Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-05-12

ISAateN ~ SAccuiuS tuc pIOVISt0uS OI IN
act, shall beaudited and settled by the Al
lditor, and paid out of any moneys in II
treasury, not otherwise appropriated; an.
ior the purpose of REIN bursting the sam
the said Auditor is hereby authorized an
required to charge against and receive frol
such company applying for such circulatin
notes. such rate per centum thereon as ma
De sufficient for that purpose, and as may
just and reasonable. -.
Sec. 3: Every such company is hereb
authorized, after having executed such cir
culating notes in the manner herein requir
ed, to make them obligatory promisor,
notes, payable on demand at its place o
business, within the State; TO loan and cir
culate. the same as money, according to th'
ordinary course Of banking business, a
regulated by the laws and usages of thi
State.
Sec. 9. Every such company shall
cause to be executed and signed, by th,
president and cashier thereof, the circulat
ing notes received from the Auditor Of State
and such notes shall thereafter be obligatory
promissory notes Of such company, in it.
corporate capacity, payable on demand, a
its usual place Of business. L74a 4@s
4 Sec 10. Every company formed under
this act, after having procueed the certif
cate required in the fifth section of this act
shall be, and hereby is, created body po.
iitic and corporate, with succession until
the year eighteen hundred and seventy two
and thereafter, until the repeal of this act
and by its name shall have power to cou.
tract, and to prosecute and defend suits and
actions of every description as fully as nat.
ural persons; to loan money, buy, sell, and
discount bills of exchange, notes ,and all 9th
er written evidences of debt, except such as
may be herein prohibited; to receive de.
posits, buy and sell gold and silver coin
and bullion, collect and pay over money,
and transact all other business properly ap-
pertaining to banking, subject to the pro-
visions and restrictions Of this act; may ac-
quire, hold and convey such real estate as
may be necessary to the convenient trans
action OF its business, and no more: but
may, however, acquire title TO any real es-
late pledged 10 secure any debt previously
or purcha ased on an execution or
order Of sale, to satisfy any judgment or de-
cree in lis favor, or which shall have been
to it in payment of any previous
iebt; but shall not hold any real estate, so
acquired, longer than is necessary 10 avoid
j loss of any part Of the debt, interest, and
;osts for the collection or security Of which
was acquired; but at any time before SELL
ng the same, upon being rendered by the
ast preceding owner, or his legal represen-
ative, such sum as shall be necessary to
ave such company from loss Of any part
If the debt, interest, taxes, costs, and other
charges for the collection or secu-
.ity Of which said real estate was acquired,
'uch company shall release to such owner,
lis legal representatives or assigns, all its
light, title, and interest therein.
Sec IL. The capital stock of every
shall be divided into shares Of FL
y dollars each, which shall be deemed per-
'onal property, and shall only be assignab Bile
IN the books Of the company, in such man
lers as its bylaws shall prescribe; each
'ank shall have a lien upon all stock owned
~ its debtors, and no stock shall be trans
erred without the consent Of majority of
he directors, while the holder thereof is in
lebted to the company. :.
Sec. 10. No company shall take, as
ecurity for any loan or discount, lien up
N any part Of its capital stock; but the
anne security, both in kind and amount,
hall be required Of share holders as Of per-
ons not share holders; and no banking
shall be the holder or purchaser Of
my portion Of its capital stock, or Of the.
apital stock Of fany other incorporated COM
ANY, unless such purchase shall be neces-
AIRY to prevent loss upon debt previously
contracted in good faith, or security which
# the time was deemed adequate TO insure
he payment Of such debt, independent of
my lien upon such stock; and stock 80 pur-
'hased shall in no case be held by the COM
,any SO purchasing for longer period Of
ime than six months, if the same can be
'old for what the stock cost, at par.
Sec. ID. In all elections OF directors,
md in deciding all questions at meetings Of
he stock holders, each share shall entitle the
,wner thereof to one vote. Stockholders
nay vote by proxies, duly authorized in
writing, but no officer, clerk, teller. or book
keeper Of the company, shall act as proxy.
Sec. IA. The affairs of every company,
iormed and organized to carry on the bu-
,iness Of banking, under the provisions of
his act, shall be managed by not less than
hree nor more than five directors, as may
be determined by. majority in interest of
the stockholders. Every director shall, dur
ing the whole term Of his service, be resi-.
ient of this Sta.e. At least three-fourtbs Of
lhe directors shall have resided in this State
two years next previous to their election as
directors. The directors Of each banking
collectively, shall own at least
Of its capital stock. Each direc-
Tor shall take an oath that he will, SO far as
he duty devolves on him, diligently and
honestly administer the affairs Of the COM
pany, and not knowingly violate or willing
" permit to be violated, any of the provis.
ions of this act; that be is the bona fide
owner, in bis own right, Of the stock, spec
flying the amount standing in his name on
the books Of the company, and that the
same is not hypothecated, or in any way