The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1858-05-06

deemab!e in specie at the place where such
notes are made payabls
| s "a. All grants, conveyances, assignments,
transfers, sales or disposition of property,
rights, credits or effects by any such corpo-
ration, for the purpose or with intent to secure
the payment Of one liability in preference TO
another or others, or in any manner to secure
any priority or preference to ahy one or more
creditors or which shall be intended 70 have
such operation or effect shall be void in re-
Apect to all other persons and creditors whose
rights or remedies may be affected thereby.
| s 25. It shall be lawful for such corpora
tion to purchase, hold and convey real estate
for the following purposes: 1st, such as shall
be necessary for its immediate accommoda
ton, banking houses aud buildings connected
herewith. in the transaction of its business,
ID. such as it shall purchase at sales under
judgments, DEGREES or mortgages held by such
corporation and at sales under judgments
and DEGREES in favor of others, where it is
done with the sole view Of securing and saw
ing debts due or to become due to such cor
poration. n. "
5 rs. The said corporation shall not pur-
chase. hold or convey real estate in any other
case or for any other purpose whatever, and
all conveyances of such real estate shall be
made to the corporation and which the Pres
ident and cashier or either may sell, assign.
grant or convey u:der direction OF the cor
poration free from and claim thereon in favor
Of or against the shareholders, or any person
claiming under them.
S27. Upon the application Of the Audi
tor or Of any shareholder or shareholders
whose shares shall amount to i've thousand
dollars or of any person or persons holdin"
evidence Of indebtness against any such
corporation to that amount, which application
shall set forth in full the facts and crcum-
stances upon which IL is made and shall be
verified by affidavit, the Judge of the Dis.
| trict Court Of the county in which the bnsi.
ness Of the corporation may be conducted
may order an examir aion TO be made bv any
competent person or persons to be by hin
appointed Of the affairs Of such corporation
for the purpose of asccrtaning the safety oil
its Investment and the prudence Of its man.
agement and the result of such examination
together with the opinion Of the Judge there.
on shall be published in such marner as he
shall direct, and who shall. make such order
ia respect to the expense of such examination
as he may deem proper.
| S2S. IF any corporation organized under
this act shall refuse to paw any Of its circnla.
ting notes in gola or silver coin, the lawful cur
rency oe the United States, on which payment
shsll be lawfully demanded at its banking
! house or customary place of doing business,
during usual banking hours. the holder oil
such note or notes making such demand may
cause the same to be protested as hereinafte
provided; such corporation shall only be al
lowed TO make payments Of such demand il
silver coin where the sum so demanded doe.
not exceed the amount for which silver coll
is lega! tender according TO the laws of tn,
United States; and when payment shall be de-
manded on more .han one of its notes at tn,
same time, the aggregate amount of such note
TO the amount of one hun ir-i dollars shall b.
considered on demand when any notes tn,
payment of which has been refused as afore
said are sought to be protested. The Notar,
Public who presents the same for protest shall
so many there be- as will amount in IN
aggregate to the sum Of one hundred dollars
and protest the same in like manner as If sal
notes were but note, and so in like manne
for all such notes il they do not in the aggre
gate amount TO one hundred dollars; and tn
Auditor on receiving and fling in his of7ic
such protest shall forthwith give notice il
writing to the corporation, the maker or max
ers Of such notes, to pay the same, and il b
or they shall omit to do so, the Auditor shall
Immediately thereupon, (nnlsSs such corpora
ton shall satisfy him BY affidavit, filed in hi
Office, that they or he had good defense a
against the person presenting the same to
recovery thereof give notice In at least on,
paper printed (if any paper is so printed o
published) at the place of business OF sscl
corporation so refusing payment Of any notes
(and in one newspaper published at the sea
governme mt Of the State of Iowa,) that all tn
circulation issued by such corporation will b.
redeemed ont of the trust funds belonging t,
the corporation which made and issued sucl
protested note. to the payment pro rata Of al
such circulating notes, whether protested o
not, and shall adopt such measures for IN,
payment Of such notes as will in his opinion
most efectually prevent loss to the holder
thereof; and as soon ss any such hote shall b.
protested as aforesaid, and copy of sucl
protest shall be delivered to the President
Cashier or principal Clerk, at the Office o
place Of business of the corporation the pow
ers and duties Of any corporation over o
with the same shall cease and determine, ant
all the officers connected with the same shal
be prohibited from exercising any contro
over the same, unless by the decision or de
cree of the court in which proceedings may
be had for the appointment of receivers an
winding MP or the affairs Of the corporation
1t shall be determined that such corporation
was not bound to pay the note or bill as arore
said the protest thereof to the contrary not
wifhstanding, providing that the legal exis
tence of the corporation shalt continue 70