Iowa Constitution
Article VIII - CORPORATIONS.
§ 8 General banking law.
If a general banking
law shall be enacted, it shall provide for the registry and
countersigning, by an officer of state, of all bills, or paper credit
designed to circulate as money, and require security to the full amount
thereof, to be deposited with the state treasurer, in United States
stocks, or in interest paying stocks of states in good credit and
standing, to be rated at ten per cent. below their average value in the
city of New York, for the thirty days next preceding their deposit; and
in case of a depreciation of any portion of said stocks, to the amount
of ten per cent. on the dollar, the bank or banks owning such stock
shall be required to make up said deficiency by depositing additional
stocks: and said law shall also provide for the recording of the names
of all stockholders in such corporations, the amount of stock held by
each, the time of any transfer, and to whom.*
*Codified Iowa Constitution, Art. VIII, §6 – 11 apply to banks of issue only, see 63 Iowa 11, 220 Iowa 794, and 221 Iowa 102
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