The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1858-04-29

ly appertaining to banking, subject, however,
to the provisions and restI Dions of this act;
may acquire, hold and convey such real estate
as may be necessary for the convenient trans
action Of itssbusiness, and no more: but may
however, acquire title to any real estate pledged
10 secure any debt previously contracted, or
purchased on an execution or order Of sale,
to satisfy any judgment or decree in its favor
or which shall have been conveyed to it in
payment of any previous debt, but shall not
hold any real estate so acquired longer than
in the judgment Of the Board Of Directors, is
necessary to save the said branch holding such
real estate from loss, and it is hereby made
the duty Of the Board Of Directors Of each
branch to offer any real estate 50 acquired for
sale at least once in each year, first giving
thirty days notice in some newspaper publish
ed in the couRty where such real estate is sit
uated, Of the time and place of such sale, il
any newspaper be published in such county,
and II not, then in some newspaper published
the nearest thereto; and at such sale, if the
amount bid for such real estate be sufficient to
reimburse the said branch in the amount for
which such real estate was taken by the branch
with interest and cost, then it shall be the duty
Of the Board Of Directors Of such branch, to
sell and convey such real estate, but not o:her-
wise, unless in their judgment il be deemed
necessary for the interest of the said branch
to do so. .....
$40. No branch shall at any time issue or
have in circulation any note, draft, bill of ex-
change, acceptance, certificate Of deposit, or
other evidence Of debt, which from its char
acter or appearance, shall be calculated or in
tended to circulate as money, other than such
notes Of circulation as are by this act described
and which such Bank is by this act authorized
to issue for the purpose of being circulated as
money.
30. Each branch shall receive at par at
the Office or banking house Of such branch in
payment of debts due at such branch for notes
Of band, bills of exchange, or other evidence
of debt, discounted or purchased by. or belong
ing TO such branch the notes of circulation is
sued by any other branch Of :he State Bank of
Iowa.
s 81. Each branch shall at all times, have
on hand in gold and silver coin in its vault, an
amount equal to at least twenty-five per cent.
of the amount Of its outstanding notes Of circu-
lation; and whenever the amount Of its out
standing notes of circulation shall exceed the
above named proportion, no more Of its
notes shall be paid out, or otherwise put in
circulation by such branch, nor shall such
branch increase its liabilities by making any
new loans or discounts, other than discount.
ing or Purchasing bills of exchange, payable
at sight nor make any dividend of its profits,
until the required proportion between its out
standing notes Of circulation and gold and sill
yer coin on hand shall be restored.
s 80. Each branch of the State Bank sh all
be required to keep in its vaults over and above
the amount required to be kept for the pro-
lection and redemption Of its circulation as re-
quired in the last preceding section, at least
twenty-five per cent. of its current deposits,
and shall be prohibited from paying interest
on current deposits.
s 33. No branch authorized under this act
shall at any time be indebted or in any way Ii
able to an amount exceeding two.thirds Of its
capital stock at such time actually paid in and
remaining as capital stock undimlnished by
losses or otherwise except on the following
aecount--that is to say: ......
1st. On account of its notes of circulation.
I'd. On account of moneys deposited with
or collected by such branch.
3rd. On accouat Of bills OF exchange or
drafts drawn against money actually on depos-
it to the credit of, or due to said branch.
4.h. Liabilities to its stockholders on ac-
count Of money paid in on capital stock, divi-
dends thereon, and undivided profits.
Nor shall any branch, either directly or in
directly, pledge, hypothecate, or exchange
any of its notes Of circulation for the purpose
Of procuring money, to be paid in on it. cspi-
tai stock, nor pledg. or hypothecste directly
or indirectly any Of such Eotes to be used in
its ordinary banking operation.
5 "a. No branch shall, during the time ii
shall continue its operation as brauch, with
draw or permit to be withdrawn, either in
form Of dividends or loans to stockholders, for
longer period Of time than four months, or
in any other manner. any portion Of its capi-
tai stock; and il losses shall at any time have
been sustained by anv branch, equal to, or ex-
ceeding its undivided profits then on hand, no
dividends shall be made, and TO dividends shall
ever be made by any branch while it shall
continue its banking operations to an amonnt
greater than its nett profits then on hand, de-
ducting therefrom its losses and bad and sus-
pended debts; and all debts due and unpaid for
a period Of six months, unless .he same shall
be well secured, and shall be in the process Of
collection, shall be considered bad or suspen-
ded debts, within the meaning of this section
s IS. The directors of each branch sbal
semi-annually on the first Monday in May and
November, declare dividend Of 20 much oi
the nett profits Of the branch as they shall
judge expedient, and as shat be approved b,
the State Bank; and on each dividend day IN,
cashier shall rake full, clear, and accurat'
statement OF the condition Of the branch as il
shall be on that Gay, after declaring the divi
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