The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1858-05-26
l. "A w > q II I o w A
By AUTHORITY


SECTION BE It enacted by the General Assembly Of
the State Of Iowa, That the State Bank of Iowa be and
the same Is hereby Incorporated with all the powers
hereinafter granted, and by that name shall be
OF contract and being contracted with, and Of pro-
cutting and defending actions fully natural persons
aud Of doing all other acts necessary effect the OBJ
jscss contemplated in this act by the creation OF said
corporation.
az. That five or more branches Of the
state bank Of Iowa shall he organized in this act is
appointed by such branches shall meet in Iowa city
such time r. shall be designated by the board Of bank
commissioner, who shall give ten days previous notice
to each branch, OF the time Of such meet and prov
ded twothrds OF the whole number Of such directors
shall be convened, they shall organize by taking
OATH diligently, faithfully, and imp artally to perform
the duties imposed upon them by this act; certificate
which oath signed by each director shall be filed and
preserved in the office OF the secretary state and by
secng some one OF their number president who shall
preaide ut the meetings Of the board and sign its official
documents and thereafter the directory Of the
bank shall be composed Of one director appointed by
each branch OF said bank, two-trds Of whom shall be
quorum and other branches may be organized under
such directory rs is herein provided.
g3 The directors shall when they deem it airy,
elect vice president, whose duty hall be prescribed by
the bylaws They shall appoint SECRETARY; who shall
Keep fair and true record Of the proceedings of the
bank They shall keep All office in Iowa city, which
together with their books papers, records and accounts
OF every description shall at all be open to the in
spection Of any committee Of the general assembly,
either branch thereof and OF any commissioner or com.
mssioners especially appointed fer that purpoe by the
general assembly, either branch thereof or by the
governor ofthe state They shall procure and furnish
each branch with notes for circulation aud decide on
within the limits and agrceably to the rules and
Strctions prescribed by this act They may prescribe
rules for the settlement OF balances between branches
revise their bylaws aud regulations concerning charges
for making collections, aud bothto be made uni.
for, or as nearly may be expedent. They shall
have power by themselves, by committee Of
more members Of their own body, by special agent
appointed by them for that purpose, whenever and
often rs they shall think proper to visit any branch, in
spect its books records and accounts and all the evil
denees Of debt due to and securities held by such
branch, examine and ascertain the amount of money
and other property held by such branch examine
oath the president, vice president, and directors and
and all other officers agents, clerks or servants
OF the branch touching condition, and liabilities
they shall have power to require any branch to reduce
its circulation other liabilities within such limits
they SHALL after full enquiry into its condition deem
necessary to from loss either the dealers with
such branch, the other branches Of the bank
| Iowa. They shall, after the first Monday of
every month a. practicable, publish in newspaper
printed at Iowa city, consolidated abstract OF the
monthly reports Of all the branches showing their
sets liabilities and condition. which statements shall be
recorded in book or books to be kept for that pur
less than three of whom the vice president shall be
to act behalf Of the bank in all such shall be
prescribed BY tho byaxs Of said bank not inconsistent
The president vice president secretary and all other
or agents Of the banks shall each receive such
compensation for their services sad bank shall allow
the state bank Of Iowa. the ratio of their capital stock
The bank may also allow he executive committee such
compensation As it may deem just and reasonable, to
DC BY the several branches in the and
the expenses OF procuring plates and printing notes of
circulation shall be paid by the several branches in the
ratio Of the notes Of circulation received by each
90. Each director OF the bank, appointed by the
branches shall continue in Office until the fret monday
in February next after his appointment, and uut his
in the board shall be- ed by the branch Sy wsis the
appointment vacated was made. In voting, each mem.
Der shall be entitled to two votes and to additional
vote to every fifty thousand dollars Of the amount Of
the capital stock paid into the branch by
him over one bundled thousand dollars at the tue Of
such voting The president and vice president Of the
bank shall hold their Offices for year. aud until their
successors appointed but they may be removed by
resolution OF the board They and all other officers
and agents Of the bank shall take oath faithfully
diligently and impsrtaly to fulfill the duties Of their
appointments, and not knowingly violate any OF the
provisions ofthis act. They shall be required to give
bond in such sum and with such securities the bank
shall prescribe and all vacancies in said appointments
shall be filled by the bank.
go All notes designed for circulation by the branches
shall be efurnihed ty the state bank Of Iowa, but
notes shall be delivered to any branch until they are
numbered and igncd by person author
ICED BY the state bank Of Iowa. to counergn the same
a register, and full record of such numbering and
countersgning made in book provided for that pur-
pose and all such notes shall have stamped or printed
their face tho WORDS Regstered by the state bank
Of Iowa" All notes so worn, defacsa or mutlated
branch by which they were issued to the bank, and
eus amount Of notes received therefor all such
notes returned oy branch shall be credited, and
alnsw ones delivered in their steaa a be charged to
such branch the books Of said bank and tho notes
returned shall be burned to ashes In tho presence OF
the president and vice PRESIDENT and at least two Of the
directors ofsaid bank.
a.. Before tho bank shall deliver to any branch,
notes for circulation, shall require such branch pay
deposit to the credit OF said bank, said bank
shall order either in money n United States stocks
interest paying state stocks at their current value in
the city Of New York; but instance above their par
value, an amount equal to II LIZ per cent the
amount Of the notes for circulation, which shall be de-
yered to such branch. And so from time to time
any branch by the paying OF additional amount on
its capital Stock BY not having received the amount
OF notes for circulation to which it previously
titled shall receive additional amount Of notes for
circulation, such branch shall depot with the bank
12 re per cent. the amount onotes receved and
the stocks and money sddeposted shall be denomnated
the 'Safety Fund, and shall be invested hereinafter
provided aud held by t bank the property of said
branch trust Tor the hneft of the several branches
the state bank of Iowa and a. fund for the redemp
ton the notes OF circulation Of more of said
branches that may fa to redeem its notes. to be ap!
piled to that purpose in the manner pointed cut in ths
act.