The weekly hawk-eye. [volume] (Burlington, Iowa) 1858-1860, 1858-04-27


together With ne opinion Of he Judge Their. on
shall b psblisAe1 In sch nsnner y he shall
dirscA ord who shall Uaks sach ertrr = res-
pest % ~ expense 81 snch exAnlDasios - -
may dose proper.
%. ii aay eorporatisn organic q under
this sct ohaIl ro5se - ny any 81 its cfeaaastng
notes ID gold q silver oein, NE lawful oarrensy
OF he United States. -. whseh payEent shall
be lawfully demanded At is banking house or
custonary place Of doing business, during usual
baking hours, the holder of such note or notes
making such demand may Cause the same 70 De
protested as hereinafter provided; such corro.
ration shall only be allowed TO make payment
Of any such demand in silver coin where the
sum SO demanded does not exceed the amount
for which SILVER coin 10 legal tender according
to the lava Of the United States; and when
payment shall be demanded on more than one
OF its notes Ut the same time, the aggregate
am0nnt Of snch note TO the amount Of one hun
dred dollars shall be considered on demand
when any notes the payment Of which has been
refused as aforesaid are sought TO be protested.
The Notary Public who presents the same for
protest shall present at each time SO many N
said notes, (f SO many there BEL AZ will amount
in the aggregate to the sum Of one hundred dol.
lars and protest the same in like manner as If said
notes were but note, and so in like manner
for all such notes if they do not in the aggre-
gate amount to one hun ired dollars; and the
Auditor on receiving and filing in his office such
protest shall forthwith give notice in writing to
the corporation, the maker or makers of such
notes, to pay the same, and If he or they shall
omit to do so, the Auditor shall immed iately
thereupon, (unless such corporation shall satisfy
him BY afidavits, fled in his Office that they or
he had good defence rs against the person
presenting the same to a recovery thereof give
notice IN At least one paper printed iii any is
80 printed or published) 1T the place Of business
OF such corporation SO refusing payment Of any
notes, land in one newspaper published at the
seat Of government Of the State Of Iowa. that
all the circulation issued BY such corporation
will be redeemed out Of the trust funds belong
ing to the corporation which made and issued
such protested note, TO the payment pro rata Of
all such circulating notes, whether protested or
not, and shall adopt such measures for the pay
ment of such notes as will i'll his opinion most
effectualy prevent loss to the holders thereof; ;
and as soon as any such note shall be protested
as aforesaid, and a copy Of such protest shall
be delivered to the President, Cashier or prin-
cipal Clerk, at the Office place Of business Of
the corporation, the powers and duties OF any
such corporation over or with the same shall
cease and determine, ami all the officers con-
nected with the same shall be prohibited from
exercising any control over the same, unless by
the decision or decree Of the court in which
proceedings may be had for the appointment Of
receivers and winding u, Of the affairs Of the
corporation it shall be determined that such cor
poration was not bound % pay the note or bill
rs aforesaid the protest thereof to the contrary
Notwithstanding, providin. that the legal exist.
ence Of the corporation >.iall continue for pur-
poses of proceedings in courts for aud against
the same and Of avoiding the loss of property
Of any kind, for want OF person in being to
hold the same, but for no other purpose what
ever, and it shall be the duty Of the Auditor to
apply to any Judge Of tie District Court Of this
State, whose duty it shall be to appoint "a dis
interested person or perS yns) q Receiver or Re-
ceivers who shall reside III the county in which
the bank is situated, to take the assets and pro-
perty Of every such cooperation into his or their
possession, and collect ana apply all such assets
and property as may come into his or their pos.
session under the direction Of the District
Court of the county in which the corporation
was located, lst to the redemption or payment
OF circulating notes; %, to the payment of de
posts; Sd, to the PAYNE ut Of all other indebt-
edness; 4th, to the payment q stockholders.
If the Auditor shall not proceed to wind up the
affairs OF such corporation on the reception and
filing by him OF the protest aforesaid the holder
or owner of such protested note shall have such
rights at law and equity against such corpora
ton any creditor has against his debtor ac-
cording to the laws OF his State. Receivers
appointed under the provisions OF this act shall
give bond and security as may be required BY
the Judge of the Court appointing them.
70. That the distribution and application
OF all the means, assets and property OF such
corporation as shall come into the hands of any
such Receiver or Receivers, or shall be in the
hands of the Auditor, shall first be applied in
payment and satisfaction Of all notes issued and
for circulating medium by any such corpora
ton.
i 80. Stockholders or shareholders in cor
porations organized under the provisions OF this
act shall be individually and severally liable to
the creditors Of the corp ration of which they
are stockholders or shared olders over and above
the amount Of stock BY them held, to an amount
equal to their respective shares SO held for all
lis liabilities accrung while they remained stock
holders, and transfer o. stock shall affect such
liability, and should any such association be-
come insolvent and its assets be found INSULT
cient to pay its debts and liabilities, its stock
holders may be compelled to pay such defcien-
cy in proportion to the amount Of stock owed
by each, and should the Whole amount for which
stockholders are Individually responsible, as
provided in this section, b, found in any case TO
be inadequate to the payment Of all the residue
OF the debts Of any corporation after the appli
cation OF its assets the tyment Of such debts,
then the money due from stockholders on ac-
count OF their individual liabilities as such, shall
be distributed equally among all the creditors
OF such corporation in proportion to the amt
due to each.-The personal liability, in this sec.
ton provided for, is over and above the stock
owned by stockholders any amount unpaid
thereon.
5 81. 1t shall be the duty OF the officers hav-
ing charge OF any bank Established under the
provisions OF this act, to cause to be made cut
on the first Monday OF January and July ofeach
year duplicate statements showing the names at
length and place OF residence Of each stockhod.
er OF such bank, together with the amount of
stock owned by each, aud the transfer OF all
stock. the date of such transfer, the amount so
transferred, and the persons by and to whom
transferred, one OF which statements shall be
posted in some conspicuous place in the banking
house, and shall be continually exposed to pub
lie inspection during the banking hours.-The
other OF said statements shall ba caused by the
bank to be filed with the Recorder OF Deeds in
the county in which such bank is located, and
a copy Of such list named statement duly certi-
fed by the Recorder in wi ose office the same is
filed shall be prima facia evidence Of the facts
therein contained in any court ofjustice in this
State
5 32. That each and all the provisions Of
this act shall apply to ana control in all re-
spects any banker who shall conduct business
under the provisions OF this law, whether the
word banker is or is not used in any such pro-
vision.
) 33. There shall be elected ut each regular
biennial session Of the General Assembly, by
the two houses in joint convention assembled,
three electors Of the State as Bank Commission
ers, whose duties shall be to make semi-annnal
examination, and as much oftener as they shall
deem advisable, in respect to the affairs and
business Of associations incorporated under the
provisions OF this act, and in respect to the con-
dition and management thereof, and the amount
OF specie on hand Tor the redemption Of notes
and percentage Of deposits on hand, and also to
inspect the securities filed with the Auditor and
Treasurer SO as to be able TO determine whether
or not any change has been made in said secu-
rites, as well as in respect to the suficiency OF
such securities to meet the liabilities of the cor
poration, and also to determine whether said
Bank complies with the provisions Of this law,
and to report thereon 10 the Auditor aud to
each corporation. Such Commissioners shall
have power to examine all books, papers, and
documents pertaining 20 the business Of the cor