Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-04-24

making such transfer or giving such d.
rections, and his executors and admin
istrators shall, for the purpose of this
act, be deemed stockholder, and the
estate of such person, il he be deceased,
shall be responsible for the debts and
liabilities chargeable on such stock &C.
'cording to the provisions Of this act.
5 A. The General Assembly may
alter or repeal this act at pleasure in
the manner provided in the Constitu-
ton Of this State, but no act altering
or rer ealing this act, shall impose any
injustice or wrong upon the stockhold-
ers Of any branch.
S.45. Every branch shall have pow
er to make. oil necessary and proper BY
laws 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.
5 46. No branch shall issue any
notes intended for circulation as money,
except the notes furnished for that pur-
pose 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 President,
or Vice President of the proper branch,
and eountersigned by the cashier there
Of, made payable to the bearer, land
shall be negotiable by delivery; all
other evidences of debt, issued by any
branch, shall be negotiable or transfer
able in the same manner as If issued by
q natural person, and shall be binding
on the branch, whether under seal or
not, and all such evidence of debt, other
than notes Of circulation, shall be pay
able to the order of some person there
in named.
5 ~. No branch shall put in cir
culation in this State, the bills or notes
Of any Bank or Banking company out
of the State, except such as are receiv-
ed in the usual. course of business nor
shall any branch either directly or in
directly exchange its bills or notes in
tended to circulate as money with any
bank or banking company out Of the
State, or with the agents of such banks
for the bills or notes of such bank or
banking company, with view to cir
culate the same in this State.
5 48. When any number of persons
shall have associated together for the
formation of q branch rs 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 purpose to open abook
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. NJ. and two 2. NJ.
of each day, under the control and d.
rectlon 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 per-
mitted to subscribe to more than ten
shares, and on the second day to no
more than fifty shares, unless at the
time of closing the books on that day
the aggregate amount of stock subscri-
bed shall not exceed the amount of cap
ital authorized in section twenty. ole.
5 40. The number Of branches Of
the State Bank of Iowa shall not ex-
coed thirty. The board Of directors of
the State Bank of Iowa may increase
the capital stock Of any branch whose
capital does not exceed three hundred
thousand dollars by authorizing such
branch to receive at any time such ad-
ditional subscription to its capital stock
as will increase the same to any amount
less than three hundred thousand dol
lars, if said board of dire tors shall be
satisfied that such additional amount
Of capital is demanded by the public
interest, and can be safely and pro6ta-
bly, employed ; but the aggregate CAPT.
tai Of all the branches shall not exceed
six millions of dollars. No branch
shall be established in any town with
a less population than five hundred, nor
shall two branches b. established in the
same town or city.
) 50. The branches shall continue
to exist SO long as necessary for the
settlement Of their affairs, notwithstand-
ing the repeal of this act; and no law
shall ever be passed divcrting or ap-
propiating the assets of any such
branch to any person other than to the
payment of its debts and liabilities, and
the distribution of the residue among
its stockholders, in proportion to the
stock by them severally owned.
> BANK COMMISSIONERS.
5 81. To carry into effect the pro-
visions of this act, c. H. Booth, of
Dubuque county, E. II, Harrison, of
Leo county, Ezekiel Clark, of Johnson
,ou,t y, J. W. button of Muscatine
county, VIM. J. Gatling, of Polk
county, G. W. Slagle, of Jefferson
Elihu Baker, Of Linn county,
William S. Dart, Of Aahaska county,
L. W. Babbitt, of Pottawattomie coun-
y, Edward 7. Edgerton, Of Lucas
shall be and they are hereby
appointed commissioners, and they, o,
! ma ority of them, after taking an
'atn diligently, faithfully, and impair
tally to perform the duties assigned
hem by this act, a certificate f which
oath shall be filed and carefully pre-
erved in the Office of Secretary of
State, shall constitute a Board to he