St. Charles City Republican intelligencer. [volume] (St. Charles City [Charles City], Iowa) 1857-1861, 1858-06-10

Implying any pledge the part OF the State for the lay
icnf o' said bill notes beyond the proper apUcti IN
tion. 'P
l6 The public stock deposited with the tp,l,or he
any such corporation shall be held first for the security
o notes vi such corporations put in circulation as money
h ts sahc are reieenei as herein p"NIicl, second,
~ ue ymet oi deiostors, third, for the payment OF
holders. ~
! Il. The plate, dies and materials which may he
lieu by the Auditor tor printing and marking OF the
notes psSs!ed rr hereby, Shall remain IN his custody
anu under m direction, ana the expense incurred in ex
e'uhg tie provisions of this shall be audited and
e" oF the Auditor and paid out Of any the money
III lh Lt!auE not otherwise appropriated Tor the
t'Sc oi Tenbursifg the same the said Aufor IL au
tho zcd and required charge against and receive from
Such corporation applying tor such circulating notes
purpose.
9s shdl not BE- lawful for the Auditor or other of
A- 10 cnintcr-ign notes for any corporation, any
O'.l,t Ia iit aggregate exceeding the publC stock
posted with the Treasurer by such CORPORATION rated as
provided m the third section of this act and any Audtr
W ocr 'inccr who shall violate the provisions Of tis
scctni ral upon conviction be adjudgcd guilty of cIo-
~ ana hal be punished by fine Of less than 1--WE
touahi dollars, and be imprisoned not less thal five
years in the Pcnientary
S9 Every corporation under the provr ions of this
att sai b" liable to pay the holder Uf every put
circulation, the payment Of which shall have been de-
thiu and refused, damage for the noupayment there
I" IN ieG OF interest at the rate Of and one half
F cont pr annun from tn tine OF such refusal, Until
ue s mcnt Of such debt and the damage thereon Pro
sued hai no damage sha be allowed such demand
a'tr the bank has gone lat, liquidation. The President
anu ''Is'I Z" every corporation formed pursuant the
provisions ol this act hall keep true ana correct l-t of
me names OF all share holders Of such corporation and
nan hIe copy Of such lit in The u6cc Of tie Clerk OF
tue county where Ia. flee Of such Curprra,B NAV b..
cdted and also In the Office of tie Auditor on TIN first
Monday IN January every year bat the holder t any
c1hh against such bank or corporation payable de.
hthi or d" at tie tme OF going llul1ation shall
entitled 10 interest at the rate ul per cent per annum
uhui PAU and all other claims shall bear tie
oI htre Itr nIat .rity.
! 20 1t shall not b. lawful for any corporation under
- , ' 70 max any OF IT. notes pot IL circulation as
money payable at any other place than the Office
'y ih'7' OI Tue corporation Is carried on every
corporation which may be aUthu;Iz under the PRO
-ions {" This hail be located u. -Ume rty town or
Nl|ge having population uI less than lvc hundred
hhtbtaIt, nor sha,l the oice where business Of
such corporation acted be any other pace than
Gated.
Il No corpcraton. shall issue or put in circulation
any notes OF such corporation unless the be made
"Sdb On demand and every such corporation shall al
ways h'ep Gn hand an amount Il sp'' sufficient re.
a. al such bills % hoI as ml! BE- presented at the
y. Zach corporation shall always keep on hand an
an"Gnt n addition u that required To be kept hand
os Tue PROVISIONS OF the preceding Scctlon) equal tu
twenty hy" l+r cent "Ithe amount Of specie dc;eits IN
Stc all tht same proportion 9" It's other drl"ss Iur
tLr security q" d"pS!tnrs bGt sch corporation shall
pay any interest on current deposits.
y y" corporation organized under the provisions of
tS at shiIl At any lime pay out on 'ans discounts
III purchasing drIit' Of bills of exchange payment
Of Gcpu-tor-, shall Ia any mode put in circulation
I'll" hpies Of any bank banking company which notes
shall not At that time be rcdecmabr specie the
-. All grants, cunvryanCcs assignments, transfers,
sales or disposition Of property, right credits effects
by shy such corI"raan Tor the purose with intent
t secure lhe payment oi "nc liability N preference IN
"t',r ur oihc. or III any manner any priority
or preference p any one more creditors wi shall
D" Noii ia respect 10 all other persons and creditors
who's Rights Or remedies may b" lti'ctct thereby.
% 1t ."l be- lawful for such corporations pur. |
chs" so! aud coHN"y real tItr for the following Iur
l"scS FI,st such a. -hall bg necessary nmcdi-
at" accommodation, banking houses and buildings con.
nccted Herewith, in the transaction Of its business
Second such as IL shall purchase at sales under ug
fi At !i,E tnrar rtfrtitits ana DEGREES in py}iion
others, where II done with the sole Of secdrnt
and saving debts duo or 10 become doc 10 such corpora
tipn.
26. The all corporation shall purchase hold
convey real estate in any other for any other pur
pose whatever and all convcyance Of such real estate
shall he made to the corporation and which the President
and c her or either may SELL assign grant or convey
under the direction oi the corporation free from any claim
thereon In favor Of against the Shareholder or any
person claiming under them.
