Signed and countersigned.

the United States, as provided for in section ten of this act, on demand; they shall be signed by the President or Vice President of the proper branch, and countersigned by the Cashier thereof, made payable to bearer, and shall be negotiable by delivery; all other evidences of debt, issued by any branch, shall be negotiable or transferable in the same manner as if issued by payable to or- a natural person, and shall be binding on the branch, whether under seal or not; and all such evidences of debt, other than notes of circulation, shall be payable to the order of some person therein named.

Certificates made

der.

tion of foreign

SEC. 47. No branch shall put in circulation in this Special circula- State, the bills or notes of any Bank or Banking Combills prohibited. pany out of the State, except such as are received in the usual course of business; nor shall any branch either directly or indirectly exchange its bills or notes intended to circulate as money with any bank or banking company out of the State, or with the agents of such bank, for the bills or notes of such bank or banking company, with a view to circulate the same in this State.

a B'k shall give notice.

Stock Books opened.

SEC. 48. When any number of persons shall have Persons forming associated together for the formation of a brai.ch as proprovided for in section nineteen, they shall give twenty days public notice in some newspaper published in the town or city where it is proposed to establish such branch, of their purpose to open a book for the subscription of the Capital Stock of said branch, specifying the time and place thereof; such book shall be kept open for two successive days, between the hours of ten a. M. and two P. M. of each day, under the control and direction of such association, and shall be accessible to every person desiring to subscribe to stock of the proposed branch. On the first day no person, company or busistock regulated. ness firm, composed of one or more individuals shall be permitted to subscribe to more than ten shares, and on the second day to no more than fifty shares, unless at the time for closing the book on that day the aggregate amount of stock subscribed shall not exceed the amount of capital authorized in section twenty-one.

Subscription of

No. of branches.

branch.

SEC. 49. The number of branches of the State Bank of Iowa shall not exceed thirty. The Board of Direc tors of the State Bank of Iowa may increase the capital stock of any branch whose capital does not equal three hundred thousand dollars, by authorizing such branch Stock of each to receive at any time such additional subscription to its capital stock as will increase the same to any amount less than three hundred thousand dollars, if said board of directors shall be satisfied that such additional amount of capital is demanded by the public interest, and can be safely and profitably employed; but the aggregate capital of all the branches shall not exceed six millions of dollars. No branch shall be established in any town with a less population than five hundred, nor shall two branches be established in the same town or city.

Aggregate capi

continued to

SEC. 50. The branches shall continue to exist SO The branches long as necessary for the settlement of their affairs, not- wind up. withstanding the repeal of this act; and no law shall ever be passed diverting or appropriating the assets of any such branch to any person other than to the payment of its debts and liabilities, and the distribution of assets. the residue among its stockholders, in proportion to the stock by them severally owned.

Appropriation of

Bank

Commis

Qualification.

SEC. 51. To cary into effect the provisions of this act, C. H. Booth, of Dubuque County, E. H. Harrison, sioners. of Lee county, Ezekiel Clark, Johnson county, J. W. Duton, of Muscatine county, Wm. J. Gatling, of Polk county, C. W. Slagle, of Jefferson county, Elishu Baker, of Linn county, William S. Dart, of Mahaska county, L. W. Babbitt, of Pottawattamie county, and Edward T. Edgington, of Lucas Co., shall be and they are hereby appointed commissioners, and they, or a majority of them, after taking an oath diligently, faithfully and impartially to perform the duties assigned them by this act, a certificate of which oath shall be filed and carefully preserved in the office of the Secretary of State, shall constitute a board, to be designated the Board of Bank Commissioners, which board shall continue until Vacancies filled. the organization of the State Bank of Iowa, as herein

provided for, and thereafter the duties which they are required to perform by this act shall be performed by the said bank; and if any of said commissioners shall refuse to serve, shall die or resign, his place shall be filled by appointment by the Governor. Hoyt SherBank Directors. man, of Polk county, Benjamin Lake, of Clinton county, and Elias H. Williams, of Clayton county, are hereby appointed directors of the State Bank of Iowa, on the Compensation. part of the State, who shall have the same powers as the directors on the part of the bank, and who shall be paid

ted.

by the State, and shall receive three dollars per day for the time actually engaged in their duties, and mileage Terms of office. the same as members of the General Assembly. The term of service of said directors shall be for two years and until their successors are elected and qualified. It Successors elec- shall be the duty of the General Assembly to elect three directors of the State Bank of Iowa at each regular biennial session. No person shall be eligible to the office of State director who holds any office or appointment under any of the branches or owns any stock in the same, and the acceptance of any office of trust or profit from any branch, or the acceptance of any stock in any branch by a State Director during his term of service shall be deemed a resignation, and the Governor shall fill by appointment the vacancy.

