The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1858-04-24


share holder in such association. Taxes
shall be levied on and paid by the corpo-
raticn, and not upon the individual stock
holders; the va'ue Of the property to be as
ce,tained annually by the bank commission
ersherein provided for; snlthc rate Of tax
alton shall be the same as that required
to be levied on other taxable property by
the revenue laws of the State.
Sl2. Contracts made BY any such
corporation, and all notes by them issued
and put in circulation, shall be signed by
the president aud cashier thereof, and
all suits, actions and proceedings brought
or prosecuted by, or in behalf of such
corporation, may b. brought or prosecu-
ted in the name Of the corporation aid
no such suit, action, or proceeding III III
abate by reason of the death, resignation
or removal from Office Of any president.
but may be continued the same as if su n
death, resignation or removal from Office
had not taken place.
5 l3. Any person or persons having de-
mands agains, any such corporation, may
maintain action or actions against such
corporations, which suits or actions shall
not abate by reason Of the death, resig
nation, or removal from Office Of any
president or other officer, but mny be
continued and prosecuted to judgment
against the corporation; and all judgments
and DEGREES obtained against such corpo-
ration from 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 share holders as herein provided.
s IA The auditor shall give to any
corporation so transferring stocks in pur-
suance to the provisions of this act, pow
er Of attorney to receive interests or div
idends thereon, and apply to their own
use but such power may be revoked up
on such corporation failing to redeem the
circulating notes SO issued, or whenever
in the opinion of the auditor the princi
pal of such stock shall become INSULT.
cient security; aud whenever such cor.
poration shall 90 into liquidation, or in
any other manner proceed to close up its
affairs, the auditor shall, upon applica,
tion Of the owner or owners of such
stock, re-trausfer the same or any part
thereof to such owner or owners upon re
ceiving aud cancelling an equal amount
of such circulating notes delivered to him
b, such corporation. in such manner that
the circulating notes outstanding, shal
always be secured in full by the pledge
Of the stocks, which cancelled 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 it
case they shall fail so to burn any note.
returued to them for that purpose, they
shall be deemed guilty Of felony, and Ii
able to fine of not more than $500.
and Imprisonment in the penitentiary
not less than five, nor more than twenty
years.
! SIS. In case such corporation shsl
fail or refuse to pay any bill or note OF
demand in the manner specified i'll th'
| 2e,h section Of this act. the auditor af
ter ten days notice given in two newspa
pcrs printed in the city of New York
shall proceed to sell at public auction il
the city of New York, the public stocl
so edged, or such portion as may b
necessary, and out Of the proceeds o
such sale shall cancel and pay said bill O
note default in paying which shall hav'
been made as aforesaid; but nothing il
! this act cor tanned shall be considered a
! implying any pledge on the part of tn
State for the payment Of said bills 0
notes beyond the proper application of tn
securities pledged to the auditor for thci
redemption.
/ s l6. The public stock iepositc'
with the auditor by any such corpora
ton shall be held, FIRST, for the securit,
Of the notes of such corporations put il
circulation as money until the same ar
redeemed as herein provided, second, fo
the payment of depositors, third, for tn
payment of all other liabilities and th
excess for the use of stock holders.
S17. The plate, dies and materials
which may be furnished by the audlto
for the printing and marking Of the note
provided for hereby, shall remain in h;
custody and under his direction; and til
expense incurred in executing the pro
Visions of this act, shall be audited an
settled by the auditor, and paid out c
any money in the treasury not otherwis
appropriated and for the purpose of rt
itnbursing the same, the said auditor
authorized aud required to charge acains
aud receive from such corporation, az
PLYING for such circulating notes, sue
rate per cent thereon as may be sufic
ent for that purpose.
s IS. 1t shall not be lawful for tn
Auditor or other officer to countersie
notes for any corporation, to any amour
in the aggregate exceeding the publ
stock deposited with the treasurer b
such corporation rated as provided in til
third section of this act, and any auditC
or other officer who shall violate the PR
visions of this section, shall upon convi'
tion he adjudged guilty of felony an
shall be punished by fine of not le,
than five thousand dollars, and be il
, prisoned not less than five years III ii
! penltentlary.
s 10. Every corporation under ii
, provisions of this act shall Be liable
pay the holder Of every note put in ci
culation, the payment of which shs
: have been demanded and refused, dam
ges for the nonpayment thereof in liz
OF interest at the rate of twelve and on
S half per cent per annum from the tin
| of such refusal, untilthe payment of SUI
c debt and the damage thereon, Proviae
$ that nc damage shall be allowed CT SUI
@ demsnd after the bank has gone into
2 auidation. TIE president and cashier
II every corporation formed pursuant
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