Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1858-04-24
BYsAUTHORITY
AN ACT TO INCORPORATE THE
STATE BANK OF IOWA.

s1ATE BANK OF IOWA.
! (This act, together with IAN Act authori
zing General Banking in the State of Iowa,
will be- submitted to vote of the people Of
the 4rh Monday in June, 1858
SECTION l. Be ii enacted By TIL
General assembly Of the State O
Iowa, That the State Bank of Iowa be
and the same is hereby incorporated
with all the powers hereinafter granted
and by that name shall be capable ol
contracting and being contracted with,
and of prosecuting and defending ac-
tions as fully as natural persons, and
of doing all other acts necessary to ef-
feet the objects contemplated in this
act by the creation of said corporation.
50. That as soon as FIVE more
branches of the State Bank of Iowa
shall be organized as in this act is au-
thorized, the directors Of the said State
Bank of Iowa, appointed by such
branches, shall meet in Iowa City at
such time as shall be designated by the
Board of Bank Commissioners, who
shall give ten days previous notice to
each branch, Of the time Of such meet
ing, and provided two thirds Of the
whole number of such Directors shall
be convened, they shall organize by ia
king an oath. diligently, faithfully, and
impartially to perform the duties i'm
posed upon them by this act, certifi-
cate of which oath, signed by each Dr.
rector, shall be filed and preserved in
the Office Of the Secretary of State,
and by electing some one Of their num-
Der as President, who shall preside at
the meetings of the Board and sign its
official documents and thereafter the
directory of the State Bank shall be
composed Of one Director appointed by
each branch Of said Bank, thirds
of whom shall be quorum and other
branches may be organized under such
Directory as is herein provided.
So. The Directors shall, when they
deem it necessary, elect Vice Presi-
dent, whose duties shall be prescribed
by the bylaws. They shall appoint
Secretary, who shall keep fair and
true record of the proceedings of the
Bank. They shall keep an office in
Iowa City, which, together with their
books, papers, records, and accounts of
every description, shall at all times be
open to the inspection of any commit
tee of the General Assembly, or either
branch thereof, and of any commission
er or commissioners specially appoint
ed for that purpose by the General As
sembly, or either branch thereof, or by
the Governor Of the State. They shall
procure and furnish each branch with
notes for circulation, and decide on the
amount to be furnished from time to
time to each, within the limits and
agreeably to the rules and restrictions
prescribed by this act. They may pre-.
scribe rules for the settlement Of bal
ances between branches, revise their BY
laws and regulations concerning char
ges for making collections, and cause
both to be made uniform, or as nearly
so as may be expedient. They shall
have power, by themselves, or by a
committee of one or more members Of
their own body, or by special agent
appointed by them for that purpose,
whenever, and as often as they shall
think proper, to visit any branch, in
spect its books, records and accounts,
and all the evidences of debt due to and
securities held by such branch, exam
inc and ascertain the amount of money
and other property held by such branch;
examine on oath the President, Vice
President, and Directors and Cashier,
and all other officers, agents, clerks or
servants of the branch, touching its
condition, means and liabilities, they
shall have power to require any branch
to reduce its circulation or other liabil-
tiles within such limits as they shall,
after full enquiry into its condition,
deem necessary to secure from loss Ell
ther the dealers with such branch, or
the other branches Of the State Bank
of Iowa. They shall, as soon after the
first Monday Of every month as practi-
cable, publish in some newspaper prin-
ted in Iowa City, a consolidated alb
stract of the monthly reports of all the
branches, showing their assets, liabili-
ties and condition, which statements
shall be recorded in book or books to
be kept for that purpose. They may
appoint an executive committee Of not
less than three, Of whom the Vice Pres
ident shall be one, to act in behalf Of
the Bank in all such cases as shall be
prescribed by the bylaws Of said Bank,
not inconsistent with this act.
4. The President, Vice President,
Secretary, and all other officers or
agents Of the Bank, shall each receive
such compensation for their services as
said bank shall allow. which shall be
assessed upon the several branches of
the State Bank of Iowa, in the ratio of
their capital stock. The Bank may
also allow the executive committee such
compensation as it may deem just and
reasonable, to be paid by the several
branches in the same manner, and the
expenses of procuring plates and prin-
ting notes Of circulation received by
each.
SIS. Each Director Of the Bank,
appointed by the branches shall con-
tinue in Office until the first Monday in
February next after his appointment,
and until his successor shall be appoin-
ted and qualified. Vacancies in the
board shall be filled by the branch by
which the appointment vacated was
made. In voting, each member shall
be entitled to two votes. and to one ad-