Fremont weekly freeman. [volume] (Fremont, Sandusky County, Ohio) 1850-1853, 1851-04-19
NUMBER 8.

boooks OF the company, IN such manner IS
its bylaws shall prescribe. each bank shall
have a lien upon all stock owned By its debit
ors, and no stock shall be transferred without
the consent of majority Of the directors
while the holder thereof is indebted to the
company.
Sec. u. No1company shall take, IS secu-
rity for any loan or discount, lien upon any
part Of its capital stock; but the same securi-
", both in kind and amount shall be required
Of share holders as Of persons not sharehoid-
ers; and no banking company shall be the hol-
der or purchaser of any portion Of its capital
stock, or Of the capital stock of any sther IN
corporated company. unless such purchase
shall be necessary to prevent loss upon debt
previously contracted in good faith. on seeuri
~. which at the time was deemed adequate
TO insurs the payment Of such debt indepen-
dent of any lien upon such stock and stock 50
purchased, shall in no case be held by the
company so purchasing, for a longer prriod of
time than six moHths,if the same can be sold for
what the stock cost, at par.
Sec. 9. In all elections of directors, and
in deciding all questions at meetings Of The
stockholders, each share shall entitIe the own
er thereof to to one vote. Stockholders may
vote by proxies. duly authorized in writing,
Out ~ S4A4CStB SlCt tCAlSt VI DCOA-hCcp pG1- u
the company shall act as proxJ.
Sec. II, The affairs of every company,
formed and organized to carry on the business
of banking. under the provisions Of this aci.
shall be managed by not less than three. nor
more than five directors, as may be determine
ed by a majority in interest of the stockholders
Every director shall during The whole term
of his service, be 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. 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 win.
so far as the duty derolyes on him, diligently
and honestly administer the affairs Of the COM
pany, and not knowingly violate or willingly
permit to be violated, any Of the provisions Of
this act, that he is the bona ide owner, ID his
own right, of the stock, specifying The amount
standing in his name on the books Of the COM
pany, and that the same is not hypothecated,
or in any way pledged as security for ang
loan obtained, or debt owing, which oath, sub
scribed by himself. and certified By the officer
before whom il was .aken, shall be fled and
carefully preserved in the Office Of the feeoE
der of the county in which the banking COM
pany is located.
Sec. Is. The directors Of any banking
company first elected, shall hold their places
until the first Monday in january next theTes
after and until their successors shall be elect-
ed and qualified: all subsequent elections shall
be held annually, on the first Monday Of jan
uary. at the office of the bank, and tie direct
ors 50 elected shall hold their place for one
year. and until their successors are elected
and qualified. But any director removing
from the State shall thereby yacate bis place.
Any vacancy in the board shall be filed by
appointment by the remaining directors The
director, 50 appointed shall hold bis place nm
! til the next annual election, and il, 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 beheld on any subsequent day, thirty
days notice thereof having been given IN q
newspaper printed and IN general circulation
in the county where the company is located
Sec. 16. Notes of one dollar, two dollars.
three dollars. five dollars, ten dollars. twenty
dollars, fifty dollars, and one hundred dolIara
each, and no note Of any other denomination,
may be issued by any banking company de-.
irving any of its powers or privileges from this
act. OF the notes issued by any such bank
lng company, not more than ten per centuH
of the amount shall be in notes of one dollar
each; not more than FIVE per centum in notes
of two dollars each not more than ten per
centum in notes of three dollars each: not
more than twenty per ccntum shall bein notes
lof all denominations under five dollars. nor
more than fifty per ce1tum in notes of all
denominations under ten dollars; after the
year eighteen hundred and sixty the Leoisla-
AZ,
| of less denomination than FIVE dollars, IN
which event, in lieu of the notes of a less de-
nomination than five dollars, notes of the said
denomination of five dollars shall be furnished
for circulation to any bank thereafter organ,
tized; and in lieu Of notes Of less denomina-
ton than five dollars, as fast as the same shall
| be redeemed by any bank, notes of the de-
nomination of FIVE dollars shall be furnished
10 such bank, and the notes SO redeemed shall
be entered in the proper book or books, and
burned in the same manner as provided IN
section 81 of this act
Sec II No banking company, hereby
authorized shall. at any time, issue, or have
in circulation, any note. draft bill of exchange.
acceptance, certificate of deposite, or other ev-
idence of debt, which, from its character or
appearance, shall be calculated or intended 10
'iNSiatN eS ApOH' y OebOA SUN itOsSS VI
circulation as are by this act described.
Sec. 1s. Each banking company herein
authorized, shall receive al par, at the Office o.
banking house Of said company, in payment
for debts due such company, the notes Of cir
culation issued by any other banking conpa-
ny authorized to issue such notes BY this act.
which SHALL at the time, redeem its notes in
gold and silver coin.
Sec. 10. Each banking company shall AZ
all times have on hand. in gold and silver com.
or their equivalent. one-half at least of which
shall be ingold and silver coin, in its vault an
amount equal to at least thirty per cent Of the
amount of its outstanding notes Of circulations
and whenever the amount Of its Outstanding
notes of circulation shall exceed the above
named proportion. for the space Of twelve
days. or whenever the said gold and silver coin
or their equivalent shall. at any time, fall be
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