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


pointed by the branches shall continue
in Office until the first Monday in Fcbru-
ary next after his appointment, and until
his successor shall be appoincd and quail
fed Vacancies in the Board shall be filled
by the branch, by which the appointment
vacated was made. In voting, each
member shall be entitled to two votes,
and to one additional vote for every fifty
thousand dollars of the amount of capi.
tai stock paid into the branch represent
ed 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, bu
they may be removed by resolution Of
the Board. They and all other officers
and agents of the Bank shall take al
oath faithfully, diligently and and i'm
partially to fulfil the duties of their ap-
pointments, and not knowingly violate
any of the provisions of this act. They
shall be required to give bond in such
sum and with such securities as the Bank
shall prescribe, and all vacancies in said
appointments shall be filed by the Bank.
5 6. All notes designed for circulation
by the branches, shall be furnished by
the State Bank of Iowa, but no notes shall
be delivered to any branch until they are
numbered and countersigned by some
person authorized by the State Bank of
Iowa, to countersign the same as register.
and full record of such numbering and
countersigning made in book provided
for that purpose, and all such notes shall
have stamped or printed on their face the
words. Registered by the State Bank OF
Iowa" All notes so worn, Gefaced or
mutilated, as to be unfit for circulation,
shall be returned by the branch by,
which they were issued, to the Bank, and
an equal amount of new notes received
therefor all such notes so returned by a
branch. shall be credited, and all new
ones delivered in their stead shall be
charged to such branch on the books OF
said Bank and the notes SO returned shall
be burned to ashes in the presence of the
President or Vice President, and at least
two of the Directors of said Bank.
8 7. Before the Bank shall deliver to
any branch notes for circulation, it shall
require such branch to pay over or de-
posit to the credit of said bank, as said
bank shall order, either in money or
United States Stocks, or interest paying
State Stocks at their current value in the
city of New York, but in no instance
above their par value, an amount equal
to 12b per cent on the amount of the
notes for circulation, which shall be de-
livered to such branch. And so from
time to time as any branch, by the pay
ing of an additional amount of its capi-
tai stock, or by not having received
the amount of notes for circulation
to which it was previously entitle !,
shall receive an additional amount
of notes for circulation, such branch
shall deposit with the bank l2k per cent
on the amount of notes SO received and
the stocks and money so deposited shall
be denominated the " Safety Fund, !" and
shall be invested as hereinafter provided
and held by the bank as the property of
said branch, in trust for the benefit of
the several branches of the State Bank of
Iowa, and as fund for the redemption
of the notes of circulation of any one or
more of said branches that may fail to re-
deem the notes, to be applied to that
purpose in the manner pointed out in
this act.
5 8. All money so deposited or paid to
the Bank on account Of the Safety Fund
by any branch, shall be under the direc-
ton of said bank, invested either ia in
terest paying stocks of States or OF the U.
States. Each branch shall be entitled to
receive its interest accruing on the stocks
in which its portion of the Safety Fund
shall have been invested, and in case of
the insolvency of any branch, the stocks
III which the money of such branch shall
have been invested as aforesaid, if the
proceeds of such stock shall be sufficient
to redeem its outstanding notes of circu-
lation, shall as far as practicable be first
converted into money and applied TO that
purpose, before any part OF the Safety
Fund belonging to other branches, Shall
be so applied.
20. The State Bank of Iowa shall not
furnish TO any branch, circulating notes
to an amount bearing greater proper
ton to the capital stock OF said branch,
actually paid in and at the time remain
ing undiminished by losses, or withdraw
al, than the proportion hereinafter spec-
fed, that is 10 say OH the first hundred
thousand dollars, or any lesser amount
of its capital, not more than twice the
amount of such capital on The second
hundred thousand dollars, or part there
of, not more than one and lhree-quarters
the amount of such capital over one hun
dred thousand o.. the third hundred
thousand dollars or part thereof, no. more
than one and a half the amount OF such
capital, over two hundred thousand nor
shall said bank furnish 10 any branch
circulating notes of amy other denomina-
ton than of one dollar, two dollars, three
dollars, FIVE dollars, ten dollars, twenty
dollars, fifty dollars, and one hundred
dollars. OF the notes furnished to any
branch not more than ten per cent of the
amount shall be III notes Of one dollar
each, not more than ten per cent in notes
OF two dollars each, and not more than
twenty live per cent, shall be in notes OF
all denominations under five dollars, and