Charles City intelligencer. [volume] (Charles City, Floyd County, Iowa) 1864-1866, 1864-08-18

as may be specified In the articles o
association and the directors SC
elected shall hold their places for one
year, and until their successors are
elected and qualified. But any direc
tor ceasing to be the owner of the re.
qulsite amount of stock, or having in
any, other manner become disqualified
shall thereby vacate his place Any
vacancy in the board shall be filled by
appointment by the remaining direc.
tors, and any director SO appointed
shall hold his place until the next
election. If from any cause un elec
tion OF directors shall not be made al
the time appointed, the association
shall not for that cause be dissolved,
but an election may be held on any
subsequent day, thirty days notice
thereof in all cases having been given
in a newspaper published in The city,
town, or county in which the ossocia.
tion is located aud if no newspaper
is published in such city, town. or
county, such notice shall be published
in newspaper publishd nearest there.
to. If the articles Of assocition do
not fix the day on which the election
shall be held, or If the election should
not be held on the day fixed, the day
for the election shall be designated
by the board of directors in their by
laws. or otherwise Prorided, That
it the directors fail to fix the day, as
aforesaid, shareholders representing
two-thirds Of the shares may. ..f H,,.
Sec. ii. And be it further enacted,
That in all elections Of directors, and
in deciding all questions at meetings
of shareholders, each shareholder shall
be entitled to one vote on each share
of stock held by him. Shareholders
may vote by proxies duly authorized
in writing; but no officer, clerk, tel
Ter, or bookkceper Of such association
shall act as proxy and no sharchold.
er whose liability is past due and un-
paid shall be allowed to vote. ...... .
Sec l2. And be it further enacted, =,
That the capital stock of any associa-
tion formed under this act shall be d.
vided into shares Of one hundred dol
lars each. aud be deemed personal
property and transferable on the books
Of the association in such manner as
may be prescribed in the bylaws or
articles Of association and every per.
son becoming u shareholder by snch
transfer shall, in proportion to his
shares, succeed to all the rights and
liabilities Of the prior holder of such
shares, asld no change shall be made
IA the articles of association by which
the rights, remedies, or security Of the
existing creditors Of the association
shall be impaired. The shareholders
Of each association formed uuder the
provisions of this act. and of each ex-
listing bank or banking association
THAT may accept the provisions Of
this act, shall be held individually re.
sponsible, equally and ratably, and
not one for another, for all contracts,
debts, and engagements of such asso-
citation to the extent Of the amount of
their stock therein at the par value
thereof, in addition to the amount in-
vested in such shares; except that
shareholders of any banking assoca-
tion now existing under State laws,
having not less than five millions Of
dollars of capital actually paid in,
and surplus Of twenty per centum
on hand, both to be determined by the
Comptroller Of the Currency, shall be
liable only to the amount invested in
their shares and such surplus of
twenty per cent um shall be kept und-
minished, aud be in addition to the
surplus provided for in this act and
if at any time there shall be def
cheney in said surplus Of twenty per
centum. the said banking association
shall not pay any dividends to it's
shareholders until such deficiency
shall be made good and in case of
such deficiency, the Comptroller of
the Currency may compel said bank
ling association 10 close it's business
and wind up its affairs under the pro-
visions Of this act. Aud the. Comp.
troller shall have authority to with
hold from an association his certificate
authorizing the commencement Of bus
mess. whenever he shall have reason
to suppose that the shareholders there
of have formed the same for any 9th
er than the legitimate objects contem-
plated by this act. '' '@.".
Sec l3. And be it further enacted,
That il shall be lawful for any asso-
citation formed under this act, by its
articles Of association. to provide for
an increase Of it's capital from time
! to time, as may be deemed expedient
subject TO the Limitations of this act
Prorsded, That the maximum Of such
increase in the articles of association
shall be determined by the Comptrol
ler Of the Currency and no increase
Of capital shall be valid until the whole
amount OF such increase shall be paid
in, and notice thereof shall have been
transmitted to the Comptroller of the
Currency, aud his certificate obtained
specifying the amount OF such in
crease of capital stock, with his ap
proval thereof, and that it has beer
; duly paid in as part of the capital o.
such association, And every associa
tion shall have power, by the vote O
shareholders owning two-thirds OF i'll
capital stock, to reduce the capital o.
such association To any sum not be
! low the amount required by this act
, in the formation of associations Pro
rided, That by no such reduction shall
: it's capital be brought below tn,
! amount required by shis act for it,
4 outstanding circulation, nor shall an,
!, such reduction be made until tn,
amount Of the proposed reduction ha,
! been reported to the Comptroller o
: the, Currency and his approval there
; OF obtained. H4gg7 q s8s 85 .e8E
Sec. IA. And be it further enacted
n That at least fifty per centum Of th'
! capital stock OF every association
shall be paid ia before II shall be au
thorined to commence, basil,ess ant
, the remainder of the capital stock 0
! such association shall be paid in in
stalments Of at least ten per centuu