St. Charles City Republican intelligencer. [volume] (St. Charles City [Charles City], Iowa) 1857-1861, 1858-06-10
LAWS OF IOWA.
General Banking in the State of Iowa.

-
ny a. thor!zai and required to be engraved an
printed N the best manner To guard against counterfc
ilG, Such quantity oi circulating notes in sinIiutude
Bank notes IN blanks Of different denominations not ls
an one dollar, he NAV from time &, time deem nee
e5say % carry into effect the provisions Il this act suc
bank circulating notes shall be counters gned numbert-
ana reg5trred in proper books b. provided and ker
or tai purpose in tho Office Cf the Autur and under hi
direction by such register registers a. the sand aud
shall apl.i for that purpose that each such ccuatn
notes shall bear the signature e such Rog ter or one
such register of the notes furnished Il, any =, rrnraii,
organized under the provisions Of Ills act not more thai
ten per cent OF the amount shall be- in notes of one coa
each not more than ten per cent in OF two dollar
caCh and not more than twcay five per cent shall be il
notes M all denomination under five dollars and not NOR
than fifty per cent in notes Of all dcnomrat.ons unde
ten dollars.
S2 Nothing herein contained shall be 30 construed a,
10 prevent any corporation from procuring their owl
plate dies and other materials for engraving and pginl
blank notes and furnishing them u the Auditor lclv
ing them ever after ~ his custody and control be used
and disposed Of though such Auditor had procured
| them under the preceding section
S3 Whenever any corporation formed for the purpnsC
OF Bankmg under the provisions of this shah lawfully
transfer Ia and deposit with the Auditor any portion Of
the pubic -tock issued to be issued by the United
states or any state stocks on which full Interest annu
ally paid or the stocks " this State said stocks D. be r
ted at ton per cent below thcU avaragc value In the city
of New York for thirty days next preceding the time
when such stocks may be lett on dcpot with the Audi.
tor and IN no hall the Auditor issue bills for bank
ng purpoes on bonds OF this any ether tc on which
not less than six per cent regularly paid, uch corpp
ration shan be "ntIc, To receive from the Auditor
amount Of such circulating notes of different demo
uOnS registered and COntcTslEnei
the amount o stock actually Gri.s tied rating al stock
at ten per cent less than is vaGc aoTca ID.
~ Descriptive list Of the circulating regis
tered and srnei shall Doe the delivered tn the Trcasr,
| VIII" shall copy the In the iOuk hereinafter re-
qured 10 bc kept by him, Tor recording descriptive lists
Of securities deposited with him t"r salc ke,pi. z.
D such corporation Is hereby authorized after hav-
ing executed and signed tn" circulating notes registered
aud counter gnod Aforesaid, the manner prescribed
by this act, made payable demand as the Rank iH.,
House Of said cDrpura within this stat" loan and
a Cultc the according the ordinary course Of
banking business and no such corporation Shall at any
time, issue or have circulation any note, draft bill Of
exchange acceptance, certificate Of depO, other eVi-
den Of dht, which from it character appearance
shall be calculated intended circulate as money
other than such uutrs OF circulation this scC il
provided for
80 Three descriptive lists Of the securities Transferred
To the Auditor Aforesaid, shall be maac aud sguei b.
the Auditor and persous making the transfer in a
we'll bound book he kept by tic Auaitnr for that vlr
pose and one In lk" book be kept by the Trc rr
ami III a book To be kept 10y the corporation which
book shall at alt time" be open Inspection anu .ald So
cutcs shall then he delivered To the Treasurer sale
keeping, who shall receipt the Auditor for the same
and who shall he ponsibe for any loss or estructin
thereof growing Of resulting from negligence or
want of reasonable prccaUtion and The whole or
any part nf said securities may be- delivered 10 the
dit"r fer the purpose I being sold under the prUv ions
"i this act beng used po OF under al decree
" Ir court, or "l being returned to the
0rmiy with the provisions ii this tIn Auditor in
either case giving receipt upon the book kept 10y thu
Treasurer aforesaid, specifying thcroa the purpusc
which suCh rcdclvCry made. which recent shall
I'll i,Clarg" the TTcl from all furtirr responsibility
but the Auditor shalt hr liable the same manner n the
Treasurer Is while keeping dSpusng of such sccr ty
s.. Any person may tabl-h, any number or per
may associate 10 establish Offices III count deIst
and crCulUn and become Incorporated uynn the terms
aid conditions and subject 10 the liabilities prescribed IN
h 1t II re &elh TTs TTi Re H,n"nt ." capital stock ol
lar. AMI th, II,',r ~ tRtn hitv tmu-aud dol.
corporation, notes for circulation Int such corporation
shall have deposited with and transferred u him the full
amount of fifty thousand dollars worth of stocks named
Ia sccti", tire" "l thtS act, The samc t. be rated
provided in said section and the capital stock
quircd this section shall be paid up cash and BE- and
remain much OF the bona file capital Of such corpora
ton No portion Of the capital stock lali Ia aforesaid
shall be any time Withdrawn from such corporation
a D. rtCce the remaining paid up capital then actually
h'll by and in the possession Of such corporation below
the estimated value Of the deposited with and
in the possession the Auditor or Treasurer belonging to
such corporation which shall be paid Up h. aud be
and remain much of the bona file capital OF such copo
ration No portion OF the capital stock paid in shall hr
any time under any circumstance, Withdrawn frm
such corporation, a 10 reduce the remaining capital
paid in actually ant held by and then in the possession
such corporation below the estimated value Of the stocks
then held by and ia the pOSscsnon Of the Auditor
Treasurer belonging 20 such corporation.
