Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-04-24

Snail Dc maUo Dy Inc terms thereof, or
BY special enhancement, payable solely
to such branch, and. no such evidence
of debt shall be assigpablel except for
collection, or;for tho following purpo-
SEES: S 70
l. To pay and redeem |. the ciircsala..
ting notes Of such braneh.s g = :
2. To pay other liabilities of such
branch, aud after such liabilities shall
have been discharged; --'.' j.. q. I.
3. To- divide AMONG the 'stockhold
ers on their stock, - :':n.-
No branch shall be permitted, in
receiving payment ,atits banking house,
or other places, than where the same
was payable, OF any note, bill, or other
evidence of debt. due to such branch,
and payable at place other than its
banking house, to receive in addition
to the amount of such debt and the
legal interest due thereon, any sum
whatsoever as premium. exchange, or
damages Provided, That nothing in
this section contained shall prevent
such branch from receiving damages
allowed by law upon any bona tide bill
Of exchange, duly protested for non
acceptance or non-payment.
80. All transfers Of notes, bonds,
bills Of exchange, and other evidence of
debt owing to any branch, or Of aepos-
its to its credit; all assignments of
mortgages or other securities on real
estate, or of judgments or DEGREES in,
its favor :: all deposits Of money, bull
ion or other valuable thing for its use,
or for the use Of any of its stockholders
or creditors all payment of money
made after the commission of an act Of
insolvency, or in contemplation there
Of. with view to prevent the applica-
ton of its assets in the manner provi-
ded by this act, or with q view to the
preference OF one creditor: to another,
except in payment of its circulating
notes, shall be held utterly null and
void.
5 40. If the directors of any branch
shall knowingly violate, or knowingly
permit any Of the officers, agents or
servants Of such branch to violate any
Of the provisions of this act, all the
rights, privileges and franchises of such
branch shall thereby be forfeited such
violation shall, however, be determined
and adjudged by court Of competent
jurisdiction, agreeably to the laws of
this State and the practice of such
court, before the corporation shall be
declared dissolved, and in case of such
violation, every director who partici-
pated in, or assented to the same, shall
be held liable in his personal and indi-
vidual capacity for all damages which
the branch, its stockholders, or any
other persons, body polite or corporate,
shall have sustained in consequence of
such violation. .fa
5 IL. Every President, Director,
Cashier, Teller, Clerk or Agent of any
branch, who shall embezzle, abstract,
or wlllfully misapply any Of the money,
funds, or credits Of such branch, or
shall without authority from the Direct
ors, issue or put in circulation any of
the notes of such branch, or shall with
out such authority, issue or put forth
any certificate of deposit, draw any or
der or bill Of exchange, make accept
ance sign any note, bond, draft, bill
of exchange, mortgage, or other instru
ment Of writing, or make any false en-
try on any book, report or statement of
the branch, with an intent in either case
to injure or defraud such branch, or to
injure or defraud any other company,
body corporate or polite, Or any indi-
vidual person, or to deceive any officer
or agent appointed to inspect the affairs
of any branch, or shall make, or shall
omit to make, or shall advise or consent
to the raking of any report or state
ment required by this act, shall be
deemed guilty of a felony, and upon
conviction thereof, shall be confined in
the Penitentiary at hard labor not les,
ti,hian one or more than twenty years.
SAC. Stockholders in branches shall
each be individually and severally la
BILE to the creditors of the branch of
which they are stockholders. over and
above the amount of stock by them
held, to an amount equal to their re-
spective shares held for all its habili-
ties, accruing while they remain stock
holders, anu no transfer Of stock shall
affect such liability, and should any
such branch become insolvent, and its
assets become insufficient to pay its
debts and liabilities, its stockholders
may be compelled to pay such defcisn-
cy in proportion to the amount OF stock |
owned by each, and should the whole
amount for which stockholders are in
dividually responsible, as provided in |
this section, be found in any case to be I
inadequate to the payment Of all the |
residue Of the debts Of any branch after
the application of its assets to the pay
ment Of such debts, then the moneys
due from the stockholders on account
of their individual liabilities as such,
shall be distributed equally among all
the creditors Of such branch, In pro-
portion to the amount due to each the
personal liability in this section provi-
ded for, is over and above the stock
owned by stockholders, and any amount
unpaid thereon.
5 43. The term stakeholder or share
holder, as used in this act, shall apply
not only to such persons as appear by
the books Of the association to be such,
but also to every equitable owner of
stock, although the same may appear
on such books in the name Of another
person, and also to every person who
shall have advanced the instalments or