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


act, shall be held and adjudged to be a
body corporate, with succession, from the
date of its certificate of association until
the first day of July, A. ID. 1878, and
thereafter until its affairs can be closed /;
and by its corporate name shall be COM
petent to contract. prosecute and defend
actions of every description, as fully as
natural persons and process against
such branch may be served upon its
President or Cashier, or by leaving a
copy thereof at its usual place of bust
ness, during the usual business hours.
Each of said branches shall, during
the term aforesaid, if so long it shall
comply with the provisions Of this act,
have power to issue notes for circulation
furnished it by the State Bank of Iowa,
to loan money, buy, sell and discount bills
of exchange, notes, and all other written
evidences Of debt, except such as it shall
be prohibited, by this act, from buying,
selling and discounling 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 ma
turity shall have power to receive de-
posits buy and sell gold and silver coin
and bullion collect and pay over money,
and transact all other business properly
appertaining to banking, subject, how
ever, to the provisions and restrictions OF
this ac. may acquire, hold and convey
such real estate as may be necessary for
the convenient transaction Of its business,
and no more; but may, however, acquire
title to any real estate pledged 10 secure
any debt previously contracted, or pur-
chased on an execution or order of sale,
TO satisfy any judgment or decree in Its
favor, or which shall have been conveyed
to it in payment of any previous debt,
but shall not hold any real estate so ac-
quired longer than in the judgment of the
Board of Directors is necessary to save
the said branch holding such real estate
from loss, and it is hereby made the duty
of the Board of Directors of each branch
to offer any real estate so acquired for
sale at least once in each year, first Civ
ing thirty days notice in some newspaper
published in tie county where such real
estate is situated, of the time and place
of such sale, if any newspapers be pub
lished in such county, and il not, then
in some newspaper published the nearest
thereto ; and at such sale, if the amount
bid for such real estate be sufficient to
reimburse the said branch in the
amount for which such real estate
was taken by the branch, with interest
and cost, then it shall be the duty of
the Board of Directors of such branch,
to sell and convey such real estate, but
not otherwise, unless in their Judgment
II be deemed necessary for the interest of
the said branch to do so.
5 go. No branch shall at any time is
sue or have 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 circu-
late as money, other than such notes of
circulation as are by this act described,
and which such Bank is by this act au-
thorized to issue for the purpose of being
circulated as money.
5 30. Each branch shall receive a par
at the office or banking house of such
branch in payment of debts due at such
branch for notes of hands, bills of ex-
change, or other evidence Of debt, dis
counted or purchased by or belonging to
such branch, the notes of circulation is
sued by any other branch of the State
Bank of Iowa.
s3l. Each branch shall at all times,
have on hand in gold and and silver coin
in its vault, an amount equal to at least
twenty five per cen. of the amount of its
outstanding notes Of circulation and
whenever the amount of Its out
standing notes of circulation shall ex-
ceed the above named proportion, no
more of lis notes shall be paid out, or 9TH
erwise put in circulation by such branch,
nor shall such branch increase It, liabili
ties by making any new loans or di counts,
other than discoun ing or purchasing bills
of exchange, payable AT sight, nor make
any dividend OF It's profits. until the re-
quired proportion belwecnis outs aading
notes of circulation and gold anI silver
coin on hand shall be restored.
s 50. Each Branch of the State Bank
shall be required 70 keep il its vaults
over and above the amount required 10
be kept for the protection AMI re1emp-
tion OF its circulation as required in the
last preceding section, a. less, twenty
five per cent. Of its current deposits, and
shall be prohibited from paying interest
on current deposits.
s 33. No branch authorized under this
act shall at any time be indebted or in
any way liable to Al amount exceeding
two thirds of its capital stock at such
time actually paid in aad remain.n, as
capital stock undminished by losses or
otherwise except on the following ac-
count-that is to say
lst. On account Of its notes of circu-
lation.
2l, On account of moneys deposited
with or collected by such branch
Sd. On account of bills of exchange OF
drafts drawn against money actually on
deposit to the credit of, or due to such
branch.
4th. Liabilities to its stockhollcr, o.
account of money paid i'll on capita
stock, dividends thereon, and undivided
profits.
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