The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1851-04-14

C'ale ana such notes snaf tnereaHoI ue
obligatory promissory noies ol suchcopi-
pany. in lis corporate capacity. payable
on demand, al is usual place ofbusiness.
SEC. 10. Every company formed un-
der this act, after having procured The
certificate, required in The Fifth section OF
Iihis act, shall be, and hereby is crealed
a body polite and corporate, with sue
cession until the year eighteen hundred
and seventy-,wo, and thereafter until the
repeal Of this ACT; and by It's name shall
have power TO contract and 10 prosecute
and defend suits and actions Of every
description asfully as natural persons; 10
loan money, buy, sell, and discoun, bills
orexchange. noIes, aud all o,her wriuen
evidences Of debt, except such as may
be herein prohibited; to receive deposits.
buy and sell gold and silver com und
bullion, colecl and pay over money, and
transact all other business properly apper-
tanning 10 banking, subject 10 The provis
ions and restrictions oil This act; may ac-
quire, hold, and convey such real estate
as may be necessary to the convenient
transaction Of its business, and no more;
but may however, acquire lille to any real
estate pledged 10 secure any debt previ-
ously contracted or purchased on an ex-
eculion or order Of sale, 10 satisfy any
Judgment or decree in lis favor, or which
shall have been conveyed 10 il in pay.
ment of any previous debt; but shall not
hold any real estate, so acquired, longer
Than is necessary 10 avoid a loss Of amp
part of The debt, interest, and costs, for
The collection or security of which it was
acquired; but at any time before selling
the same, upon being rendered by the
las. proceeding owner. or his legal rep
resenta,ve, such sum as shall be necesa-
ry to save such company from loss Of
any part Of the debt, interest, taxes, costs.
and o,her necessary charges for The col
lection or security Of which said real es,
tate was acquired, such company shall
release 10 such owner his legal represent
tative or assigns, all its right, title, and
interest therein.
SEC. IL. The capital stock of every
company shall be divided in,o shares OF
fifty dollars each, which shall be deemed
personal properly, and hall only be as
Signable on The books of The company,
in such a manner as lis bylaws shall
prescribe; each bank shall have lien up
on all stock owned by lis debtors, and no
stock shall be transferred without The con-
sent of a majority Of the directors, while
the holder thereof is indebted 10 the com.
pany.
SEC. l2 No company shall take. as
security for any loan or discount, lien
upon any pars Of its capital stock; but
The same security, both in kind and
amount. shall be required of share hol-
ders as of persons no, share holders; and
no banking company shall be the holder
or purchaser Of any portion of its capilal
stock. or Of the capital stock Of any 9th.
er incorporated company, unless such
purchase shall be necessary 10 prevent
loss upon debt previously contracted in
good faith. on security, which Al The time
was deemed adequate 10 insure the pay
ment of such debt, Independent of any
len u ION such stock; and stock so pur-
chased, shall in no case be held by The
co npany so purchasing, for a longer re-
Rod Of lime Than six months. if the same
can be sold for what the stock cost al par.
Sec. I3. In all elections of directors,
and in deciding all questions a, meetings
of The Stockholders, each share shall en-.
ille The owner thereof 10 one vole.-
Stockholders may vote by proxies, duly
authorized in wiring, but no officer, clerk,
teller or book.keeter of The company
,Ha'l act as proxy.
SEC. IA. The affairs of every compa.
ny, formed and organized 10 carry on the
provisions Of This act, shall be managed
by not less Than three, nor more than
live directors, as may be determined by
a majority in interest Of The stockholders.
Every director shall, during The whole
Ierm of his service, be resident Of This
SIale. At least lhree.fourlhs of The dl
reclofs shall have resided in this State
Two years next previous to their election
as directors. The directors Of each
banking company, collectively. shall own
al least one lenlh Of lis capital stock
Each director shall lake an oath that he
will so fur as The duty devolves on him
and honestly administer the
affairs Of the company. and mol knowing
ly violate or willingly permit 10 be vio-
Ialed, any of The provisions Of tuiS ac';
thar he is the bona ide owner. in his own |
right, of the stock, specifying The amount
sanding in his name on the books of the
and that The same is not hy.
pohecaied, or in any way pledged as Sc.
,urity for any loan Obtained, or debt ow-
ng, which oalh subscribed by himself. |
md certified by he officers before whom
i was taken, shall be filed and carefully
preserved in The Office of The recorder oil
he county in which banking company is
coated.
SEC. Is. The directors of any bank
ng company first elected, shall hold their
places until the first Monday in January
lext thereafter, and until their successors
'hall be elected and qualified; all subse-
iuent elections shall be held annually, on
he first Monday in January, at the Office
If the bank, and the directors so elected
ihall hold their places for one wear and |