The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1858-05-26

branch at the time or the commencement OF Its banking
business and the remainder of the capital stock of such
branch shall bo paid in gold and silver aforesaid in
nstalment each Of at least ten per cent the whole
amount Of capital subscribed, as frequently s oncc in
every four successive months from the time OF
mencng business until the whole amount of such capi-
tai shall be paid up. Prorided, That tho directors
may postpone the payments sfthe deferred n.tsmsnts
the public interest does not require them to DO paid
frequently as above provided for.
s22 fany share holder or assignee shall fail TO pay
any alment his stock when the same shall be
qured to be paid, the branch may sell said stock
public auction, having given three weeks previous notice
thereof, in newspaper published in the county where
the branch Is located, (and having mailed written
tice to such delinquent shareholder or his asnec) to
any person who will pay the highest price therefor
less than the amount unpaid thereof and the excess
fauy ather paying the expenses of the sale, shall be
| refunded to the delinquent stakeholder.
limo bidder can be found who will pay for such stock
amount unpaid thereon 10 the branch and costa Of
advertisement and sale, the sma1nt W.
shall be forfeited to the branch ana Iu( l. Iu
subsequently sold in such maner as the branch may
order.
The capital stock cfeach branch shan be divided into
shares of one hundred dollars each and stock book
shall be kept by each branch bank, showing who
the Stockholders and what amount Is held BY each in
vidual company, which stock shall be assignable
only the books Of the branch in such manner its
bylaws shall prescribe but shareholder shall have
power sell transfer share held in his right
for the purpose of escaping liability when bank IL In
volvsd 80 long q he shall be liable either as principal
debtor surety otherwise to the branch for any debt
shall such SHAREHOLDER when liable to the branch
any debt that overdue, be entitled to receive any
such liability shall continuc, but all such dividends
interest profits shall be retained by the branch and
applied to the discharge ofsuch liabilities.
s23 No branch shall take As security any loan or
other than personal security and the same security,
both in kind and amount shall be required Of share
holders, persons not shareholders land branch
shall be the holder purchaser Of any portion Of its
nit nj stn of kOfAn tborp
porated company, unless such purchase shall be
essary prevent loss upon debt previously contract
ed in good faith, on security which at the time was
deemed adequate to insure The payment of such debt
independent of any lien upon such stock or in cas- of
forfeitures Of stock for the nonpayment Of
due thereon, provided in the twentyecond section;
and stock so purchased shall in BE- held by the
branch purchasing for longer period Of time than
six months if the same can be sold for what the stock
224 In all elections Of directors. and in deciding all
questions at meetings of the Stockholders each share
shall entitle the thereofto vote
may vote by proxies duly authorized in writing, but
officer clerk teller or boOkkeeper of the branch shall
act as rroxy and stakeholder whose liability to the
branch is past due and unpaid shall he allowed to
vote.
| s25. The affairs ofeach branch shall be managed by
less than five nor more than nine directors Every
director shall be citizen Of the United States and shall
during his whole term Of service reside in this state
Each director shall take oath that he WILL so far
as the duty devoves on him, diligently and honestly
administer the affairs Of the branch and not knowingly
violate willingly permit to be violated any of the pro
visions ofthis act that he IL bona de in his
own right, of the stock standing in his name on the
books Of the branch, and that the not hypohe-
Gated or in any way pledged as security for any loan
self and certified to by the office; before whom Is ta-
ken shall be filed and carefully preserved in the Office
Of the recorder Of the county in which the branch is To-
more than one branch at the same time.
%. The stockholders collectively, OF any branch
shall at no time be liable to such branch either prn
nfioa nT hnth To
ceedng three fhs part Of the capital stock Of such
branch, then actually paid n and remaining capital
stock, nor shall the directors collectively be SO liable
ally paid in, standing in their Names and of which they
are, the bona fdc owners nthcr own right.
S21 The directors Of any branch, first elected shall
hold their place until the first monday in January next
thereafter and until their shall be elected
and qualified; all subsequent elections shall be held
rectors elected shall hold their places for year.
and until ther elected and quacd but
any director removing from this state csasng to be
owner of the requisite amount OF stock, shall thereby
vacate his place. Any vacancy In the board shall be
filled by appointment by the remaining directors; the
director appointed shall hold his place until the next
directors shall not be made at the time appointed the
branch shall not for that be dissolved, but an
election may be held on any subsequent day, thirty
days notice thereof having been given, in newspaper
printedin the county where the branch is located.
S2S. Every branch authorized to carry the busi-
ness OF banking under this act shall be held and ad-
the ate ofits certificate of association until the first
day July, A. D., 1878 and thereafter until its affairs
eau be closed; and by its corporate shall be
peent to contract, prosecute and defend actions OF
every description fully natural pers ons and pro-
against such branch may be upon its pres
dent or cashier or by leaving copy thereof at its
al place OF business, during the business hours.
Each Of said branches SHALL during the term afore
said If long it shall comply with the provisions OF
act have power to issue notes for circulation fur
nished it by the state bank of Iowa, to loan money
buy sell and discount bills Of exchange notes. and ali
other written evidences Of debt except it shall
be prohibited by this act, from buying, selling and
counting but such loan shall be made on any note
bill or exchange other evidence of debt having
more than four months to run before maturity shall
have power to receive deposits buy and sell gold and
silver coin and bullion collect and pay money.
and transact all other business properly appertan,g
banking subject however, to the provisions and re-
stristions Of this act may acquire hold and convey
such real estate as may be necessary for the
| tran action Of its business, and no more but NAV
however, acquire title to any real estate pledged to Sc
cure any debt previously contracted, purchased
an execution or order Of SALE to satisfy any Judgment
decree in its favor, which shall have been
to 1t in payment Of any previous debit but shall hold
real estate acquired longer than in the Judgment
OF the board OF directors Is necessary the said
holding such real from loss and is here
by made the duty of the board of directors Of each
once in each year. first giving thirty days notice in
some newspaper published in the county where such
real estate is situated, Of the time and place Of such
sale, any newspaper be published in such county, and
not, then in some newspaper published the nearest
thereto and at such sale, If the amount bid for such
real estate be sufficient to reimburse the said branch
the amount for which such real estate was taken by the
branch with interest and costs then it shall bs the duty
Of the board of directors OF such branch to sell and
convey such real estate, but not otherwise unless in
their Judgment be deemed necessary the interest
the said branch to do 80.
229. No branch shall at any time issue or have IN
any uote, ast Oh! Of exchange, acceptance,
certificate OF deposit or other evidence OF debt which,
its character or appearance shall be calculated
intended to circulate money other tnan such notes
circulation by this described and which such
Bank by this act authorized to issue for the purpose
being circulated as money.
80 Each branch shall receive at par at the Office
banking house Of such branch in payment of debts due
at such branches for notes OF hand bills Of exchange
or other evidence OF debt discounted purchased by
or belonging to such branch the notes Of circulation