St. Charles City Republican intelligencer. [volume] (St. Charles City [Charles City], Iowa) 1857-1861, 1858-05-13
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exceeding "i"tfth part Of the tck actually pal in stan
ding ia their names, aud f which they are collectively
The bona hie owners lit their own right.
w. The directors If branch, nrst elected sha
hold their place until the first Monday JANUARY ueN
thereafter aud until their shall be clc,
qualified all subsequent elections shall be- held annual
on the nrst Monday Of January, and the directors
elected shall hold their places for year. and until the
Successors elected and qualified but any director
m"ving from the state, Ceasing to be of th
requisite amount oi stock shall thereby his place
Any vacancy III the board shall be filed by appointment
| by ue remaining directors the director appointr
shaii nom ms place until the next annual election and
ir" any cause, an eecn ol dire tOr> lal be mad
at the time appointed the branch shall not for that caus
be dissovcd but eection may be held on any srbse
luet day, thirty days notice thereof having been given
~ NEWSPAPER printed i'll the county where the branch
| located.
Ss Every branch authorized carry the business
OF banking under this act shall be held and ndudge
be body corporate, with succeS ion from the If
certificate Of Association until the first day of July, A.
io's ana Thereafter until IT, affairs can bS closed and
oy 1t, corporate name shall be Compcnent contract
prosecute and defend description a. fully
natural perUs and process against such branch maj
DC served UIcn is President hcr, By leaving
copy thereof at rs usual place o business during the
| usual bu.iness hours
Each Oi said branches shall during the term aforesaid
IL 80 long hall comply with the provisions Of this
nave power to issue for circulation urn- he'd BY
tue state Bank Of Iowa 10 loan money buy sell and dis
coCit bills OF exchange, notcs ard all other evi-
JcnCc- o debt except such hall be prohibited by
THIS act, from buy ing, selling and di>COUnng bet
such loan shall be On any note hill or exchange or
uter evIeiCcs OF debt having than four months
run before maturity shall have power receive delos-
IL buy and sell gold and silver coin and bullion col
lect and pay money and transact all Otcr business
pro- ery appertnlng TO banking subject however, the
provisions and restrictions this acquire hold
and convey such real estate may be necessary for the
convenient transactions u its business, and but
may, howcver, acquire ttc any real pledged
secure any debt previously contracted, pure hised
an execution order sae satisfy any Judgment or
decree IN il, favor which shall have been conveyed to
II mcnt oi any previous debt but shall hold any
real estate acquired longer than in the juGgmentof the
Nfi
holding such real estate from loss, and hereby
the duty O the board Of directors Of each branch or
any real ete 80 acquired for sale at least once in each
year, hrst giving thirty days notice newspaper
pub he'd IN the county where such real situated
oi the time and place Of such sale any newspaper be
published III such county and II mot, then
paper Published the nearest thereto and such sale il
The amount bid tor such real estate he sufficient
burse the said branch the for which such real
e-tLte was taken by the branch with interest costs
then shall be the duty o the board oi directors Of such
branch 10 sell and convey such real estate, but 9th
crwisc unless Ia their judgment be deemed Necessary
Tor the interest Of the said bTaich 10 DO 30
so No branch shall at any time issue or hav. in
circulation any note draft bill Il exchange, acceptance
certificate oi deposit or ether evidence ol debt which
from s character Ur appearance, shall be calculated
intended to circulate a money, other than such
circulation a. are by this act described and which such
nak 10y m act authorized 10 issue Tor the purpose oi
being circulated "A money.
80 Each branch aIl receive at par at the Office or
banking house "t such branch payment of debts due
al such branches Tor notes at hand hll Of exchange or
other evidences Of debt discounted purchased by OF
belonging to such branch CI the state lauk Iowa.
u. Each branch shall at all times have on hand in
gold and silver CON IN its vault cqa 10 at
least twenty i've per the amount OF IT., oct tand.
ihg h"es Oi circulation and whcDrScr the
OCT landing notes of circulation shall exceed the above
named proportion, NJ more o it, notes shall b. paid
or otherwise put III circulation by such branch shall
such branch Increase It's liabilities by making any
loaS DISCOUNT other than di-countug or iug
bills ci exchange, payable sight, make any div
deid "l IT. pruht>, until the required portion between It's
or Indig notes Of Circulation and gold and silver coin
hand shall be rc.tOret
81 Each branch of the state Bank shall be required
to Keep IN IT, vaults and above the required
TO DC Kept for the proton and redemption Of its circu
iaton required the preceding section at least
twcht! hvc per cent Of IT. current deposits aud hal be
prohibited iron paying interest nj deposits.
90 No branch authorized under thi- act shall AT any
time be indebted or in any way liable To amount
cceing twothirds Of It. capital stock at such time
ally lsid in aud remaining capital stock undmnl,hed
by losses or otherwise except on the following aceount
1t. on account Of its notes of circulation.
I'd On account OF moneys deposited with OF collected
by such branch
3d. Un OF bills of exchange or drafts drawn
against money actually on deposit To the credit oi, due
10 such branch
PAID IN ON capital stock, dividends thereon, and undivided
profit.
