Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-05-01

In cash and be and remain so much o
the bona .fde capital of such corpora
ton. No portion of the capital stocl
paid in as aforesaid, shall he at an,
time Withdrawn from such corporation
? so as to reduce the remaining paid W
T capital then actually held by and in thu
possession Of such corporation below
the estimated value of the stocks depcs
tied with and then in the possession ol
the Auditor or Treasurer belonging t.
such corporation, which shall he paid
up in cash, and be and remain so mucf
; of the bona tide capital of such corpo.
ration. Noportion Of the capital stock
paid in shall be at any time or under
any circumstance, withdrawn from such
corporation, so as to reduce the remain
ing capital paid in actually and held by
aid then in the possession Of such cor
poration below the estimated value of
the stocks then held by and in the pos
session Of the Auditor or Treasurer be-
longing to such corporation.
IS. Such person or persons un Ter
their hands and seals, shall, previous
to their receiving from the Auditor, the
circulating notes as aforesaid, make a
certificate which shall specify-FIrst,
The name assumed to distinguish such
corporation, and to be used in its deal
ings. Second, The place where the
business is to 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 500 each. Fourth
The names and residences Of the share
holders and the number of shares held
by them respectively. Fifth, The pc
riod at which such corporation shall
commence and terminate, which certif-
cate shall be acknowledged and be re-
corded in the office Of the Recorder Of
the county where the Office Of such COR
poration shall be established, and a
copy thereof shall be filed in the office
Of the Secretary of State, and the Au
ditor Of State and upon the recording
of which certificate, the person or per-
sons aforesaid shall become body pol
itc and corporate, by the name assu-
med as aforesaid, for and during the
time fixed in the certificate, 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 sued, to plead and be implead-
ed, in all courts and places wherein le-
gal or judicial proceedings may be had;
to have and to use common seal and
alter the same at pleasure to have,
hold, use and enjoy property, real, per-
sonal, and mixed with the rents, issues
and profits thereof, as hereinafter pro-
vided, and to exercise all other powers
conferred by this act and all grants or
conveyances of real estate shall be un-
der the seal Of the corporation, signed
by the president, and countersi sned by
the cashier.
50. A copy Of the certificate re-
! quireaa 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
on 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 de-
posits, by buying and selling gold and
silver bullion, foreign coins and bills of
exchange, by loaning money on perso-
nal security, and by exercising such in
cidental powers as may be necessary to
carry on such business, may choose
one of their number president and ap-
point cashier and such other officers
and agents as their business may re-
ouire but no loans shall be made, nor
shall any bill, note or other evidence OF
debt be discounted or purchased having
more than four months to run before
maturity; and in all cases, personal Sc
curity shall be required.
Sl1, The shares Of such corpora
tions shall be deemed personal proper
ty, and shall be transferable on the
books Of the corporation, only and in
such manner as may be provided In
the bylaws Of such corporation !; and
every person becoming shareholder by
such transfer, shall, in proportion to
his shares succeed to all the rights OF
the sha eholder or shareholders by
whom the transfer was made; no change
shall be made in the articles Of assocl :
alton, or of the shareholders or men,
bers thereof. by which the rights, rem
edies or securities of its existing cred
itors may be impaired, such corpora
ton shall not be dissolved by the death
or insanity Of any Of the shareholders
therein, when there is more than one
shareholder in such association. Taxes
shall be levied on and paid by the cor
poration, and not upon the individual
stockholders the value Of the property
to be ascertained annually by the Bank
Commissioners herein provided for
and the rate of taxation shall be the
same as that required to be levied on
other taxable property by the revenue
laws Of the State.
i Sl2. Contracts made by any such
corporation, and all notes by them is
sued and put in circulation, shall be
signed by the President and cashier
thereof, and all suits, actions and pro-
ceedings brought or prosecuted by, OF
in behalf Of such corporation, may be
brought or prosecuted in the name of
the corporation and no such suit, ac-
tion, or proceeding shall abate by rea-
son Of the death, resignation or reno
, vol FROM of1ica of anv President. but