Weekly Council Bluffs bugle. (Council Bluffs, Iowa) 1857-1860, 1858-03-31
COUNCIL BEvFFs I0Vl NphEsDAY MORNING, MARCH 81 lsS


1 de- 0A t aslSsk y -
a|aal 30 pssid ID g8l6 aaad Niisa
4 M az ala Ii Sassallmaaass nauh N ]
/ Ksas aem yer eazk. VA 10 ssss@ls Agsassgl
pEsal s.sbarriG,aa, ~ kesgweassy !
asls In avsry foaE saesesssse Assashg
1 sraM tbs time Of commencing hasinas
! nasl lha whola msabuns ak saeh sapisa
asall be paid mps Pfouidsds TAat eh
B DiYaet0rM mag passpons Eha paymsansa D
1 tha degmgea imakaaagnamsss 0g soy p@s
thereof, - tbs bxaaeAas whaa sssiaiias
i that tine pnhlic iRksSsss aoes n0s REGAIN
! tham ID Ss paid ~ freqaensiy - AssoHl
. provided for. aa
I'll Z q gfaay SHARE haldeE or his asssea
90 shall fad 70 pay say tnssallasaas u
his stock when the same shall be FequiE
sd to bepaid, she branch mag sell sait
| stock ak public auction, having giyeE
weeks preyioas notice thereof, ina news.
paper published Id the county wbers tla.
. branch il located, land having nsailea 1
written notice 10 saeh dsliuqacns share.
. holder aF his asslEnee 10 alsy pefs0H
who viii pay the highest prizes theref0F.
not Less than The amount unpaisi shgreon
and tho excess, II any, after p sYissg tAs
| expenses Of the sale shall be Eefanaasl
to the delinquent stock hDlasr.
II If no bidder can be found who will pay
for such stock, the amount unp Vi there
on 10 the branch, and costs of advertise
mens and sale, the amount previously
paid shall be- forfeited 10 the bf,tagh, ana
such stock may be subsequently sU'd ii
such naaaner as the branch may order.
+ The capital stoek Of each branch shall
/ he divided into shares Of one HUNDRED
dollars each and stock book shal! he
kept By each Branch Bank, showing VIC
are the ssaekhoidets, and what amount IS
fheld hy each individual or company,
which stock shall be Assignahls only on
the books of the branch ia such manRer
as it's bylaws shall prescribe. bus no
share haldsr shall have powar to sell or
transfer any shares held In his own right
for the purpose Of escaping liability
when Bank 10 inToiVsd Or 60 long ss ha
shall be liable either ss principle, debt
or, surely, OF Otherwise TO tho braneh
for any debt, nor shall such share hold
! sr, whan liable to the branch FOR any
debt lhst Is overdue, be entitled TO re-
ceive any dividends, interest or profit on
! such shares so long q such liability shall
continue, but all such dividends, interest
or profits shall be retained By the branch
aud applied to the disehaFge Of such Ii.
| abilities.
/ 8 q. no branch shall take th' seeuri
/ sy foE aaY loan or discount, lien on any
part Of ils capital stock, or any other
than personal security and the sans Sc
sprity, both in kind and amount, shall
be required Of share holders, as Of per
sons nos shareholders aud no branch
shall be the hoIder or purchaser Of any
portion Of is capital stock, or Of tho
capital stock Of any other Incorporated
company, unless such purchase shall be
necessary to prevent loss upon debt
previously contracted in good faith, On
security which az the time was deemed
/ adequate TO insure the payment Of suoh
debt, Independent Of any lien upon sash
stock; Or Ia case Of forfeitures Of stock
for the non-paymenE Of iastaiimeHts due
thsEeonp as provided in the twenty
ond section; and stock 50 paFehascI
shall il no case BIZ held by the branch so
purchased for q longer period Of time
than six months, if the same can be sold
for whG! the stock cost, OF st par.
. a. La all elections of Directors, and
in deciding all questions at mealngs pf
the stockholders, each share shall en:l-
Ie the owner to one vote; stockholders
may vote By proxies duly authorized in
wiring, but no ofhoar, clerk, teller or
book~keeper Of tho bank shall. aoE rs
proxy, and no stookhoider whos3 liabiI-
ity to tha branch IS past due anu unpaid
shall be allowed TO vote.
S Is. The affairs Of each branch shall
be maaaEed by not less than Eve nor
moro than nine Directors. Every D,reG-
tor shall be citiz4n Of the United States,
and shall during his whole term OF ser
vice reside in this State
Each Director shalt take 81 oath that
: be willg so far as she duty .devolyes OF
him, diligently aud honestly administer
the aHaiEs Of the branch, and not know,
ingly violate or willingly permit 10 hs
violated any Of the provisions Of this
act tlat ha is bona 6ds owner in his
own right, Of the stock standing In his
nama On the books Of tha branch, aud
that the same il not hypothocat3d, or in
any way pledged IS security, for any
loan obtained or debt owing which oath
subscribed by himself and certified 10 BY
the officer before whom il is tax IN, shall
be 6lei aRd preserved in the of Sc Of the
Recorder Of the county IN which the
branch Is located; but no person shall
ba Preidant OF Director Of moro than one
branch at tha same time.
: Is. Thsstockholdsrs collectively, of
anv branch, shall at no time be liable to
such branch, either as principals, debt
{ Qrs or sureties, or both, TO an amount
exceeding three ffths part of the capital
stock Of such branch, then actually paid
in, and remaining as cspitdl stock, nor
shall the directors, collectively, be so
liable 10 an amount exceeding ons-6flh
part Of the stock actually paid ia, stand
ing in their names, and Of which they
are, collectively, the bona Ads ownera in
their oWn right
S2T, The directors Of any branch, Rrss
elected, shall hold their place until the
first Monday in January next thereafter,
and until their successor shall he elected
and qualified all subsequent elections
shall be held anunally on the FIRST Mon
day in January, and the directors go
elected shall bold their places for one
year, and until their successors are eLee-
ted and qualified; bat any diTsator re-
moving from ths State, or eeasEHg to be
owner Of the requisite amount Of stock,
shall thereby vaGase his PLACE. ANY va
cancy in the board shall be alicd BY apv
menf by the remainiug directors the di-
rector appointed shall aold bis place un-
ell lhe next annual election and il,
from any cause, 80 election OF directors
shall not be made at the time appointed,
The branch shall not for that cause be dis-
! solved, but an election may be held on
! any subsequent day, thirty days notiea
thereof having been given, IN . uewsps-
/ per pFiafed in The county where ths
} braneh is located. .. ..-..... ..
/ 8 q, Every branch authorized to car.
D ~ On the business Of banking undag thI'
act, shall be bald and adjudged to be q
body corporate, with sueeession until thl
! arst agy Of july, 4. d., 1858, and tasre.
. after until It's Affairs can be closed and
. by iEs corporate name shaif hs compe-
e tent to contract, prosecute ard detent
D actions of eyerv description, ~ fully q
inAturRl persons aEd process agAins'
l saeh branch laty be served up0a ita Pres
; ident oE Cashiev, or BIZ leaving . cop.
( thsra6f at its usual plase Of business
b dasing che usual business hours,
VI EaoA cf said branches shall, dprini
i The segaa Aforesaid. il % long ii shas
5 eompIy win lhe provisions of this sos
Il haze poweg I'd issue notsa fog gEseul lati0l