St. Charles City Republican intelligencer. [volume] (St. Charles City [Charles City], Iowa) 1857-1861, 1858-05-13

count, worth premium shall the discount or pur
chase of bona ide bill or note payable at place, be-
tween which and the place o discount purchase there
may be difference In exchange and the tax ing add.
ton 10 The rate oi interest aforesaid the rate Of exchange
between such places he deemed usrous Provided that
no lan 10, or discount in favor Of any director stock
holder IN which more than such as Is allowed in
s s'etGn sh. be taken reserved, charged, shall be
forfeited, but the shall be valid against such party
PROVIDED further, tai in shall mere than the cur
REM rate Of eSchange between such places be taken
So, ne total liabilities Of any l.rsvi,"r any company
or hrm Uncudng IN the liabilities oc company or irm
the liabilities Of the several membors thcreoi) to any
change payable out Of this state shall at no time oxcec
Oncour oi the amount Of the which such branch
authorized tn circulate, exclusively Il liabilities
cepor OF acccI"r- one TENTH and exclusive Of liabilities
M such bills d exchange onctwcuLeh part Of the amount
| Of such notes.
| NJ branch shall at any tine pay out on loans or dis
counts, or IN purchasing drafts bills Ol exchange, in
payment Of dcposors, shall in any mode put in
crcna'&'n the notes of any banks banking company
which notes shall not at that be receivable par
pa! mcit of debts by the branches paying
atg such notes, nor shall it knowingly pay ott put
IN circulation any notes issued by any bank banking
company which at the time such pay ng putting
III Circulation not redceming III gold and silver
Ah n"te' bills and other evidences Of debt excepting
h o. exchange discounted by branch shall be male by
the terms thereof, or by special endorsement payable
sociy u such branch and no such cuce debt shall
De assigabe except for collection, for the following
purposes:
ls' To pay and redeem the circulating notes of such
branch.
III, To pay other liabilities Of such branch and after
such liabilities shall have been discharged
81 To divide among the stockholders their stock.
No branch shall issue any certificate of deposit, order
nIt o W exchange, or other evidence Of debt, payable
III currency or IN anything less value than gold and sill
yer CON, except receipts for special deposits shall
any such brdhCh Keep any accounts in currency in
any ,hhg less value than gold and silver CON- except ac
counts OF special deposits
No branch shall b. permitted, in receiving payment at
IT. banking housc or other places, than where the
waS payable oi any note bill other EVIDENCE Of debt
due To such branch, and payable at place other than it.
- Ia of
such debt and the legal Interest due thereon any sum
what.oever a. premium, exchange or damages Prov,
d"t lhdt nothing IN this contained shall prevent
>uCh branch from receiving damages allowed hv law up
on any bona hie bill Of exchange duly prUtc ted for non
acceptance pa ymcnt.
80 All transfers Of notes bonds bills of exchange
anu other evidences of debt" owing any branch Of de
posts TO IT, credit all assignments Of mortgages other
securities on real estate, or judgments DEGREES
vor all deposits OF money, bullion or other valuable
thing for H. use, for the OF any Of IL stockholders
or creditors, all payments Of money nadek kler the com
mission ct an act ot Insolvency, in concnp pavu there
"i, with view tu prevent the appcatlO lOu Of IT, assa,t in
The manner prov Nidd by this act, with the
preference ui one creditor 10 another except in paymcut
" ts circulating notes, shall be held Utterly null and
yOd.
40 II the directors of any branch shall knowingly vi
o"t', or kh""ingy permit any oi the officers agents
oT servants uf such branch violate any Of the prov
"lS OF THIS act, all the rights, privilege, franchises of
nu'n oFdiCh shaIl, however. be determined ailuhg
by court OF competent jUrt>dCtIn agrreab 10 The
tws O this state and the practice such court before
the corporation shall be declared dissolved ana in case
:" suth vocation, every director who participated in or
a'aented 10 the same shall be held liable in III personal
and indiyd capacity tor ali damage which branch
is Stockholders, other persons body pOc or
porate sha! have sustained IN consequence Of such viola
ton.
II. Every President, rcctor C.,hi,r Teller Clerk or
AgSit "i any branch, who shah embczzIe abstract Or
wniuly msaply any Of the nev. funds or credits of
such branch "r -haii without Authority from the directors
issue o PUT IN culaon any Of the notes OF such branch
or shall without such authority, or put forth any
certificate oi deposit draw order bill Of exchange
make any acceptance, sign amy note bond dra.t bill Of
Inst
shall make any false entry book repprt ur tate
ihe''" the branch with an intent in eIthcr in
Jur" Or dcraud other company body Cnrp.rat. or
pohtc or any Individual person, deceive any officer
or agent appointed IN inspect the affairs vf any branch
or shan make, or shall omit 10 make, shall advise OF
c"nset 10 the making any report statement req qire
6y this act IN such manner shall De dcs sncd cvaie
the prol ions "t this act shall be deemed guilty Of ieo
ny! and upon conviction thereof shall be coniined IN the
IenItntiary at hard labor not less than nor more
than twenty years.
