The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1858-05-06

the remaining capital paid in actually and held
by and then in the possession of such corpo-
ration below the estimated value Of the stocks
then held by and in possession of the Auditor
or Treasurer belonging to such corporation.
So. Such person or persons under their hands
and seals, shall, previous to their receiving
from the Auditor. the circulating notes as
aforesaid, make certificate which shall spec
ify-First. The name assumed to distinguish
such corporation, and to he used in its dealings.
Second. The place where the busnes. is to
be carried on, designating the particular city.
town or village, and the county. Third. The
amount Of capital stock which shall be divi-
ded into shares Of 500 each. Fourth. The
names and residences of the share holders and
the number Of shares held by them respective
ly. Fifth The period a: which such corpo-
ration shall commence aud terminate, which
certificate shall be acknowledged and be re-
corded in the Office of the Recorder Of the
county where the Office Of such corporation
shall be established, and copy thereof shall
be filed in the Office of The Secretary of State,
and the Auditor of State; and upon the record.
ing Of which certificate, the person or persons
aforesaid shall become body polite and cor
porate, by the name assumed as aforesaid, for
and during the time fixed in the certificate,
which shall not be more than twenty years,
and by such name shall have power to make
contracts, to grant and receive, to sae and be
sned, to plead and be impIeaded, in all courts
and places wherein legal or judicial proceed
ings may be had; to have and to use common
seal and alter the same at pleasure, TO have,
told, use and enjoy property, real, personal,
and mixed with the rents. issues AMI profits
else all other powers conferred by this act and
all grants or conveyances Of real estate shall
be under the seal of the corporation, signed by
the president and counter.igned by the cashier.
50. A copy Of the certificate required by
the eighth section of this act, duly certified by
the Recorder of the county and Secretary of
State, or by either Of these officers, may be
used as evidence in all courts andf places, BY
any such corporation, or any person when such
evidence may be necessary or any civil on
criminal trial.
s 10. Such corporations shall have power to
carry on the business Of banking by discount.
ing bills, notes and other evidence of debt. by
receiving deposits, by buying and selling gold
and silver bullion, foreign coins and bills Of
exchange. by loaning money on personal Sc
curity, and by exercising such incidental pow.
ers as may be necessary to carry on such bus
mess, may choose ons OF their number as
President, and appoint Cashier and such 9TH
| er officers and agents as their business may re-
quirs; but no loans shall be made, nor shall
any bill, note or other evidence Of debt be dis.
counted or purchased having more than four
months to run before maturity; and in all cases,
personal security shall be required.
III. The shares Of such corporations shall
be deemed personal property, and shall be
transferable on the books Of the corporation,
only and in such manner as may be provided
in the by-laws Of snch corporation; and eve.
ry person becoming a share holder by such
transfer, shall, in proportion to his shares sue
coed to all the rights Of the shareholder or
shareholders by whom the transfer was made;
no change shall be made in the articles Of As
sociat,on, or Of the share. holders or members
thereof. by which the rights. remedies or se-
curities OF its existing creditors may be i'm
paired, such corporation shall not be dis solved
by the death or insanity Of any OF the share
holders therein, when there is more than one
share holder in such association. Taxes shall
be levied on and paid by the corporation, and
not upon the individual stock holders; the val
re OF the property to be ascertained annually
by the Bank Commissioners herein provided
for; and the rate Of taxation shall be the same
as that required to be levied on other taxable
property bv the revenne laws OF the State.
5 10. Contracts made by any such corpora
ton, and all notes by them issued and put in
circulation, shall be signed By the President
and Cashier thereof. and all suits, actions and
proceedings b,ough, or prosecuted by, or in
behalf Of such corporation, may be brought
or prosecuted in the name Of the corporation;
and no such suit, action, or proceeding shall
abate by reason Of the death, resignation or
removal from Office Of any President, but may
be continued the same as IL such death, resig-
nation or removal from Office had not taken
place.
S13. Any person or persons having demands
against any such corporation may maintain
action or actions against such corporation,
which snits or actions shall not ahate by rea-
son Of the death, resignation, or removal from
office Of any President or other officer, but
may be CONTINUED and prosecuted to judgment
against the corporation; and all judgments and
DEGREES obtained against such corporation for
any debt o. liability Of such corporation, shall
b enforced against the property Of the Same