The weekly north Iowa times. [volume] (McGregor, Iowa) 1857-1867, 1858-05-05

which shall have been made as afore-
said, but nothing in this act contained
shall be considered as implying any
pledge on the part of the State for the
payment of said bills or notes beyond
the proper application of the securities
pledged to the Auditor for their re-
demption.
s l6. The public stock deposited
with the Auditor by any such corpora
ton shall be held, first, for the securi-
ty of notes of such corporations put in
circulation as money until the SEINE are
redeemed as herein provided, secona,
for the payment of deposisors, third,
for the payment of all other liabilities
and the excess for the use of stock
holders.
s II. Tho plate, dies and materials,
which may be furnished by the Auditor
for the printing and marking of the
notes provided for hereby, shall remain
in his custody and under his direction.
and the expense incurred in executed
the provisions of this act shall be audi
ted and settled by the Auditor, and
paid out of any money in the Treasury
not otherwise appropriated; and for the
purpose of lreimbursing the same, the
said Auditor is authorized and required
to charge against and receive from such
corporation applying for suchcirculating
notes, such rate per cent thereon as
may be sufficient for that purpose.
s l8. 1t shall not be lawful for the
Auditor or other officer to countersign
notes for any corporation, to any amount
in the aggregate exceeding the public
stock deposited with the Treasurer by
such corporation rated as provided in
the third section of this act, and any
Auditor or other officer who shall vio-
late the provisions of this section, shall
upon conviction be adjudged guilty of
felony and shall be punished by fine
of not less than five thousand dollars,
and be imprisoned not less than FIVE
years in the Penitentiary.
s 10. Every corporation under the
provisions of this act shall be liable to
pay the holder of every note put in cir
culation, the payment of which shall
have been demanded and refused, dam
ages for the non-payment thereof in lieu
of interest at the rate of twelve and one
half per cent per annum from the time
of such refusal, until the payment Of
such debt and the damage thereon, Pro-
vided, that no damage shall be allowed
on such demand after the bank has gone
into liquidation. The President and
cashier of every corporation formed
pursuant to the provisions of this act,
shall keep true and correct list of the
names of all the share holders Of such
corporation, and shall file copy of such
list in the Office of the Clerk of the
county where the office of such corpo-
ration may be located, and also in the
Office of the Auditor on the first Mon
day in January in every year, but the
holder of any claim against such bank
or corporation payable on demand or
due at the time of going into liquidation.
shall be entitled to interest at the rate of
ten per cent per annum until paid, and
all other claims shall bear the same rate
of interest after maturity.
s go. 1t shall not be lawful for any
corporation under this act to make any
ofits notes put in circulation as money,
payable at any Other place than at the
Office where the business of the corpo-
ration which may be authorized under
the provisions of this act shall be loca-
ted in some city, town or village having
population af not less than five hum
dred inhabitants, nor shall the Office
where the business of such corporation
is transacted be at any other place than
the city, town or village, wherein such
corporation is located.
s 21. No corporation shall issue or
put in circulation any notes of such cor
poration unless the same be made paya-
bic on demand and every such corpora
ton shall always keep OH hand An
amount of specie sufficient to redeem
all such bills or notes as may be pre-
sented at the place of payment.
s 90. Each corporation shall always
keep on hand an amount Tin addition to
that required to be kept on hand by the
provisions of the proceeding section)
equal to twenty-five per cent of the
amount of specie deposits in specie and
the same proportion of its other depos-
it's in specie and the same proportion of
it's other deposits for the security of de-
posi- ors; but no such corporation shall
pay any interest on current deposits.
s %. No corporation organized un-
der the provisions Of this act shall at
any time pay out on loans or discounts
or in purchasing drafts or bills of ex-
change or in payment Of depositors, nor
shall it in any mode put in circulation
the notes of any bank or banking COM
pany. which notes shall not at the time
be redeemable in specie at the place
where such notes are made payable.
s "a. All grants, conveyances, assign
ments, transfers, sales or disposition of
property, rights, credits or effects by
any such corporation, for the purpose
or with intent to secure the payment of
one liability in preference to another or
others, or in any manner to secure any
priority or preference to any one or more
creditors or which shall be intended to
have such operation or effect shall be
void in respect to all other persons and
creditors whose rights or remedies may
be affected thereby.
s 25. 1t shall be lawful for such cor
pora,ion to purchase, hold and convey
real estate for the following purposes
LIST, such as shall be necessary for its