Quasqueton guardian. (Quasqueton, Buchanan County, Iowa) 1856-1858, 1858-05-06

s AZ Stockholders in branches shall
each be individually and severally liable
to the creditors of the branch of which
they arc the stockholders, over and above
the amount of stock by them held, to an
amount equal to their respective shares
so held for all its liabilities, accruing
while they remain stockholders, and no
transfer of stock shall affect such labili-
ty, and should any such branch become
insolyent, and its assets be found insult
ticient to pay its debts and liabilities, its
stockholders may be compelled to pay
such deficiency in proportion to the
amount of stock owned by each, and
should the whole amount for which stock
holders are individually responsible, as
provided in this section, be found in any
case to be inadequate to the payment of
all the residue of the debts of any branch
after the application of its assets TO the
payment of such debts, then, the moneys
due from the stockholders on account of
their individual liabilities as such, shall
be distributed equally among all the cred
itors of such branch, in proportion to the
amount due to each /; the personal liabil-
ity in this section provided for, is over
and above the stock owned by stock
holders, and any amount unpaid thereon.
43. The term stakeholder or share
holder, as used in this act, shall apply
not only to such persons as appear by the
books of the Association to be such, but
also to every equitable owner of stock,
although the same may appear on such
books in the name of another person, and
also to every person who shall have ad
vanced the instalments or purchase mon
ey of any stock in the name of any per-
son under twenty-one years Of age, and
while such person remains a minor, to
the extent of such advance, and also to
every guardian or other trustee, who
shall voluntarily invest any trust funds
in such stock, and no trust funds in the
hands of such guardian or trustee shall be
in any way liable under the provisions OF
this act, by reason of any such invest
ment, nor shall the person for whose ben
eft any such investment may be made be
responsible in respect to such stock until
thirty days after the time when such per-
sons respectively become competent and
able to control and dispose of the same !;
but the guardian or other trustee making
such investment as aforesaid, shall con
tinue responsible as stockholler until
such responsibility devolves upon the per-
son beneficially interested therein, and in
respect to stock held by a guardian or
trustee under a transfer of the same by a
third person, or under positive directions
by third person for such investment,
the person making such transfer or Civ
ing such directions, and his executors and
administrators shall, for the purposes of
this act, be deemed a stakeholder, and the
estate of such person, if he be deceased,
shall be responsible for the debts and liza
bilities chargeable on such stock, ac-
cording to the provisions of this act
! s Al. The General Assembly may alter or re-
peal this act at pleasure in the manner provided
in the Constitution of this State, but no act al
| tcring or repeating this act, shall impose any in
| justice or wrong upon the stockholders of any
| branch.
! S45. Every branch shall have the power to
make all necessary and proper bylaws for the
management and control of its business, and to
| fix and regulate the rate of charges for making
collections, subject to be controlled therein by
the State Bank of Iowa.
| 46. No branch shall issue any notes intend
ed for circulation as money, except the notes fur
nlshed for that purpose by the State Bank of
| Iowa and all such notes shall be payable at the
branch by which they are issued, in gold and
silver coin, the lawful currency of the United
States, as provided for in section ten of this act
on demand they shall be signed by the Fresi-
/ dent or Vice President of the proper branch
and countersigncd by the cashier thereof made
payable to the bearer, and shall be negotiable by
delivery al other evidences of debt, issued by
any branch, shall be negotiable or transferable
i'll the same manner as if issued by natural
| person. and shall be binding on the branch
whether under seal or not, and all such evil
dence OF debt, other than notes of circulation
shall be payable to the order of some person
therein named.
8 Al. No branch shall put in circulation in
this State, the bills or notes of any Bank or
Banking Company out of the State, except such
us are received in the usual course of business
nor shall any branch either directly or indirect
~ exchange its bills notes intended to cireu-
late money with any bank or banking com
pany out of the State, or with the agents Of such
| banks, for the bills CT notes Of such bank or
! banking company, with view to circulate the
same in this State.
| Is. When any number of persons shall have
associated together for the formation OF n branch
as provided for in section nineteen, they shall
give twenty days public notice in some news
| paper published in the town or city where it is
proposed to establish such branch of their pur-
| pose to open book for the subscription of the
Capital Stock of said branch, specifying the
time and place thereof; such book shall be kept
open for two successive days, between the hours
of ten a. III. and two p. IN. of each day, under
| the control and direction Of such association
and shall be accessible to every person desiring
TO subscribe to stock Of the proposed branch
On the first day no person, company or business
| firm, composed of one or more individuals
shall be permitted to subscribe to more than ten
shares, and on the second day to no more than
fifty shares, unless at the time for closing the
books on that day the aggregate amount of stock
subscribed shall not exceed the amount Of CAPT
tai authorized in section twenty-onc.
| s 40. The number of branches of the State
| Bank of Iowa shall not exceed thirty The
board of directors of the State Bank of Iowa
may increase the capital stock of any branch
whose capital does not equal three hundred
I thousand dollars, by authorizing such branch t.
receive at any time such additional subscription
to its capital stock rs will increase the same to
any amount less than three hundred thousand
dollars, if said board Of directors shall be salts
fled that suc.l additional amount OF capital is
demanded by the public interest, and can be
safely and proftably employed but the aggre-
gate capital of all the branches shall not exceed
! MA IS NJ uLoH la