The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1858-05-12
Il A w . OF 10 w A
By AUTHORITY.
CHAPTER ia.

~o' Al ohy SO' PototAOu ISouiACO
under this act shall refuse to pay any
of it's circulating notes in gold or silver
coin. the lawful currency Of the United
States, on which payment shall be law
fully demanded at its banking house
or customary place of doing business,
during usual banking hours, the holder
of such note or notes making such de-
mand may cause the same TO be pro.
tested as hereinafter provided; such
corporation shall only be 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 legal tender according
to the laws of the United States and
when payment shall be demanded 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
present at each time so many 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 50 in a like manner for such
notes if they do not in the like aggre-
gate amount to one hundred dollars
and the Auditor on receiving and fil-
ing in his Office such protest shall forth
with give notice in writing to the cor
poration, the maker or makers of such
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, fled in his Office, that they
or he had good defence as against the
person presenting the same to a recov-
cry thereof, give notice in at least one
paper printed (if any paper is SO print
ed or published at the place of busi-
ness of such corporation so refusing
payment of any notes, land in one
published at the seat of gov
ernment of the State of Iowa, that all
the circulation issued by such corpora
ton will be redeemed out of the trust
funds belonging to the corporation
which made and issued such protested
note, to the payment pro rata Of all such
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 protested as afore-
said. and copy Of such protest shall be
delivered to the President, Cashier or
Clerk. at the Office or place of
business of thu corporation, the powers
and duties of any such corporation over
or with the same shall cease and deter
mine, and all the officers connected with
the same shall be prohibited from exer-
cising any control over the same, unless
by the decision or decree of the court
in which proceedings may be had for
the appointment of receivers and wind
ing up of the affairs of the corporation
it shall be determined that such corpo-
ration was not bound to pay the note or
bill as aforesaid, the protest thereof to
the contrary notwithstanding, provided
that the legal existence of the corpora
ton shall continue for purposes Of pro-
ceedings in courts for and against the
same and of avoiding the loss of prop
erty of any kind, for want Of 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 Court OF this
State. whose duty it shall be to appoint
"a disinterestcd person or persons) a
Receiver or Receivers who shall reside
in the county in which the bank is situ-
ated, to take the assets and property oi
every such corporation into his or their
possession, and collect and apply all
such assets 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 To-
Gated. lst, to the redemption or pay
ment of circulating notes; end. to the
payment of deposits; Sd, to the pay
ment of all other indebtedness 4th, to
the payment of stock holders. If the
Auditor shall not proceed to wind up
the affairs of such corporation on the
reception and filing by him of the pro-
test aforesaid the holder or owner of such
protested note shall lave such rights in
law and equity against such corporation
as any creditor has against his debtor
according to the laws of this States
Receivers appointed under the provi
sions of this aot shall give bond and Sc
curity as may be required by the Judg'
of the Court appointing them.
s 90. That the distribution and ap
plication Of all the means, assets anc
property of such corporation as sal
come into the hands of any such Re
ceiver or Receivers. or shall be in tn
hands Of the Auditor. shall first be ap
piled in payment and satisfaction of al
notes issued as and for a circulating
medium by any such corporation.
s 80. Stock holders or share holder
in corporations organized under the pro
visions of this act shall be Individually
and several.y liable to the creditors 0
the corporation Of which they are stool
holders or share holders over and abov
the amount of stock by them held. t
an amount equal to their RESPECTIVE
shares so held, for all its liabilities &C
cruing while they remained stock-hol
ders. and no trantfer Of stock shall effec
such liability, and should any such as
sociation become insolvent and its as
sets be found insufficient TO pay its debt
and liabilities, its stock holders may b
compelled to pay such deficiency in pro
portion to the amount of stock owne
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