Quasqueton guardian. (Quasqueton, Buchanan County, Iowa) 1856-1858, 1858-05-06

| directors may postpone the payments OF
| the deferred iDstallments, or any part
thereof, to the branches when satisfied
that the public interest does not require
them to be paid as frequently as above
provided for.
s 22. If any shareholder or his assign
ee shall fail to pay any installment on his
stock when the same shall be required to
be paid, the branch may sell said stock
at public auction, having given three
weeks previous notice thereof, in news
paper published in the county where
the branch is located land having mailed
written notice TO such delinquent share
holder or his assigned to any person who
will pay the highest price therefor, not
less than the amount unpaid thereon /;
and the excess, if any, after paying the
expenses of the sale, shall be refunded
to the delinquent stockholder.
If no bidder can be found who will
pay for such stock, the amount unpaid
thereon to the branch, and cost of ad-
yertisement and sale, the amount previ-
ously paid shall be forfeited to the branch,
and such stock may be subsequently sold
in such manner as lie branch may order.
The capital stock of each branch shall
be divided into shares of one hundred
dollars each, and stock book shall be
kept by each Branch Bank, showing who
are the stockholders, and what amount is
held by each individual or company,
which stock shall be assignable only Oh
the books of the branch in such manner
as its bylaws shall prescribe, but no
shareholder shall have power to sell or
transfer any shares held in his own right
for the purpose Of escaping liability when
a Bank is involved, or SO long as be shall
be liable either as principal, debtor, sure
ty, 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 entitled to receive any divi-
dends, interest or profit on such shares
so long as such liability shall continue,
but all such dividends, interest or profits
shall be retained by the branch and APP
piled to the discharge of such liabilities.
s %. No branch shall take as security
for any loan or discount, lien on any
part of its capital stock, or any other than
personal security, and the same security
both in kind and amount, shall be re-
quired of shareholders. as of persons
not share holders 4; 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 compa-
ny, unless such purchase shall be neces-
| cor To Lose Aaht
ously contracted in good faith, on secur-
ity which at the time was deemed ade-
quate to insure the paymentof such debt,
independent of any lien upon such stock !;
or in case of forfeitures of stock for the
non-payment of installments due there
on, as provided in the twenty second
section and stock SO purchased shall in
no case be held by the branch so pur-
chasing for a longer period of time than
six months, if the same can be sold for
what the stock cost, or at par.
s "a In all elections of Directors, and
in deciding all questions at meetings of
the stock holders, each share shall entitle
the owner thereof to one vote stock
holders may vote by proxies, duly au-
thorized i'll 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.
: %. The affairs of each branch shall
be managed by not !css than five nor
! more than nine directors. Every Drec-
tor shall be citizen of the United States,
and shall, during his whole term of SER
vice, reside in this State
Each Director shall take an oath that
he will, SO far as the duty devolves on
him, diligently and honestly administer
the affairs of the branch, and not know
ingly violate or willingly permit to
be violated any of the provisions of this
net that he is bona tide owner in his
own right, of the stock standing in his
name on the books of the branch, and
lhat the same is not hypothecated or in
any way pledged as security, for any loan
obtained or debt owing; which oath, sub
scribed by himself, aud certified to by
the officers before whom it is taken, shall
be filed and carefully preserved in the Of
ice of the Recorder of the county in
which the branch is located but no per-
son shall be President or Director Of moro
than one branch at the same time.
: 26. The stock holders collectively,
OF any branch, shall at no time be liable
to such branch, either rs principal debt
ors or suretes, or both, To an amount ex-
ceeding threetiiths part of the capital
stock Of such branch, then actually paid
in, and remaining as capital stock, nor
shall the directors, collectively, be so Ii
able 10 an amount exceeding one fifth part
Of the stock actually paid in. standing in
their names, and of which they are, col
lectively, the bona fide owners in their
own right.
s 81. The directors of any branch,
first elected, shall hold their place until
the first Monday in January next there
after, and until their successors shall be
elected aud qualified all subsequent
elections shall be held annually on the
first Monday of January, and the direc-
tors SO elected shall hold their places for
one year, and until their successors are
elected and qualified any director re-
moving from the State, or ceasing to be
the owner of the requisite amount o