Eligibility.

Com'rs meet.

Said commissioners shall meet at Iowa City, at such time, within thirty days after the adoption of this act, as shall be appointed by the Governor, who shall notify each member of his appointment, and of the time and Choose Pres't. place of meeting. They shall, when met, appoint one of their number to be their President, who shall, under the order of the board, sign all official documents; and they shall cause a fair and true record of all their offcial proceedings to be kept in a book to be provided for that purpose, which shall be delivered by the president of said board to the State Bank of Iowa, as soon as the same shall be organized.

Minutes of proceedings.

Com'rs examine certificates of branches.

SEC. 52. The board of Bank Commissioners shall examine their certificates of the formation of branches transmitted to them, as required by this act, and shall,

examine condi

stock paid in,

managers, if the

with, to take ac

of statement.

tors.

by one of their own number, or other special agent ap- Appoint agent to pointed by them for that purpose, who shall not be a tion of branch, stockholder in any of the branches formed under this character of act, immediately proceed to examine the condition of law is complied each of the branches which shall have transmitted to knowledgement said board the required certificate; and it shall be the special duty of such agent to carefully count and otherwise ascertain the amount of money paid in on account of its capital stock; to ascertain the name and place of residence of each of the directors of such branch, and whether their stockholders, directors and officers are men of responsibility and integrity, and entitled to the Report to Direcpublic confidence, and the amount of capital stock of which each is the bona fide owner; whether such branch has complied with all the requirements of this act, necessary to entitle the branch to engage in the business of banking; and shall cause to be made, and attested by the oath of a majority of the directors, and by the cashier of such branch, a statement of all the material facts necessary to enable the board of Bank Commissioners to determine whether such branch is lawfully entitled to commence the business of banking under the provisions of this act; and such agent shall immediately report to the board of Bank Commissioners such statement, and his proceedings in the premises.

Com'rs report to

SEC. 53. If, upon a careful examination of the certificates of association, and the reports and statements of the special agents appointed to ascertain whether the Governor. branches so organized have complied with the provisions of this act, it shall appear that five or more such branches have been formed, and that their stockholders, directors and officers are men of responsibility and integrity, and entitled to public confidence, and that such branches are lawfully entitled to commence the business of banking, the commissioners shall certify the same to the Governor, and shall immediately notify each of said branches thereof; and within ten days after Branches choose receiving such notice, each branch shall appoint, in such manner as the directors thereof shall prescribe, one person to be a director of the State Bank of Iowa.

officers.

proclamation.

Record evidence

SEC 54. The Governor, if he be satisfied that the Governor issues law has in all respects been complied with, shall issue his proclamation, setting forth that such branches are authorized to commence and carry on banking, at the places severally designated in their certificates of assoof organization. ciation; which proclamation shall be recorded in the office of the Governor, and a copy of said record certitied under the great seal of the State of Iowa, shall be prima facie evidence of the organization of such bank. SEC. 55. The bank commissioners, and all agents Compensation of appointed by them, shall each be entitled to receive for their services under this act, five dollars per day for every day necessarily employed in the discharge of their duties, and the same mileage as is received by the members of the General Assembly, to be paid by the State Bank of Iowa.

A

Com'rs and A

gents.

takes effect.

SEC. 56. This act shall take effect and be in force from and after its approval by a majority of all the electors of this State voting for and against it, at an election provided by law, and not otherwise. Approved March 20th, 1858.

ed.

old

CHAPTER 88.

CHARTER OF DAVENPORT.

AN ACT to amend an Act entitled an Act to Incorporate the City of Davenport, and to amend the several Acts amendatory thereto.

SECTION 1. Be it enacted by the General Assembly of the State of Iowa, That so much of said Act and the sevPortion of 1a eral amendments thereto, as provides for a City Council Charter repeal- consisting of a Mayor and Aldermen, requiring that the Board of Aldermen shall consist of two Aldermen from each Ward, is hereby repealed, and the terms of said several Aldermen are hereby terminated. The said City Municipal off Council shall hereafter consist of a Mayor, a Board of Councilmen, and a Board of Aldermen. The Board of Aldermen to consist of twelve (12) members, chosen from

cers.