The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1858-04-17

counterslghing made In a book provided
for that purpose, and all such note. shall
have stamped or printed on their face
the words Registered by the State Bank
Of Iowa. Ali notes so worn, defaced 0,
mutilated, as to be unfit for circulation,
shal! be returned by the branch by which
they were issued, TO the Bank, and an
equal amount of new notes received there.
tori oil such notes so returned by q branch
shall be credited, and all new notes deliv.
cred in their stead shall be charged t.
said branch on the books of said Bank
and the notes so returned shall be burn.
ed to ashes in the presence of the Presi.
dent or Vice President, and at least two
Of the Directors of said Bank.
81. Before the Bank shall deliver to
any branch, notes for circulation, it shall
require such branch to pay over OF deposi,
to the credit of said Bank, as said Bank
shall order, either in money or United
States stocks, or interest paying State
stocks at their current value 10 the city
of New York, but in no instance above
their par value, an amount equal to l22
per cent: on the amount of the notes for
circulation, which shall be delivered to
such branch And so from time to time
as any branch, by the paying of an addi.
tional amount on its capital stock, or by
not having received the amount of notes
for circulation to which it was previously
entitled, shallreceivcan additional amount
of notes for circulation, such branch shall
deposit with the Bank II! per cent. on
the amount oe notes SO received and the
stocks and money SO deposited shall be
denoninated the Safety Fund" and
shall be invested as hereinafter provided.
and held by the Bank as the property of
said branch, in trust for the benefit of the
several branches Of the State Bank of
Iowa, and as fund for the redemption
of the notes of circulation of any one or
more of said branches that may fail to
redeem its notes, to be applied to that
purpose in the manner pointed out in
this act.
s.. All money SO deposited or paid
to the Bank on account of the Safety
Fund by any branch, shall be under the
direction of said Bank, invested either in
interest paying stocks of States or of the
United States. Each branch shall be en-
titled to receive the interest accruing on
the Stocks in which its portion of the
Safety Fund shall have been invested,
and IN case of the insolvency of any
branch, the stocks in which the money of
such branch shall have been invested az
aforesaid, if the proceeds of such stocks
shall be sufficient to redeem its out, stand.
ing notes OF circulation, shall as far prac-
tlea5ie be converted into money, aud ap-
pAed to that pureose, before any part Of
tie safety Fund belonging to other
branches, shall he so applied
50. The State Bank Of Iowa shall not
furnish to any branch, circulating notes to
an amo1n. bearing a greater proportion
TO TIE capital stock OF said branch actual
ly paid in aud at the time remaining un-
diminished by losses, or withdrawal, than
the proportion hereinafter specified, that
is to say: On the first hundred thousand
dollars, or any lesser amount of its capt..
al, not more than twice the amount of
such capital; Oh the second hundred
thousand dollars, or part thereof, not
more than one and three-quarters the
amount Of such capital, over one hundred
thousand; on the third hundred thou
sand dollars or part thereof, not more than
one and half the smoun. of such capital
over two hundred thousand; on the
fourth hundred thousand or part thereof,
not more than an amount equal to such
capital over four hundred thousand; nor
shall said Bank furnish to any branch
circulating notes Of any other denomina-
tion than Of one dollar, two dollars, aud
three dollars. OF the notes furnished to
any branch not more than ten per cent
of the amount shall be in notes of one
dollar each, nor moro than ten per cent
in notes Of two dollars each, aud not more
than twenty-five per cent. shall be in
notes of all denominations under five dol
lars, aud not more than fifty per cent. in
notes Of all denominations under ten dol
lars
10. If any branch Of the State Bank
of Iowa shall refuse to pay its notes of
circulation, or any of them, in gold or
silver coin, the lawful currency of the
United States, on which payment shall
be lawfully demanded at its banking
house or customary place Of doing bust
ness, during the usual banking hours,
such branch shall be deemed to have COM
mitted an act of insolvency, and there
liens and assets shall forthwith vest in
and be the property, credits, securities,
upon all its property, credits, securities,
liens aud assets Of the State Bank Of
Iowa, for the uses aud purposes declared
in this act And the said branch shall
only be allowed to make payment of a,y
such lawful demand in silver coin when
the sum so demanded does not exceed
the amount for which silver coin is = le-
gal tender of the laws of the United
States, and when payment shall be de-
manded Oh more than one Of its notes at
the same time, the aggregate amount Of
such notes SO presented for payment to
the amount of one hundred dollars shall
be considered but one demand.
s IL. The State Bank of Iowa, on re-
ceiyipg information that any branch has
committed such oct of insolvency, shall
forthwith appoint a committee of one
or more Of its directors, or others, who
shall make immediate inquiry into the
truth Of such information, and report
thereon to the bank; and if the bank
shall be satisfied from the report of the
committee, that such branch has suspen-
ded the payment of its notes in gold and
silver a. provided in section ten (l0,) it
shall forthwith appoint suitable receiv-
er, or receivers, who shall tske immediate
possession of the books, records, money,
chooses in action and property of such
branch, Of every description, and hold