Quasqueton guardian. (Quasqueton, Buchanan County, Iowa) 1856-1858, 1858-04-29

Soi Poi"e'0", ",'U S'Niy PN'ooA
share holder by such transfer, shall, in
proportion to his shares, succeed to all
the rights of the shareholder or share
holders by whom the transfer was made
no change shall be made in the articles
of Association, or of the shareholders OF
members thereof, by which the rights
remedies or securities of its existing cred
itors may be impaired; such corporation
shall not be dissolved by the death Oh
insanity of any of the shareholders there
in, when there is more than one share
holder in such association. Taxes shall
be levied on and paid by the corporation,
and not upon the individual stock-hold-
ers : the value of the property to be as.
certained annually by the Bank Commis
sioners herein provided for; and the rate
of taxation shall be the same as that re
quired to be levied on other taxable pro.
perty bv the revenue laws of the State
S1o C---ssacts made by any such
corporation, and all notes by them issued
and put in circulation, shall be signed by
the President and Cashier thereof, and
all suits. actions and proceedings brought
or prosecuted by, or in behalf of such
corporation, may be brought or prosccu-
ted in the name of the corporation and
no such suit, action, or proceeding shall
abate by reason of the death, resignation
or removal from office of any President,
but may be continued the same as if such
death, resignation or removal from Office
had not taken place.
5 13. Any person or persons having
demands against any such corporation,
may maintain action or actions against
against such corporations, which suits or
actions shall not abate by reason of the
death, resignation. or removal from Of
fee of any President or other officer,
but may be continued and prosecuted to
Judgment against the corporation and
all judgments and DEGREES Obtained
against such corporation for any debt or
liability of such corporation, shall be
enforced against the property of the same,
except such judgments or DEGREES as may
be obtained against share holders as here
in provided.
s ID. The Auditor shall give to any
corporation so transferring stocks, in pur-
suance of the provisions of this act, pow
er of Attorney to receive interests on
dividends thereon, and apply to their
own use but such power may be revok-
ed upon such corporation failing to re.
deem the circulating notes so issued, or
whenever, in the opinion of the Auditor,
the principal of such stock shall become
insufficient security /; and whenever any
such corporation shall go into fiqnidetiorl,
or in any other manner proceed to close
up its affairs, the Auditor shall, upon ap-
plication of the owner or owners of such
stock, re-transfer the same or any part
thereof to such owner or owners, upon
receiving and cancelling an equal amount
of such circulating notes delivered to
him by such corporation in such manner
that the circulating notes outstanding,
shall always be secured in full by the
pledge of stocks, which cancelled circu-
lating notes, after descriptive lists there
of have been made and recorded by the
Auditor and Treasurer, shall, in presence
of these officers, be consumed by burn
ing, and in case they shall fail to so burn
any notes returned to them for that pur-
pose, they shall be deemed guilty of felo-
ny, and liable to fine of not more than
$4,000 and imprisonment in the peniten-
tiary not less than five nor more than
twenty years.
s Is. In case such corporation shall
fail or refuse to pay any bill or note on
demand, in the manner specified in the
28th section of this act, the Auditor, af-
ter ten days notice, given in two news
papers printed in the city of New York,
shall proceed to sell at public auction in
the city of New York, the public stock
SO pledged, or such portion as may be
necessary, and out Of the proceeds of
such sale shall cancel and pay the said
bill or note default in paying which shall
have been made as aforesaid but no.
thing in this act contained, shall be con-
sidered as implying any pledge on the
part of the State for the payment of said
bills or notes beyond the proper applica-
ton of the securities pledged to the Aud
itor for their redemption.
s Is. The public stock deposited with
the Auditor by any such corporation,
shall be held, first, for the security of
notes of such corporations put in circula-
ton as money, until the same are re-
deemed, as herein provided second, for
the payment of depositors ; third, for the
payment of all ether liabilities, and the
excess for the use of stockholders.
II. The plate, dies and materials,
which may be furnished by the Auditor
for the printing and marking of the notes
provided for hereby. shall remain in his
custody and under his direction, and the
expense incurred in executing the provi-
sions Of this act shall be audited and set
tied by the Auditor, and paid out of any
money in the Treasury not otherwise ap-
propriated /; and for the purpose of re-
imbursing the same, the said Auditor is
authorized and required to charge against
and receive from such corporation apply
ing for such circulating notes, such rate
per cent thereon as may be sufficient for
that purpose.
s Is. Itshall not be lawful for the Aud
itor or other officer to countersign notes
for any corporation, to any amount in the
the aggregate exceeding the public stock
da ifa1 with tho Traa ,,,rar h,y s,n y