The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1858-05-08

Z dunn by any such corporation.
i & 80. Stockholders or shareholders in
Corporations organized under the provisions
of this act shall be Individually and seyerally
liable to the creditors Of the corporation
Of which they arc stockholders or sharebold-
ers over and above the amount Of stock by
them held, to an amount equal to their re-
spective shares 50 held, for all its liabilities
accruing while they remained stockholders,
and no transfer OF stock shall affect such
liability, and should any such association
become insolvent and its asscsts 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 owed by each, and should the whole
amount for which stockholders are individ-
ually responsible, rs provided in this Sec
ton, be found in any case to be inadequate
to the payment of all the residue of the
debts Of any corporation after the applica-
ton of its assets to the payment of such
debts, then the money due from the stock
holders on account Of their individual l,a-
bilitics as such, shall be distributed equally
among all the creditors of such corporation,
in proportion to the amount due each. The
personal liability, in this section provided
| for, is over and above the stock owned BY
stockholders and any amount unpaid the CT q.
8 81. 1t shall be the duty Of the officers
having charge of any bank established un-
der the provisions of this act, to cause to be
made out On the first Monday of January
and July of each year duplicate statements
showing the names Mt length and place Of
residence of each stockholder Of such bank,
! together 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 transfer
ed, one of which statements shall be posted
in some conspicuous 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 county in which such bank
is located, and copy of such last named
statement duly certified by the Recorder in
whose Office the same is filed shall be prima
tdcid evidence of the facts therein contained
in any court of justice in this State.
8 80. That each and all the provisions
of this act shall apply to and control in all
respects any banker who shall conduct bust
ness under the provisions of this law, wheth-
cr the word banker is or is not used in any
such provision.
8 SO. There shall be elected at each regu-
lar biennial session of the General Assembly,
by the two houses in joint convention as
sembled, three electors of the State as Bank
Commissioners, whose duties shall be to make
semi-annual examination, and as much oft
ener as they shall deem advisable, in respect
to the affairs and business of associations
incorporated under the provisions Of this
act, and in respect to the condition and
management thereof, and the amount Of
specie on hand for the redemption of notes
and percentage Of deposits on hand, and
also to inspect the securities filed with the
Auditor and Treasurer, so rs to be able to
determine whether or not any change has
been made in said securities, as well as in
| respect to the sufEciency of such securities
to meet the liabilities of the corporation,
| and to determine whether said Bank COM
plies with the provision of this law, and to
report thereon to the Auditor and to each
corporation. Such Commissioners shall have
power to examine all books, papers, and
documents pertaining to the business of the
corporation, and to swear or affirm all Off
GERS, agents and others connected with the
corporation in respect to any matter or
thing about which they have the right to
inquire, and their reports shall be published
in some newspaper Published at the seat Of
government and IN newspaper published
in the county in which the Bank does busi-
ness, and if there be no newspaper in such
county, then in newspaper published in the
nearest county thereto; Prorided: that neither
| of the Commissioners elected in accordance
with the provisions of this section shall be
engaged either directly or indirectly in
banking under the provisions of this net,
either as stockholder, director or under
officer, and should either of them so engage
in banking, so elected, it shall be construed
rs a full resignation of his Office as Commits
sioncrs.
s "a. Such Bank Commissioners before
entering upon the duties of their office shall
take and subscribe an oath or affirmation
faithfully and impartially to perform all
the duties enjoined 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 35. If the said Bank Commissioners
shall ascertain upon any examination which
they may make, that any change has been
made in the securities deposited with the
Treasurer. or that any part thereof has been
lost, destroyed or improperly withdrawn, or
or that securities have from any cause be-
come lessened in value, or Insufficient for
the redemption of bills of circulation, they
shall notify the President and Cashier of
such corporation liable to be affected by any
such.state of facts of the discovery thereof,
and require the transfer and deposit of
other security of the like value with those
originally transferred to supply the place of
those changed, lost, destroyed or improperly
withdrawn, or which shall have become in
sufficient security as aforesaid, in reasona-
Bile time to be fixed by said Commissioners,
or that said corporation surrender to the
Auditor sufficient amount Of bills to be
funded to reduce the liability of snch cor
poration to such sum as that the securities
in possession of the Treasurer will be sufi-
cient for the redemption of all notes not so
surrendered; and in case of any failure to
comply with any such requisition the Com
missioners shall report the facts to the
Auditor, us well as to all the other copora-
tions Incorporated under the provision of
this act, and the Auditor shall thercupon,
proceed to put such defaulting incorpora-
ton into liquidation as provided for in
case of failure, to redeem or pny notes on
demand. If the said Bank Commissioners
shall ascertain, upon any such examination,
that any bank has, in any manner failed to
comply with the provisions of this act, they
shall Immediately report the same to the
Auditor, who shall thereupon, proceed to
put such defaulting incorporation into liqui-
dation, as provided for in case of failure to
redeem or pay notes or bills on demand.
8 36. Thomas Hedge, of Des Moincs
county, George l.. Davenport, of Scott
county, P. Cad. Bryan of Warren county,
Thomas A. Graham, of Tnma County,
and E. G. Potter of jackson county, shall
be End they are hereby appointed Bank Com
missions, who shall hold their Office until
their successors are elected and qualified
Said-commissioner shall, during their term
Of Office, perform the duties prescribed by
this act.
S37. The Bank Commissioners created
by this act, shall each be entitled to receive
for their services, for every day actually
spent in making the semi-annual examina-
tion by this act required, the sum of five
dollars per day, which said sum shall be
annortioned among the said hanks bv tho |