The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1858-05-08
CHAPTER ia.
Ausherizins General Banking in the State Of

authorized and required to cause to be en-.
graved and printed in the best manner tc
guard against tcounterfeiting such quantity Of
circulating notes in similitude of bank notes
IN blank Of different denominations not less
than one dollar, as he may from time to
time deem necessary, to carry into effect the
provisions of this act, such blank circulat.
ing notes shall be countersigned, numbered
and registered in proper books to be pro.
vided and kept for that purpose, in the
once OF the Auditor and under his direc-
ton by such register or registers as the said
Auditor shall appoint for that purpose Sc
that each such circulating notes shall bear
the signature Of such Registers, or one oi
such Registers, of the notes furnished to any
corporation organized under the provisions
OF this act, not more than ten per cent OF
the amount shall be in notes Of one dolla,
each, not more than ten per cent in notes OF
two dollars each, and not more than twen.
ty-fve per cent shall be in notes of all de.
nominations under FIVE dollars, and not more
than fifty per cent in notes Of all denomi.
nations under ten dollars. -"
3 2. Nothing herein contained shall be
so construed as to prevent any corporation
from procuring their own plate dies and
other materials for engraving and printing
blank notes and furnishing them to the Aud
itor and leaving them ever after in his Gus
tody and control, to be used and disposed of
as though such Auditor had procured them
under the preceding section.
: 3. Whenever any corporation formed
for the purpose Of Banking under the pro-
visions of this act shall lawfully transfer to
and deposit with the Auditor any portion OF
the public stock issued, or to be issued by
the United States or any State stocks on
which full interest is annually paid, or the
stocks of this State, said stocks to be rated
at ten per cent below their average value
in the city of New York, for thirty days
next preceding the time when such stocks
may be left on deposit with the Auditor,
and in no case shall the Auditor issue bills
for banking purposes on bonds of this or
any other State on which not less than six
per cent is regularly paid, such corporation
shall be entitled to receive from the Audi
tor an amount of such circulating notes OF
different denominations registered and coun-
tersisned us aforesaid, equal to the amount
OF stock actually deposited, rating said stock
at ten per cent less than its average value as
aforesaid.
3 4. A'descriptive list of the circulating
notes so registered and signed, shall be de-
livered to the Treasurer, who Shall copy the
same in the book hereinafter required, to
be kept by him, for recording descriptive
lists of securities deposited with him for
safe keeping.
=? 3. Such corporations is hereby author
lied, after having executed and signed the
circulating notes registered and countersign-
ed as aforesaid, in the manner prescribed
by this act, made payable on demand at the
Banking House Of said corporation within
this State, to loan and circulate the same
according to the ordinary course of Banking
business, and no such corporation shall at
any time, issue, or have in circulation any
note, draft. bill of exchange, acceptance,
certificate of deposit or any other evidence
of debt, which from its character or appear
ance, shall, be calculated or intended to cir
culate as money other than such notes of
circulation rs are in this section provided
for.
8 6. Three descriptive lists of the secu-
rites transferred to the Auditor as afore-
said, shall be made and signed by the Audi
tor and persons making the transfer, one IN
a well bound book to be kept by the Audi
tor for that purpose, and one in like book
to be kept by the Treasurer, and one in a
book to be kept by the corporation, which
shall at all times be open to inspection, and
said securities shall then be delivered to the
Treasurer for safe keeping; who shall re-
ceipt to the Auditor for the same, and who
shall be responsible for any loss or destruc-
tion thereof growing out of, or resulting
from negligence or the want of reasonable
precaution and care. The whole or any
part of said securities may be re-delivercd
to the Auditor for the purpose of being sold
under the provisions Of this act, or being
used or disposed of under any order or de-
cree Of court, or of being returned to the
owner in conformity with the provisions of
this act, the Auditor in either case giving a
receipt upon the book kept by the Treasur-
er aforesaid specifying therein the purpose
for which such re-deliyery was made, which
receipt shall discharge the Treasurer from
all further responsibility, but the Auditor
shall be liable in the same manner as the
Treasurer is while keeping or disposing of
such security.
8 7. Any person may establish, or any
number of persons may associate to estab-
lish Offices of discount, deposit and eircula-
tion, and become incorporated upon the
terms and conditions, and subject to the lia-
bilities prescribed in this act; but the ag-
gregate amount of the capital stock Of any
such cooperation shall not be less than fifty
thousand dollars; and the Auditor of State
shall not deliver to any incorporation notes
for circulation, until such corporation shall
have deposited with and transferred to him
the full amount of fifty thousand dollars
of stocks as named in section three of this
act, the same to be rated as provided in
said section, ard the capital stock as re-
quired in this section shall be paid in cash
and be and remain so much of the bona fde
capital Of such corporation. No portion of
the capital stock paid in as aforesaid, shall
be at any time withdrawn from such corpo-
ration SO as to reduce the remaining paid up
capital then actually held by and in the pos
session of such corporation, below the es-
timated value of the stocks deposited with
and then in the possession of the Auditor
or Treasurer belonging to such corporation,
which shall be paid up in cash, and be and
remain so much of the bona fde capital of
such corporation. No portion of the capi-
tai stock paid in, shall be at any time, or un-
der any circumstances, withdrawn from such
corporation, so as to reduce the remaining
Cupitdi palu III dCtuaHy aiiu ueIu ny anu tneu
in the possession Of such corporation below
the estimated value of the stocks then held
by, and in the possession of the Auditor or
Treasurer belonging to such corporation.
. 8. Such person or persons under their
hands and seals, shall, previous to their re-
ceiving from the Auditor, the circulating
notes as aforesaid, making a certificate which
shall spccify-First. The name assumed to
distinguish such corporation, and to be used
in its dealings. Second. The place where
the business is to be carried on, designating
the particular city, town or village, and the
county. Third. The amount Of capital
stock which shall be divided into shares of
800 each. Fourth. The name and resi-
dences Of the shareholders and the number
of shares held by them respectively. Fifth.
The period at which such corporation shall
commence and terminate, which certificate
shall be acknowledged and be recorded in
the Office of the Recorder of the county
where the Office of such corporation shall be
and copy thereof, shall be fled
in the Office of the Secretary of State, and
the Auditor of State; and upon the record
ing of which certificate, the person or per-
sons aforesaid shall become a BODY poiitic