are the
stockholders and what Is held by each indivhu
al company, which stock shall be assignabie only
the books Of the branch in such manner a. It's bylaws
shall prescribe but no shareholder sha have power o
sell transfer any shares held IN hs own tight for the
purpose OF escaping liability when bank Is involved or
long a. he shall be liable either prncpa debtor,
surety or otherwise, u the branch Tor any debt nor
shall such Shareholder when liable to the branch for any
debt that overdue, be entitled To receive any dividends
tres, or profit on such shares 80 long as such liability
shall continue, but all sGeh dividends, interest or profit
shall b. retained by the branch and applied ~ the dis
charge Of such lisbltics
S:3. No branch shall tIke as security for any lean
discount, lien oi any part oi II capital stock or any
other than personal security and the same security both
in kind and amount shall be required OF shareholders,
OF persons shareholders aad 10 branch shall be
the holder purchaser o any portion oi IT. capita, stock
or o! the capital stock Of any other incorporated company
unless such purchase shall be necessary t prevent iss
upon debt pre- yiuisy contracted IN good lath
rity which the time deemed adequate u insure
the pay Of such debt independent oi any lien upon
such stcl or ia case ioirilures II stock for the
PAYNE o instlmet due thereon, a. provided IN the
twenty second section and stock purchased shall IN
be held by the branch purchasing for alonger
period than Fix months, the saie can be sold Tor What
the stock cost or at Islr.
S.+ In all elections Of irccI"r', and in deciding all
questions at MEETINGS Of the stock holders, each share
shall cnc The owner thereof 10 one vote toekhocrs
vote by proxies duly authorized IN wiring BIT no