Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-04-24

Out May, uOWeVeT3 acquire -sitlc w any
real estate pledged to secure any debts
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 so acqui-
red 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 hereby made the
duty of the Board of Directors of each
branch to offer any: real estate so acqui-
red for sale at least once in each year,
first giving thirty days notice in some
newspaper published in such county
where such real estate is situated, Of the
time and place of such sale, If not, then
in some newspaper published the near
est thereto; and at such sale, if the
amount bid for such real estate be suf.
ficient to reimburse the said branch in
the amount for which such real estate
was taken by the branch with interests
and costs, then it shall be the duty of
the Board of Directors of such branch,
to sell and convey such real estate, 5ut
not otherwise, unless in their judgment
it be deemed necessary for tho interest
Of said branch to do so.
S 80. No branch shall at any time
issue or have in circulation any note,
draft, bill of exchange, acceptance, GER
ti6cate Of deposit, or other evidence Of
debt, which, from its character or ap-
pearance, shall be calculate or inten-
ded to circulate as money, other than
such notes of circulation as are by this
act described, and which such Bank is
by this act authorized to issue for the
purpose Of being circulated as money
s 30. Each branch shall receive at
par at the Office of banking house of
such branch in payment of debts due at
such branch for notes Of hand, bills Of
exchange, or other evidence of debt,
discounted or purchased by or belong
ing to such branch, the notes Of clrcul-
alton issued by any other branch Of the
State Bank Of Iowa.
S31. Each branch shall at all times,
have on hand in gold and silver coin in
its vault, an amount equal to at least
twenty-five per cent of the amount of
its outstanding notes of circulation and
whenever the amount of its outstanding
notes of circulation shall exceed the
above named proportion, no more of
its notes shall be paid out, or otherwise
put in circulation by such branch. nor
shall such branch increase its liabilities
by making any new loans or discounts,
other than dlscounting or purchasing
bills Of exchange, payable at sight, nor
make any dividend Of its profits, until
the required proportion between its out
standing notes Of circulation and gold
and silver coin on hand shall be resto-
red.
S32. Each Branch Of the State
Bank shall be required to keep in its
vaults over and above the amount re-
quired to be kept for the protection
and redemption Of its circulation as
required in the last preceding section,
at least twenty-five per cent. of Its cur
rent deposits, and shall be prohibited
from paying interest on current depos-
it's.
s 50. No branch authorized under
this act shall at any time be indebted
or in any way liable to an amount ex-
ceeding thirds Of its capital stock
at such time actually paid in and re-
naming as capital stock undlminished
by losses or otherwise except on the
following account-that is to say:
LIST. On account of it's notes of circul.
alton.
2ud. On account of moneys deposited
with or collected by such branch.
3d. On account of bills of exchange
or drafts drawn against moneys actu-
ally on deposit to the credit Of, or due
to such branch.
4th. Liabilities to its stockhol lers
on account Of money paid in on CAPT.
tai stock, dividends thereon, and undi-
vided profits.
Nor shall any branch, either directly
or indirectly, pledge, hypothecate, or
exchange any of its notes of circulation
for the purpose of procuring money, to
be paid in on its capital stock, nor
pledge or hypothecate directly or indi-
rectly any Of such notes to be used in
its ordinary banking operation.
5 "a. No branch shall, during the
time it shall continue its operation, as
a branch, withdraw or permit to be
withdrawn, either in form Of dividends
or loans to stockholders, for q longer
period of time than four months, or in
any other manner, any portion Of its
capital stock and if losses shall at any
time have been sustained by any branch,
equal to or exceeding its undivided
profits then on hand, no dividends shall
be made, and no dividends shall ever
be made by any branch while it shall
continue its banking operations to an
amount greater than its net profits then
on hand, deducting therefrom its losses
and bad and suspended debts and all
debts due and unpaid for period of
six months, unless the same shall be
we'll secured, and shall be in the process
Of collection, shall be considered bad
or suspended debts, within the mean
ing Of this section.
5 o5. The directors Of each branch
shall semi-annually on the first Monday
in May and November. declare divi-
dend of so much Of the net profits of
the branch as they shall Judge expedi-
ent, and as shall be approved by the
State Bank and on each dividend day
the cashier shall make full, clear and