The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1858-04-24


be open to inspection, aud said securi-
ties shall then be delivered to the treas
urer for safe keeping who shall receipt
to the auditor for the same, and who
shall be responsible for any loss or des-
truction thereof growing out of, or re-
sulting from negligence or wart of reas-
enable precautiou and care. The whole
or any part of said securities may be re-
dilivered to the auditor for the purpose
Of being sold under the provisions Of
this act, or being used or disposed Of un-
der any order or decree Of court, or of
being returned to the owner, in conform
ity with the provisions of this act, the
auditor in either case giving receipt
upon the book kept by the treasurer
aforesaid, specifying therein the purpose
for which such re delivery was made which
receipt shall discharge the treasurer
from all further responsibility, but the
auditor shall be liable in the same man
ner as the treasurer is while keeping or
disposing Of such security.
81. Any person MAY establish, or any
number Of persons may associate to es
tablsh offices of discount, deposit and
circulation, and become incorporated up
on the terms and conditions, and subject
to the liabilities prescribed in this act;
but the aggregate amount OF the capital
stock of any such corporation shall not
be less than fifty thousand dollars and
the auditor Of State shall not deliver to
any incorporation notes for circulation,
until such corporation shall have depos-
tied with and transferred to him the full
amount of fifty thousand dollars worth
of stocks as named in section three of
this act, the same to be rated as provided
ia said section, and the capital stock SIS
required in this section shall be paid up
in cash and be and remain so much Of
the bona fae capita. of such corporation.
No oition of the capital stock paid in as
aforesaid, shall at any time be withdrawn
from such corporation so as to reduce
the remaining paid up capital then actu
ally held by and in the possession of such
corporation below the estimated value
of the stocks deposited with aud then i'll
the possession of the auditor or treasurer
belonging to such corporation, which
shall be paid up in cash, and be and re-
main so much of the bona fde capital of
such corporation. No portion of the cap
ital stock paid in shall be at any time or
under any circumstances, withdrawn
from such corporation, so as to reduce
the remaining capital paid in actually and
held by, aud then in possession of such
corporation below the estimated value of
the stock theu held by and in the posses
sion of the auditor or treasurer belong
ing to such corporation.
IS Such person or persons under
their hands and seals, shall, previous to
their receiving from the auditor, the cir
culating notes as aforesaid, make certif-
icate which shall specify-First. The
name assumed to distinguish such corpo-
ration, aud to be used in its dealings. -
Second The place where the business
is to be carried on, designating the par
tcular city, town or village, and the
county Third. The amount Of the
capital stock which shall be divided into
shares of 500 each. Fourth. The names
and residences of the share holders and
the number of shares held by them res
pectively. Fifth. The period at which
such corporation shall commence and ter
inmate, which certificate shall be aekuowl-
| edged and be recorded in the Office of the
recorder OF tue county where the office
OF such corporation shall be established,
aud a copy thereof fled in the Office OF
the secretary of State, and the auditor
of State and upon the recording OF
which certificate, the person or persons
aforesaid shall become 4 body polite and
corporate, by the name assumed as afore-
said for aud during the time iX ed iu the
certificate, which shall not be more than
twenty years, aud by such name shall
have power to make contracts, to grant
and receive, to sue and be sued, to plead
and be impieaded, in all courts and places
wherein legal or Judicial proceeding
laay BE- had to have aud to use com
mon seal aud alter the same at pleasure
to have, hold, use and enjoy property
real. personal, aud mixed with the rents
issues and profits thereof, as hereinafter
provided, aud to exercise all other pow
ers conferred by this act and all grants ol
conveyances OF real estate shall be under
the seal of the corporation, signed by The
president aud countersigned by the cash
Ter.
50. A copy of the certificate required
by the eighth section Of this act, duly
certifyed to by the recorder of the coun
ty aud secretary Of State, or By either o
these officers, may be used as evidence
in all courts and places, by any such cor
poration, or any person when such evl
denee may be necessary for any civil @
criminal trial.
10. Such corporation shall hav,
power to carry on the business Of banking
by discounting bills, notes and other eyl
dences Of debt by receiving deposits, b.
buying and selling gold and silver bullion
foreign coins and bills of exchange, b.
loaniug money on personal security, ap'
by exercising such Incidental powers q
may be necessary to carry ON such busl
ness, may choose one Of their number a
president, and appoint cashier and sue
other officers and agents as their bushes
NAV require; but no loans shall be made
nor shall. any bill, note or other esidenc
, of deb. be discounted or purchased hav
! ing more thau four months to run befor
! maturity; and in all cases, personal 81
!. ricuaity shall be required.
0 sll. The shares of such corporation
e shall be deemed personal property, an
Il shall be transferable on the books OF I'll
: corporation, only and in such manner
h may be provided in the bylaws Of u
c corporation; and every person beeomil
IS share holder by such transfer, shall,