The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1858-04-22

the branch, touching its condition, means
and liabilities: they shall have power to re-
quire any branch to reduce its circulation or
other liabilities within such limits as they
shall, after full inquiry into its condition,
deem necessary to secure from loss either the
dealers with such branch or the other branch
% of the State Bank of lows. They shall,
as soon after the FIRST MondayE osery
month az practicable, publish II ~
paper printed at Iowa City. o6og8 ~
abstract OF the monthly reports 81 al -;
branches, showing their assets, liabilitioO
and condition, which statement shall be ~
corded in book or books to be kept for
that purpose. They may appoint an execu-
tive committee of not less than three, Of
whom the Vice President shall be one, to act
in behalf Of the Bank in al suoh cases No
shall be prescribed by the bylaws of said
Bank, not inconsistent with this act
: 4. The President, Vice President, Sec
rotary, and all other officers or agents Of the
Bank, shall each receive such compensation
for their services as said Bank shall allow,
which shall be assessed upon the several
branches of the State Bank Of Iowa, in the
ratio of their capital stock. The Bank may
also allow the executive committee such
oVhiFcuSutiuh uD ~ hiUy uccm .juat huu Icu :
sonable, to be paid by the several branches
in the same manner, and the expenses Of
procuring plates and printing notes Of cir
culston shall be paid by the several branch-
o. in the ratio Of the notes OF circulation re-
ceived by each.
s 5. Each Director Of the Bank, appoint
cd 81 III branohes, shall continue in office
until 1o 1Goe 11nday in February next af-
teu1o eUpetntme~t, and until his successor
shall ~ appoiute6 and qualified vacancies
in the Board shall be filled BY the branch by
which the appointment vacated VS. made
In voting, each member shall BE- entitled to
two votes, - 10 one additional vote for
every fifty thousand dollars Of the amount
of capital stock paid into the branch repre-.
sented by him ov6r one hundred thousand
dollars ut tha tlme OF such voting. The
President Ar V1ss President Of the Bank
shall hold their Offices for one ear, and
until their successors ore appointed, but they
may be removed by resolution Of the
Board. They and all other officers and
agents Of the Bank shall take an oath faith
fully, diligently and impartialiy to fulfil the
duties of their appointments and not know
ingy vi0la&s any Of the provisions OF this
act. They shall be required 70 give bond
in suoh sum and With sneh securities as
the Bank shall prescribe, and all vacancies
in said appointments shall b. filed by the
Bank.
s Q. Nj notss designed for SPECULATION by
the branches, shall be furnished b. the State
Bank Of Iowa, but no notes shall be deliv-
| cred 90 any branch until they ars numbered
and countersigned BY some person author.
lied BY the State Bank of Iowa, to counter
sign the sams ~ register, and o full record
M s,,d 4
in book provided FOR that purpose, and nil
such notes shall have stamped or printed on
their face tho words, ''Rsgistered BY the
State Bank Of Iowa" All notes 30 worn,
defaced or mutiated as to be unit for cireu
lntion, shall bs returned by the branch by
which they were issued, to the Bank, and an
equal amount of new notes received there
for; all such notes 50 returned by branch
shall BIO credited. and all new ones delivered
in their stead shall be charged TO such branch
on the books OF said Bank and the notes 20
returned shall be burned to ashes ia the
presence of the President or Vice Presi-
dent and at least two Of the Directors OF said
Bank.
81. Before the Bank shall deliver to any
branch, notes for circulation, il shall require
such branch to pay ovsr or deposit to the
credit Of said Bank, as said Bank shall order,
either in money or United States Stocks, or
interest paving State Stocks at their current
value in the city Of New York, but in no in
stance above theirpar value, m amou unit equal
to ia per cent. on the amount Of the notes
for circulation, which shall be delivered 10
such branch. And so from time to time ms
any branch, by the paying Of IN additional
amount of it's capital stock, or by not having
received the amount Of notes for circulation
70 which it was previously entitled, shall re-
ooive an additional amount of notes for cir
cOlation, such branch shall deposit with the
Bank 12} per cent. on the amount ~ notes
% received; and the stocks and monay 20
deposited shAll be denominated the "Gafety
Fund, )" and shall be invested as hersinafter
provided, and held by the Bank as the prop
erty Of said branch, in trust for the benefit
of the seyeeal branches OF the State Bank of
Iowa, and - fund FOR tho redemption Of
the notes u ciroulstion Of any one or more
of said branches that may Fail to redeem the
notes, to be applied to that purpose in the
manner pointed Sut In this act.
: 8. All money 80 deposited or paid to the
Bank on account Of the Safety Fund by any
braRch, shall BIO under the direction of said
Bank, invested either in Interest paying
Stocks of States or Of the United States
Each branch shall be entitled to receive its
interest aocrning on the stocks in which its
portion Of the Safety Fund shall have been
invested, and 10 case OF the insolvency OF
any branch, the stoeks ID Mh3oA ~ ncney
| Of such branch shall hsve beea invested o.
aforesaid, u he prosssds az eush stock shall
be sufhoisat 20 redeeo its outstanding notes
of Circulation, shall = far ms practicable be
1 first converted into money and applied to
that purpose, before any part Of the Safety
Fund beloagiag to other branches, shall be
% applied.
| 3 Q. The State Bank Of Iowa shall not fur
nish . any branch, circulating notes to an
amount bearing greater proportion to the
capital oeock Vt said branch, actually paid
! In and At tho time remaining undiminshed
! BY losses, or withdrawal, than the proper.
tion hereinafter specified, that is to say; on
the first hundred thousand dollars, or any
lesser amount of its capital, not more than
twice the amount Of such capital on the sec.
ond hundred thousand dollars, or part there.
81, not mora than one aud three quarters the
amount OF such capital over one hundred
thousand; ON the third hundred thousand
dollars or part thereof, not more than one
4 and . half the amount Of such capital, oyer
two hundred thousand nor shall said bank
furnish to any branch circulating notes OF
any other denomination than Of one dollar,
two dollars, three dollars, FIVE dollars, ten