Quasqueton guardian. (Quasqueton, Buchanan County, Iowa) 1856-1858, 1858-04-29

according to the laws of the United
States and when payment shall be de-
manded on more than one of its notes at
the same time, the aggregate amount of
such notes to the amount of one hundred
dollars shall be considered on demand
when any notes the payment of which
has been refused as aforesaid are sought
to be protested. The Notary Public who
presents the same for protest shall pre-
sent at each time so many of said notes,
(if so many there be, as will amount,
in the aggregate to the sum of one hun
dred dollars, and protest the same in like
manner as if said notes were but a note,
and so in like manner for all such notes,
if they do not in the aggregate amount
to one hundred dollars and the Auditor,
on receiving and filing in his Office such
protest, shall forwith give notice in wri-
ting to the corporation, the maker or ma
kers of such notes, to pay the same, and
if he or they shall omit to do so, the Au-
ditor shall Immediately, thereupon, (un-
less such corporation shall satisfy him by
affidavits, filed in his Office, that they or
he had good defence as against the per-
son presenting the same to the recovery
thereof give notice in at least one paper
printed (if any paper is SO printed or
published) at the place of business of
such corporation SO refusing payment of
any notes, (and in one newspaper pub
lished at the seat of government of the
State of Iowa, that all the circulation
issued by such corporation will be re-
deemed out of the trust funds belonging
to the corporation which made and issued
such protested 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 effectually
prevent loss to the holders thereof; and
as soon as any such note shall be pro-
tested as aforesaid, and copy of such
protest shall be delivered to the Presi-
dent, Cashier or principal Clerk, at the
Office or place of business of the corpo-
ration, the powers and duties of any
such corporation over or with the same
shall cease and determine, and all the Of
fcers connected with the same shall be
prohibited from exercising any control
over the same, unless by the decision or
decree of the court in which proceedings
may be had for the appointment Of re-
ceivers and winding up of the affairs of
the corporation it shall be determined
that such corporation was not bound to
pay the note or bill as aforesaid, the pro-
test thereof to the contrary notwithstand-
ing,' providing Unat the legal existence OF
the corporation shall continue for pur-
poses of proceedings in courts for and
against the same and of avoiding the loss
of property of any kind, for want of a
person in being to hold the same, but for
no other purpose whatever, and it shall
be the duty of the Auditor to apply to
any Judge of the District Cont Of this
State, whose duty it shall be to appoint
Ia disinterested person or persons Re-
ceiyer or Receivers who shall reside in
the county in which the bank is situated,
to take the assets and property of every
such corporation into his or their posses
sion, and collect and apply all such as
sets and property as may come into his
or their possession under the direction of
the District Court of the county in which
the corporation was located, lst, to the
redemption or payment of circulating
notes Cd, to the payment of deposits /;
Sd, to the payment of all other indebted
ness; 4th, to the payment of stockhold-
ers. If the Auditor shall not proceed to
wind up the affairs Of such corporation
on the reception and filing by him of the
protest aforesaid, the holder or owner of
such protested note shall have such rights
at law and equity against such corpora
tion as any creditor has against his debt
or, according TO the laws of this State
Receivers appointed under the provisions
of this act shall give bond and security
as may be required by the Judge Of the
Court appointing them.
s &c. That the distribution and appli-
cation of all the means, assets and pro-
perty Of such corporation as shall come
into the hands of any such Receiver or
Receivers, or shall be in the hands of the
Auditor, shall first be applied in payment
and satisfaction of all notes issued as and
fora circulating medium by any such
corporation.
s 80. Stock holders or share holders in
corporations organized under the provis-
ions of this act. shall be individually and
severally liable to the creditors of the COR
poration Of which they are stock holders
or share holders over and above the
amount of stock by them held, to an
amount equal to their respective shares
so held, for all its Liabilities accruing
while they remained stock holders, and
no transfer of stock shall affect such liza
bility, and should any such association
become insolvent and its assets be found
insufficient to pay its debts and liabilities,
its stockholders may be compelled to pay
such deficiency in proportion to the
amount of stock owned by each, and
should the whole amount for which stock
holders are individually responsible, as
provided in this section, be found in any
case to be inadequate to the payment of
all the residue of the debts of any corpo-
ration after the application of its assets to
the payment of such debts, then the
moneys due from stockholders on ac-
count of their individual liabilities AS
4 4. 4 II