The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1858-05-12

. forfeiture of said debt or demand. but
the purchaser of 6ona tide bill of ex-
change or note payable at another place.
than the place of such purchase or dis
count, and the taking or reserving in-
terest thereon at the rate aforesaid from
the time of such purchase or discount.
until the maturity of such bill or note
shall not be held usurious, although ex-
change on the place where it is made
payable is at the time of such purchase
or discount, worth premium, nor shall
the discount or purchase ola bona fde'
bill or note payable at place between
which and the place of discount or pur-
chase there may be a difference in ex-
change and the taking in addition to the
rate of interest aforesaid, the rate of ex-
change between such places be deemed
usurious, Provided that in no case shall
more than the current rate of exchange
between such places be taken.
5 rs. No corporation organized under
the provisions Of this act, shall exist
longer than twenty years.
46. The stockholders or sharehold-
ers as used in this act shall apply not
only to such persons as appear by the
books after association, to be such, but
also to be equitable owner of stock, al
though the same may appear on such
books in the name of any other person.
and also to every person who shall have
advanced the instalment or purchase
money of any stock in the name of any
person under twenty-one years of age.
and while such person remains minor
to the extent of such advance and also
to every guardian or trustee, who shall
voluntarily invest any trust funds in
such stock, and no trust funds in the
hands of such guardian or trustee shall
be in any way liable under the provis-
ions of this act, by reason of any such
investment, nor shall the person for
whose benefit any such invest mt may be
made, be responsible in respect to such
stock, until thirty days after the time
when such persons respectively become
competent and able to control and dis
pose of the same, but the guardian or
other trustee making such investment
os aforesaid, shall continue responsible
as stockholder until such responsible
ty devolves upon the person bene6cially
interested therein, and in respect to
stock held by a guardian or other trustee
under transfer Of the same by a third
person or under positive directions by a
third person for such investment, the
person making such transfer or giving
such directions, and his executor and
administrators. shall for the purpose of
this act be deemed a stockholder, and
the estate of such person, if he be de-
ceased, shall be responsible for the debts
and liabilities chargeable on such stock
according to the provisions of this act.
5 ~. No corporation organized un-
der the provisions of this act shall put
in circulation in this State the bills or
notes of any bank or banking company
out of this State, except such as are re-
ceived in the usual course of business,
nor shall any corporation either direct
ly or indirectly exchange its notes in
tended to circulate as money with any
bank or banking company out of this
Sta.e, or with the agents of such bank
or banking company, for the notes Of
such bank or banking company, with
a view to circulate the same as money.
S48. This act to take effect and be
in force from and after its approval bya
majority of all the electors of this State.
voting for and against it at an election
provided by law, and not otherwise.
STEPHEN B. SHELLEDY,
Speaker Of the House of Representatives.
ORAN FAVlLLE,
President of the Senate. a
Approved March 22d, 1858.
RALPH P. LOWE.