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

tributed equally among all the creditors
Of such corporation, in proportion to thu
amount due to each. The persona
liability, in this section provided for, il
over and above the stock owned by
stockholders and any amount unpaid
thereon.
S3l. 1t shall be the duty of the off
GERS having charge of any bank estab'
lished under the provisions of this act
to cause to be made out on the first Mon.
day Of January and July of each yea,
duplicate statements showing the names
4at length and place of residence Of each
stakeholder of such bank, together
with the amount of stock owned by
each, and the transfer of all stock, the
date of such transfer, the amount SO
transferred, and the persons by and to
whom transferred, one of which state
ments shall be posted in some conspicu-
Gus place in the banking house, and
shall be continually exposed to public
inspection during the banking hours
The other of said statements shall be
caused by the bank to be filed with the
Recorder of Deeds in the county in
which such bank is located, and copy
of such last named statement duly cer-
tilted by the Recorder in whose Office
the same is fled shall be prima .facia
evidence of the facts therein contained
in any court of justice in this State.
5 80. That each and all the provi-
sions of this act shall apply to and con-
troll in all respects any banker who shall
conduct business under the provisions
of this law, whether the word bank
er is or is not used in any such provi-
sion.
s SO. There shall be elected at each
regular biennial session of the General
Assembly, by the two houses in joint
convention assembled, three electors of
the State as Bank Commissioners, whose
duties shall be to make semi-annual ex-
animation, and as much oftener as they
shall deem advisable, in respect to the
affairs and business of associations in
corporated under the provisions Of this
act, and in respect to the condition and
management thereof, and the amount of
specie on hand for the redemption of
notes and percentage Of deposits on
hand, and also to inspect the securities
filed with the Auditor and Treasurer so
as to be able to determine whether or
not any change has been made in said
securities. as we'll as in respect to the
sufficiency of such securities to meet
the liabilities of the corporation. and
also to determine whether said Bank
complies with the provisions of this law,
and to report thereon to the Auditor
and to each corporation. Such Com
missioners shall have power to examine
all books. papers and documents per-
tanning to the business Of the corpora
ton. and to swear or affirm all officers,
agents and others connected with the
corporation in respect to any matter or
thing about which they have the right
to inquire, and their reports shall be
published in some newspaper published
at the seat of government and in news
paper published in the county in which
the bank does business, and if there be
no paper published in such county, then
in a newspaper published in the nearest
county thereto Provided, That neither
of the Commissioners elected in accor-
dance with the provisions of this Sec
ton, shall be engaged either directly or
indirectly in banking under the provi-
sions of this act, either as stock holder,
director or under officer, and should
either of them so engage in banking,
so elected, it shall be construed as a
full resignation Of his Office as Commis-
sioner.
s "a. Such Bank Commissioners be-
fore entering upon the duties of their
office shall take and subscribe an oath or
affirmation faithfully and impartially to
perform all the duties enjoined upon
and required to be performed by them.
which said oath or affirmation shall
be fled in the Office of the Secretary OF
State.
S IS. If the said Bank Commission
ers shall ascertain upon any examina-
ton which they may make that any
change has been made in the securities
deposited with the Treasurer, or that
any part thereof has been lost, destroyed
or improperly Withdrawn, or in any way
or manner misused or misapplied, or
that securities have from any cause be-
come lessened in value or insufficient
for the redemption of bills of circula-
ton they shall notify the President and
Cashier of such corporation liable to be
affected by any such state of facts of the
discovery thereof, and require the trans
fer and deposit Of other security of the
like value with those originally trans
ferred, to supply the place of those
changed, lost, destroyed or improperly
Withdrawn, or which shall have become
insufficient security as aforesaid, in q
reasonable time to be fixed by said
Commissioners, or that said corporation
surrender to the Auditor a sufficient
amount of bills to be funded to reduce
the liability of such corporation to such
sum as that the securities in possession
Of the Treasurer will be sufficient fol
the redemption Of all notes not SO sur.
rendered and in case of any failure te
comply with any such requision the
Commissioners shall report the facts te
the Auditor, as well as to all the corpo
rations incorporated under the provis
ions of this act, and the Auditor shal
thereupon proceed to put such default
ing incorporation into liquidation a
provided for in case of failure, to redeem
or pay notes ON demand. If the sait
Bank Commissioners shall ascertain up
on any such examination that any banl
has in any manner failed to comply witt