" Stockholders in branches. shall each be ndiyi idu
ANY and scvcraiIy liable Ia the creditors the branch Of
"idch they are the stockholders ami above the
amount oi stock by them held To- amount equal
their respective shares held tor all liabilities ac,ru
ing while they stockholders and no transfer of
stock ,hal effect such liability and shDnld any such
bahch become ns"yeRt, and IL, found INSULT
vieht To pay IT, d'bt' and liabilities, It's stockholders may
De eompe'ed to pay such deficiency in prorton the
amount ui stock owned by each, and should the whole
amount cr which stockholders ndiy hiua.y respnn
site as provided in this section be- found IN any case b.
be inadequate to the payment # all the residue Of the
uVpts oi any uraHCh atr the Application Of il,
the pa! nen ot such dcbts. then the moneys doe from
Tie -iochholders account Of their individual liabilities
.s suCh shall be distributed clay among all the credit
ors Of such branch, proportion the amount due 10
each the personal liability Ia this section provided for
Is and above the stock owue, by stockholders and
an! amount unpaid thereon
Is The term >tnckhuter or Shareholder, as used in
TINS act shah apply notony to such persons appear by
the bks of the ASSOCIATION To be SUCH but also every
equitable owner q" stock, although the may appear
on such books in the OF another person and also
every person who shall have advanced the nstalmcnt
or purchase money Ufany stock In the any person
under iwenyone years of and while such person
maths minor to the extent of such advance and ao
every guardian other trustee who >ha! voluntarily in
the h'S Of such guardian trustee shall be in any way
aoe under the provisions ol this act, hy o any
such Investment shall the person for whose benefit
any such investment may hh made, be responsible
ict 10 such stock until thirty days after the tine when
such persons respectively become Compct and able 10
''fui ana dispose OF the same but the guardian
ether trustees making such investment aforesaid shall
continue responsible sochh"llrr Until such rcSpon
>ibty dcvulveS the Isr~On hcut utclly Interested
therein, and In rcSiect 10 stock held by guaTa or 9th
cr trustee under transfer of the by third person.
or under positive directions by third person for such in
festicht, the persons making such transfer giving
such directions and his executors and admins shall
Tor the purpose "t this act be deemed stakeholder and
The estatc Of such Irrson he be- deceased, shall be
spcshle for the debts and liabilities charGcblc such
stock according 10 the provisions of this act
~. The General Assembly may alter o repeal this |
act at pleasure IN the manner provided in the Constitu
ton OF this STATE, but altering repeating ths act
snail impose any injustice or wrong upon the stockholders
oIany branch.
Is. Every branch shall have power make all neces
sdfS and proper bylaws for the and control
o business and fix and regulate the rate o charges
Tor making collections subject 10 be controlled therein by
the state Iank Of Iowa.
i6, No branch shall issue any intended for cir
cuEtOn or money, except the notes furnished for that
purpose by the state Rank of Iowa. ard all such
shall be payable at the branch by which they issued
in gold and silver con the lawful currency Of the United
states provided for in section ten of this act, de-
mand they shall be signed by the President Vice Pres
hcn o the proper branch, and coIntcrsigned by the
Cashier thereof made payable 10 the bearer and shall be
negotiable by delivery all other evidences of debt, issued
by any branch shall be negotiable transferable in the
same manner as issued bv natural person and shall
be binding the branch whether under not ana
all such evidence debt other than notes of circulation
shall be payable TO the order Of some person thecn
named.
S47 No branch shall put circulation in this state the
bi notes ofany Bank Banking Company of the
state except such received in the usual Of
business nor shall any branch either directly indirect
y, exchange s bills or notes intended to circulate mon
ey with any bank or banking company out Of the state
with the agents oi such banks, for the bills or notes Of
such bank or banking company, with view To circulate
the same in this state.
Sis When any number Of per shall have associated
together the formation Of branch provided for
section nineteen they shall give twenty days public
,icc in newspaper published in the town city
where proposed establish such branch 0 their
pose open booS for the sub-cripon Of the Capital
stock of SAID branch specifying the time and place there
Of such book shall be Kept open for two successive days
between the hours o ten NJ and two r. NJ of each day
under the control and direction of such association and
shall be accessible u every person desiring u subscribe
To stock the proposed branch On the hrst day no per-
company business firm, composed of one more
individuals hall be permitted to subscribe to than
ten shares and the second day to than fifty
shares unless the time for chasing the books that
day the aggregate amount Of stock subscribed shall moi
exceed the amount oi capital authorized in section TWEEN
ty.one |
~ The number of branches Of the State Bank Of Iowa
III all exceed Thirty The board Of directors Of the
Bank of Iowa may increase the capital stock Of any
branch wlose caIit does not exceed three hundred
thousand dollars by authorizing such branch Ia receive
any such additional subscription 10 lis caiial stock
viii increase the to amount less than three
hundred thousand dollars ii said board Of directors shall
be sa fed that such additional amount II capital Is de-
manicd 10y the puplic interest, and be safely and
probable employed but the aggregate capital Of all the
branches shall not exceed six millions Of dollars. No
branch shall be established In town with less popua
than five hundred, shall two branches be estab
li-hed in the same town or city.
$50. The branches shall continue to exist so long as
necessary for the settlement Of their Affairs notwth stand
ing the repeal this and law shall be pass
e divertng appropriatng the assets OF any such
branch person other than 10 the ayment OF its
debts and liabilities, and the distribution Of the residue
among stockholders proportion the stock by them