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


the holder of every note put in circula-
ton, the payment of which shall have
been demanded and refused, damages for
the on-payment thereof, in lieu of in
terest at the rate Of twelve and one e-half
per cent. per annum from the time of
such refusal, until the payment of such
debt and the damage thereon: p,oviaed,
that no damage shall be allowed on such
demand after the bank has gone into Ii
quidation. The President and Cashier of
every corporation formed pursuant to the
provisions of this act, shall keep a true
and correct list of the names of all the
shareholders of such corporation, aud
shall file copy of such list in tho Office
of the Clerk Of the county where the Of
fee of such corporation may be located,
and also in the Office Of the Auditor on
the first Monday in January in every
year, but the holder of any claim against
such bank or corporation payable on de-
mand or due at the time of going into
liquidation, shall be entitled to interest at
the rate of ten per cent per annum un-
til paid, and all other claims shall bear
the same rate of interest after maturity.
5 90. 1t shall not be lawful for any
corporation under this act to make any
of its notes put in circulation as money,
payable at any other place than at the Of
flee where the business of the corporation
is carried on every corporation which
may be authorized under the provisions
of this act shall be located in some city,
town or village having population of
not less than five hundred inhabitants,
nor shall the Office where the business of
such corporation is transacted be at any
other place than the city, town or village
wherein such corporation is located.
81. No corporation shall issue or put
in circulation any notes of such corpora
ton unless the same be made payable on
demand, and every such corporation shall
always keep on hand an amount of specie
sufficient to redeem all such bills or notes
as may be presented at the place of pay
ment
) 22. Each corporation shall always
keep on hand an amount Tin addition to
that required to be kept on hand by the
provisions of the preceding section J
equal to twenty five per cent of the
amount of specie deposits in specie and
the same proportion of its other deposits
for the security of depositors but no
such corporation shall pay any interest on
current deposits.
23. No corporation organized under
the provisions of this act, shall at any
time pay out on loans or discounts or in
purchasing drafts or bills of exchange,
or in payment of depositors, shall it
in any mode put in circulation the notes
of any bank or banking company, which
notes shall not at that time be redeema-
BILE in specie at the place where such
notes are made payable.
5 81. Al grants, conveyances, assign
ments, transfers, sales or disposition of
property, rights, credits or effects by any
such corporation. for the purpose or with
intent to secure the payment of one liabil-
ity in preference to another or others, or
in any manner to secure any priority or
preference to any one or more creditors or
which shall be intended to have such op-
Grafton or effect shall be void in respect
to all other persons and creditors whose
rights or remedies may be effected there
by.
s 25. 1t shall be lawful for such cor
poration to purchase, hold and convey
real estate for the following purposes ::
lst, such as shall be necessary for its i'm
mediate accommodation, banking houses
and buildings connected Herewith, in the
transa ction of its business, end, such as
it shall purchase at sales under judgments,
DEGREES or mortgages held by such cor
poration and at sales under judgments
and DEGREES in favor of others, where it
is done with the sole view of securing and
saving debts due or to become due to
such corporation.
s &c. The said corporation shall not
purchase, 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 corpora
ton and which the president and cashier
or either may sell, assign, grant or con-
vey under direction Of the corporation
free from any claim thereon in favor Of
or against the shareholders, or any per
son claiming under them.
5 81. Upon the application of the audi
tor or any shareholder or sha rchviders
whose shares amount to FIVE thousand
dollars or Of any person or persons hold
ing evidence of indebtedness against any
such corporation to that amount, which
application shall set forth in full the fact
and circumstances upon which il is made
and shall be verified by affidavit, the
Judge of the District Court Of the county
in which the business of the corporation
may be conducted. may order an exami-
nation to be made by any competent per-
son or persons to be by him appointed
of the affairs of such corporation for the
purpose of ascertaining the safety of its
investments and the prudence Of its man
agement and the result Of snch examina-
ton together with the opinion of the Judge
thereon shall be published in such man
nor as he shall direct, and who shall make
such order in respect to the expense Of
such examination as he may deem proper
5 90. Ii any corporation organized
under this act shall refnse to pay any OF
its circulating notes in gold or silver coin
II l.. Il "A