The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1858-04-17
most convenient for the purpose Of re-
deeming the notes of such failing branch,

most convenient for the purpose Of re
decming the notes of such failing branch
and shall give public notice in some news
paper printed in TIE place where such
failing branch is located, also in some
newspaper Of general circulation publish,
ed at Iowa City.
S12. Each solvent branch shall con
tribute in the ratio of the circulation to
which it is entitled, to the sum neccssa-
ry for redeeming the notes of the failing
branch, as provided in the preceding
section on the requisition of the State
Bank Of Iowa, aud may be rcmuneratcd
for such contribution, from the safety
fund, as soon as money sufficient can be
raised from that fund by sale or hypo-
thecation of the stock, funds, or other Sc
curitics belonging thereto.
s Is. The receiver or receivers ap-
pointed as provided in the eleventh sec
tion, shall be required to give bond in
such sum, aud such securities "a the
State Bank Of Iowa, or executive CON-
mittee, shall Judge sufficient, and under
the direction of said bank, shall proceed
to settle up the affairs of such branch,
and convert its assets into money; the
money SO made shall be applied
First:--To reimburse all the moneys
which shall have been advanced BY the
several branches, for the redemption of
the notes and bills of the insolvent
branch, and which may not have been
previously reimbursed from the Safety
| Fund
Sccond:--To reimburse all moneys ad.
vanced from the Safety Fund, other than
moneys derived from that Safety Fund
furnished by the failing branch.
Third:--To the payment and discharge
of ell the remaining liabilities of such
branch
Fourth:-The residue shall be divided
among the stockholders Of the failing
branch, in proportion to the stock by
them respectively held.
IA. Ifany branch against which the
State Bank of Iowa shall have instituted
proceedings on account of any supposed
act of insolvency as prescribed by the
eleventh section Of this act, shall deny
having committed such act of insolvency,
such branch may apply to any court Of
competent jurisdiction for . writ of in
junction to said State Bank of Iowa to
suspend all further proceedings against
such branch as an insolvent Bank; and
such court, after citing said State Bank
Of Iowa to appear and show cause why
such writ should not be granted, and af-
ter the finding Of jury that such branch
has at all times continued, and still con
tinues to redeem in gold and silver coin,
it's notes of circulation, shall make an or
der enjoining the State Bank of Iowa
from all further proceeding against such
branch on account of the supposed act
of insolvency on which such proceedings
were instituted, and thereupon all the
property aud assets of such branch shall
be restored to its Directors.
SIS. If the State Bank Of Iowa shall,
il any case, fail to proceed in the manner
prescribed IN the foregoing sections of
this act, in providing for the payment of
the outstanding potes Of circulation, and
in closing the affairs of any branch that
shall have committed an act of insolven-
cy. the holder of any Of its notes or cir
culation, or other creditor Of such branch.
may in cakc payment of such. notes of
circulation or other claim has been refu-
sed when lawfully demanded and remains
unpaid, apply to any court of competent
jurisdiction for its writ, commanding th e
the State Bank of Iowa so to proceed;
and it shall be the duty of such court, af-
ter citing such Bank to appear aud show
cause why such writ should not issue,
and upon the finding of jury that such
act Of insolvency has been committed, to
issue their writ commanding said Bank
forthwith to proceed in the manner poin-
ted ou, in the preceding sections of this
act, to provide for the payment of the
outstanding notes of such branch, close
up its affairs, and make application Of its
assets.
SIC That if any branch shall neglect
or refuse to comply with any order of the
State Bank Of Iowa, requiring such branch
shall neglect or refuse to comply with
any order of the State Bank of Iowa, re
quiring such branch to reduce its circula-
ton or other liabilities, or provide lar
ger amount Of specie or other meaus, or
to pay in its stock, or to do, or cause to
be done any matter or thing which said
Bank may deem necessary for the security
of such branch, or any other branch or
branches, said Bank, or any other Direc-
tor thereof, acting for said Bank, may ap-
ply to any Judge of the Supreme Court
or District Court, or any Judge of su-
perior court, or to any Judge ofany other
court not inferior to the District Court,
by petition, in which the State Bank of
Iowa shall be made the petitioner, and
the branch implicated the defendant, set
ting forth the substance of such order,
or orders, and such neglect or refusal on
the part of the branch, officers or agents,
to comply Herewith; and if the President,
Vice President, or any Director of the
Rank shall make affidavit of the truth of
the fact. therein stated, it shall be the
duty of such Judge to allow An injunction,
ar d to enjoin such branch, its officers
and agents, and oil others in its employ,
or connected Herewith, from doing, or
suffering, or permitting to be done, any
business whatever as Bank, and from
irtermedlling with, or in any manner
disposing of, the books, papers, moneys,
chooses 10 action, assets, or property Of
the branch, until the further order to the
Supreme Court, as soon as an injunction
is allowed
s17 Upon the allowance of such in
junction, the property, credits, securities,
liens and assets of every description, of
such branch, shall forthwith vest in the
State Bank Of Iowa, who shall appoin. a