Nor shall any branch, either directly or indirectly
pledge, hyt-ttcae, or exchange any ui IT, uuteS Of
culaon "r the PURPOSE Of procuring money, be paid
III On tS capital stock pledge hypttyCte directly
or indirectly any al such note, 10 be ordinary
banking operation.
81 No branch shall during the me it shall continue
It's operation a branch, Withdraw permit I" be with
drawn, either IA form Of dIrldeiIs loans pckhod
ers, for longer period Of tine than four months
any other maner any portion oi IT. capital >tock and
losses shall at any time have been sustained by
branch equal T., exceeding Il, undivided profit. then
on hand, no dividends shall be made and dividends
shall ever be made by any branch while II shall continue
It. banking operations 10 amount greater than il
profit, then hand, deductng thcreirum il, losses and
bad and suspended debts and all debt, due anu unpaid
for period "i six months, unless the SHAH be well
and hall ina
considered bad or Suspended debts within the meaning
oi this section.
a5 The directors of each branch shall semi annually
the first Monday May and November, declare div
Idend oi much OF the nett profits ot the bcaDch they
shall judge eXIeeIt and shall be approved by the
bank and each dividend day the cashier shall
make fUl clear aud accurate the CouditIui
o the branch shall be that day. after declaring
the dividend, which shall be verified 10y the oath Of the
Cashier, lrceidelt, aud two Of the Directors and similar
statements verified in like manner shall also bc made
the Inst Monday III each month in each year, which
Incnt -ha. contain
lst The amount Of the capital stock actually paid n
anu then remaining the capital stock ui the branch.
ID. The oI the bills of the branch then
in circulation, specify ins the amount oi each dcnoin
Sd. The creates, amount in circulation at any time
since the making o the last previous statement, sha
have been exhibited by the weekly statements Of the
Cashier specifying the time when the occurred.
ilh. The amount Of debts of every kind due to the
branches ol the state Bank OF Iowa the due
other banks Of the state and the amount due o Banks
not oi this state
9Th The amount due to dcpostors
It'll The total OF debts and Liabilities OF every
description, and the greatest amount the making Of
the last previous statement, peCll, ing the when
the occurred, exhibited by the weekly st,tenet
Ui the branch
eth The total amount of dividends declared on the day
oi making the statement
sth lhe amount Of gold ana silver coin and bullion Re-
longing 10 such branch. and in H. the
oi making the statement designating. the of each
gth The subie bt druwl at sight then re.
manning deposit with solvent banks or bankers OF the
i,t md tln nj ,tp
po,.te IN ia, h.
Ivth. The amount then on hand, If bills or notes is.
cd by branches Of the state bank oi IOWA. the amount
issued by other banks 9! this state, and the amount
sued by banks not O this state.
lIth The amount If balances due from branches Of the
state bank Iowa the amount due from other banks oi
this state, ana tc amount due from the banks not o this
state, excluding ia the latter case, deposits the Cities
ui New York Philadelphia Boston, Baltimore and other
Gates and towns, subject 10 sight DRAFT.
18th. The amount un hand oi bills, bonds, notes, and
other evidences OF debts discounted purc,e by the
branch, specifying particularly the OF suspended
debt, the amount considered good the amount consider
cd doubtful and the amount in suit or Judgment
18th. The value o real aud personal property held for
the convenience oi the branch, Specifying The amount Vi
llth The amount Of real estate taken in payment OF
debts due the branch.
18th The amount Of undivided profit, Of the branch
l0ih The t,.ual OF the liabilities the brauch
by the directors thereof collectively specifying the
amount OF such liabilities prInci! debtors and the
gross amount a. endorsers OF sLr,tes.
18th The tt amount ot liabilities to the branch OF the
stockholders thereof collectively specify ing the gross
amount oi such liabilities principal Debtors and the
gross amount rndorser, SUrrtics which statement
shall be forthwith sncd to the tate bank of Iowa.
aud the Auditor oi state.
An abstract Ui every statement, sh, wing the condition
Of the branch, shall be Immediately published by the
branch some newspaper painted ia The county where
such branch /, situatv copy II which sL'tenient shall
be seat each branch vi the stale blGik vi Iowa.
s 10. The General Assembly shall never impose any
greater upon the property employed IN banking
this act than may BE- IMPOSED upon the property
of Indy hiual-.
S31. Each branch may take receive charge, any
haIi discount made or upon any note or bill of ex
change other evidences oI debt discounted purcli
sod by them interest the ui per per
the amount OF such note, bill oi exchange, other
es,n debt III counted purchased and no more
until the irt day ui January, 1868, after which time
than per cent. shaIi be taken, received,
charged. Provided, however, that iuteret may be
served taken IN advance al the time VI making the
loan discount according to the usual rates oil banking,
calculated in Rowiets tables, and the knowingly Ia
King, receiving charging any debt or demand dis
counted purchased by amy branch, rate o interest
greater than that allowed by this secon shall be held
and adutsed forfeiture Of such debt demand, but
the purchase Of Tide bill OF exchange paya
another place than the place o such purchase
discount and the taking rcsrvns Interest thereon, al