Charles City intelligencer. [volume] (Charles City, Floyd County, Iowa) 1864-1866, 1865-06-08

SO as to affect any deposit previously made.
Sec. 9. And be it further enacted, That
all trusts upon which, and purposes for which
any deposit shall be made, and which shall
be indicated in the writing to accompany such
deposit, shall be faithfully performed by the
corporation, unless the performing of the
same is rendered impossible.
Sec. 10. And be il further enacted, That
when any depositor shall die, the funds re.
naming on deposit with the corporation to
his credit, and all accumulations thereof, shall
belong and be paid to the personal representa-
tives of such depostor, In case he shall have
left last will and testament; and in default
of q last will and testament, or of any person
qualifying under a last will and testament
competent to act a. executor, the corporation
shall be entitled, In respect to the funds 80
remaining on deposit to the credit Of any such
depositor, to administration thereon in prefer.
ence to all Others persons, and letters of ad-
mnistartion shall be granted to the corpora
ton accordingly in the manner prescribed by
law in respect to the granting of letters Of ad-
ministration, with the will annexed, and in
cases of intestacy.
Sec. IL. And be it further enacted, That
in the case of the death of any depositor,
whose deposit shall not be held upon any
trust created pursuant to the provisions here
inbefore contained, or where it may prove i'm
possible to execute such trust, it shall be the
duty of the corporation to make diligent eff
forts to ascertain and discover whether such
deceased depositor has left a wife. husband. or
children surviving. and the corporation shall
keep a record of the efforts SO made, ana OF
the results thereof and in case no person law
fully entitled thereto shall he discovered, or
shall appear or claim the funds remaining to
the credit of such depositor before the expira-
ton of two years from the death of such de-
positor, it shall be lawful for the corporation
to hold and invest such funds as separate
trust fund, to be applied, with the accumula.
tons thereof, to the education and improve
ment of persons heretofore held in slavery,
or their descendants, being inhabitants Of the
United States, in such manner and through
snch agencies as the board of trustees shall
deem best calculated 70 effect that object:
Prorided, That If any ;,epositor he not heard
from within five years from the date of his
last deposit, The trustees shall advertise the
same in some paper of general circulation in
the State where the principal Office Of the COM
pany is established. and also in the State Where
the principal office Of the company is established,
and also in the State where the depositor was
last heard from; and If within two years
thereafter such depositor shall not appear,
nor husband. wife, or child of such deposit
or. to claim his deposits, they shall be used by
for in this section.
Sec IL. And be IL further enacted, That
no president, vice-president, trustee. officer,
or servant of the corporation shall. directly or
indirectly. borrow the funds of the corpora
ton or its deposits, or in any manner use the
same. or any part thereof, except to pay ne
cessary expenses, under the direction Of the
hoard of trustees. All certificates [orl other
evidences of deposit made by the proper off,
CEN shall be as binding on the corporation as
If they were made under their common seal
1t shall be the duty Of the trustees to regulate
the rate of interest allowed to the depositors,
SO that they shall receive as nearly rs may be
raieabls proportion of all the profits of such
corporation after deducting all necessary ex-
penses: Procided, however. That the trustees
may allow to depositors, to the amount Of five
hundred dollars or upwards, one per centum
less than the amount allowed Others: And
prorided, also, Whenever il shall appear that.
after the payment of the usual interest to de-
positors, there is in the possession of the cor
poration an excess of profits over the liabili-
ties amounting TO ten per centum upon the
deposits, such excess shall be invested for the
security Of the depositors in the corporation;
and thereafter, at each annual examination OF
the affairs of the corporation. any surplus
over and above such ten per centum shall in
addition to the usual interest, be divided rate
ably among the depositors, in such manner as
| the board of trustees shall direct.
Sec. Is. And he it further enacted, That
whenever any deposit shall be made by any
minor, the trustees of the corporation may, at
their discretion, pay to such depositor such
sums ~ may be due him, although no guardi-
an shall have been appointed for such minor
or the guardian of such minor shall not have
authorized the drawing of the same; and the
check. receipt. or acquittance of such minor
shall be an valid as if the same were executed
by guardian of such minor, or the minor
we're of full age, If such deposit was made
personally by such minor. And whenever
any deposits shall have been made by married
women, the trustees may repay the same on
their own receipts. e.
Sec. IA. And be it further enacted. That
the trustees shall not, directly or indirectly,
receive any payment or emolument for their
services as such, except the President and
vice President.
Sec. Is And be it further enacted, That
the President and vice President, the subor-
dinate officers and agents of the corporation
shall respectively give such security for their
fidelity and good conduct as the board of trus-
tees may from time to time require, and the
board shall fix the salaries of such officers and
agents.
Sec. 16. And be it further enacted, That
the books Of the corporation shall, at all
times during the hours of business, be open
for inspection and examination to such per-
sons as Congress shall designate or appoint.
Approved, March 8, 1865.