The weekly hawk-eye. [volume] (Burlington, Iowa) 1858-1860, 1858-03-30

ton, o. any of den, In Rid ~ silver coin. tn,
!, / lawful currency 81 the Caited 6sates, on which
( | payment shalt be lawfully demanded u it, bank
/ Ing houss Of cuseoalary plsee Of doing business
! during the esu.i e.nking houra, such branch
/ / shall b deemed - have committed an act o.
insolvency, and thsreupon III IL property, cred
its, securities, liens and assets Of every descrip
/ ton shall forthwith vest in and b the property
credits, securities liens and assets Of the State
Bank of Iowa, for the uses and purposes de-
q clared in this act. And the said branch shall
only be allowed 10 make payment Of any
3 such lawful demand in silver coin when the
sum 30 demanded does not exceed the
: amount for which silver coin il legal tender
| Of the laws Of the United States, end when pay
ment shall be demanded on more than one Of
its notes ct the same time, the aggregate amount
J of such notes 90 presented for payment to the
amount of one hundred dollars shall be consid-
.red but one demand.
Sec. IL. The State Bank Of Iowa, on receiv.
Z ing information that any branch has committed
, such act Of insolvency, shall forthwith appoint
, . committee Of one or more Of its Directors,
. or others, who ehall make immediate enquiry
into the truth OF such information, and report
thereon to the Bank and il the Bank shall be
satisfied from the report Of the committee, that
such branch has suspended the payment Of it,
notes in gold and silver AS provided in section
ten (lO). 1t shall forthwith appoint suitable
receiver, or receivers, who shall take immediate
possession of the books, records, money, chooses
in action and property Of such branch, Of every
desOripeiO1 and hold the same for the joint use
of the other branches of the State Bank Of
Iowa, and the creditors Of the failing branch,
and the State Bank of Iowa shall Immediately
provide money aud place the same in such in
solvent branch or branches as may be most
convenient fer the purpose Of redeeming the
notes of such failing branch, and shall give
public notice in some newspaper printed in the
place where such failing branch is located, also
in sonhe newsp, per Of general circulation pub
lished at Iowa City. A
Sec. IL. Each solvent branch shall contri-
butte in the ratio Of the circulation to which it
is entitled, to the sum necessary for redecming
the notes of the failing branch, as provided 10
| the preceding section on the requisition Of the
State Bank Of Iowa, and may be remunerated
for such contribution, from the Safety Fund, as
soon as money sufficient can be raised from
that fund, by a sale or hypothecation Of the
stock, funds, or other securities belonging
| thereto.
Sec. ID. The receiver or receivers appointed
as provided in the eleventh section shall be re.
| CURED TO give bond in such sum, and such Sc
| curities as the State Bank of Iowa, or Execu-
tive Committee, shalt judge sufficient and under
the direction Of said Bank, shall proceed to
settle up the affairs of such branch, and convert
It's assets into money the money so made shall
be applied
First:-To reimburse all moneys which shall
have been advanced by the several branches,
for the redemption Of the notes and bills Of
the insolvent branch, and which may not have
been previously reimbursed from the Safety
Fund.
Second 10 reimburse all moneys advanced
from the Safety Fund, other than moneys de.
rived from that portion Of the Safety Fund fur
nishcd by the failing branch.
Third:-To the payment and discharge Of all
the remaining liabilities Of such branch
Fourth The residue shall be divided among
the stockholders of the failing branch, in
proportion to the stock BY them respectively
held.
