Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-04-24
VOL. IX-NO. 90.

its officers and agents, and al others in
its employ, or connected Herewith,
from doing, or suffering, or permitting
to be done, any business whatever a.
Bank, and from intermeddling with, OF
i'll any manner disposing Of, the books,
papers, moneys, chooses in action, as
sets, or property of the branch, until
the further order of the Supreme Court,
as soon as an injunction is allowed.
5 II. Upon the allowance of such
injunction, the property, credits, securi-
ties, liens and assets of every descript-
ion, Of such branch, shall forthwith vest
in the State Bank of Iowa, who shall
appoint receiver to take possession Of
the same as provided in the 11th section
of this act A certificate Of appoint
ment of such receiver, by the Judge, or
court, or clerk thereof, making the same,
shall be sufficient authority to him to
take possession of the books, property
and rights of every description of such
branch, and shall be full authority to
the sheriff of the county where the branch
is located, to take and give full posses
SIGN of such books, property and rights,
with the aid Of the county, if required
and said bank receiver shall be govern
ed by the provisions of this act as pro-
vided in cases Of suspension and upon
the dissolution Of such injunction, or .
discontinuance Of such suit by the Bank,
all the rights and property Of such
branch shall be restored to and vest in
such branch.
5 18. Natural persons, not less in
number than five, may associate and
form branches Of the State Bank OF
Iowa, for the purpose Of carrying on
the business Of banking, each at such
place in this State as shall be designa-
ted in the certificate hereinafter requi-
red to be made, subject to the contin-
gencies, restrictions, conditions anil
liabilities prescribed in this act.
5 10. Persons associating to form
a branch shall, under their hands and
seals, make a certificate, which shall
specify:
1st-The name assumed by such
branch, and by which it shall be known
in its dealings, in which name shall be
included the name of the city, village
or town in which its banking operations
shall be carried on.
2d-The amount of the capital stock
Of such branch and the number Of shares
held by each member of the Company.
4th-The time when such company
shall have been formed.
Which certificate shall be acknowl.
edged before justice Of the peace or
q notary public, and shall be recorded
by the recorder of the county where
such branch is to be established, IN .
book kept by him for that purpose,
which shall at all times during Office
hours be kept open for the inspection
Of any person wishing to examine tho
same; one copy Of which certificate,
duly certified, shall be transmitted to
the Secretary Of State who shall record
and carefully preserve the same in his
office, and another to the bank commits
sioners in this act named, until the Or
ganization Of the State Bank Of Iowa,
and thereafter to said Bank.
5 20. The officers Of each branch
shall at the end Of every month, cause
statement Of the number, names and
places of residence Of each stockholder
in such branch, also the amount Of
stock owned by each, and the date Of
the transfers Of any stock with the
names Of transferer and transferee, ono
copy Of which statement shall be posted
up in some conspicuous place IN tho
Bank, and one copy shall be caused BY
the Bank to be filed in the Office Of tho
recorder Of deeds in the county where
in such branch is located, which last
mentioned copy, or a certified copy Of
the same under the hand Of the recor-
der shall be prima facie evidence in any
court of justice in this State in suit
between the branch or Ssate bank Of
Iowa and any third person.
S21. No branch shall be permitted.
to commence or carry on the business
Of banking under this act, unless its
capital shall be at least $50,000, nor
shall the capital stock Of any such
branch ever be increased to exceed
100000.
At least so per cent of the capital
stock Of each branch shall be paid in
gold and silver coin, and shall be in
the actual possession and the bona fids
property Of the branch at the time OF
the commencement of its banking busi-
ness, and the remainder Of the capital
stock of such branch shall be paid in
gold and silver as aforesaid in INSTALL
ments, each of at least ten per cent. on
the whole amount Of capital subscribed,
as frequently as once in every four sue
cessive months, from the time of COM
business until the whole
amount of such capital shall have boon
paid up. Provided, That the Dires.
tors may postpone the payments of tho
deferred installments, or any part there
Of, to the branches when satisfied that
the public interest does not require
hem to be paid as frequently as above
provided for.
5 q. If any shareholder or his
assignee shall fail to pay any INSTALL
nent on his stock when the same shall
be required to be paid, the branch may
sell said stock at public auction, hav-
ing given three weeks previous notice
thereof, in a newspaper published in
The county where the branch is located,
and having mailed . written notice
20 such delinquent shareholder or his
to any person who will pay
The highest price therefor, not less thsn