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


circulating notes rs aforesaid, make a
certificate which shall specify-Frst
The name assumed to distinguish such
corporation. and to be used in its deal.
ings. Second. The place where the
business is 10 be carried on, designa-
ting the particular city, town or village,
and the county. Third. The amount
of capital stock which shall be divided
into shares of I; 100 each. Fourth. The
names and residences of the share hol-
ders and the number of shares held by
them respectively. Fifth. The period
at which such corporation shall COM
mence and terminate, which certiGc cato
shall be acknowledged and be recorded
in the Office of the Recorder of the
county where the Office of corporation
shall be established. and copy thereof
shall be fled in the office of the Secre-
tary of State, and the Auditor of State;
and upon the recording Of which certiii-
cate, the person or persons aforesaid
shall become body polite and corpo-
rate, by the name assumed as aforesaid,
for and during the time fixed in the GER
tifcate, which shall not be more than
twenty years, and by such name shall
have power to make contracts, to grant
and receive, to sue and be SIZED, to plead
and be implicated, in all courts and
places wherein legal or judicial proceed
ing may be had to have aud to use a
common seal and alter the same at plea
sure to have. hold, use aud enjoy
property, real, personal and mixed with
the rents. issues and profits thereof, as
hereinafter provided, and to exercise all
other powers conferred by this act and
all grants or conveyances of real estate
shall be under the seal of the corpora
ton, signed by the president and coun-
tersigned by the cashier.
50. A copy Of the certificate requir-
ed by the eighth section of this act,
duly certified by the Recorder of the
county and Secretary of State. or by
either of these officers, may be used as
evidence in all courts and places, by
any such corporation, or any person
when such evidence may be necessary
or any civil or criminal trial.
s 10. Such corporations shall have
power to carry on the business of bank
ing by discounting bills, notes and other
evidence of debt by receiving deposits,
by buying and selling gold and silver
bullion, foreign coins and bills of ex-
change, by loaning money on personal
security, and by exercising such Incl
dental powers as may be necessary to
carry on such business, may choose one
of their number as President, and ap-
pointa Cashier and such other officers
and agents as their business may re-
quire ; but no loans shall be made, nor
shall any bill, note or any other evidence
of debt be discounted or purchased
having more than four months to run
before maturity; and in all cases, per-
sonal security shall be required.
s IL. The shares of such corpora
tons shall be deemed personal property,
and shall be transferable on the books
of the corporation, only and in such
manner as may be provided in the by
laws of such corporation and every
person becoming shareholder by such
transfer, shall, in proportion to his
shares succeed to all the rights of the
shareholder Or shareholders by whom
the transfer was made no change shall
be made in the articles Of Association,
or of theshare- holders or members there
of, by which the rights, remedies or Sc
curities OF its existing creditors may be
impaired, snch corporation shall not be
dissolved by the death or insanity of
any of the shareholders therein, when
there is more than one share holder in
such association. Taxes shall be levied
on and paid by the corporation, and
not upon the individual stock holders !:
the value of the property to be ascer-
tanned annually by the Bank Commits
sioners herein provided for; and the rate
of taxation shall be the same as that re-
CURED to be levied on other taxable
property by the revenue laws Of the
State
) IL. Contracts made by any such
corporation, and all notes by them issu-
ed and put in circulation, shall be
signed by the President and Cashier
thereof, and all suits, actions and pro-
ceedipgs brought or prosecuted by, or
in behalf of such corporation, may be
brought or prosecuted in the name of
the corporation; and no such suit, ac-
ton, or proceeding shall abate by rea-
son of the death, resignation or remov-
al from Office of any President, but may
be continued the same as if such death,
resignation or removal from Office had
not taken place.
S 13. Any person or persons having
demands against any such corporation,
may maintain action or actions against
such corporations, which suits or ac-
tons shall not abate by reason of the
death, resignation. or removal from Of
flee of any President or other officer,
but may be be continued and prosecu-
ted to judgment against the corporation;
and all judgments and DEGREES obtained
against such corporation for 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 hold
ers as herein provided.
s IA. The Auditor shall give to any
corporation so transferring stocks in
pursuance Of the provisions of this act,
power of Attorney to receive interests
on dividends thereon, and apply to their
own use; but such power may be revo-
ked upon such corporation failing to re-
deem the circulating notes SO issued, or
whenever in the opinion of the Auditor
the principal of such stock shall become