The weekly hawk-eye. [volume] (Burlington, Iowa) 1858-1860, 1858-03-30
AN ACT
10 INCORPORATES THE STATE BANK OF


SrCfIon |. Be IL enacted By the General A
ssssSly Of the State Of Iossa, That the State Ban
Of Iowa be and the same Is hereby incorporate
with Ill the powers hereinafter granted, and b
that name shall be capable Of contracting an
being contracted with, and Of prosecuting an
defending actions IS fully ~ natural person.
and Of doing all other acts necessary to efRes
the objects contemplated in this aes by the crt
alton Of said corporation.
Sec. Q. That ~ soon as Eve or more braRche
II s.ic State Bank Of Iowa shall be organized Z
in this act 10 authorized, the directors Of th
said State Bank Of Iowa, appointed by sue
branches, shall meet in Iowa City at such time
as shall be designated by the Board of Ban
Commissioners, who shalt give ten days prev
Gus notice to each branch, Of the time Of sue
meeting, and provided two thirds Of the Who'll
number of such Directors shall be convened
they shall organize by taking an oath, diligently
faithfully, and impartia:y to perform the dutie
imposed upon them by this act, certificate Q
which oath, signed by each Director, shall b
filed and preserved in she Office Of the Secretar
Of State, and By electing some one Of their mum
Der ~ President, who shall preside at the meet
ings ofthe Board aud sign its officia documents
and thereafter the directory of the State Ban
| shall be composed of one Director appointed b.
each branch of said Bank, two thirds Of whom
! shall be quorum; and other branches may b
organized under such Directory as is hereil
provided.
Sec. 5. The Directors shall, when they deem
it necessary, electa Vice President. whose dut.
shall be prescribed by the bylaws. They shall
appoint Secretary, who shall keep fair ant
true record of the proceedings of the Bank
They shall keep an Office in Iowa City, which
together with their books, papers, records, ant
accounts Of every description, shall at all times
be open to the inspection Of any committee Of
the General Assembly, or either branch thereof
and Of any commissioner or commissioners spe
cially appointed for that purpose BY the General
Assembly, or either branch thereof, or by the
Governor Of the State. They shall procure and
furnish each branch with notes for circulation,
and decide on the amount to be furnished from
time to time to each, within the limits and
agreeabiy to the rules and restrictions prescri-
bed by this act. They may prescribe rules for
the settlement of balances between branches,
revise their bylaws aud regulations concerning
charges for making collections, and cause both
to be made uniform, or as nearly so as may be
expedient. They shall have power by them
selves, or by committee Of one or more men,
bers Of their own body, or by special agent
appointed by them for that purpose, whenever,
and as often as they shall think proper, to visit
any branch, inspect its books, records and ac-
counts, and all the evidences Of debt due to and
securities held by such branch, examine and
ascertain the amount Of money and other pro-
perty held by such branch; exam ne on oath
The President, Vice President, and Directors,
and Cashier, and all other officers, agents,
clerks or servants Of the branch, touching its
condition means and liabil ties, they shall have
power TO require any branch to reduce its cir
culation or other liabilities within such limits as
they shall, after full enquiry into its condition,
deem necessary to secure from loss either the
dealers with such branch. or the other branches
of the State Bank of Iowa. They shall, as soon
after the FIRST Monday OF every month as prac-
,icaole, publish in some newspaper printed at
Iowa City, consolidated abstract of the
monthly reports of all the branches, showing
their assets, liabilities and condition, which
statements shall be recorded in book or books
to be kept for that purpose. They may appoint
All executive committee of not less than three,
of whom the Vice President shall be one, to act
in behalf of the Bank in all such cases as shall
be prescribed by the bylaws of said Bank, not
with this act.
Sec. A. The President, Vice President, Secre.
tary, and all other officers or agents of the
Bank, shall each receive such compensation for
their services said Bank shall allow, which
shall be assessed upon the several branches OF
the State Bank OF Iowa, in the ratio of their
capital stock. The Bank may also allow the
executive committee such compensation as it
may deem just and reasonable, to be paid by
The several branches in the same manner and
The expenses of procuring plates and printing
notes Of circulation shall be paid by the several
branches in the ratio of the notes of circulation
received by each.
Sec. 5. Each Director of the Bank, appoint.
ed by the branches shall continue in office until
The first Monday in February next after his ap-
pontment, and until his successor shall be ap-
pointed and qualified. Vacancies in the board
shall be filled by the branch by which the ap-
pointment vacated was made. In voting, each
member shall be entitled to two votes, and to
one additional vote for every fifty thousand dol
lars OF the amount Of capital stock paid into the
branch represented by him over one hundred
thousand dollars at the time of such voting
The President and Vice President Of the Bank
shall hold their Offices for one year, and until
their successors are appointed, but they may be
removed by resolution of the Board. They
and all other officers and agents OF the Bank
shall take an oath faithfully, diligently and i'm.
partially to fulfill the duties of their appoint
ments, and not knowingly violate any of the
provisions of this act. They shall be required
20 give bond in such sum and with such Sc
curities as the Bank shall prescribe, and all va
caacies in said appointments shall be filed by
the Bank.
Sec. 6. All notes designed for circulation by
the branches, shall be furnished by the State
Bank of Iowa, but no notes shall be delivered
70 any branch until they are numbered anc
by some person authorized by
he State Bank of Iowa, TO countersign the |
anne as register, and full record of such num-
'er'ng and conntersigning made in book pro- |
'lded Tor that purpose, and all such notes shall |
rave stamped or printed on their face the words. !
Registered by the State Bank of Iowa" All |
notes SO worn, defaced or mutilstcd, as to be
INIT for circulation, shall lie returned BY the |
'ranch by which they were issued, to the Bank.
nd an equal amount of new notes received
herefor; all such notes so returnedb by branch,
hall be credited, and all new ones delivered in
heir stead shall be charged to such branch on
he books of said Bank; aud the notes SO re.
lrned shall be burned to astes in the presence
the President or Vice President, and at least
NO OF the Directors of said Bank
Sec. 7. Before the Bank shall deliver TO any
ranch, notes for circulation, it shall require
lch branch to pay over or deposit to the cred.
OF said Bank. as said Bank shall order, either
l money or in United States Stocks, or inter-
st paying State Stocks at their curren. value
J the city of New York, but in no instance
bove their par value, an amount equal to l24
er cent on the amount of the notes for circu-
tion, which shall be delivered to such branch.
nd SO from time to time as any branch, BY the
aging Of an additional amount ON Its capital
ock. or by not having received the amount of
ot' 8 for circulation to which it was previously
1tltled, shall receive an additional amount of
Dtes for circulation, such branch shall deposit
It'll the Bank l2a per cent on the amount of
otes so received and the stocks and money
deposited shall be denominated the "Safery
and, and shall be invested as hereinafter pro.
ded, and held by the Bank as the property of
i'd branch, in trust for the benefit Of the sew.
al branches OF the State Bank of Iowa, and as
fund for the redemption of the notes of cir
aIon OF any one or more of said branches
at may fail to redeem its notes, to be applied !
that purpose IN the manner pointed out in
is act.
Sec. 8. All money SO deposited or paid to .
e Bank on account of the Safety Fund by any :
anch, shall be under the direction of said :
INK. invested either in interest paying Stocks :
States or o! the United States. Each branch
all be entitled to receive the interest accruino !.
the stocks in which its portion of the Safety /,
nd shall have been invested, and in case OF !,