Quasqueton guardian. (Quasqueton, Buchanan County, Iowa) 1856-1858, 1858-05-06

rates of banking, or as calculated in Row
let's tables, and the knowingly taking,
reserying or charging on any debt or de-
mand discounted or pure based by any
branch, a rate of interest greater than al
lowed by this section, shall be held and
adjudged a forfeiture of such debt or de-
mand, but the purchase of bona tide bill
of exchange or note payable at another
place than the place of such purchase or
discount, and the taking or reserving in
tercst thereon at the rate aforesaid, from
The time of such purchase or discount,
until the maturity of such bill or note,
shall not be held usurious, although cx-
change on the place where it is made
payable is at the time of such purchase
or discount, worth a premium ; nor shall
discount or purchase of bona fide bill
or note, payable at a place between which
and the place of discount or purchase,
there may be difference in exchange,
and the taking in addition to the rate OF
interest aforesaid, tic rate of exchange
between such places, be deemed usurous:
Provided, that no loan to, or discount in
favor of any director or Stock holder in
which more than such interest as is al
lowed in this section shall be taken, re-
served or charged, shall be forfeited, but
the same shall be valid against such party
Provided further, that in no case shall
more than Tic current rate of exchange
between such places be taken.
SO. The total liabilities of any person
or of any company or firm Including in
the liabilities of company or firm, the
liabilities of the several members there
of to any branch as acceptor or accept
ors of bona fide bills of exchange paya-
bic out of this State, shall at no time ex-
coed one-fourth of the amount of the
notes which such branch is authorized to
circulate, exclusive of liabilities as ac-
ccptor or acccptors, one tenth, and eX-
elusive of all liabilities on such bills OF
exchange one-twentieth part of the
amount of such notes No branch shall
at any time pay out on loans or discounts,
or in purchasing drafts or bills of ex-
change, or in payment of deposiors, nor
shall 1t IN any mode put in circulation
the notes of any bank or banking COM
pany, which notes shall not, at that time,
be receivable at par in payment of debts
by the branches so paying out or circula-
ting such notes, nor shall it knowingly
pay out or put in circulation any notes is
sued by any bank or banking company
which at the time of such paying out OF
putting in circulation, is not redeemine
IFS notes in gold and silver. All notes,
bills, and her evidences Of debts, ex-
ceptlng bills of exchange, discounted by
any branch, shall be made by the terms
thereof, or by special endorsement, pava-
be solely TO such branch, and no such evil
dence of debt shall be assignable, except
for collection, or for tie following pur-
poses:
|. TO pay and redeem the circulating
notes of such branch.
2. 70 pay other liabilities of such
branch, and after such liabilities shall
have been discharged.
g. 10 divide among the stockholders
on their stock.
No branch shall be permitted, in re-
cciving payment at its banking house,
or other places, than where the same was
payable, Of any note, bill, or other evi.
dence of debt, due 10 such branch, and
payable at place other than its banking
house, to receive in addition 10 the am.
cunt of such debt and the legal interest
due thereon, any sum whatsoever rs pre-
MUM, exchange, or damages Promded
That nothing in this section containe
shall prevent such branch from receiving
damages allowed by law upon any bona
iide bill of exchange, duly protested fol
non-acceptance or on-payment.
s 80. All transfers of notes, bonds
bills of exchange, and other evidence Of
debt owing to any branch, or of deposits
10 its credit; all assignments Of mort
cages or other securities on real estate
or Of judgments or DEGREES in its favor
all deposits of money, bullion, or other
valuable thing for its use, or for the use
of any of its stockholders or creditors
all payments of money made after the
commission of an act of insolvency, OF
in contemplation thereof, with view tc
prevent the application of its assets in
he manner provided by this act, or with
n view to the preference of one creditor
40 another, except in payment of its cir.
culating notes, shall be held utterly null
and void.
s 40. If the directors of any branch
shall knowingly violate, or knowingly
permit any of the officers, agents, or ser
wants of such branch to violate any O
the provisions Of this act. all the rights,
privileges and franchises Of such branch
shall thereby be forfeited ; such violation
shall, however, be determined and ad
Judged by court of competent jurisdic-
lion, agreeably to the laws of this State
and the practice of such court, before
the corporation shall be declared dissolv-
ed, and in case of such violation, every
director who participated in, or asscnted
10 the same, shall be held liable in his
personal and individual capacity for all
damages which the branch, its stock
holders. or any other persons, body pol
itic or corporate shall have sustained in
consequence of such violation.
Sal. Every President, Director, Cash
Ter, Teller, Clerk or Agent of any branch,
who shall cmbezzle, abstract, or wilfully
misapply any of the moneys, funds or