The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1858-05-26

StNfcS, EacT
branch shall be entitled to receive the interest accrine
on the stocks in which its portion of the safety fund
shall have been invested and in case of the ns
Of any branch the stocks in which the money Of suc
branch shall have been invested afores if the pro
cecs Of such seck shall be sufficient to redeem ts ont
standing notes Of circulation shall nr practicable
be first converted into money and applied to that pur
pose, before any part Of the safety fund belonging to
other branches, shall be so applied.
g. The state bank OF Iowa shall not furnish to any
branch, circulating notes to amount bearing great
er proportion to the capital stock of said brar ch
ally paid in and at the time remaining undiminhcd by
losses, or withdrawal than the proportion hereinafter
specified that to say: On the first hundred thou and
dollars any lesser amount of It's capital not more
than twice the amount of such capital the
hundred thou and dollars part thereof not thar
one and three quarters the amount Of such
one hundred thousand the third hundred thous.
and dollars or part thereof not more than one and
half the amount Of such capital, over two hundred
thou and on the fourth hundred thousand, or part
thereof not more than ono aud quarter the amour,
OF such capital over three hundred thousand and
any amount ofcaptal over four hundred thousand dol
lars, rot more than amount equal to such capital
over four hundred thouand shall said bank frn-
ish to any branch circulating notes ofany other euom
nation than Of dollar dollars and three dollars
Othe notes urn he'd to any branch more than ten
per cent or amount shall be in notes Of one dollar
each not more than ten per cent in notes oftwo dollars
eath and not more than twenty-five per cent. shall be
IN noes OF all denominations under five dollars not
more than fry per cent in notes Of all denominations
under ten dollars.
10. nany branch Of the state bank of Iowa shall
pay its notes Of circulation, any of them
gold or silver coin the lawful currency Of the United
state, on which payment shall be lawfully demanded
at It's banking house customary place of doing bus
ness, during the usual banking hours, such branch
shall DO deemed to have committed an act of
and thereupon all its property credits securities liens
ana assets Of every description shall forthwith vest in
and be the property credits securities liens and asset.
OF the state bank Of Iowa. for the purpoes de-
cared In this act And the said branch shall only b.
allowed TO make payment Of any such lawful demand
tha dana ,ip.l ~
ceed the amount for which silver coin IL legal tender
according to the laws Of the United States and when
pay ment shail be demanded on more than of it,
notes At the same time, the aggregate of such
notes opresented for payment to the amopnt of one
hundred dollars shall be considered but one demand
II. The state bank of Iowa, receiving informa-
uon that any branch has committed such act of the
solvency shall forthwith appoint committee Of one OF
more ofis Directors, others. who shall make mme
dsate enquiry into the truth Of such information and
report thereon to the bank and if the bank shall be
satisfied from the report Of the committee that suci
branch has suspended the payment of its notes in gold
ana silver as provided in section ten O shall forth
take immediate possession Of the books records money
CHOSEN IN action and property of such branch of
description, and hold the for the Joint use of ths
ofthe state bank Of state bank of lows
sha Immediately provide money and place the same II
sucn solvent branch or branches may be most con
for the purpose of reeeng the notes of such
failing branch, and shall give public notice in SIN,
newspaper printed in the place where such failing
located also in some newspaper ofgenera circulation
published at Iowa city.
H. Ech solvent branch shall contribute in the ratio
OF the to which it is entitled to the sun
for redeemns the note of the failing hrancl
a. provided in the preceding section on the reauisitor
OF e state bank OF Iowa, and may be remunerated fo
such contribution, from the safety fund as soon n
money sufficient be raised from that fund nv sail
or hypohecaton Of she s;oc funds or other ecurite
belonging thereto
ls. The receiver receivers appointed As provided
10 the eleventh section, shall be required to give bono
IN sucn sum and such securities as tho state bank
.owa, executive committee, shall judge sufficient
ana under the direction of said bank ha proc.ed t
settle up the affairs OF such branch andconvert its
into money the money so made shall be applied -
!. TO reimburse all moneys which shall hayo been al
vanced by the several branches for the reemption
the notes and bills OF the insolvent branch and whcl
safety fund.
2. To reimburse all MONEYS advanced from the saft,
iund, other than moneys derived from that portion
the safety fund furnished by the failing branch.
