Charles City Republican intelligencer. [volume] (Charles City, Iowa) 1861-1864, 1864-04-07
rUBLIC-No. lS.l

ington City Savings Bank.
BE H enacted by the Senate and House
Of Representatives, Of the United States Of
America IN Congress assembled, That
William b. Todd, William Z. Dole, Ed
ward Clark, Edward j. Simms. Joseph
j. Coombs, L. G. Robbins, Thomas s.
Gardner, John Il. Elvans, and Samuel
B. Niles, and their associates aud sue
cessors, are constituted and created a
body corporate and polite, by the
name of " The Washington City Say
ings Bank"
Sec. 2. Ind be "a further enacted,
That the officers of said corporation
shall consist of president and vice
president, who, together with seven
trustees, shall constitute a board of
managers, four of whom, if the presi-
dent or vice president he present,
shall constitute a legal meeting OF
such board for the transaction of bus
mess.
Sec. 8. Aad be 1t further enacted,
That said corporation shall meet an
nually in the month of April. and as
much oftcner as they may judge expe-
dient, and any seven members of said
corporation, the president, secretary,
or treasurer being one, shall be quo
rum, and the said corporation at their
annual meeting shall have power to
elect president and treasurer, who
shall give bond, in the sum of ten
thousand dollars, for the faithful dis
charge of the duties of his Office, and
all such other officers as may be deem
ed necessary which officers shall
continue in office one year, and until
others are chosen in their stead, and
all officers SO chosen shall be under
oath to the faithful discharge of the
duties of their Offices, respectively.
See 4 ind be IL FURTHER enacted,
That said corporation may receive Oh
deposit, for the use aud benefit of the
depositOrs, all sums of money offered
for that purpose Prorided, hoacecer,
That it shall not hold at the same
time more than one thousand dollars
Of any one deposition, other than a re-
ligious or charitable corporation. All
such sums may be invested i'll the
stock of any bank incorporated by
Congress, or may be loaned on inter
est to any such bank, or may be loan
ed on bonds or notes, with collateral
security of the stock of such banks
at not more than ninety per centum OF
its par value, or they may be inyes-
ted at the public funds Of the United
States. of the several States, or loan
cd on pledge of any of said funds,
or Invested IN loans on mortgages OF
real estate Pr0rtded. That the whole
amount of stock held 10y the institn-
tion at one time in any one bank, both
by way of investment and as sure
" for loans, shall not exceed one half
of its capital stock of such bank, and
that not more than three.quarters OF
the whole sum deposited in the insti-
tuition shall be at any one time inves.
ted in mortgages of real estate. The
income or interest of all deposits
shall be divided among the depositors,
or their legal representatives, accor.
ding to the terms Of interest stipula.
ted |; and the principal may be with.
drawn at such times, or in such man
ner, as the corporation shall in its by
laws direct.
Sec. 5. 4ad be IL further enacted
That no officer, director. or committee
charged with the duty of investing
the deposits shall borrow any portion
thereof, or use the same, except in
payment of the expenses of the cor
poration and if any officer, director
agent, or other person connected will
said bank, and interested with the
funds or deposits thereof, shall embez
zle or fraudulently convert the same
to his own use, he shall be deemed
guilty OF larceny, and SHALL on con
viction thereof, by any court compe
tent to try the offence, be imprisoned
in the pententiary not less than one
nor more than ten years
| Sec. 6. And be tt further enacted
That tho subordinate officers anG