The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1858-05-26

age and while such person remains minor tS The
tent Of such advance and also to every guardian q
other trustee who shell voluntarily invest any trus
funds in such stock and trust funds IN the hands
such guardian trustees shall be in any way liable
der the provisions Of this act by reason OF any such in
vestment, shall the person for whose bens1t any
such investment may be made be responsible in respect
to such stock until thirty days after the time when suci
persons respectively become competent and able TO
troll and dispose of the but the guardian 9TH
er trustee making such investment as Aforesaid rhal
continue responsible stakeholder until such res
possibility devolves upon the person benecialy inter
estcd therein and In respect to stock held by
or other trustee under transfer Of the BY thir
per:on, under positive directions by third perron
Tor such investment, the person making such tram S
or giving such directions, and his executors and ad-
Inintrators SHALL for the purpose Of this act be deemed
stockhoder and the estate Of such person, f be be
deceased shall bo responsible for the debts and hab
ties chargoabe such stock according to the rrovi
sions of this act.
2H. The General Assembly may alter or rcpesl chi,
act at pleasure in the manner provided in the Constt-
ton Of this State but no act altering repeating this
shall impose any injustice or wrong upon the stock.
holders Of any branch. .-. - a...-. n.
245 Every branch shall have power TO make al, neo
cessary snd proper bylaws for the management and
of charges FOR making collections subject to be eontroll
cd therein by the state bank Of iowa.
2 46 No branch shall issue any notes intended for
circulation as money, except the notes furnished for
that purpose by the state bank Of Iowa. and all such
notes shall be payable at the branch BY which they
ssucd In gold and silver coin the lawful currency Of
the United States provided for in section ten Of t
act demand they shall be signed BY the President
or Vice President Of the proper branch and counter
signed by the Cashier thereof made to the bear
and shall be negotiable by delivery all other ev
dences Of debt issued by any branch shall be nsgoti
able or transferable in the same manner - Issued
by natural person and shall be binding on the branch
whether under seal not and all such evidence OF
debt. othe- than notes Of circulation, fhs be
to the order Of some person therein named
Al. No branch shall put in circulation 10 tbk eate.
the bills notes Of any bank banking company out
Of the State except such as are received IN the usual
course Of business shall any branch either direct
ly or indirectly exchange It's bills or notes intended to
circulate a. money with any bank banking company
out Of the state with the agents OF such bank
the bills or notes Of such bank or banking company
with Wow to circulate the same In this state.
4s. When any number OF persons SHAH have aasort-
ated together for the formation Of branch as provided
for in section nineteen, they shall give twenty
lie notice in newspaper published In the town CT
city where is proposed to establish such branch, OF
their purpose open book for the Of the
Capital stock OF said branch specnymg sae ume soo
successive days. between the hours of ten O. M ana TWO
p Of each day, under the control and direction OF
such association and shall be accessible to every person
desiring to subscribe to stock Of the proposed branch
On the first day person, company or business firm:
composed Of individuals shall be permitted
to subscribe to than ten shares and on the second
day no more than fifty shares, unless at the time for
closing the books that day the aggregate amount of
stock subscribed shall not exceed tue amount OF catA
249 The number Of branches OF the state bank CT
Iowa shall not exceed thirty. Tho board OF directors
of the state bank of Iowa may the capital STOCK
Of any branch whore capital does not equal three bur
dred thousand dollars by authorizing suc Graocn 10
receive at any time such additional subscription to its
capital stock as will increase the .ame TO any smsns
of directors shall be satisfied that such additional
amount of capital is demanded by the pubic interest
aggregate capital Of all the branches shah not exceed
six millions or dollars. No branch shall be established
In any town with less population than five hundrcd
nor shall two branches be established IN the same town
city. v..
