The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1858-04-17
Volume 3.

chased shall in no ease be held by the
branch so purchasing for a longer period
Of time than six months, if the same can
be sold for what the stock cost, or at par.
s24. In all the elections of directors,
and in deciding all questions at meetings
of the stock holders, each share shall en-
title the owner thereof to one vote; stock
holders may vote by proxies duly author
lied in writing, but no officer, clerk, tel
Ter or book keeper Of the branch shall
act as proxy, and no stock holder whose
liability to the branch is past due and
unpaid shall be allowed TO vote.
s25. The affairs of each branch shall
be managed by not less than FIVE, nor more
than nine directors. Every director
shall be citizen of the United States,
and shall, during his whole term of SER
vice reside in this State
Each director shall take an oath that
he will so far as the duty devolves on
him, diligently and honestly administer
the affairs Of the branch. and not know
ingly violate or willingly permit to be
violated any of the provisions of this act;
that he is bona fde owner in his own
right, Of the stock standing in his name
ON the books of the branch, and that the
same is not hypothecated, or in any way
pledged as security, for any loan obtain
ed o- debt owing; which oath, subscribed
by himself and certified to by the officer
before whom it is taken, shall be fled
and carefully preserved in the Office Of
recorder Of the county in which the
branch is located; but no person shall be
president or director of more than one
branch at the same time.
26. The stock holders collectively,
Of any branch shall at no time be liable
TO such branch, either as principal debt
ors or sureties, or both, to an amount ex-
ceeding three ffths part Of The capital
stock of such branch, then actually paid
in, and remaining as capital stock, nor
shall the directors, collectively, be so H.
able to an amount exceeding onc-ffth
part Of the stock actually paid in. stand
ing in their names, and of which they
are, collectively, the bona fde owners of
their own right.
S2T. The directors of any branch.
first elected, shall hold their place until
the first Monday in January next there
after, and until their successors shall be
elected and qualified; and subsequent
elections shall be held annually on the
first Monday of January, and the direc-
tors so elected shall hold their places for
one year, and until their successors are
elected and qualified but any director
removing from the State. or ceasing to
be owner of the requisite amount of
stock, shall thereby vacate his place
Any vacancy in the board shall be filed
by appointment by the remaining direc-
tors; the director so appointed shall hold
his place until the next annual election
and if, from any cause, an election shalt
not be made at the time appointed, the
branch shall not fer that cause be dis
solved, but an election may be held on
any subsequent day, thirty days notice
thereof haV ing been given in n ncwspa-
per printed in the county where the
branch is located
q. Every branch authorized to
carry on the business of banking under
this act, shall be held and adjudccd to
to be body corporate, with succession,
from the date of the certificate of associ-
alton until the first day of July, A. D.,
1873, and hereafter until its affairs can
be closed; and by its corporate name
shall b. competent to contract. prosecute
and defend actions Of every description,
as fully as natural persons; and process
against such branch may be served upon
its president or cashier or by leaving
copy thereof at its usual place of bust
ness, during the usual business hours.
Each of said branches shall, during the
term aforesaid, if 80 long it shall comply
with the provisions of this act, have
power to issue notes for circulation fur
nished by the State Bank Of Iowa, to
loan money, buy, sell and discount bills
Of exchange, notes, and all other written
evidences of debt. except such az it shall
be prohibited, by this act, from buying,
selling and discounting; but no such
loan shall be made on any note, bill or
exchange, or other evidences Of debt,
having over four months to run before
maturity; shall have power to receive de-
posts; buy aud sell gold and silver coin
and chin and bullion collect and pay
ever money, and transact all bushes
properly appertaining to banking, sub
ject, however, to the provisions and res
trictlons OF this act may acquire, hold
and convey such real estate as may be
necessry for the convenient transaction
of its business, and no more but may,
however, acquire title to any real estate
pledged to secure any debt, previously
contracted, or purchased on an execution
or order Of sale, to satisfy any judgment
or decree in its favor or which shall have
been conveyed to it in payment of any
previous debt, but shall not hold any
real estate acquired longer than in the
judgment Of the board Of directors, is
necessary to save the said branch holding
such real estate from loss, and it is here.
by made the duty of the board of direc-
tors Of each branch TO offer any real es
tate SO acquired for sale at least once in
each year, first giving thirty days notice
in some newspaper published in the couu-
ty where such real estate is situated, Of
the time and place Of such sale, if any
newspaper be published in the county,
and if not, then in some newspaper pub
ished nearest thereto; and at such sale, if
theamount bid for such real estate be suf-
cient to reimburse the said baanch in
the amount for which such real estate
was taken by the branch, with interest
and costs, then it shall be the duty of the
board of directors of such branch, to
sell and convey such real estate, but not
otherwise, unless in their Judgment it
be deemed necessary for the interest of
said branch TO do So
5 20: No branch shall at any time is
sue or have in circulation any note, bill