The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1858-02-27

i Oec. t->U1ooSoo osyySol0ey.k000"sDy1 0e
quiring each Branch to deposit an amount
in money or stsekS sqsA = tenlpee csat ca
the amount Of circulating notes received BY
such Branch. Said "sAfsty fund, TO b held
and invested By the Bank q the property Of
said Branch, in trust, Ia secnss tie rsdepp-.
ton Of the notes Of any failing Branch.
Sec. 8-The "Safety Fgad' 70 10 invested
BY the Bank in State or United States stocks,
or FIRST class mortgage bonds payable ON d.,
mand. Each Branch entitled to receive the
interest accruiHg on il own securities, :. y
4 Sec. 9Reqnises every stockholdsr in
each Branch 20 deposit collateral security,
lin addition to the "Safety Fund,") equal
| IA amount TO one third Of said stock holdcf's
proportion Of notes Issued to such Branch.
These oollaterals to DO held by the State
Bank 20 security for my advanceS she may
make to redeem the notes Of failing Branch.
4, Sec. 10 Provides Inst the Ststs Bank
may furnish circulating notes to the Branch
%, in properties 70 their espisal STOCK paid
in and undiminished, a. follows: ON the first
$lO0, GOO, or part Of it, twice the amount:
ON the second $l00, 900, Or partof il, (being
ever $l00, 900, one and thres-quarters tho
amount: on the third 4lO0, 0OO, lor part Of Il,
one and one-half the amount: ON the fourth
el00, 600, Or part Of il, one and one. fourth
the amount: over $4O0, GOO, an amount equal
to such capital. sssi& lsgIls sas sis8 t5sEi
Sec. la suspension of specie payment,
tby any Branch, works its immediate insolv-
ency, and vests the entire assets of such
Branch in the State Bank, to be used IN liq.
uidation of its liabilities. s&sE9-
SEQ. -Prsscribes the method u closing
the affairs Of the suspended Branch, by ap-
pointing , Receiyer, &c. r~szm s~. =
Sec, H-Ihe pivsnt BIZ shes 10 redess
the notes Of the failing Branch, and to be
freunns,ated thsret(fa out Of the 'sSsfety
Sec. II - ssses rSssived froa ~ ssssts
Eef 4 fdiihg Raaeh Ill be applsd: a
1st-To pay advances made by other
Branches when same had not been realised
from "Safety Fund.-" -
2ndTTo reimburse money advanced from
lfsSafsly-gFusd." sls ssss'5 .as.Esx g-sI s.E-r5
3rd-To pay all other liabilities.
4th-To divide residue among the stock.
holders. *
Sec. l5-How to stay proceedings, IN case
false report Of insolvency Of any Branch.
| Sec. l6-Prescribes the mode of proceed
ure to compel the State Bank to close the
affairs of an insolvent Branch.
Sec. l7-State Bank may enjoin any
Branch which refuses to obey her orders D.
Sec. 18-When suck injunction i granted
the assets of the enjoined Branch vest in the
State Bank, which appoints Receiver, and
Immediately closes ID business.
Sec. l9-Not less than Eve persons shall
associate to form Branch. .@4l48sfs 4
Sec. 2O-Persons associating to- form
Branches shall certify
lst-Name of Branch and Location.
2nd-Amouut Of It'll capital and number
Of shares.
3rd--Name and place Of residence, and
number Of shares held BY, each associate,
4th-Time whep such company was form
edit s~Ss8S$#8 &SEBSE8 I@&A&s ~ =
Such certificate to be acknowledged, re.
corded and open to public inspection.
Sec. 2l--The minimum capital for . Branch
is $4,000, and the capital Of. q Branch, 50
CONNIE need, shall never be increased to ex-
coed $500, 600 50 per cent. 70 be paid mp,
andIh6 bslaace In ten per cent. installments,
every months or oftener, unless postponed
By the Dirsctors1 Of the, Stass Bank. 81 ~
Sec. "a fsilurs 10 pay. installments
when due, empowers the Branch to sell such
stock at public, auction. Capital stock to
be divided INTO shares Of 8 100 each. ~, Y =
Sec. 23-<Requires shareholders to give
the same kind and amount of security as are
required of shareholders, and prohibits
any branch from holding its own or any 9TH
er incorporation stock, except under certain
limitAti0ns.ES AFRR eaziS ,r&aGa5"Stf sbr
Sec. N-Prescribes the method of elect
ing directors of branches. sss@i ,aaHtasz9 10
Sec. 25-Number Of directors to be not
less 'thah I'VE npl more tSan nine. All d.
rectors to be citizens OF the United States
and three-fourths Of them to have resided
in the State fox one year previous to the
election, and three-f durths 81 them continue
to reside therein during their term Of service.
Each director to be a stockholders and take
an oath of fidelity, &c. - VI q
| Sec. Stockholders collectively Of any
branch shall at no, time become liable to
such branch, either as principals Of sscuri-
ties, or both, to an amount exceeding one
fifth of tho capital paid in, nor shall the d.
rectors become iiahle for Al amount exceed
ing one-iifth of their own collective capital
paid in, ssgeg sa syus 10 ,seas '7oFs % 81 :
Sec. 27-Regulates the election of bank
:, Sec. 2S-Brapches ,orgsoised ..nder this
oct may exist twenty yeafsg This ssecticn
also enumerates some Of the privileges and
limitations of the business.
Sec. 29-Prohibits the circulation Of any
paper of their own as money, other than the
circulating notes already described.
% Sec. 30-The notes Of each branch to be
received at par BY, allthe other branches in
payment of debts.
Sec. 3l--Each branch shall keep coin in
its vaults equal at all times to Is per cent.
| Of Al it, circulation. ri Ta ian Yrf
See. 32-Pfohibits branches from incur
ring debts exceeding two-thirds of their paid
up capital, except in specified cases. Also
| prohibits them From using their own notes
to procure money, to be used - capital, or
to banksupon.
Sec. 33-Provides thatno disidends shall
be made while the capital stock shall be im-s
paired or diminished by losses.
Sec. tA-Dmidmb tobs dsshrs1sBemi-
annual 90 the 6rsl Monlays d Ny and
Manshly ssatsns y, ssihsd 81 she oath
of the Cashier, President and two Directors,
shall be made, giving full and detailed ex-
hibit Of all the affairs Of the branch, agree
ably to the form contained in thia section.
Sec. 35-Bankipg capital 70 be taxed =
other property. 7yss-
Sec. 36-Maximum Yats of interest to be-
III per cent. Balls OF exchange, however,
may be purchased and sold in the usual
way.
Sec. 37-Laiss ths liabilities Of any par
son or firm, to any one brasoh. Prohibits
branches from paying out any Other pspsr
than it receives IN detts, which paper must
be redemable in coin where Il was issued.
Branches to keepno ssenrFsncy" account,
but deal solely in 'spar" funds, except As
Special deposits"
Sec. 38-Prohibits any transfers Of assets
BY any branch, when the Same i made toI
svoid its legsf liabilities, of' u gNee pref
erence to any other creditor over another.
Sec. 39-A knowing violation Of any Of
the provisions Of tlsis o. verks sforfeiturs
of franchises held under it, and holds direc-
tors who participated in such violation. per-
sonaliy liable. - as a - - -
Sec. 40-Embezzlemen or wilful misap-
plication Of funds by officers, or agents, to
be punishable in the psnitsntiary from one
to ten years.l astrt s'.lys -ss1 - II
Sec. 4I-Holds stockholders personally
liable to The credit0ra Of falling branch.