The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1858-04-29

ditonal amount Of capital is demanded by the public
interest and can be safely and prohtabiy employed;
but the aggregate capital Of all the branches snail not
exceed six millions of dollars No branch shal DE
established in any town with less population than
FIVE hundred nor shall two branches be established in
the same town city
$50 The branches shall continue to exist so long
necessary for the settlement of their affairs notwith-
standing the repeal Of this act and law shall ever
be passed dvsrtng approrriating the assets of any
such branch any person. other than to the payment
of its debts and liabilities and the distribution of the
residue among its Stockholders in proportion to the
stock by them .svSally owned
s5l To carry into effect the provisions of this act,
c. II. Booth, of Dubuque County; e. H. Harrison, oil
Lee county; Ezekiel Clark, of Johnson County, j. W.
button, of Muscati County; Vim. J, Calling, of Polk
County; C. W. Slagle of Jefferson County; Elihu Baker
of Linn County; William S. Dart, Of Mahaska County;
T.. W Babbitt of Pottawattamie County; Edmund I.
Edgerton of Lucas County. shall be md they are here
by appointed commissioners and they, or majority
of Them after taking oath diligently faithfully and
impartally to perform the duties assigned them by
this act certificate of which oath shall be filed and
carefully in the office Of Secretary of State
shall constitute Board to be designated the Board of
Bank Commissioners which Board shall continue until
the organization of the State Bank of Iowa. herein
provided
to perform by this act shall be performed by
the said bank and If any of said commissioners shall
refuse to serve shall die resign his place shall be
| filed by appointment by the Governor Hoyt Sher-
man, of Polk County; Benjamin Lake, of Clinton
County, and Elias H. Williamson, of Clayton County,
are hereby appointed directors of the State Bank of
Iowa. the part of the State who shall have the
powers rs directors the part OF the Bank and who
shall be paid by the State and shall receive three dol
lars per day for the time actually engaged in their
duties, and mileage the same members of the Gene
raj Assembly. The term Of service Of said Directors
shall be for two years and until their successors are
elected and qualified 1t shall be the duty of the Gen.
era Assembly elect three directors Of the State Bank
of Iowa at each regular biennial session. No person
shall be eligible to the office of State director who holds
any Office appointment under any of the branches
or owns any stock in the same, and the acceptance Of
any office Of profit from any branch or the ac-
cepance of any stock in any branch by State Drec-
tor during his term of service shal be deemed resg-
nation and the Governor shall fill by appointment the
vacancy Said commissioners shall meet at Iowa City,
at such time within thirty days after the adoption Of
this act, shall be appointed by the Governor, who
shall notify each member of his appointment and of
the tins and place of meeting They shall, when met
appoint one Of their number to be their President,
who SHALL under the order of the board sign all official
Documents and they shall fair and true record
of all their official proceedings to be kept in book to
be provided for that purpose which shall be delivered
by the President of said board to the State Bank Of
Iowa. as soon the same shall be organized.
| $50 The Board of Bank Commissioners shall examine
the CERTIFICATES of formation of branches transmit
ted them required by this act, and SHALL by one
of their own number or other special agent appointed
by them for that purpose who shall not be stockhol-
der In any of the branches formed under this act i'm
medately proceed to examine the condition Of each
of the branches which shall have transmitted to said
board the required cirtfcate and it shall be the spe
cial duty of such agent to carefully count and other
wise ascertain the amount of money paid in on &C.
of its capital stock to ascertain hei name and
place of residence of each of the directors of such
branch and whether their stockholders directors and
officers are men of responsibility and integrity, and
entitled to the public confidence and the amount of
capital stock of which each is the bona de owner
whether such branch has complied with the require
ments Of this act necessary enttle the branch to
engage in the business of banking; and shall cause to
be made and atesed by the oath of majority of the
directors and by the cashier of such branch state
ment of all the material facts necessary to enable the
Board of Bank Commissioners to determine whether
such branch is lawfully entitled to the bust
ness of banking under the provisions of this act and
such agent shall Immediately report to the Board OF
Bank Commissioners such statement and his proceed
ings in the premises. 1 ..'t
| $50 IT, upon careful examination Of the certif-
of association and the reports and statements OF
special agents appointed to ascertain whether the
branches so organized have complied with the pro-
visions of this act, it shall appear that five more
such branches have been formed and that their stock
holders directors and officers are men of responsible
a,,I
that such branches lawfully entitled to commence
the business of thanking, the Commissioner shall cer
fly to the same to the Governor and shall Immediately
notify each of said branches thereof and within ten
days after receiving such notice, each branch shall
appoint in such manner the directors thereof shall
prescribe person be director of the State Bank
ofIowa.
s54. The Governor, ifhe be satisfied that the law
has in all respects been complied WITH shall issue his
proclamation setting forth that such branches
torzed to commence and carry banking at the pa-
cs severally designated in their certificates of assoca
ton; which proclamation shall be recorded in the
Office of the Governor, and copy of said record cert
fed under the great seal Of the State Of Iowa. shall
prima fcia evidence of the organic alton of
SIS. The bank commissioners, and all agents appon
ted by Them shall each be entitled receive for their
services under this act five dollars per day for every
day necessarily employed in the discharge of their
ties and the mileage is received by members
the General Assembly to be paid by the State Bank
of Iowa. ..'. &. .....- .. .. .....
s56. This act shall take effect and be in force from
and after its approval by majority of all the electors
of this State voting for and against 1t at election
provided by law and not otherwise.
STEPHEN B. SHELLEDY.
Speaker of the House of Representatives.
~ r DRAM FAVTLLE.
ra#e H President of the Senate.
Approved March 22d. 1853.
.,.--. ...e ...s RALPH p. LOWE.
hereby certify that the foregoing is a true
copy from the original roll on file in my Office
} ELIJAH SELLS.
Secretary of State.
Chapter l45.
AN ACT TO amend san act in relation 10 the Us
sess,nents ofproperty" ,approced January 2Sh
1857. z...,.. -, .-
81. Be it enacted By the General .Assembl!
of the State Of Iopa. That the County Clerk o.
each organized county In this State, in max
ing out the tax-list for the year 1853, provide,
for in section 4s6 of The Code of Iowa, as mo