The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-03-12

but all such dividends, interests, or profits, shall
be retained by the company, and applied TO the
discharge of such liabilities; and no stock shall
be transferred, without the consent ola majority
of the directors, while the holder thereof is in
debted to the company.
Sec. AZ. No banking company shall take, as
security, for any loan or discount, a lieu upon
any part of IFS capital stock, but the same secu-
rlty, both in kind and amount, shall be required
OF shareholders as of persons not shareholders
and no banking company shall be the holder or
purchaser of any portion of its capital stock, or
OF the capital stock of any other incorporated
company, unless such purchase shall be necessary
10 prevent loss upon a debt previously contracted
in good faith, on security, which at the time was
deened adequate to insure the payment Of such
debt independent Of any lieu upon such stock, or
IN case of forfeitures of stock for the non pay
ment OF instruments due thereon, as provided in
Inc ninth section; and stock so purchased, shall
IN no case, be held by the company so purcha-
sing, fol a longer period of time than six months,
1t the same can be sold for what the stock cost,
at par.
SEC. AZ. In all elections of directors, and in
deciding all questions at meetings of stockhoId-
ers, each share shall entitle the owner thereof to
one vote. Stockholders may vote by proxies du-
authorized In writing; but no officer, clerk, tel
Ter or book-keeper of the company shall act as
proxy; and no stakeholder whose liability to the
company is past due and unpaid, shall be allowed
to vote.
Sec. 40. The affairs of every company, form
ed or organized to cary on the business of bank
ing under the provisions of this act, shall be ma
/ M nnn hU mot IncS thnp Gno 80 ~o.uo H., IN
directors. Every director shall, during his whole
term of service, be a citizen Of iae u. States,
and a resident of this State. At least three
fourths of the directors shall have resided in this
State two years next previous to their election,
as directors, each director shall own in his own
name and right, at least one per cent of the ca
pItal stock OF the company, up 10 two humid red
thousand dollars, and the half of one per cent.
on IFS capital, over W thousand dollars. The
directors OF each banking company, collectively,
shall own at least one-tenth of its capital stock.
Each director shall take an oath that he will, so
far as the duty devolves on him, diligently and
honestly administer the affairs of the company,
and not knowingly violate, or willingly permit to
be violated any of the provisions of this act
that he is the bona fide owner, in his own right,
t of the stock, standing in his name on the books
of the company, and that the same is not hypo-
thecated, or in any way pledged as security, for
any loan obtained, or debt owing; which oath,
subscribed by himself, and certified by the ma
gistrate before whom it is taken, shall be filed
and carefully preserved in the office of The re-
corder of the county in which the banking com
pany is located.
SEC. 80. The directors of any banking com-
pany first elected, shall hold their places until
the first Monday in January, next thereafter, and
until their successors shall be elected and quail
fed. ALI subsequent elections shall be held an
nually, on the first Monday of January, and the
! directors so elected, shall hold their places for
one year, and until their successors are elected
and qualified. But any directors, removing from
The state or ceaslng to be the owner of the requi-
site amount of stock, shall thereby vacate his
place. Any vacancy in the board shall be filled
by appointment by the remaining Directors
The director so appointed shall hold his place
until the next annual election; and if, from any
cause, an election of directors shall not be made
at the time appointed, the company shall not, for
that cause, be dissolved, but an election may be
held on any subsequent day, thirty days. notice
thereof having been given in a newspaper prin-
ted in the county where the company is located.
Sec. 81. Every banking company, author
lied to carry on the business of banking under
the provisions of this act, whether as a branch
of the State Bank of Ohio, or as an independ-
ent banking company, shall be held and adiudg-
ed to be a body corporate with succession until
the first day of May, in the year one thousand
eight hundred and s~ixty-six, and thereafter I'M
til its affairs shall be closed, and by its corporate
name shall be competent to contract, prosecute
and defend suits and actions Of every description
as fully as natural persons; and process against
such company may be served upon its president
or cashier, or by leaving a copy thereof at its
usual place of business during usual business
hours. Each of said banking companies shall,
until the first day of May, in the year one thou
sand eight hundred and s~ixty-six. if so long it
shall comply with the provisions of this act,
have power to loan money--buy, sell and discount
bills of exchange, notes, and all other written ev
licences of debt, except such as it shall be pro-
hibited by thisa act from buying, selling, or dis
countlng--receiving deposits-buy and sell gold
and silver coin and bullion-collect and pay over
money--and transact all other business proper
y appertaining to banking, subject, however,
) to the provisions and restrictions contained IN
this act; may acquire, hold and convey such re-
al estate as may be necessary to the convenient
transaction Of its business, and no more; but
may, however, acquire title to any real estate
pledged to secure any debt previously contract
ed, or purchased on an execution or order OF
sale, to satisfy any judgement or decree in its IA
vor, or which shall have been conveyed to it, in
5 payment of any previous debt; but shall not
, hold any real estate so acquired, longer than is
T necessary to avoid a loss of any part of the
debt, interestsand costs, for the collection or Sc
l curity of which it was acquired; but at any time
before selling the same, upon being rendered by
the last preceding owner, or his legal represent
%atives, such sum as shall be necessary to save