The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1858-04-17

branch, or shall make, or Snail omit 70 make, Ot
shall advise or consent TO the making Of any re-
port or statement required by this oct, In such
manner as shall he designed 70 evadc the provi-
sions Of this act shall be deemed guilty at felony
and upon conviction thereof shall be confined In
the penitentisry at hard labor not less than one
7 nor more than twenty years.
! 8 ~. Stockholders in branches shall each be
individually and seversIiy liable to the creditors
! of the branch Of which they are the st0ckhold.
/ ers, over and above the amount Of stock by them
| held, TO an amount equal TO their respective
shares 20 held for all its liabilities accrung while
| they remain stockholders, and no transfer Of
stock shall effect such liability, and should any
such branch become insolvent and its assets be
found insufficient to pay Its debts and liabilities,
| its stock FOLDERS may be compelled to pay such
! deficiency in proportion to the amount OF stock
owned by each, and should the whole amour. for
which stockholders a.e individually responsible,
as provided in this section, be found in any case
! to he Inadequate to the payment OF all the resi-.
| due of the debts Of any branch after the applica
ton of its asse Is to the payment Of such debts.
then the money due from the stockholders on ac-
count of their individual liabilities as SUCH shall
| lie distributed equally among all the creditors OF
such branch, in proportion TO the amount due to
each; the personal liability in this section provi
! ded for, ia over and above the stock owned by
stockholders and any amour: unpaid thereon
sl3. The term stockholder or shareholder, IS
used in this act shall apply not only to such per-
sons 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 advanced the install
ments or purchase money OF any stock in the name
Of any person under the age OF twenty one years,
| and while such person remains minor TO the ex-
| tent of such advance and also to every guardian
or other trustee, who shall voluntarily invest any
| trust funds in such stock, aud no trust funds in
tue hands of such guardian or trustee shall he in
any way liable under the provisions OF this act
| by reason Of any sue investment, nor shall the
| person for whose benefit any such Investment may
be made, be responsible in respect to such stock
until thirty days after the time when such persons
| respectively become competent aud able to con-
troll and dispose Of the same but the guardian
or other trustee making such investment as afere-
| said shall continue responsible as q stockholder
until such responsibility devolves upon the per.
son benehcialy interested therein, and in respect
| to stock held by guardian or other trustee I'm
der transfer of the same by third person or
under positive directions by third person FOR
! such investment, the person making snch trans
fer or giving such directions, and his executor
and administrators shall, for the purposes of this
act, be deemed a stakeholder, and the estate o!
such person, If he be deceased, shall be RESPONSE
bic for the debts and liabilities hargable on such
sock according to the Prov sens Of thsart.
s4l. The General Assembly may alter or re-
real this act at pleasure, in the manner provided
in the Constitution of this Ste, but no act
Altering repeating this act shall impose any in
justice or wrong upon the stockholders of any
branch,
s5. Every branch .hall have power to make
all necessary and proper bylaws for the manage
mcut and control of its business. and to tx and
regulate the rate of charges for making colec
tons, subject to be controlled therein by the
State Bank OF Iowa.
SAC. No branch shall issue any notes intended
for circulation as money, except the notes fur
nished 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 Us pro
vided for in section ten of this act on demand
they shall be signed by the President Vice
President OF the proper branch and counter
signed by the Cashier thereof, made payable t
the bearer and shall be negotiable by delivery
all other evidences Of debt issued by any branch
shall be negotiable or transie able in the sam,
manner as il issued by natural person, and shall
be bigdng on the branch whether under seal Of
not; and all such evidence of debt, other thar
notes Of circulation, shall be payable to the order
of some person therein named.
SAL. No branch shall put in circulation il
this State the bills or notes Of any bank or bank
ing company out of the State except such as ar,
received in the usual course Of business; no.
shall any branch either directly indirectly ex
change Its bills notes intended 10 circulate a,
money with any bank or banking company out o
the State, or with the agents Of such banks FOL
the bills or notes of such bank or banking com
pany with view to circulate she same IN thi
state.
SIS. When any number Of persons shall hav,
associated together for the formation of a branch
IL provided for in section nineteen, they shall
give twensy days public notise in some newspa
per published in the town city where it IL
proposed To establish such branch, of their pur
pose to open book for the subscription Of thu
capital stock of said branch. specifying the tim,
anu place thereof; such books shall be kept opeI
tor two successive days, between the hours of tel
A. 81. and two r. NJ. OF each day. under the con
Il and direction Of such association, and shall
be accessible to every person desiring to sub
scribe to the stock of the proposed branch. On the
first day no person, company, or business firm
composed of one or more individuals, shall bt
permitted 10 subscribe TO more than ten shares
and on the second day To 10 more than lift,
shares, an.,ss al the tine Tor closing the books
! on that day the aggregate amount Of stock SUI,
scribed shall not exceed the amount of capita
authorized III section tweuty-oae.
~. 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 in
Crease the capital stock of any branch whose cap
| ltai does not equal three handrcd thousand dol
lars by authorizing such branch to receive at any
/ time such additional subscription to its capit
Al stock IA viii increase the same 10 any arnouui
less than three hundred thou sand dollars il said
! board Of directors shall be satisfied that such ad
ditional amount Of capital Is demanded by the
| public lnszIest, and can he safely and prottabl
! employed but the aggre gate capital Of ali TIC
!
No branch shall be established il any town with
less population than five hundred, nor shall
! two branches be established in the same town or
city.
! 80. The branches shall continue To exist "a
, long as Necessary for the settlement of their
affairs notW hstanding the repeal of this act: no
La" shall ever he passed divertng or appropria.
| ting the assets Of any such branch 10 any person
other than TO The payment Of It's debts and labili
! ties and the distribution Of the re sidue among
/ lis stockholders, in proportion to the stock by
them seFela!ly owned.
BANK COMMISSIONERS.
81. To carry into effect the provisions of this
act T. h. Booth, OF Dubuque county, 4. II. Harri.
| son, Of Lee comfy, Ezekiel Clark, of johnson
! county, J. W. button, Of Museatine county, VIM,
}. Calling Of Polk county. G. W. Sagle of Jeff
| ferson county, Elihue Baker, OF Linn county VIM
.. Dart of Mahaskia county, H. ". Rabbit Of
| fottaw attanie county, Edward T. Edgarton Of
| Lucas county shall he and they are hereby ap-
! pointed commissioners, and they, or majority Of
/ them after taking an oath diligently faithfully
and inpariaty 10 perform the duties assigned
them by this act certificate Of which oath sh all
! be filed aud carefully preserved in the office Of
/ Secretary Of STATE shall constituted a Board IN
! be designated the Board of Bank Commissioners
which board shall continue until the organization
OF the State Bank Of Iowa as herein provided for.
and thereafter tne duties which they are required
to perform by this act shall be performed Nv the
said bank: and If any Of said eommisso ners
shall refuse TO serve shall die or resign his place
shall lie filled by appointment by Governor. Hoyt
/ sherman, fPok county, Benjamin Lake, of Gin.
ton county aud Elias H. Williams Of CLAYTON
| county. are hereby appointed directors OF the
state Bank OF Iowa, on the part Of the State who
shall nave the same powers as the directors os the
part OF the bank, and who shall be paid by the
STATE and who shall receive three dollars per day
Tor the time actually engaged in their duties and
mileage the same IA members of General Assem-.