The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1858-05-08

by the eighth section Of this act, duly certi-
fed by the Recorder Of the county and Sec
retary Of State, or by either of these officers
may be used ns evidence in all the courts
and places, by any such corporation, or any
person when such evidence may be nccessa-
ry for any civil or criminal trial.
i 3 10. Such corporations shall have power
to carry on the business Of banking by dis
counting bills, notes and other evidence of
debt; by receiving deposits, by buying and
selling gold and silver bullion, foreign coins
and bills Of exchange, by loaning money on
personal security, and BY exercising such in
cIdental powers rs may be necessary to car
ry OH such business, may choose one of their
number as President, ard appoint Cashier
and such other officers and agents as their bu-
siness may require; but no loans shall be
made, nor shall any bill, note or other evil
dence of debt be discounted or purchased,
having more than four months to run be-
fore maturity: and in all cases, personal Sc
curity shall bc requil ed.
9 II. The shares of such corporations
shall be deemed personal property, and shall
DO transferable on the books of the corpo-
ration, only and in such manner as may be
provided in tile bylaws of such corpora
ton; and every person becoming a share
holder by such transfer. shall, in proper
ton TO his shares, succeed to all the rights
OF the shareholder or shareholders by whom
the transfer was made; no change shall be
made in the articles Of Association, or Of
the shareholders or members thereof, by
which the rights, remedies or securities OF
Its existing creditors may be impaired, such
corporation shall not bo dissolved by the
death or insanity Of any of the shareholders
therein, when there is more than one share-
holder in such association. Taxes shall be
levied on and paid by the corporation, and
not upon the individual stockholders; the
value OF the property to be ascertained an
nually by the Bank Commissioners herein
provided for; and the rate of taxation shall
De the same as that required to be levied on
other taxable property by the revenue laws
of the State.
II. Contracts made by any such cor
poratioD, and all notes by them issued and
put in circulation, shall be signed by the
President and Cashier thereof, and all suits
actions and proceedings brought or prose-
cuted by, or in behalf of such corporation,
may be brought or prosecuted in the name
OF the corporation; and no such suit, action
or proceeding shall abate by reason of the
death, resignation or removal from Office of
any President, but may be continued the
same as if such death, resignation or reno
val from Office had not taken place.
Is. Any person or persons having de-
mands against any such corporation, may
maintain action or actions against such cor
porations, which suits or actions shall not
abate by reason of the death, resignation,
or removal from Office Of any President or
other officer, but may be continued and
prosecuted to judgment against the corpor-
alton; and al judgments and dccrecs OBJ
tanned against such corporation for any
debt or liability of such corporation, shall
be enforced against the property of the same
except such judgments or DEGREES as may be
obtained against shareholders as herein pro-
vided.
Il. The Auditor shall give to any cor
poration SO transferring stocks in pursuance
of the provisions of this act, power of At
torney to receive interests on dividends
thereon, and apply to their own use; but
such power may be revoked upon such cor
poration failing to redeem the circulating
notes SO issued, or whenever in the opinion
of the Auditor the principal of such stock
shall become insufficient security; and when
ever any such corporation shall 20 into la-
close up its affairs, the Auditor shall, upon
uppllcation of tht owner or owners Of such
stock, retransfer the same or any part there
OF to such owner or owners upon receiving
and cancelling an equal amount of such cir
culatlnS notes delivered to him by such cor
poration in such manner that the circulating
notes outstanding, shall always be secured
In full by the pledge Of stocks, which can
celled circulating notes after descriptive lists
thereof have been made and, recorded BY
the Auditor 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 a fine of not more than S. 900 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 specified in the 2Sth section
of this act, the Auditor, after ten days no.
tice given in 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 as
may be necessary, and out of the proceeds
of such sale 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 implying
any pledge on the part of the State for the
payment Of said bills or notes beyond the
proper application of the securities pledged
to the Auditor for their redemption.
. l6. The public stock deposited with the
Auditor by any such corporation shall be
held, first, for the security of notes Of such
corporations put in circulation rs money
until the same are redeemed as herein pro-
vided, second, for the payment of depositors,
third, for the payment of all other liabilities
and the excess for the use of stockholders.
9l7. The plate, dies and materials, which
may be furnished by the Auditor for the
printing and marking of the notes provided
for hereby, shall remain in his custody and
under his direction, and the expense incur
red in executing the provisions Of this act
shall be audited and settled by the Auditor,
and paid out of any money in the Treasury
not otherwise appropriated and for the
purpose of reimbursing the same, the said
Auditors authorized and required to charge
against and receive from such corporation
applying for such circulating notes, such
rate per cent. thereon rs may be sufficient
for that purpose.
8 Is. It shall not be lawful for the Au-
ditor or other officer to countersign notes
for any corporation, to any amount in the
aggregate exceeding the public stock depos-
tied with the Treasurer by such corporation
rated as provided in the third section of this
act, any Auditor or other officer who shall
violate the provisions of this section, shall
upon conviction be adjudgcd guilty of a
felony and shall be punished by fine of
not less than five thousand dollars, and be
imprisoned not less than five years in the
Penitentiary.
8 19. Every corporation under the pro-
visions of this act shall be liable to pay the
holder of every note put in circulation, the
payment of which shall have been demanded
and refused, damages for the non payment
thereof in lieu of interest at the rate of
twelve and one half per cent per annum
from the time of such refusal, until the
payment of such debt and the damage
thereon, Prorided, that no damage shall be
allowed on such demand after the bank has
gone into liquidation. The President and
Cashier of every CORPORATION formed pur.