81 Upoh the Application OF the Auditor or any share
holder -haTch0dura whose shares shall amot to ve
thousand dollars or o any person or persons holding ev
deuC. Indebtedness against any such corporation to
that amount which appcaton shall set forth in full the
fact, and circumstances ufOn which is maze AMI shall
be verified 10y ailiav the Judge of the Distract Court Ui
the county which the business OF the corporation may
b. conductcd may order all examination be mad by
any cumptrut person or persons To- hc by him appointed
tho alrs l such corporation Tor the urpoe of asccr
uIng The safety 1 ts inv tn"ut and the prudence Ut Is
management aud the results OF such eXamiuaiOn to-
gcther with the opinion OF the Judge thereon shal be
pub.i.hcd in such manner he shall direct and who
shall make such order IN respect to the expense q. such
examination a. he may deem proper.
~. II any corporation organized under this act shall
refuse pay any Of It. circulating notes in gold vcr
coin the lawful currency Ot the United States, which
pay mcnt shall be lawfully demanded at is banking
house tOmary place Of doing business during usual
banking hours the holder Of such note or notes making
such demand may cause the same to be protested
hereinafter provided such corporation shall only be al
lowed to make payment If any such demand IN silver
coin where the sum demanded does not exceed the
atnourt which silver coin is legal tender according
the laws # the United states and when payment hail
be demanded than one Of it, notes at the same
time the gate amount Of such nOte 10 the amount
Of one hundred dollars shall be iercd demand
when any notes the ymen Of which ha3 been refused
a. aforesaid are sought to he protested The Notary
rublc who presents the for protest shall present
each time many Of said notes (as will amount IN the
aggregate TO the sum Of one hundred dollars and protest
the same in a Ike manner as il said notes but
note and like manner for all such notes they 90
not In the aggregate amount To one hundred dollars and
the Auditor receiving and fling in his Office such pro
shall IuIhsIt give notice in writing the corpora
ton the maker makers of such to pay the samc
and II he they shall omit to do so, the Auditor shall
Immediately ther'uPon, unless such corporation shall
satrfy him by aifdavt fled in his office that they or
he had good defense a. against the person presenting
the same u recovery ,hereofD give notice in AT least
paper printed m any PAPER so printed pub-hedl
the place Of bu,niss Of such corporation rei>ug
payment 0f any notes and in paper publ he'd
the OF government OF the state OF Iowa that all
the circulation issued by such corporation will be redeem
e oct of the trust funds belonging To the corporation
which made and issued such protested the pay
pro Uf all such circulating notes, whether pro
and shall adopt such for the pay.
such will in his opinion most eleCtualy
prevent loss tp the holders thereof and as soon a, any
such shall be prote TED aforesaid and copy Of
such protest halI be delivered 10 the President Cashier
principal Clerk at the office or place of business Of the
CuTpnTaOn, the powers and duties Of such corpora
ton over with the shall cease and determine,
and all the officers connected with the same shall be pro-
hhd from exercising any control over the same unless
by the decision decree Of the court in which pro
credne be had for the appointment Of receivers and
winding up Of the affairs Of the corporation sha be de
rned that such corporation was not bouni TO paw tha
O
uoiwths andng providing that the legal If the
corporation shall continue iYr purposes oG proceedings in
court, for and against the same and Of avoiding the loss
of property OF any kind for want of person being to
hold thr same but for no other purlo-e whatever and
shall be the duty oi the Auditor apply any judge
Of the District Court Of this state, whose duty shall be
to aplon Ga dSiniercsted person persul Receiver
Receivers who shall reside in the county in which the
bank i situated 10 take the and property OF every
such corporation into his or their possession, and collect
and apply al! such assets and property may into
his their possession under hr direction oi the District
Court u the coCnty IN which the corporation was located
First "a the redemption ment m dclsits Second
10 the Iay oi deposits Third 10 the PAY inent of all
other Indebtedness FOURTH tn the payment of stock
holders. II the Auditor shall pr"Cced to wind up the
airs "i such corporation the reception aud filing 10y
him Of the protest aforesaid the holder or owner OF such
protested note shall have such rights at iaw and equity
against such corporation any creditor has against his
debtor according to the laws at tins state. Receivers ap
pointed under the provisions at this act hail give bond
AMI security may be required by the Judge of the Court
appointing them.
- That The di- trbtan AMI application OF all the
come into the hands Of any such Receiver OF Receivers,
or shall he Ia the hands Of tn Auditor shall be- applied
IN met and satisfaction all notes issued and Tor
circulating medium by any such corporation.
30 stock holders share holders in corporations or
galad under the provisions u this act shall be ndlviiu
ally and seyeraly liable 10 tho creditors oi the
corporation Of which they stock holders or share
holders over and above the amount nf stock by
them held for all its liabilities accrung while they re-
manned stock holders and transfer oi stock shall affect
such liability, and should any association become insov
ent and itS assets be found insufficient To pay its debts
t.ss.a IN, In
such deficiency III proportion to the amount OF stock
owned by each and should the whole amount for which
stock holders are individually responsible as provided
IN tins section, be found naiequat. 10 the
men OF all the residue of the debts Of any corporation
after the app cation OF its assets 10 the "a. nent oi such
debts then the money due from stock holders account
OF Their individual liabilities SUCH shall be distributed
equally among all the creditors of such corporation, ia
proportion To the amount due each The personal liza
bty, III this section provided for over and above ti'
stock owned by stock holders and any amount unpaid
thereon.
81 u shall be the duty Of the officers having charge
oi any bank established under the provisions OF this act
10 eause te be made the first Monday OF January anc
: each phrlta