Sec. IA. II any branch against which the
State Bank Of Iowa shall have instituted pro
ceedings on account of any supposed act OF in
soivency as prescribed by the eleventh section
OF this act, shall deny having committed such
act OF insolvency, such branch may apply to
any court OF competent jurisdiction for writ
OF injunction to said State Bank Of Iowa. 70
suspend all further proceedings against such
branch as an insolvent Bank and such court.
after citing said State Bank Of Iowa to appear
and show cause why such writ should not be
granted, and after the finding of jury that
Wv" o'""SA uoo az tlulcS COutIuueu, anu Stlu |
continues to redeem in gold and silver coin, its |
notes OF circulation, shall make an order en-
joining the State Bank Of Iowa from all further |
proceeding against such branch on account Of |
the supposed act of Insolvency on which such |
proceedings were instituted, and thcreupon all |
the property and assets Of such branch shall be
restored to its Directors
Sec. Is. If the State Bank Of Iowa shall. in |
any case, fail 10 proceed in the manner pres
cribed in the foregoing sections Of this act, in
providing for the payment OF the outstanding
notes OF circulation, and'in closing the affairs
OF any branch that shall have committed an act
OF insolvency, the holder Of any Of its notes
OF circulation, or other creditor OF such branch.
may, IN case payment of such notes of circuia-
ton or other claim has Deen refused when law
fully demanded and remains unpaid, apply to
any court OF competent jurisdiction Tor its
writ, commanding the State Bank OF Iowa so to
proceed; and it shall be the duty OF such court,
after citing such Bank to appear and show cause
why such writ should not issue, and upon the
finding of jury that such act of insolvency
has been committed, to issue their writ COM
handing said Bank forthwith to proceed ia the
manner pointed out in the preceding sections
OF this act, to provide for the payment of the
outstanding notes Of such branch, close IN its
affairs, and make application Of its assets.
Sec. l6. That if any branch shall neglect or
refuse to comply with any order Of the State
Bank OF Iowa, requiring such branch to reduce
its circulation or other liabilities, or provide a
larger amount of specie or other means. or 10
pay in its stock, or to do, or cause to DO done
any matter or thing which said Bank NAV deem
necessary for the security of such branch. or
any other branch or branches, said Bank. or
any other Director thereof, acting for said Bank.
may apply to any Judge OF the Supreme Court
or District Court, or any Judge Of a superior !
court or to any Judge of any other court not !.
inferior to the District Court, by petition, in
which the State Bank of Iowa shall be made ,
the petitioner, and the branch implicated the
defendant, setting forth the substance of such /,
Order or orders, and such neglect or refusal on .
the part of the branch, its officers or agents -
comply Herewith; and if the President Vice. .
President or any Director Of the Bank. !
snail make affidavit of the truth Of the facts ,
therein stated, it shall be the duty Of such .
Judge to allow an Injunction and to eiioin such :
branch, its officers and agents, and all Others ia
It's employ, os connected herewith, from doing.
Or suherI1gs or permitting TO be DONE any bust /
ness whatever as Bank and from informed. !.
ding with, or in any manner disposng Of. the !
DOCKS papers, moneys, chooses in action, assets,
Dr. property Of the branch, until the further or.
Ter OF the Supreme Court as soon as an ininnc.
ion is allowed.
Sec. H. Upon the allowance Of such ipiunc
on, the property, credits, securities, liens and
lssetts OF every description, OF such branch. :
hall forthwith vest in the State Bank OF Iowa. !
Who shall appoint receiver to take DO. session
u the same as provided in the 18th section or !.
his act. certificate of appointment OF such :
ecesver, by the judge. or court or clerk there 7,
u, making the same, shall be sufIicien, author
" TO MN to take possession of the books, pro. d
'erty and rights of every description Of such !,
'ranch and shall be full authority to the sheriff :
u the county where the branch is located, to i,
AXE and give full possession of such books :,
property and rights, with the aid Of the county. u
required; and said bank receiver shall be :.
oyerned by the provisions Of this act As pro- :.
ided in cases of suspension; and upon the dis -
oution of such injunction, or discontinuance =
such suit by the Bank, all the rights and -
nd vest in such branch. ~
Sec. Is. Natural persons not less in number -
IAN nve, may associate and form branches Of ~ y
ne State Bank Of Iowa. for the purpose OF car. =.
u N mn Hnh rcs, 4