The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1858-04-23

obtained or debt owing; which oath, sub
scribed By himself and certified to BY the Of
| fcers before whom it is taken, shall be filed
and carefully preserved in the Office Of tho
Recorder OF the county in which the branch
is located; but no person shall be President
or Director Of more than one branch at the
same time.
90. 26. The stockholders collectively, Of
1eM1 branch, shall at NO time be liable to such
ch, either as pr,ncips Dbtors or sure
1h or both, to an amoune 9eeding three.
Ms part Of the car ital stock OF such branch,
then actually paid IN, and remaining a. cap.
it'll stock, nor shall the directors, collective
/ ly, he 80 liable to Oh amount exceeding one
fifth part ~ she stock actually paid in, stand
ing in thGlr nAmes, and Of which they are
collectiyels the bona fde owners in their
own nghs.
| : 81. Tho directors of any branch, first
elected, shall hold their place until the FIRST
Monday in January next thefea ter, and I'M
I'll their Successors shall be elected and quail
lied; MI subsequent elections shall be held
annually on the first Monday Of January.
and the directors so11Dtsd shall hold their
places for one yeeG3 Il until their success
sors are elected 9 qualified; any director
removing from G State, or ceasing to be
the owner Of the requisite amount Of stock,
shall thereby vacate his place. Any Vacancy
Ia the board shall be filled by appointment
by the remaining directors; the director so
! appointed shall hold his place until the next
annual election and il, from any cause, an
election Of directors shall not be made ut the
| time appointed, the branch shall not for that
cause be dissolved, but an election may be
held on any subsequent day, thirty days no !.
tice thereof having been given, in a newspa.
per printed in the county where the branch
IL located.
: %. Every branch authorised to carry on
| the business of banking under this act, shall
| be held and adjudged to be body corporate,
with succession, from the date Of its ceftii-
cate Of association cntil the first day of July,
A. D. 1878, and thereafter until its affairs
can be closoi; and by its corporate name
shall be competent to contract, prosecute and
defend actions Of ese cry description, us fully
- natural persons; and process against such
| branch may be servel upon its President or
Cashier, or by leaving q copy thereof at its
usual place of business, during the usual bu-
siness hours.
Each OF said branches shall, during the
term aforesaid, If 60 long it shall comply
! WIN t00 QTUVlof0us OF luis ho nht6 pOW OK 70
issue notes for circulation furnished it by the
State Bank OF Iowa, to loan money, buy, sell
and discount bills Of exchange, notes, and
Ill other written evidences Of debt, except
such asit shall be prohibited, by this act, from
buy ing, selling and DESIGNATING; but no such
loan shall be made on any note, bill Of ex-
change, or other evidence Of debt having
more than four months to run before matu.
rity; shall have power to receive deposits; buy
and sell gold and silver coin and bullion; COL
lect and pay over money, and transact all
other business properly appertaining to bank
! ing, subject, however, to the provisions and
restrictions OF this act; may acquire, bold
and convey such real estate ~ may be neces-
4 snry For the convenient transaction Of its bu-
siness, and no more; but may, however, ac.
quire title TO any real estate pledged to Sc
ourc my dsbt previously contracted, or pur-
/ chased ON m execution or order Of sale, to
satisfy any judgment or decree in its favor,
or which shall'h been conveyed to it in
payment Of any previous debt, but shall not
hold any real estate 30 acquired longer than
I in the judgment Of the Board of Directors, is
necessary to save the said branch holding
suoh real estate from loss, and it is hereby
made the duty OF tho Board Of Directors OF
j each branch to offer any real estate 70 &C.
quired for sale at least once in each year, Frat
giving thirty days notice in some newspaper
Published in the county where such real o.
tate j. situatcd, 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 II the amount bid for such real estate
be sufficient 10 reimburse the said branch in
che amount Tor which such real estate was
J tab n hx ha hpaDch nil int mi
then it shall be the duty Of the Board Of Di-
rcctors OF such branch, to sell and convey
such real estate, but not otherwise, unless 10
their judgment it be deemed necessary Tor
the interest of the said branch to de 10.
! ) 20. No branch shall at any time issue or
hsve in circulation any note, draft, bill Of
exchange, acceptance, certificate OF deposit,
or other evidence Of debt, which from its
character or appearance, shall be calculated
or intended to circulate as money, other than
such notes OF circulation as are by this act
described, and which such Bank is BY Mis-
act authorized to issue for the purpose If
being circulated as money.
( 30. Each branch shall receive at par e
the Office or banking house Of such branch 4
| payment of debts due At such branch Tor
notes Of hand, bills Of exchange, q other ev-
idence OF debt, discounted or purchased BY,
cr belonging to such branch, the notes Of
circulation issued BY uny other branch Of The
State Bank OF Iowa.
4 81. Each branch shall at Ill times, hxvo
on hand in gold and silver coin, in its vsnle
an amount equal to Mt least twenty five per
| cent Of the amount OF its outstanding notes
OF circulation; and whenever the amount Of
/ its outstanding notes Of circulation shall ex-
coed the above named proportion, no more
OF its notes shall be paid out, or otherwise
put in circulation by such branch, nas ehall
such branch increase its liabilities BY making
any new loans or discounts, other than dis
counting or purchasing bills Of exchange,
payable at sight, nor make any dividend Of
its profits, until the required proportion be-
tween its outstanding notes Of circulation and
gold and silver coin on hand shall be restored.
| : 80. Each Branch Of the State Bank shall
be required TO keep in its vaults over and
above the amount required to be kept for the
protection and redemption OF its circulation
as required in the Last preceding section, at
least twenty five per cent Of its current de-
posts, and shall DO prohibited from paying
interest on current deposits.
: SO. No branch authorised under this act
shall at any time DO indebted or 10 any way
Liable 70 Al amount exceeding two-thirds Of
its capital stock ut such time actually paid
sVu s.A~ .Nn~ sufv. II II =