5O The branches shall continue to exist long a.
necessary for the settlement OF their sairs notwtth-
standing the repeal Of this act and law shah ever
be passed dverng aprrorating the aSsests OF any
such branch TO person other than to the payment
of debts and liabilities aud the distribution Of the
residue among its stockholders, IN proportion to the
stock by them severaly owned. .rE t..a-
BANK COMMISSIONERS. ,aa-. as
81. To carry into effect the provisions o! this act c.
II. Booth, of Dubuque county, L. H. HARRISON OF Lee
county, Ezekiel Clark, of johnson county, j. W. Dut-
ton. Of Muscatine county, VIM. J. Gatline, Of Folk
eornty, G. W. Slagle of Jefer on county, Ehu Baker,
of Linn county, william s. Dart, Of Mshaska county
T. Edgerton, Of Lucas county, shall be and they are
hereby appointed commissioners, and they, major
ty of thcm after taking an oath diligently, faithfully
and impartiay perform the duties assigned them
this act certificate Of which oath shall be fled ard
carefully preserved in the Office of Secretary Of State
sha constitute board, to be designated the Board q
the organization of the state bank Of lows. ~ here
provided for and thereafter the duties which they :re
required to perform by this act shall be b.
refuse to serve, shall die resign his place shall be
filed by appointment by the Governor Hoyt Sherman,
of Polk county, Benjamin Lake, of Clinton county, and
Elias II. Williams, Of Clayton county, are hereby ap-
pointed directors Of the state Bank of Iowa, the
part of the State, who shall have the same powers
directors the part the bank and who shall be paid
by state and shall receive three dollars per Gay
the time actually engaged in their duties, and mileage
the same members OF the General Assembly. The
term of service Of said Directors shall hc for two
and until their successors elected and qualified II
shall be the duty Of the General Assembly to elect three
directors of the state hank of Iowa at each regular
biennial session No person shall be eligible to the of
fee of state director who holds any office appointment
under any of the branches owns any stock in thu
same and the ssceptsnee Of any office trust Or profit
branch by state director during his term Of service
shall be deemed resignation and the Governor shall
fill by appointment the vacancy. ~, II. 4.,
Said commissioners shall meet at iowa City, at such
time within thirty days after the adoption of this
shall be appointed by the Governor who shall notify
each member of his continent, and of the time and
place OF meeting. They shall. when met appoint ono
of their number to be their President, who SHALL under
the order of the board sign all official documents and
they shall cause fair and true record of all their ON
cal proceedings to be Kept in book to be provided for
that purpose which shall be delivered by the President
of said board the state bank Of Iowa, the
same shall be organized. ....a. rt. ,,.aasra# : 2
252 The board of Bank Commissioners shall cx-
anime their certificates OF the formation of branches
them, oct, ana 81
by of their number, other special agent ar
pointed by them for that purpose, who shall not be
sockholdor in any of the branches formed under this
act Immediately proceed to excmine the condition q
each of the branches which shall have transmitted to
said board the required certificate and it shall be the
special duty of such agent to carefully count and
vie ascertain the amount Of money paid in account
Of its capital stock to ascertain the name and place
of residence OF each of the directors OF such Lranc
and whether their stockholders, directors and ofcer
men OF responsibility and integrity, and entitled t
the public confidence, and the amount OF capital stock
OF which each i the bona fde owner whether sucl,
branch has complied with all the requirement Of thi,
act necessary entite the branch to engage in the
business of banking and shall cause to be made and
attested by the oath of majority of the directors and
b. the cashier of such branch, statement Of all the
material facts neces ary to enable the board Of Bank
Commissioners to determine whether such branch j,
lawfully entitled to commence the business Of banking
under the provisions OF this act and such agent shall
iinme edatey report to the board of Bank Commission
such statement and his proceedings in the premises
253 II, upon q careful examination OF the certiG.
Gates OF ociation aud the reports and statements
the al agents appointed to ascertain whether the
branches organized have complied with the proyi
sions of this act it shall appear that tive more c1
branches have been formed and that their stechodcr
directors ard officers Of responsibility and in
tegry, and entitled to Iublic confidence, and that
branches are lawfully entitled to commence the bui-
ness OF banking, the commissioner shall certify to Il
same to the Governor, and shall Immediately motif,
each OF aid branches thereof and within ten days al
ter receiving sueh notice. each branch shall appoint in
such manner as the directors thereof shall pre- crbs
one person to be drS" Of the State Bank Of Iowa
D. I.e Governor, If he be satisfed that tie laSi
in all respects been complied with, shall issue bi
proclamation, setting forth that such branches are
authorized TO and carry on banking, at the
places everaly de- ignated in Their certificates OF Az
ton which proclamation shall be recorded in the Office
OF the Governor and copy Of said record certified
der the great seal Of the State Of Iowa, shall be a
facie evidence OF the organization OF such branch
IS. The bank commissioner, and all agents sp-
pointed by them, shall each be entitled e rcrai'
eve
dut
BEG
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