TO the payment and discharge of oil the remaining
liabilities Of such branch,
4. The residue shall be divided amoSg the stockho!d
ers OF the failing branch in prop to the stock
them respectively held.
a. If any branch against which the state bank o
iowa shaii nave instituted proceedings on account
any supposed act OF insolvency prescribed by tn,
eleventh section of this act, shall deny having commit
tea such act OF insolvency. such branch NAV appy
any court OF competent jur, dction for writ of nunc
ton 10 said state bank of Iowa, to susnend nil urthe
proceedings against such br III as an nsoycpt b,nk
and such eour after citing said state bank of Iowa
appear ana how cause why such writ should not b,
grahted ana after the finding oa jury that such
has at all times continued still continues to redeem
IN gold and silver coin, its notes of circulation shaI
MAKE an ofoer enlonins the state bank Of Iowa from
all further proceeding against such branch on accoun
Of the supposed act of insolvency ON which ,nch ~
ceedings were Instituted and thereupon all the
ana assets OF such branch shall be restored to It's d
rectors. ~ ' y"
Is. If the state bank of Iowa shall in auy case foi
TO proceed in the manner prescribed in the oregoina
secOi OF this at in providing for he Daymert cf tbs
notes OF circulation, ard in closing the aE
ifS OF any pranch that shall have comnitte an act
OF ms oVency, he holder OF any os notes of
or other creditor Of such branch NAV in case
OF ueh notes OF circulation other claim has been re-
Iueo "hcn lawfully demanded, and remains unpaid
Apply TO any court Of competent Jurisdiction for its
wrt commanding the state bank OF Iowa SO TO proceed
ana II shall be the duty Of such court after citing such
pak 70 appear and show cause why such wit ,hould
not issue, and upon the finding of ury that such act
OF insolvency has been committed to issue their writ
commanding said tank bank forthwith to proceed in
the manner pointed in the proceeding sections n
TINS act TO prov!dc for the payment the
notes OF such branch, close up its Affairs AMI make
application of its a sets.
10 That if any branch shah neglect or refuse te
comply with any order of the state hank of Iowa re-
4urng such branch to reduce its circulation or othe,
liabilities, or provide larger of specie or othe,
means or 70 pay in Its stock, or to do, cause to b.
uonc any matter or thing which said hank may deem
necessary Tor the security of such branch or any othe,
branch or branches said bank any director thereof
acting Tor said bank, may apply to any judge Of the
Supreme Court Distict Court or any Judge OF a su
Ierior COURT or to judge OF any other court no, in
erior TO the district court, by petition in which the
state bank ofIowa shall be made the petitioner and the
branch implicated the defendant, setting orh the sub
stance OF such order, orders, and such neglect OF
refusal on the part OF the branch its officers or agents
to comply Herewith and il lhe president vice pres;
dent or any director OF the bank, shall make affidavit
OF the truth OF the facts therein stated it shall be the
duty OF such judge to allow nunct on and to en-.
such branch, It's officers and agents. and all Others
IN its employ, or connected th.rewith from doing
suffering, or permitting to tc dome hns;-s sss
ever as bank and from ncrmeddling with or in any
manner dsposing Of property Of the branch until
the further order Of the cout soon as an IN.
junction Is allowed
IL Upon the allowance Of such injunction the
property, credits securities liens and assets of every
description of such branch shall forthwith vest in the
state bank OF Iowa. who shall appoint receiver to take
OF the same rs provided in the eleventh sec.
t'on OF this act certificate OF appointment of suc,
receiver, BY the judge, court clerk thereof max
ing the same, shall be sufficient authority to him to
take possession OF the books property and rights OF
every description such branch, aud shall be full au-
thory to the sheriff OF the county where the branch is
located to take and give full of such books
property and rights, with the aid of the county, re.
quired and said bank receiver shall be governed by
the provisions Of this act provided in cases of
sion and upon the dissolution Of such iniucton Of
such suit by the bank, all the rights
ana properly such branch shall be restored to and
vest In such branch =
Is. Natural persons, not less in number than five
may AS ociate anu form branch of the state bank
Iowa, for the purpose Ut carryn: on the business
banking, each at such place in this state as shall be
denated in the certificate hereinafter required to be
made subject to the contingencies, restrictions condi.
zion and liabilities prescribed in this act.
49, Persons ass ociating form branch shall un.
der their hands and seals, make certificate which
shall specify:
/. The name assumed by such branch, and by which
il shall be known in its dealings in which name shall
be included tho name of the city, village or town In
which its banking operations shall be carried on.
2. The amount oftle capital stock of such brancl,
and the number Of shares into which the game Is divi
ded.
). Tho name and place OF residence and the number
OF shares held BY each member Of the company.
I. The time when such company shall have been
formed.
Which Certificate shall be Acknowledged before .
justice Of the peace or notary public and shall be r
by the recorder Of county where such branch
is to DO established in book to be kept by him for that
purpose which snal as all times during office hours be
roTa uixh -