IS. such person persons under their hands and
seal. shall previous their receiving from the Auditor
the circulating Aforesaid make a licate
which shall spccily-first. The name assumed IL di,
tnguh such corr"raton and 10 be used IN ItS dealings
Second The place where the business is to be carried
designating the particular city, town aud village and thc
county. Third. The amount "t capital stock which shall
be divided into shares OF 500 each Fourth The names
and residences OF the share holders and the number OF
shares held by them respectively. Ffh The period al
which such corporation shall commence and terminate
which certificate shall be acknowledged and be recorded
the uce Of the Recorder Of the county where the Office
OF such corporation shall be established and copy there
Of shall he filed in the office Of the Secretary Of State
the Auditor ol state and upon the recording Of which
certificate the person or persons aforesaid shall become
body polite and corporate by the assumed as
Aforesaid for and during the time fixed in the certificate
which shall not be more than twenty years and by such
name shall have power To make contract grant aud
receive, and be sued 10 plead and be- implicated
IN all courts and places wherein legal or judicial proceed
| IN, ha hll In have % Dt!SP land
alter the same at pleasure to have hold, and ENJOY
property, real personal and mixed with the rents
and profits thereof, hereinafter provided, and ex-
crcse all other powers conferred by this act and all
grants or conyeyances Of real estate shall he under the
| seal Of the corporation signed by the pre- ieEt and
ounersgned by the cashier.
| 80. A copy of the certificate required by the eight
csecton Of this act duly certified by the Recorder Of the
county and secretary Of state by either OF these o
RS, may be used evidence in all courts and places
by any such corporation, or any person when such
dence may be necessary any civil on criminal trial
10. Such corporations shall have power carry on
the baiacss Of banking by al counting bl, and
other evidence Of debt by receiving deposits by buyiug
and selling gold and silver bullion, foreign coins and
bills Oi exchange. by leaning money personal security
and by exercising such Incidental powers EIay Il
necessary to carry such business, choose uf lEe
number President, aud appoint a Cashier and sucl
other officers and agents as their blues may require
but loans shall be made shall any biIl note uI
other cyidencc Of debt be discounted purchased hav
ing than four m0nths TO run before maturity il
all cases, personal security shall be required.
Sll. The shares II such corporations shall b, deamr,
personal property ana ShalI DO Transferable On the book
II the corporation, only ana in such manner may b. pro
vided IN the by laws Of such corporations and ever,
person becoming share holder by such transfer shall
IN proportion his shares succeed the rights Of tn
share holder share holders by whom the transfer wa
made no change shall be made in the articles OF As>oci
alton, If the share holders memhcrs thereof by
which the right, remedies securities OF existing
creditors may be impaired, such corporations shall no
be dissolved by the death insanity OF any the share
holders therein, when there Is more than shaI.
holder in such association. Taxes =ha lie levied an
paid by the corporation, and not upon the ndIvdu.
stock hoers the value of the property to be
annually by the Bank Commissioners herein prov Iied for
and the rate Of taxation shall b. the that requires
to be levied on other taxable property by the rcvcnu
| L.ws Of the State.
notes by them issued and put in circulation shall b
signed by the ire dent and Ia hcr thereof and all suit
actions ana proceedings Drought or prosecuted by, or
behalf of such corporation may be- brought proscc
IN the name Of the corporation and such suit action
proceeding shalt ah,r by o the death, r,glan
removal from Office Of any lrcs icnt hut may hr
iuuci the such DEATH resignation or rcnON.
= fOm office had not taken place.
IL, Any person or persons having demands again,
any such corporation, may maintain action action
against such corporations which suit> actions sha
not abate BY Of the death resignation or remoys
from oico of any President other officer but may
continued and prosecuted to Judgment against the cCtls
ration and all judgments and DEGREES obtained agui
such corporation for any debt liability of such corpora
ton shall be enforced against Tie Property o the
except such judgments or decrccs may be vb:aie
against share holders a herein provided
n The Auditor shall give To any corporation
act, power of Attorney to receive interest dividend
thereon, and apply o their own but such powt
may be revoked upon such corporation failing reeci
the circulating notes issued, whenever in Oh
opinion Of the Auditor the principal Of such iok shall b
come insufficient security and whenever any such col
IOratoH shall into lquldation in other
proceed ~ close up its affairs, the Auditor shall upon al
lcaton ol the owners ot such stock, transfer Ii
same any part thereof to such upo
receiving and canceiling equal amount of such crcu
ting L1tas delivered To him by such corporation sue
manner that the circulating notes outstanding shall
ways be secured in full by the pledge Of stocks whc
cancelled circulating notes after descriptive lists there's
have been made and recorded by the Auditor and Tea
SHALL in the presence Of these officers be
by burning, and in they shall fail 10 burn All
notes returned for that purpose they shall be deems
guilty Of felony, and liable fine Of tina
s. 900 aud Imprisonment in the Penitentiary not le
than live nor more than twenty years.
Is. In case such corporation shall fail or refuse
pay any bill or note on demand in the specific
the 18th section OF this act the Auditor after day
notice gwen IN two newspapers printed the city
New York, shall proceed to sell public auction III t,
city d New York the public stock pledged su,
portion may be necessary, and OF the proceeds
such sale shall cancel and pay the said bill note