The weekly hawk-eye. [volume] (Burlington, Iowa) 1858-1860, 1858-03-30

hand a. The recordep shall ~ psina fscjo vi
dencc q any court u justics u shis 01aso ID.
suit betNoea ~ branch Or S<aGo Bank of Iou
and any third pefse1.
Sec. d. NJ branch shall - permitted |
commspce Or carry o. The busi6sss Of bankin
under This acf. unless IL capital stock shall B
ct least 80. 900, nor shall the capital stock q
any such branch ever be increased to cxcee
| $500, 900.
Al least 80 per cent. Of the capital stock Z
each branch shall BE- paid In gold and silve
coin, and shall be in the actual pOsseesiou IN
bona ide the property Of the branch ct the tim
Of the commencement Of its banking business.
and the remainder Of the capital stock Of sue
branch shall be paid in gold and silver - afore
said in instaiiments, each Of at least ten pc
cent. on the whole amount Of capital subscribed
- frequently - once in every four euccessiy
months, from the time Of commencing bushes
until the whole amount OF such capital shall b
paid up. Pr0vided, That the Directors ma,
postpone the payments OF the deferred install
ments, or any part thereof, to the branche
when satisfied that the public interest does no
require them to be paid a. frequently Is abov
provided for.
Sec. -. If any share holder Or bis assRne,
shall fail to pay any ins,allment on his stool
when the same shall be required to be paid, tb,
branch may sell said stock at public auction
having given three weeks previous motto,
thereof in . newspaper, published in the count,
where the branch is located, land having mailet
. written notice to such delinquent share holde
OF his assignee) to any person who will pay th,
highest price therefor, not less than the amour
unpaid thereon; and the excess, il any, afec
paying the expense Of the sale, shall be refund
ed to the delinquent stakeholder.
IL no bidder can be found who will pay 70,
such stock, the amount unpaid thereon 70 th,
branch, and costs Of advertisement and sale
the amount previously paid shall be forfeited t
the branch, and such stock may be subsequent
ly sold in such manner as the branch MAY
order. .
The capital stock Of each branch shall be al
vided into shares Of one hundred dollars each
and stock book shall be kept by each Branch
Bank; showing who are the stockholders, and
what amount is held by each individual or com.
pany. which stock shall lie assgnable only on
the books of the branch in such manner as its
oy laws shall prescribe, BIT no share holder shall
have power to sell or transfer any shares held
IN his own right for the purpose Of escaping
liability when Bank is involved or SO long as
ne shall be liable either as principal, debtor,
surety, or otherwise, to the branch for any debt,
nor shall such share holder, when liable to the
branch tor any debt thar is overdue, be entitled
to receive any dividends, interest or profit on
such shares so long as such liability shall con
tlnue, but all such dividends, interest or profits
shall be retained by the branch and applied TO
the discharge Of such liabilities.
Sec. %. No branch shall take az security for
any loan or discount, lien on any part or its
capital stock, or any other than personal Sc
curlty and the same security, both in kind and
amount, shall be required Of shareholders. "a
d persons not shareholders; and no branch
shall be the holder or purchaser OF aHy portion
u IT'S capital stock, or Of the capital stock Of
my otner incorporated company, unless such
purchase shall be necessary to prevent loss
lpon debt previously contracted in good faith.
'n security which at the time was deemed ade.
luate to insure the payment Of such debt, in
dependent OF any lien upon such stock; or in
;ase OF forfeitures OF suck for the non pay
Aent OF installments due thereon, as provided
tue twenty second section and stock SO
purchased shall in no ease be held nv the branch
20 purchasing for longer period Of time than
TX months, il the same can be sold for what
he stock cost, or at par.
Sec. "a. In all the e,ec ions of Directors. and
n deciding all questions at meetings of the
stockholders, each share shall enttle the
owner thereof to one vote; stockholders NAV
'ote by proxies duly auti. orzed in writing, but
10 officer, clerk, teller or book-keeper Of the
branch shall act as proxy, and no stock -holder
whose liability to the branch is past due and
unpaid shall be allowed 10 vote.
Sec, 20. The affairs oil each branch shall be
by not less than five nor more than
line Directors Every director shall be citl-
en Of the United States, and shall during
lis whole term of service reside in this State.
Each Director shall take an oath that he will,
Q tar as the duty devoves on him, diligently
nd honestly administer the affairs Of the
ranch, and not knowingly violate or willingly
ermlt to be violated airy Of the provisions Of |
ms act that he is bona fde owner in his
"n right, OF the stock standing in his name
n the books Of the branch, and that the same
not hypothecated, or in any way pledged as
ecurlty, for any loan drained or debt owing |
'hich oath, subscribed hy himself and certified |
Dy the officer before whom it is taken, shall
e hled and carefully preserved in the office Of
he Recorder of the county in which the
ranch is located; but no person shall be Pres. |
lent or Director Of more than one branch at
he same time.
SEQ. &C. The s.ochh. lders collectively of
ny branch, shall at no time be liable to such
ranch, either as principals, debtors or sureties. |
Doth, to an amount exceeding three-ftths |
arr OF the capital STOCK Of such branch, then
ctnaiiy paid in, and remaining as capital stock.
Or shall the directors collectively, be so liable
an amount exceeding one-ffth part Of the
Iock actually paid in, standing in their names.
nd OF which they are, collectively, the bona
de owners in their own right.
Sec. ~. The directors Of any branch. frat
ected, shall hold their place until the first
onday in January next thereafter, and until
leir successors shall be elected and qualified:
! subsequent elections shall be held annually
the hrst Monday Of January, and the direc.
RS 80 elected shall mold their places for one
BAR, and until their suece ss0rs are elected and
iaiihed; but any director removing from the
ATE, or ceas'ng to be owner OF the requisite
mount Of stock, shall tn. reby vacate his place.
ny vacancy IN the boari shall be filed by ap.
hy the remaining directors: the al.
ctor SO appointed shall hold his place until
e next annual cleo ton: and il, from any cause.
election of directors snail not be made ~
e time appointed, the branch shall not for
at cause be dissolved, but an election NAV no
10 on any subsequent, day, thirty DAYS notice
erect having been given in u pewsDaper
'nted 10 the county where the branch is To-
ted.
Sec. %. Every brancl, authorized to carry
the business OF bankin, under this act. shall
held and ad;udged to be BODY corporate
IN succession, from tAe date of its certificate
association until the first day OF July. A. D..
1S, and hereafter until its affairs can be I
'sed and by ITS corporate name shall be com. ,
tent to contract, prosecute and defend actions I
every description, as fully as natural persons {
process against such branch may be served {
on lts President or Cashier, or BY leaving :
py thereof At its usual place Of business. {
ring the usual business hours. 8
Each OF said branches shall, during The term !
'resaid, il SO long j, shall comply with the y
visions Of this act, have power to issue notes u
circulation furnished by the State Bank OF /
Va, to loan money, buy, sell and discount bills i
exchange, notes, and all other written evil c
ices OF debt, except such - it shall be pro il
''ted, bY this act. from buying, selling and Il
counting; but no such loan shall be made g
any note, bill Or exchange, or other evidence b
debt having more than four months to run a
ore maturity; shall have power to receive de- 0
1ts; buy and sell gold aud silver coin and q
? and bullion; collect and pay over money. o
transact all business properly appertapinr o
banking, subject, however, to the provisions al
restrictions OF this act may acquire. hold m
convey such real estate AZ may be necessa. d
Tor the convenient transaction Of it, hns;- c,
3, and no more; but III ~, however. acouire p,
to aUy real estate pladUod ~ soa,.- 49, nj