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


debtedness; 4th, 10 the payment of stockholders
If the auditor shall not proceed to wind up the
affairs Of such corporation on the reception and
nling by him Of the protest aforesaid the holder
or owner of snch protested note shall have sach
rights at law and equity against such corporaaon
any creditor has against his debtor according
to the laws of this State. Receivers appointed
under the provisions OF this act shall give bond
and security a. may be required by the judge of
the co.gi appointing them.
$50. That the distributin aud applics-
ton Of all the means, assets and property
of such corporation as shall come into the
hands of any such Receiver or Receivers,
or shall be in the hands Of the Auditor,
shall first be applied in payment and sat-
isfuction of all notes issued as and for
circulating medium by any such corpora
tion.
$50 Stock holders or shareholders
ia corporations organized under the pro.
visions of this act shall be individually
and sevcraly liable to the creditors Of tho
corporation of which they are stock hoi-
dcrs or share holders ever and above the
amount of stock By them held, to an
AMOUNT equal to their respective shares
50 held, for all its liabilities securing
while they remained stock holders, and
no transfer Of stock shall affect such lia-
bility, and should any such association
become iusolvent and its assets be found
insufficient to pay its debts and liabilities,
its stock holders may BE compelled to
pay such deficiency in proportion to the
amount of stock owed by each, and should
the whole amount for which stockholders
are individually responsible, as provided
in this section, be found in any case TO
| be inadequate to the payment of all the
r~siduc of the debts of any corporation
after the application Of its assets to the
payment Of such debts, then the moneys
! due from stock holders on account OF
their individual liabilities as such, shall
be distributed equally among all the cred.
itors of such corporation, in proportion
to the amount due to each. The person
al liability, in this section provided for,
is over and above the stock owned BY
stock holders and any amount unpaid
thereon.
$3l 7, shall be the duty OF the off,
GERS having charge Of any bank establish
cd under the provisions Of this act, to
cause to be made out on the first Monday
Of January and July of each year dupli-
cate statements showing the names at
length and place of residence Of each
stock holder 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 50 transferred, and
the persons by and to whom transferred,
one of which statements shall be posted
in some conspicuous place in the bank.
ing house, and shall be continually ex-
posed to public inspection during the
banking hours. The other Of said state
mcnts shall be caused By the bank to De
fled with the Recorder Of Deeds in the
county in which such bank is located,
aud copy of such last named statement
duly certified by the Recorder in whose
; ofioe the same ia fled shall be primn
face evidence Of the facts therein con-
tsnod in ary court Of justice in this
! 70.
$50 Thai ca and al tie provisions q hi.
act shall apply to and control in all respects any
banker who shall conduct business under the pro
visions of this law, whether the word banker Is or
l. not used in any such provision.
! 81 There shall be elected at each regular hi
ennial session Of the Geieral Assembly. by tbs
two housCs in joint convention assembled, three
electors nf the state "A Bdnk tOUHissioners,
whose duties il shall be to make semi annual IL.
animation, and a. much otnncr az they shall dee IN
advisable in respect TO the affairs and business Of
associations Incorporated under the provisions
a. this act and in respect TO ths condition and
mana cement thereof, and the amount of specie on
hand Sor the redemption of notes and percent 60
Of deposits On hand and also To inspect the seen.
rites filed with the auditor aud treasurer so Bs
to be able to determine whether or not any change
has heen made in said securities a. welf AZ in re
: spect to the suicienCy of such securities to meet
Z the liabilities Of the corporation, and also 10 de-
termine whether said Bank complies With the pro-
h visions Of this Law, aud to report thereon 10 the
. auditor and TO each corporation. Soch commits
sioncrs shall have power 10 examine all books,
Tapers and documents pertaining to the business
y Of the corporation and To swear or Sthrm all OH
> ers agents and others connected with the corps
ration in respect 70 any matter gr thing about
which they have the right to inquire, and their
, rep1s,s RAa, b" published IN some newspaper
. pnhli-he at the seat Of government and IN
! uea spaper published in the county IN which tn.
a bank does busne,. ard if there be no paper pub
y lished ia such county, then in r newspaper ub
= lished in the nearest county thereto; Fr0r,dst
> That neither Of the comm issioners elected In &C
4 cordance with the provisions OF this section shsl
Z be engaged either direct. indirectly in bank
ing under the provisions ot this aet, either A.
" stoCkaoacr, director, or under oihcef and should
: either Of them 30 engage ia banking, so elected
" ii shall be construed as ia.I EesiEha.loa si hii
. Office az commissi oner.
{ 6 a. Such bank comm IS toner's before enterins
y upon the duties OF their Office shall lake aud sub
" scribe al oath or affirmation faithfully and im
= partially to perform al. The duties enjoined npor
and required to be performed by thE,n which sais
&c oath or affirmation shall be fled in the Office G
- the Secretary et state.
! IS. Ii tao said Bank Commissioners sha. o.
certain upon any examination which they ma!
= make that any change has been Made in the seen
rites deposited with the treasurer that any par
- thereof has been lost destroyed or improper rly
" Withdrawn or III any way or maaler nlisuscd o.
= ,usapfl5td, or that securities have from aHy
- cause become esseued ia Naue or insufficient fol
:, tie redemption Of bills of circulation they shal
!, notify the presiGcAt ant Cashier Of such corpo
- rat on liable to be effected ty any such state o
= facts Of the discovery thereof and require ID,
" transfer aHd deposit Of other security Of the lk
~ value with those ginally transferred to suppl
- the place Of those hanged, lost destroyed or i'm
~ properly Withdrawn, Or which shall have becomt
-. insufficient security a. Aforesaid, In reasonably
= time 10 De fixed BY said commissioners, or tha
!, said corporation surrender - the auditor suff
~ cient amount OF bills - bs funded 10 reduce tn
~ liability Of such corporation 10 such sum AZ tina
" the securities III possession OF the treasurer vii
- be sGliic ent for the redemption Of all notes no
A surrendered; and in case OF Any failure TO com
1a ply with any such requistien the commissioner
- shall report the facts to the aaditor, well q
~ ~ TO all the other corporations incorporated uH3e
" '" the provisions Of this act. and the auditor cha
"a therenpeu proceed to pDt such detailing incorpt
"a ration into liquidation ~ provided for in case
n. failure to redeem or pay notes On demand II th
-. said Bank Commissioners shall ascertain upo
y. any such examination that any bank has in al
az. az manner failed % comply with the provisions
~ this act, they shall Immediately report the San
n 20 the auditor, who shall thereuPon proceed
49, put such defautng inc rporation ii.',, nonla aatie
~ s. provided for III case oi fa., 10 redeem
49, pay notes OF bills on "..r,a,a
me So r~ AN LAS Heage, OF Desnoines c."
I'd, % l.. Davenport Of Scott county
IA tN