The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1848-03-10
AN A(vE
AN ACT
To Incorporate tlic savings lmSii
Iuie ili Lancaster.


AN ACT
To Incorporate tlIc savings Insti
tuie AT Lancaster.
SECTION, l. Be it enacted by the Gen
eral Assembly of The State of Ohio
That George Sanderson, Gideon Martin,
Lippon Lobeniball, F. G. Boving, Jacob
Beck, +. A. Shaetfer, Samuel Beery, S.
McCabe and their associates aud success.
ors shall be and are hereby created and
made corporation and body polite, by
tue name and style of the Fairfield Conm-
ty Savings Institute, and 10y that name
shall have succession for ten years and
be capable in law to hold and dispose of
property, to sue aud be sued, plead and
be impleaded, answer and defend, aud
be answered and defended in courts of
law and equity, or i'll any place whatever,
and to receive aud make all deeds, trans.
fcrs, contracts, covenants, c0nveyances
and grants whatSoevcT and to make, have
aud use common seal, and the same To
change and renew at pleasure and gener-
ally to doevery other act or thing necess-
airy to carry into effect the provisions OF
this act, aud to promote the lawful OBJ
iects and design Of said corporation.
SECTION, g. The capital stock Of said
company shall consist Of twenty-five
thousand dollars, divided into shares oI
ten dollars each; one tenth part OF which
shall be paid at the time Of subscribing
aud the residue as the Board OF Direc
tors Of said company may require.
SECTION, 3. Books for The subscription
of said stock shall be opened at such
time and pluce and under such regula
tions ms the persons above named or {
majority of them may direct.
SEcrioN, A. The stock, property an'
funds of said corporation shall be con
troled and managed by board of sever
directors, the iirst election for which shal
tako place at such time and place as thu
persons above named or a maturity o
them shall designate, aud an election
therefor shall be held annually thereafter
under such regulations as may be pre-
scribed by the Board of Directors. Pro
vided, that each Board of Directors slal
serve until their successors arc elected
and qualified. and that non election u
such time shall not be forfeiture of thi
charter, but such election may be held q
such nlher time as the Directors shall az
point and iftaey shall not appoint tim
therefor thesame may be done at a meein
of the stockholders, which may be Gale
at any time by those owning one'founh {
the stock: and ia all meetings of the stock
holders, each share shall entitlc tho hold
or to ono vote.
SECTION, 5. The Directors shall hav
power to elect from their own body
President, to fill all vacancies in thei
body; to appoint all such officers, agent
and servants as they shall deem necess;
ry to conduct and execute the busine'
and affairs of the institution; to fix the
compensation, and in their discretion di'
miss them; to take bonds TO the corpor;
ton from all or any of the officers. agent
aud servants, NY them appointed with al
f cqunte security conditioned in such forI
as they the Directors shall prescribe forth
~ faithful execution of hoseveral duties
4 such officers. agents and servants and
V secure tho corporation from loss; to re-
!. ulate tho manner of making aud rece
d ing deposits, the form of certificates To
/. issued to depositors, and the manner
It transferring the same; to provide for i
h vesting the funds of the corporation
|. they shall deem most safe and bene6ci
" to provide for paying all necessary @
+ ponses incurred in conducting the afia
!. Of said corporation; and generally to pa
,s oil such bylaws as shall DO necessary
the exercise of the powers vested in sa
N corporation by their charter, and the so
'. bylaws to alter or repeal.
IN SpCTIoN, G. Tho said corporation sh
st be capable of receiving from any pors
or persons any deposito or depositeS
&c. money upon interest, aud the money
id so received shull be Invested by said C,
70. poration in such manner as shall be dee
,st ed most beneficial; Provided that no p
h. Of the funds of said C, ration or of
g. deposites, shal be loaned directly or
of directly, to any Directors or officers
y. said corporation.
lst SECTION, z. Said corporation shall
do purchase lots or convey goods, wal
Of merchandise or real estate, except s
m, as may be necessary for the transoctio
of its ordinary business and such asst
nst acquire in payment Of debts contract
lb. without reference to such modes Of !
yn- ment.
md SEcTIoN, s. Tho moneys deposited
md said institution, shall be regarded as
nan properly of tho depositor, aud no
on thereof shall be paid out by the Officer
rip. said institution, hut upon tho order Of
lme depositor or his or her legally authori
lose agent, except for the purpose of b.
ribe loaned or put at interest OF investe
ANY aforesaid
EN-. SECTION, 9. Said corporation sha'
Pro. no case loan moneyat arate ofinteres
) sol ceeding the current legal rate of into
les payable in advance, nor issue any pro
like sory note, bill Of exchange, check ore
iers pspetin any firm designated or ada