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

tee; 2nd, to the payment of deposits; Sd, to the
payment OF all other indebtness; 4th, TO the
payment of stock k-holGers. If the Auditor
shall not proceed to wind up the affairs of such
corpora ion on the reception and filing by him
of the protest aforesaid the holder or owner
of such protested note shall have such right at
law and equity against such corporation as
| any creditor has against his debtor according
to the laws of this State. Receivers appoint
ed under the provisions of this act shall give
bond and security as may be required by the
Judge of the Court appointing them.
90. That the distribution and application
of all the means, assets and property Of such
! corporation as shall come into the hands Of
any such Receiver or Receivers, or shall be in
the hands Of the Au.itor, shall first be applied
in payment and satisfaction of all notes issued
as and for circulating medium by any such
corporation.
s 30. Stockholders or shareholders in cor
poratons organized under the provisions Of this
act shall be Individually and severally liable to
the creditors of the corporation of which they
are stock holders or share holders over and
above the amount of stock by them held, to
, an amount eqnal to their respective shares so
held, for all its liabilities accuing while they
remained stockholders, and no transfer Of
stock shall effect such liability, and should any
such association become insolvent and its as
sets be found insufficient to pay its debts and
! liabilities, its stockholders may be compelled
to pay such deficiency in proportion to the
amount Of stock owned by each, and should
the whole amount for which stock-ho 8
are invidually responsible, as provided in this
section, be found in any case to be inadequate
to the payment of all the residue Of the debts
Of any corporation after the application Of its
assets to the payments of such debts, then he
moneys due from stock holders on account of
their individual liabilities as such, shall be dis
tribnted equally among all the creditors of
such corporation, in proportion to the amount
due to each. The personal liability, in this
section provided for, is over and above the
stock owned by stock holders and any amount
unpaid thereon.
| 81. 1t shall be the duty of the off GERS
having charge of any bank established uuder
the provisions of this act, to cause to be made
ont on the first Monday of January anI July oi
each year duplicate statements showing the
names al length ard place of residence of each
stock. holder of such bank. together with the
amount of stock owned by each, and the
transfer Of all stock, the date Of sue h transfer
the amount so transferred, and the person by
and to whom transferred, one OF which state
ments shall be posted in some conspicuou.
place in the banking house, and shall be con.
tinually exposed to public inspection during
the banking hours. The other of said state.
men's shall be caused by the bank to be filed
with the Recorder of Deeds in the county in
which such bank is located, and copy o.
snch last named statement duly certified By
the Recorder in whose office the same is flee
shall be prinaa fdeia evidence Of the facts
therein contained in any court of justice in
this State.
30. That each and all the provisions of
this act shall apply TO and control in all res.
poets any banker who shall conduct business
under the provisions Of this law whether the
word banker is or is hot used in any such pro-
vision.
| S33. There shall be elected at each regular
biennial session of the General Assembly. b,
the two houses in joint convention assembled
three electors of the State as Bank Commits
sioners, whose duties shall be to make semi
annua, examination, and as much oetener a.
they shall deem advisable, in respect to the af
fairs and business of associations Incorporates
under the provisions Of this act and in respec
to the condition and management thereof, an,
the amount OF specie on hand for the redemp
ton Of notes and percentage of deposits OF
hand, and also I. inspect the securities FLEE
with the Auditor and Treasurer SO as to b,
able to determine whether or not any chang.
has been made in said securities, as well as il
respect 10 the sufficiepcy OF such securities t.
meet the liabilities of the corporation, ant
also to determine whether said Bank compile.
with the provisions of this law, and TO repor
thereon to the Auditor and to each corporation
Such Commissioners shall have power to ex.
anime all books, papers and documents per.
tanning to the business Of the corporation, and
to swear or affirm all officers, agents, and 9th.
ers connected with the corporation in respec
any matter or thin. about which they have the
right to inquire, and their reports shall be pub.
lished in some newspaper published at the sea-
of government and in newspaper published
in the county in which the bank does bu,;.
ness, AMI il there be no paper published in
such county. then in newspaper published
in the nearest county thereto; Prorided, Tha
neither of the Commissioners elected in accor.
dance with the provisions Of this section shall
be engaged either directly or indirectly in bank
ing under the provisions of this act, either a.
stakeholder, director or under officer, ant
should either of them so engage in banking
so elected, 1t shall be construed as full resig,
nation Of his Office as Commissioner.
s "a. Such Bank Commissioners before en-.
tering upon the duties Of their Office shall TAX.
and subscribe an oath or affirmation faithful
ly and impartially TO perform all the dutie.
enloined upon and required to be performed
by them, which said oath or affirmation shall
be filed in the Office Of the Secretary of State
s IS. Ifthe said Bank Commissioners shall
ascertain uron any examination which they
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