Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1851-04-24
biishcd ollsaISINunD from rlRsr rAo..l
TERNE uilkin -,I.r Slnlt; 70 lonn and

: : -ne,-fy course "t banHing business. as rcgll-t
/. ",ted by tbs laws aud usages OF this State
SSc. 8. Every such Company shal cause
m6c executed and signed. by lhe president
and cashier IhereuI, the circulating notes re-
ciSrd from the Andilor OF SIsu;, aud such
Hu,cs shall thereafter be obligatory prcmis.
sorry uo,cs Of such company, in lis corpo-
rate capacity, payable on demand, al lis usu.
al place Of busiarss. ,t s.
SEC 10, Every company formed under
this uc,, atics having procured the certificate
rrquirrd IN the fifth section of this act shall
b., and hereby Is, crealed body polite and
and corDoya,e, with succession until the year
eighteen hundred and sevenly-lwo, and
thereafter, until the repeal Of this acs and
by lis namc shall have power iocon,recl
6id 10 prosecute and defend suits and ac-
lions Of every description as fally as MAUI
raj persons; 10 loan money, bay, sell. aud
discount bills Of exchange, notes and all
other written evidenc,s of debt, excep, such
as may be herein p,ohibiled; TO receive de-
pusiiS, buy and sell gold and silver coin and
bullion, collect and pay over money, and
wansac. all Other business properly apper.
@ining 10 banking, subjec, 10 the provisions
mud restrictions Of This act; may acquire.
hold, and convey such real estate us may
bc necessary to tho conv, MEN, transaction
tl ills business, and noimore; bu, may. how
ever, acquire lille to any real estate pledged
Insecure any debt previously contracted or
pnrchascd on an execution or order Of sale,
10 satisfy any judgment or decree in its la-
Wr. orwhich shall have been conveyed TO ii
IN payment Of any previous deb; Lus shall
~ 'ntl hold any real estate, 80 acquired. longer
y Than is necessary To avoid loss Of any part
ut the drbl, interest. and COSTS, for the col
lrc,ion or svcuriIyn( which il was acquired;
bm nj any time before selling The same, upon
being rendered by The last prcc' ding o@Hdr
~ or his legal representative. such sum as Aal
be NJ cessary 10 save such company rpm
lass Of any parl Of The debl, interest, luxcs
costs, and other necessary charges for the
col ecliun or security Of which said reul
estate was acquired, such company shall re-
l''ase 10 such owner. his legal rpreso nta,se
or assigns, all its right, l,Ic, and interest,"
therein. ' "'
SIC. II. The capital stock Of every com.
pany shall b. divided into shares Of fifty
dollars cuch, " hich shall be deemed person
al properly. and shall only be assgnabc OF
. the books sf the company, in such q manner
as It's bylaws sba prescribe; each banl
shall have lien upon all stock owned by
It's deblors, and no stock shall be ransferre,
without The consent of majority of the di
recturs, while the holder thereof is indcblet
~ the company.
M hall snkn ea
carly ior any lonn or discount. lien upol
any par, of lis capital stock; bur the sam,
security, both in kind and amount, shall b.
required OF share holdtr RS as of persons no
sharchaldrrs; and no barking company shul
b.; tho holder or purchaser of any portion o
ils capital STOCK, or of the capital stock o
any olhr Incorporated company, unless
such purchase shall be necessary TO proven
I'sS upon deb, previously contracted i,
sn'd Ial'h, on security, which a, the Tim
WAS deemed adequate To insure the paymcn
OF su"h debt, independent. of any lien upo
,.s;h ss..:;h stock; and stock so purchased, shall il
% cave s' held by The company so purcha
sing, ioru longer period Of Time than 81!
lnonths, # thu same can b. sold for what III
sluck cost, NJ par. --.'1 ?. s.'s
'' SIC, 49, In all elections Of directors
aal in cidinS all questions al meetings ,
,ih" stockholders, each share shall en,he III
owner thereof 10 one vote. Stakeholder
may vote by proxies, duly authorized i
writing, but no officer, clerk, teller or book
keeper of The company shall acl as proxy
SEC. II, The affairs of every conpan,
formed and organized 10 carry on Tho bus
.ness of banking, under the. provisions {
'this uc., shalt be managed BY MOI less ,hu
three, nor more Ihun fvo directors, as ina
be determined by majority in inwres, I
The Stockholders Every director shall, dl
ring the whole Frmof his serl ice, be a re-
hiicl. of This State. Al l,as; lhfen.tounl
of the directors shall have resided in lh
State Two !c'rs lcM rrv'us 10 ilt
election as directors. The directors
each banking company, collectively, shu
own NJ leasI Onc-trnih of Its capital Siuc
Each director shall take an Oalh that he wi
So far as The du,y devolves on him, diiger
ly and honestly administer The affairs Of Il
company and nrn kuowinglv violatesor W.
-lingIylpc tosbe yiolaicd. any Of llie pr
visions Of this aci; ,ha, he is the bona fl
owner, in his own right, OF The stock, sp
cifying the amount slundng in his name
The, books Of The company, and ihal q
same is no. hypolheculed. or in any WI
pledged as sccuriiy'for my loan obant
or deb. ouirg. which oath subscribed
himself. and certified by the officer belo
whom il was taken. shall b., filed and cal
fully preserved in the Office OF tho record
OF the county in which Iic banking comp
ny is locarcdafisaF = le''i'l'si,'1o,b .
SEC. l5 The directors of any banki
rompany frs, clrcwd, shall hold their p
COS until the first Monday in Januorl nt
thereafter and until their Successors SIN
be elected and qualified; all subsequent elc
lions shall be held annually, on the Il
Monday Of january. At Tho office Of I
bank. and The directors so elected shall h,
llicir place one year, und until lhr succ
sors are elected and qualified. But any
rector removing lromIhc State shall there
yacHIc his place. Any vacancy in The bot
shall be fillodby aPp,inlmcni by lhe r'ma
ing directors. Tho director SO appoin
.shnll hrld his place unit the next ann
election, aud ii, from any cause, an elect
al direclurs siIalI mol be- made at the ii
appointed. the company shall not, for I