The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1858-04-29

other branches of the State Bank Of Iowa.
They shall, as soon after the first Monday OF
every month as practicable, publish in some
newspaper printed at Iowa City, a consolida-
ted abstract of the monthly report Of all the
branches, showing their assets. liabilities and
condition, which statement shall be recorded
in book or books kept for tnat purpose
They may appoint an executive committee Of
not less than three, of whom the Vice Presi-
dent 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 inconsistent with
this act.
"a. The President, Vice President, Secre-
tarv and all other officers or agents Of the Bank,
shall each receive such COMPENSATION for their
services as said Bank shall allow, which shall
be assessed. upon the several branches of the
State Bank Of Iowa, in the ratio Of their cap
ital stock. The Bank may also allow the ex-
ecutive 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 circula-
ton received by each. H.r
S5. Each Director Of the Bank, appointed
by the branches shall continue in Office until
the first Monday in February next after his
appointment, and until his successor shall be
appointed and qualified, vancancies in he
Board shall be filled by the branch, by which
the appointment vacated was made. In vot-
IN 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 represented by
him over one hundred thousand dollars al 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 ap.
pointed, but they may be removed by reso-
luton Of the Board. They and all other off,
GERS and agents of the Bank shall take an oath
faithfully, diligently and impartially to fulfil
the duties of their appointments, and not
knowingly violate any of the provisions of
this act. They shall be required to give bond
in such snm and with such securities as the
Bank shall prescribe, and all vacancies in said
appointments shall be filled by The Bank.
So. All notes designed for circulation by the
branches, shall be furnished by the State Bank
of Iowa, but no notes shall be delivered 20 any
branch until they are numbered and counter
signed by some person authorized by the State
Bank of Iowa. to countersign the same as reg
lister, 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 50 worn, defaced or mutiated. as to
be unfit far circulation, shall be returned by
the branch by which they were issued, to the
Bank, and an equal amount Of new notes re-
ceived therefor; all such notes so returned by
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 Pres.
i,sn,, nst, and at leas,s,ss the Directors of said
81. Before the Bank shall deliver to any
branch, notes for circulation, it shall require
such branch to pay over or depositto the credit
of said Bank, as said Bank shall order, either
in money or United States Stocks, or interest
paying SatesStocks at their current value in
the city of New York, but in no instance above
their par value, an amount equal to 12t per
cent on We amount IF the notes for circula.
ton. which shall be delivered to such branch
And so from time to time as any branch by
the paying Of an additional amount Of its cap
ital stock, or by not having received the amount
of notes for circulation to which it was pre-
viously entitled, shall receive an additional
amount Of notes for circulation, such branch
shall deposit with tie Bank 12i 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 he'd 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 a fund for the redemp-
tion ofsthe notes Of circulation of any one or
more Of said rhes that may fail to redeem
VIC "S'SS, " "Ptgieu ~ udt PuipOSS III tHc
manher pointed o,R,in this act.
SO. All money So deposited or paid to the
BSsl.on account OF the Safety Fund bv any
branch, shall be under the direction Of said
Bank, invested either in interest paying Stocks
Of States or OF the United States. Each branch
shall be entitled to receive its interest accru-
ing on the stocks in which its portion of the
Safety Fuud shall have been invested. and in
case Of the insolvency of any branch, the
stocks in which the money Of such branch
shall have been invested as aforesaid. IL the
proceeds OF such stock shall be sufficient to
redeem its outstanding notes Of circulation,
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. :
50. The State Bank OF Iowa shall not fur
nish to any branch, circulating notes to an
amount bearing greater proportion to the
capital stock Of said brancu, actually paid in
and at the time remaining undiminished by
losses, or withdrawal, than the proportion
hereinafter specified, that is to say; on the Grst
hundred thousand dollars, or any lesser amount
Of its capital, not more than twice the amount
of such capital; on the second hundred thou