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

ty and rights, with the aid of the county,
it required; and said Bank receiver shall
be governed by the provisions of this act
As provided in cases Of suspension; and
upon the dissolution of such injunction,
or n discontinuance of such suit by the
Bank, all the rights and property Of such
branch shall be restored to aud vest in such
branch
SIS. Natural persons, not less in num-
Der than FIVE, may associate and form bran
ches 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 designated in the certificate
hereinafter required to be made, subject
to the contingencies, restrictions, condi-
tion and liabilities prescribed in this act.
5 10. Persons associating to form q
branch shall, under their hands and seals,
make certificate, which shall specify.
First: The name assumed by such
branch, aud by which it shall be known
in its dealings, in which name sh,ll Be
included the name of the city, village or
town in which its banking operations
shall be carried on.
Second The amount Of the capital
stock Of such branch and the number Of
shares held by each member Of the Com.
pany.
Fourth: The time when such company
shall have been formel
Which certifcat IS hall be acknowledged
before a justice of the peace or notary
public, and shall be recorded by the rsa
corder of the county where such branch
is to be established, in book to be 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 the same; one copy Of which
certificate, duly certified, shall be trans
mitted to the Secretary Of State, who
shall record and carefully preserve the
same in his Office, and another to the
Bank commissioners in this act named,
until the organization Of the State Bank
of Iowa, and thereafter to said Bank.
s 20. The officers of each branch shall
at the end of every month, cause state
ment of the number, names and place 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, one copy of which state.
mens shall be posted up in some conspicu-
GUS place in the bank, aud one copy shall
be caused by the bank to be fled in tho
office of the recorder Of deeds in the
county wherein such branches is located.
which last mentioned copy or certified
copy of the same under the hand Of tho
recorder shall be prima facie evidence in
any court Of justice in this State in .
suit between the branch or State bank Of
Iowa and any third person.
SCI. No branch shall be permitted
to carry oh the business Of banking un-
der this act, unless its capital stock shall
be at least s50, 900, nor shall the capital
stock of any such branch ever be increa-
sed to exceed $500, 900
! At least so per cent. Of the capital
stock of each branch shall be paid in
gold or silver coin, and shall be in the
actual possession and bona fide the prop
erty at the time of its commencement Of
its banking business, and the remainder
of the capital stock of such branch shall
be paid in gold or silver as aforesaid in
installments, each Of at least ten per cent.
on the whole amount of capital subscri-
bed as frequently as once in every four
successive months, from the time Of COM
mencing business until the whole amount
of such capital shall be paid up. Prov'-
ded, That the directors may postpone the
payment of the derfered installments, or
any part thereof, to the branches when
satisfied that the public interest does not
require them to be paid as frequently a.
above provided for.
s22. If any share holder or his as
sgDee shall fail to pay any installment on
his stock when the same shall be required
to be paid, the branch may sell said stock At
public auction, having given three weeks
published in the county where the branch
is located, (and having mailed written
notice to such delinquent share holder
or his assignes) to any person who will
pay the highest price therefor, not less
| than the amoent unpaid thereon; and the
excess, if any, after paying the expense
Of the sale, shall be refunded to the de-
linquent stakeholder.
Ifno bidder can be found who will pay
for such stock, the amount unpaid there
on to the branch, and cost of advertise
ment and sale, the amount previously
paid shall be forfeited to the branch,
and such stock may be subsequently sold
| 10 such manner as the branch may order.
The capital stock of each branch shall
be divided into shares Of one hundred
dollors each, and a stock book shall bo
kept by each branch bank; showing who
are the stockholders, and what amount is
held by each individual or company,
which stock shall be asignable only
on the books of the branch in such
manner as its bylaws shall prescribe, but
no share holder shall have power to sell
or transfer any shares held in his own
right for the purpose Of escaping liabih-
ty when bank is involved or 50 lorg -
he shall be liable either as principal, debt
or, surety, or otherwise, to the branch
for any debt, nor shall such share holder,
when liable TO the branch for any debt
that is overdue, be entitled TO receive
any dividends, interest or profit on such
share, so long as such liability shall CON-
tinue, but all such dividends, interests or
profits shall be retained by the branch
and applied to the discharge OF such liz,
bi.ities.
| s23. No branch shall take as securi-
ty for any loan or discount, lean on any
part of its capital stock, or any other
than personal security and the same Sc