The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1858-04-17

AN ACT to incorporate the State Bank
Of Iowa.

OF Iowa.
SECTION l. Be 1t enacted BY the Gen
erut A'senstly cfMe State Of k,ea, Tha,
the State Bank Of Iowa be aud the sa,ne
U hereby incorporated with all the DOW.
ers hereinafter granted, and by that name
shall b. capable Of contracting and being
contrscted with, and Of prosecuting and
defending actions as fully a. natural per.
sons, and Of doing MI other acts ,cessa.
y to effect the objects contemplated in
this act by the creation Of said corpora.
tion.
| Z. That as soon as FIVE or more bran.
ches of the State Bank Of Iowa shall be
organised ~ in tnis act is authorized, the
directors Of the said State Bank of Iowa,
appointed By such branches, shall meet
IN Iowa City at such times as shall be de.
slgnatcd by the board of Bank Commits
sioncrs, who shall give ten days previous
notice to each branch, Of the time of SUI ch
meeting, and provided two-thirds of the
whole number of such directors shall be
convened, they shall organize by taking
an oath, diligently, faithfully ana impair
italy to perform the duties pos ID upon
them by this act, a certificate of which
oath, signed by each director, hall be fled
and preserved in the office of the Secre.
tary Of State, aud by electing some one
of their number US Presi lent, who shall
preside at the meetings of the board and
sign its official documents; and thereafter
the directory Of the State Bank shall be
composed of one Director appointed by
each branch of said Bank, two-thirds Of
whom shall constitute quorum; and 9th.
er branches may be organized under such
directory as is herein provided.
s3. The directors shall, whe they deem
it necessary, elect Vice Pres dent, whose
duty shall te prescribed BY the bylaws.
They shall appoint Secretary, who shall
keep u fair and true record OF the proceed
ings of the Bank. They shall keep an
Office in Iowa City, which together with
their books, papers, records and accounts,
of every description. shall at all times be
open to the inspection of any committee
of the General Assembly, or either branch
thereof, and Of any commissioner or CON-
uaissioners special, appointed for tha.
purpose by the General Assembly or Ell
:her branch thereof, or by the Governor
of the State. They shall procure and
furnish each branch with notes for circu-
lation, aud decide on the amount to be
furnished from time to time to each, with
in the limits and agree.bly to the rules
and restrictions prescribe by tais act
They may prescribe rules Tor the s3ttie-
m-nt of balances between branches, re-
wise their bylaws and regulations cont T.
ming charges for making cyuectiou5, aad
cause both to be made unitorlA or ~
nearly SO as may be expod'eEt fney
shall have power by themse,vca, or by Il
committee Of one or more members Of
their own body, or by u special arent ap-
pointed by them for that purpose, when
ever, ana as often Us they shall think
proper, to visit any branch, inspect its
books, records aud accounts, and all the
evidences Of debt due to and securities
held by such branch, examine and ascer-
tain tie amount of money ani other pro-
perty held by such branch, examine on
oath the President, Vice President and
Directors and Cashier, and all other OIL
GERS, agents, clerks or servants Of the
branch, touching its condition, means
and liabilities; they shall have power to
require any branch to reduce its circula-
tion or other liabilities within such limits
as they shall, after full enquiry into its
condition, deem necessary to secure from
loss either the dealers with such branch
or the other branches of the State Bank
Of Iowa They shall, as soon after the
first Monday of every month as prsctica-
ble, publish in some newspaper printed at
Iowa City, a consolidated abstract Of the
monthly reports of ali sLe branches, show
ing their assets, liabilities aud condition,
which statements shall be recorded in a
book or books to be kept for that purpose.
They may appoint an executive commit
tee of not less than three, of whom the
Vice President shall be one, to act in be-
half Of the Bank in all such cases as shall
be prescribed by the bylaws of said
Bank, not inconsistent with this act.
s4. The President, Vice President,
Secretary. and all other officers or agents
of the Bank, shall each receive such CON-
pensation for their services as said Bank
shall allow, which shall be assessed upon
the several branches of the State Bank Of
Iowa, in the ratio OF their capital stock.
The bank may also allow the executive
committee such compensation as it may
deem just and reasonable, to be paid by
the several branches in the same manner,
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.
SIS. Each Director Of the Bank, ap-
pointed By the branches, shall continue in
office until the first Monday in February
next after his appointment, and until his
successor shall be appointed and quail
fed. Vacancies in the Board shall be fill
ed by the branch by which the appoint
ment vacated was made. In voting, each
member shall be entitled 20 two votes,
and to one additional vote for every fifty
thousand dollars Of the amount of capital
stock paid into the branch represented by
him over one hundred thousand dollars
a, the time of suck voting The pres-
ident aud Vice President of the Bank
shall hold their Offices for one year, and
until their successors are appointed, but
they may be removed by resolution Of
the Board. They and all other officers
and agents of the Bank shall take an oath
faithfully, diligently aud impartially to
fulfill the duties Of their appointments,
and not knowingly violate any Of the
provisions Of this act. They shall be re-
| quired to give bond in such sum and with
such securities as the Bank shall prescribe
and all vacancies in said appointments