The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1858-05-08

where the business of such corporation
transacted be at any other place than tn
city, town or village, wherein such corpora
ton is located. -s-
621. No corporation shall issue or pu
in circulation any notes Of such corporation
unless the same be made payable on demand
and every such corporation shall Away
keep on hand an amount of specie suffcien
to redeem all such bills or notes rs may b,
presented at the place Of payment.
%. Each corporation shall always keel
on hand an amount lin addition to that re-
quired to be kept on hand by the provision
Of the preceding section) equal to twenty-fv,
per cent Of the amount of specie deposits il
specie, and the same proportion of its othel
deposits for the security Of dcpositors; bu
no such corporation shall pay any Interest
on current deposits.
%. No corporation organized under
the provisions Of this act shall at any time
pay out ON loans or discounts or in purchas.
ing drafts or bills of exchange or in paymen,
of dcpositors, nor shall it in any mode put in
circulation the notes of any bank or banking
company, which notes shnll not at that time
be rcdeemable5 in specie at the place where
such notes are made payable. ..--..
8 "a. All grants, conyeyances, assign
ments, transfers, sales or disposition oi
property, rights, credits or effects by any
such corporation, 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 pref
erence to any one or more creditors or which
shall be intended to have such operation Or
effect shall be void in respect to all other
persons and creditors whose rights or rem
edics may be effected thereby.
8 %. 1t shall be lawful for such corpor-
alton to purchase, hold, and convey real
estate for the following purposes: list, such
as shall be necessary for its Immediate ac-
commodation, banking houses and buildings
connected Herewith, in the transaction Of
its business; I'd, such as it shall purchase at
sales under judgments, DEGREES, or mort
cages 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 saving debts duo Of to be-
come due to such corporation.
!26. The said corporation shall not pur-
chase, hold or convey real estate in any
other case or for any other purpose what
ever; and all conveyanccs of such real estate
shall be made to the corporation and which
the President and Cashier or either may
sell, assign, grant, or convey, under direc-
ton OF the corporation, free from any claim
thereon, in favor of or against the share
holders, or any person claiming under them.
3 p. Upon the application of the Audi
tor or of any shareholder or shareholders
whose shares shall amount to five thousand
dollars, or of any person or persons holding
evidence of Indebtedness against any such
corporation to that amount, which applica-
ton ahall set forth in full the facts and cir
cumstanccs upon which it is made and shall
be verified by affidavit, the Judge of the Dis
trict Court of the county in which the busi-
ness OF the corporation may be conducted,
may order an examination to be made by
any competent person or persons to be by
him appointed of the affairs Of such corpo.
ration tor the purpose of ascertainins the
safety OF It's investments and the prudence
OF ITS management. and the result of such
examination together with the opinion OF
the Judge thereon shall be published IN such
manner as he shall direct, and who shall
make such order in respect to the expense OF
such examination as he may deem proper.
%. If any corporation organized unde,
this act shall refuse to pay any of its circu-
lating notes in gold or silver coin, the law
full currency Of the United States, on which
payment shall be lawfully demanded at its
banking house or customary place of doing
business, during usual banking hours, the
holder of such note or notes making such
demand may cause the same to be protested
as hereinafter provided; such corporation
shall only bc allowed to make payment of
any such demand in silver coin where the
sum SO demanded does not exceed the
amount for which silver coin is a legal ten
der according to the laws of the United
States; and when payment shall be demand
ed on more than one of its notes at the
same time, the aggregate amount of such
note to the amount of one hundred dollars
shall be considered on demand when any
notes the payment of which has been re-
fused as aforesaid are sought to be pro-
tested. The Notary Public who presents
the same for protest shall present at each
time so many of said notes, (if so many
there be. as will amount in the aggregate
to the sum of one hundred dollars and pro-
test the same in like manner as if said notes
were but note, and so in like manner for
gate amount to one hundred dollars; and
the Auditor on receiving and filing in his
office such protest shall forthwith give notice
in writing to the corporation, the maker or
makers of notes, to pay the same, and if
he or they shall omit to do so, the Auditor
shall Immediately thereupon, (unless such
corporation shall satisfy him by affidavits,
filed in his Office, that they or he had good
defence as against the person presenting
the same to recovery thereby give notice
in at least one paper printed Of any is SO
printed or pubEshed) at the place of busi-
ness OF such corporation so refusing pay.
mcnt of any notes, (and in one newspaper
published at the seat of government Of the
State Of Iowa. that all the circulation is
sued by such corporation will be redeemed
out of the trust funds belonging to the cor
poratiOn which made and issued such pro-
tested note, to the payment pro rata Of all
such circulating notes, whether protested or
not, and shall adopt such measures for the
payment of such notes as will in his opinion
most etfcctually prevent loss to the holders
thereof; and as soon as any such note shall
be protested as aforesaid, and copy of
such protest shall be delivered to the Presi-
oSh's S"Shioi VI ~ iuSl pitl SleIk, Ut inc ONCE
or place of business Of the corporation, the
powers and duties of any such corporation
over or with the same shall cease and deter
NINE, and all the officers connected with the
same shall be prohibited from exercising
any control over the same, unless by decis-
ion or decree of the court in which proceed
ings may be had for the appointment of
receivers and winding up of the affairs of the
it shall be determined that such
was not bound to pay the note;
or bill as aforesaid, the protest thereof to
the contrary Notwithstanding, providing that
the legal existence Of the corporation shall
continue for purposes Of proceedings in
courts for and against the same and of
avoiding the loss of property of any kind,
for want of person in being to hold the
same, but for no other purpose whatever,
shall it be the duty of the Auditor to apply
to any Judge of the District Court of this
State, whose duty it shall be to appoint Ga
disinterested person or persons) Receiver
or Receivers who shall reside in the county
in which the bank is situated, to take the
assets and property of every such corpora
tion into his or their possession, and collect
and apply all such assets and property as may
come into his or their possession under the