The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1858-04-29

excess, If any, after paying the expenses of the
sale, shall be refunded to the delinquent stock
holder.
II no bidder can be found who will pay for
such stock, the amount unpaid thereon to the
branch, and cost Of advertisement and sale,
the amount previously paid shall he forfeited
to the branch, and such stock may be subse.
qnently sold in such manner as the branch may
order.
The capital stock Of each branch shall be
divided into shsses Of one hundred dollars
each, and stock book shall be kept by each
Branch Bank, showing who are the stock
holders, and what amount is held by each in.
dividual or company, which stock shall be as.
signable only on the books of the branch in
such manner as its bylaws shall prescribe,
but no shareholder shall have power to sell
or transfer any share held in his own right
for the purpose Of escaping liability when
Bank is insolved or so long as he shall be IL
able either as principal, debtor, surety, or
otherwise, to the branch for any debt, nor
shall such share holder, when liable to the
branch for any debt that is overdue, be enti-
tied to receive any dividens, interest or prof.
it on such shares 80 long as such liability shall
continue, but all such dividends, interest or
profits shall be retained by the branch and
applied to the discharge Of such liabilities.
S23. No branch shall take as security for
any loan or discount, lien on any part Of its
capital stock, or any other than personal secu-
rity. and the same security, both in kind and
amount, shall be required Of share holders, as
Of persons not shareholders; and no branch
shall be the holder or purchaser OF any por-
ton Of its capital stock, or Of the capital
stock of any other incorporated company, un-
less such purchase shall be necessary to pre-
vent loss upon debt previously contracted in
good faith, on security which at the time was
deemed adequate to insure the e'payment of such
debt, independent of any lien upon such stock
or in case of forfeitures Of stock for the nom
payment Of installments due thereon, as pro-
vided in the twenty-second section; and stock
so purchased shall in no case be held by the
branch so purchasing for longer period of
time than six months, il the same can be sold
for what the stock cost; or at par.
"a. In all elections Of Directors, and in
deciding al questions at meetings of the stock
holders, each share shall enttle the owner
thereof to one vote; stockholders may vote
by proxies, duly authorized in writing, but no
officer, clerk, teller or book-keeper Of the
branch shall act as proxy, and no stock
holder whose liability to the branch is past due
and unpaid shall be allowed to vote.
S25. The affairs Of each branch shall be
managed by not less than five nor more than
nine Directors. Every Director shall be
citizen of the United States, and shall du.ing
his whole term Of service reside in this State
Each Director shall take an oath that he
will, so far as the duty deyolves on him, dill
gently and honestly administer the affairs Of
the branch, and not knowingly violate or will
ingly permit to be violated any of the provis-
ions Of this act; that he is bona-fde owner
in his own right, Of the stock standing in his
name on the books of the branch, and that the
same is not hypothecated or in any way pledg-
ed as security, for any loan obtained or debt
owing, which oath, subscribed by himself and
certified TO by the officers before whom it is
taken, shall be filed and carefully preserved
in the Office Of the Recorder Of the county in
which the branch is located; but no person
shall be President or Director of more than
one branch at the same time.
26. The stockholders collectively, Of any
branch, shall at 10 time be liable to such
branch, either as principal debtors or sureties,
or both, to an amount exceeding three ffths
part Of the capital stock Of such branch, then
actually paid in, and remaining as capital stock
nor shall the directors, collectively, be so liza
bic to an amount exceeding one-fifth part of
the stock actually paid in, standing in their
names, and Of which they sre collectively,
the bona-fide owners in their own right.
S27. The directors of any branch, first elec-
teG, shall hold their place until the first Mon
day in January next thereafter, and until their
successors shall be elected and qualified; all
subsequent elections shall be held annually on
the first Monday Of January, and the directors
so elected shall hold their places Tor one year,
anG until their successors are elected and quail
ified; any director removing from the State, or
ceasing to be the owner Of the requisite amount
Of stock, shall thereby vacate his place. Any
vacancy in the hoard shall be filled by APP
pointment by the remaining directors; the di-
rector 80 appointed shall hold his place until
the next annual election; and il, from any
cause, an election Of directors shall not be
made a. the time appointed. the branch shall
not for that cause be dissolved, but an election
may be held on any subsequent day, thirty days
notice thereof being given, in a newspaper
printed in the county where the branch Is To-
Gated.
S's. Every branch authorized to carry on
the busine's Of banking under this act, shall
be held and adju,lged to be body corporate.
with succession, from the date Of its certificate
Of association unit! the first day Of July, A..
d. 1878, and thereafter until its affairs can be
closed; and by its corporate name shall he COM
petent to contract. prosecute and defend &C
tions Of every description, as fully as natural
persons; and process against such branch may
be served upon its President or Cashier, or by
leaving copy thereof at its usual place Of
business, during the usual business hours.
Each Of said branches shalt, during the
term aforesaid, il so long it shall comply with