Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-05-01

corporation, the powers and duties Of
any corporation over or with the same
shall cease and determine, and all the
officers connected with the same shall
be prohibited from exercising any con-
troll over the same, unless by the decis-
ion or decree of the court in which pro-
ccedings may be had for the appoint
ment Of receivers and winding up Of
the affairs Of the corporation it shall be
determined that such corporation was
not bound to pay the note OF bill as
aforesaid, the protest thereof to the
contrary Notwithstanding, provided that
the legal existence Of the corporation
shall continue for the purpose Of pro-
ceedings in courts for and against tho
same and Of avoiding the loss Of prop
erty Of any kind, for want of person
in being to hold the same, but for no
other purpose whatever, and it shall be
the duty Of the auditor to apply to any
Judge Of the District Court Of this
State, whose duty it shall be to appoint
Ca disinterested person or pers ons } il
receiver or receivers who shall reside in
the county in which the bank is situa-
ted, to take the assets and property OF
every such corporation into his or their
possession, and collect and apply all
such assets and property as may come
into his or their possession under the
direction of the District Court Of tho
county in which the corporation was To-
Gated, LIST, to the redemption or pay
ment Of circulating notes I'd, to tie
payment Of deposits ; Sd to the pay
ment of all other Indebtedness 4th, to
the payment Of stockholders. If the
auditor shall not proceed to wind up
the affairs Of such corporation on the
reception and filing by him Of the pro-
test aforesaid the holder or owner Of
such protested note shall have such
rights at law and equity against such
as any creditor has against
his debtor according to the laws Of the
State. Receivers appointed under the
provisions of this act shall give bond
and security as may be quired by the
Judge and Court appointing them.
5 20. That the distribution and ap-
plication Of all the means, assets and
of such corporation as shall
come into the hands of any such Re-
ceiver or Receivers, or shall be in the
hands Of the auditor, shall first be ap-
piled in payment and satisfaction Of
all notes issued as and for a circula-
ting medium by any such corporation.
5 80. Stockholders or shareholders
in corporations organized under the
provisions of this act, shall be individ-
lally and severally liable to the credit
DIS Of the corporation Of which they
ire stockholders or shareholders over
md above the amount Of stock by them
1eld, to an amount equal to their re-
spective shares so held, for all it's LA
oilities accruing while they remained
stockholders, and no transfer Of stock
shall affect such liability, and should
any such association become insolyent
and it's assets be found insufficient to
pay it's debts and liabilities, its stock
holders may be compelled to pay such
deficiency in proportion to the amount
Of stock owned by each, and should the
whole amount for which stockholders
are individually responsible, as provi-
ded in this section, be found in any
case to be inadequate to the payment
Of all the residue Of the debts Of any
after the application of its
assets to the payment Of such debts,
then the moneys due from stockholders
on account of their individual iabili-
lies as such, shall be distributed equal
y among all the creditors Of such cor
ooration, in proportion to the amount
lue to each. The personal liability,
n this section providid for, is over and
,bove the stock owned by stockholders
md any amount unpaid thereon.
s 81. 1t shall be the duty of the Of
icers having charge Of any bank estab-
ished under the provisions Of this act,
% cause to be made out on the first
Monday Of January and July of each
year duplicate statement showing the
names at length and place Of residence
Of each stockholder Of such bank, to-
gether with the amount of stock owned
by each, and the transfer of all stock,
the date of such transfer, the amount
so transferred, and the persons by and
to whom transferred, one Of which
shall be posted in some con-
spicuous place in the banking house,
and shall be continually exposed to
public inspection during the banking
hours. The other Of said statements
shall be caused by the bank to be fled
With the Recorder of Deeds in the coun-
y in which such bank is located, anda
copy Of such last named statement duly
certified by the Recorder in whose Of
ice the same is filed shall be prsna0 .fa-
ga evidence Of the facts therein con-
aimed in any court Of justice in this
State.
5 30. That each and all the provis-
ons Of this act shall apply to and con-
,rol in all respects any banker who shall
conduct business under the provisions
Of this law, whether the word bankers
Or is not used in any such provision.
5 33. There shall be elected at each
regular biennial session Of the General
Assembly, by the two houses in joint
convention assembled, three electors OF
the State as Bank Commissioners,
whose duties shall be to make semi-an-
nual examination, and as much oftener
as they shall deem advisable, in re-
spect to the affairs and business of as
sociations incorporated under the pro-
visions of this act, and in respect to
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