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

liquidation, shall be entitled to interest at
the rate of ten per cent per annum, un-
til paid, and all other claims shall bear
the same rate of interest at maturity.
$50. 1t shall be not be lawful for any
corporation under this act to make any
of its notes put in circulation as money,
payable at any other place than at the OF
ice where the business of the corpora
tion is carried on; every corporation
which may be authorized under the.pro-
visions of this act shall be located in
some city, town or village having a p,p-
uation of not less than five hundred m
habitauts, nor shall the Office where the
business of such corporation is transact
ed be at any other place than the city,
town or villsgc, wherein such corporation
is located.
s2l. No corporation shall issue or put
in circulation any notes Of such corpora
ton unless the same be made payable on
demand and every such corporation shall
always keep on hand an amount OF spe-
Gle sufficient to redeem all such notes or
bills as may be presented at the place Of
payment
% Each corporation shall always
keep on hand an amount (in addition to
that required to be kept on haud by the
povsons of the proceeding sectlon)
equal to twenty-five PR cent OF the
amount of specie deposits in specie aud
the same proportion Of its other deposits
for the security of the depositors; but no
such corporation shall pay any interest
on current deposits.
s %. No corporation org7uized un-
der the provisions of this act shall al any
time pay out on loans or discounts or in
purchasing drafts or bills Of exchange or
in payment Of depositors, nor shall it IN
any mode put in circulation the notes OF
any bank or banking company, which
notes shall not at that time be redeena-
bic in specie at the place where such
notes are made payable
$24 All grants, conveyanccs, assign
ments, transfers, sales or dispositions Of
property, rights, credits or effects hy any
such corporation, for the purpose or with
the intent to secure the payment Of one
liability in preference to another or 9TH
:.
ority or preference to any one or more
creditors or which shall be intended to
have such operation or effect shall 10 void
in respect to all other persons and cred
itors whose right or remedies may DC af.
fected thereby.
s25. 1t shall be lawful for such cor
poration to purchase, hold and convey
real estate for the following purposes lst,
such as shall be necessary for its irnmcdi-
ate accommodation. banking houses and
buildings connected Herewith, in the
transaction of its business, End, such as
it shall purchase at sales under judg-
ments, DEGREES or mortgages held by such
corporation and at sales under judgments
and DEGREES in favor Of others, where ii
is done with the sole view Of securing
and saving debts due or 70 become due to
such corporation.
s.e Tho said corporation shall not purehase
hold convey real estate in any other case or ot
any other purpose wh1t"Vc-; 5r3 al NV ~ %
OF such real estate shall he made to the corpora
ton. and which the l'resideu. and Cashier or Ell
thcr may sell assign, grant or convey. under Iii
rection Of the corporation, free frcm any claim
thereon ia favor of ~ against the Shareholders
, person claiming Ter tht{I.
3 2T. Upon the application oi IN" auditor ol
of any Shareholder or shareholders whose share,
shall amount to i've thousand dollars of OF any per
. son persons holding evidence nf indebtedness
against any such corporation 20 that amount
which application shall Srt forth in full the fact
and circumstance upon which il is male anc
, shall b. verified hv affidavit the Judge of the dis
triet court of the county in which the business 0
the corporation may he conducted. may order Al
examination To be made 10y any competent per
- - u .1.-F nf
fairs of such corporation for the purpose Of as
certainng the safety Of its investments aud tn
prudence of its management, aud the result o
such examination together lth the opinion o
the judge thereon, shall be published in such man
ner "a. he shall direct, and who shah make sncI
, order in respec; TO the expense Of such eXninina
ton as he may deem proper.
s2s II any corporation organized under thi
act shall refuse to paw auy Of IL circulating note
in gold or silver coin. the lawful currency of tn
, United states, on which payment shall he ayiuli
: demanded at it. banking house or castOfnar
place Of doing business, during usual kaukin
hours, the holder of such note notes maxim
: such demand may cause the same to be Protestr
AS hereinafter provided; such corporation saa
! only he allowed To make payment of any suc
: demand in silver coin where the sum SO dcnant
ed does not exceed the amount for which s,iFc
coin is gal tender according to the laws IF tl
: United States and when payment .hai be d
I manded on more than Of lis notes a. I'll
= same tirne the agIre gate amount Of snch note
/ To the amount Of one hundred dollars shall
0 considered on demand when any notes the pa
ment Of which has been refGseG IS aforesaid At
sought to be protested The notary public wh
presents ,hs same for pr0tes, shall present at eac
I time 80 many Of said notes lif 20 many the
I be- a. will amount in the aggregate 10 the snt
+ of hundred dollars, aud protest the sam
h in like manner as If said notes were hat no:
. and SO in like manner for all such notes II the
do not in the aggregate amount to one hnndre
dollars; and the auditor on receiving and film
o in his oicc such protest shall forthwith give NJ
tcs in writing TO the corporation, the maker
makers Of such neteS, t. pay The same, aud If i
I or they shall omit 10 DO so the auditor shall in
- madiately the~eupon unless such corporat 10
shall satisfy him by stffayits hled in bis ofic
Y tha. they or he had good defence against Il
q person presenting the same to recover. thereof
- give notice in at least one paper printed III 81
4 paper i< so printed or published Al the place
}, business cf such corporation 80 refusing pasmel
;. Of any notes, land In one newspaper pubhsaed
3, the seat Of government Of shc state Of Iowa tn
u al the circulation iesaed hy such corporation "
IS be redeemed out Of the trast funds belonging
the corporation which made and issued such pr
tested no,a 80 the payment pro ratG OF all sue
e circulating notes, whether protested or not, an
shall ADOPT such measures for the pa Iacnt ot
notes a. MI. n his opinion most cnectually n
&c vent loss TO the holders thereof; aud M soon
o ANY such note shall be protested as Aforesaid. Al
- q copy Of such protest shall be deliyerd to q
- President Cashier or principal Clerk, at the Off
Ill or place of business OF the corporation. the pc
H. I ers and duties Of any suca corporation over
- with the same shall cease and determine, and {
u the officers connected with the same shall be IT
G. nibtcd from exercising any eontro! over 1
~ sanfe unless ny the decision decree OF the cot
:, in which proceedings may be had for the appoi'
N ment OF receivers and winding up Of the afa
l. Of the corporation 1t sLa!l be determined that su
h corporation not bound 70 pay the note or
-, a. aforesaid, the protest thereof to the contra
IL notw outstanding, providing that tns !e "a eSl
of euce Of the corporation shall continue Tot purpo
70 of proceedings in courts tof and against the ssl
y" aud Of avoiding the loss of property OF any Ill