The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1858-05-06

except such judgments or DEGREES as may be
obtained against share holders as herein pro-
videi.
S14. The Auditor shall! give to any corpo-
ration so transferring stocks in pursuance of
the provisions Of this act, power OF Attorney
to receive interests on dividends thereon, and
apply to their own use; but such power may
be revoked upon such corporation failing to re-
deem the circulating notes so issued, or when
ever in the opinion of the Auditor the princi-
pal of such stock shall become insufficient se-
curitv; and wherever any such corporation
shall GO into liquidation, or in sny other man.
ner proceed to close up its affairs, the Auditor
shall. upon application of the owner or own
ers Of snch stock, re-transfer the same or any
part thereof to such owner or owners upon
receiving and csnceIling an equal amount Of
such circulating notes delivered to him by such
corporation in such manner that the circulat-
inc notes outstanding, shall always be secured
in full by the pledge Of stocks, which can:ell-
ed circulating notes after descriptive lists there
of have been made and recorded by the Audi
tor and Treasurer shall. in presence of these
officers be consumed by burning, and in case
they shall fail to so burn any notes returned
to them for that purpose, they shall be deemed
guilty of felony. and liable to fine of not
more than $5 600 and imprisonment in the
Penitentiary not less than FIVE nor more than
twenty years.
Is. In case such corporation shall fail or
refuse to pay any bill or note on demand in the
manner spec fed in the 28th section of this act
the Auditor, after ten days notice givenin two
newspapers printed in the city Of New York.
shall proceed to sell at public auction in the
city Of New York, the public stock so pledged
or such portion ss may be necessary, and out
of the proceeds of such sale shall cancel and
pay the said bill or note default in paying which
shall have been made as aforesaid; but nothing
in this act contained shall be considered as i'm
plying any pledge on IT, part of the State for
the payment Of said bills or notes beuOnd the
proper application Of the securities pledged
to the Auditor for their redemption.
! s 16. The public stock deposited with the
Auditor by any such co-po, alton shall be held,
First, for the security of notes of such corpo-
rations put in circulation as money until the
same are -edeemed as herein provided, Second.
for the payment Of all other liabilities aad the
excess for the nse of stock holders.
S17. The plate. dies and materials, which
may be furnished by the Auditor for the print
| ing and marking of the notes provided for
hereby, shall remain in his custody and under
his direction, and the expense incurred in ex-
ecutihg he provisions Of this act shall be an
dited and settled by the Auditor, and paid out
of any money in the Treasury not otherwise
appropriated; and for the purpose of reim-
bursting the same, the said Auditor is auth r
lied and required to charge against and receive
from such corporation applying for such cir.
culsting notes. snch rate per cent thereon as
may be sGtlici.nt for that purpose.
SIS. II shall not be lawful for the Auditor
or other officer to conatersign notes for any
corporation, to any amount in the aggregate
exceeding the pub ic stock deposited with the
Treasurer by such corporation rated as provi.
ded in the third section Of this act, and any
Auditor or other officer who shall violate the
provisions Of this section, shall upon convic.
tion be adjudsed guilty Of felony and shall
he punished by fine Of not less than five
Thousand dollars, and be imprisoned not les.
than five years in the Penitentiary.
SIC. Every corporation under the rrovis
ions of this act shall be liable to pay the hol
der of every note pnt in circulation, the pay
ment Of which shall have been demanded anc
refused, damages for the noapayment thereof
in lieu Of interest at the rate of twelve ant
one half per cent per annum from the time o.
such refusal, until the payment Of such deb
and the damage thereon, Prorided, that M
dsmage shall be allowed on such damand afte
the bank has gone into liquidation. The Pres
ident and Cashier Of every corporation formed
pursuant to the provisions Of this act, shal
keep true and correct list Of the names Of al
the share holders Of such corporation, anc
shall 6ls copy Of such list in the Office Of thu
Clerk OF the county where the Office Of sqcf
corporation may be located, and also in tn.
Office Of the Auditor on the first Monday il
January in every year, but the holder Of any
claim against such bank or corporation paya
bic on demand or due at the time Of going ihts
liquidation, shall be entitled to interest at tn,
rate Of ten per cent per annum until paid, anc
all other claims shall bear the same rate Of in.
terest after maturity.
$40. 1t shall not be lawful for any corpora.
ton under this act 70 make any Of its note.
put in circulation as money, payable at any
other place than at the Office where the busi
ness of the corporation is carried on; every
corporation which may be authorized under tn,
provisions of this act shall be located in som,
city, town or village having a population o.
not less than FIVE hundred inhabitants, nor shall
the Office where the business Of such corpora
ton is transacted be at any othe. place thar
the CITY, town or village, wherein such corpo
ration is located.
i sal. No corporation shall issue or put il
circulation any notes of such corporation un
less the same be maie payable on demand ant
every such corporation shall always keep OF
hand an amount Of specie sufficient to redeem
all such bills or notes as may be presented at
the place of payment.
S22. Each corporation shall always keeT