The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-04-16

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Sec. 9. Every such company shall
cause to be executed and signed, by the
president and cashier thereof, the circula-
ting notes received from the Auditor Of
State, and such notes shall thereafter be
obligatory promssory notes Of such COM
pany, in its corporate capacity, payable
on demand, at its usual place Of business.
Sec. 10. Every company formed under
this act, after having procured the certifi-
cate required in the filth section of this act,
shall be, and hereby is, created body
polite and corporate, with succession un-
til the year eighteen hundred and seventy
two, and thereafter, until the repeal of this
act; and by its name shall have power TO
contract, and prosecute and defend suits,
and actions Of every description as fully
as natural persons; to loan money, buy,
sell and discount bills of exchange, notes,
and all other written evidences ofdebt, ex-
cept such as may be herein prohibited; to
receive deposits, buy and sell gold and
silver coin and bullion, collect and pay
over money, and transact all other business
properly appertaining to banking, subject
to the provisions and restrictions of this
act; may acquire, hold, and convey such
real estate us may be necessary to the con-
venient transaction OF its business, and no
more; but may, however, acquire title TO
any real estate pledged to secure any debt
previously contracted or purchased on an
execution or order OF sale, to satisfy any
Judgment or decree in its favor, or which
shall have been conveyed TO it in payment
of any previous debt; but shall not hold
any real estate, so acquired, longer than is
necessary to avoid loss of any part Of
the debt, interest, and costs, for the collec-
ton or security of which il was acquired;
but at any time before selling the same,
upon being rendered by the last preceding
owner, or his legal representative, such
sum as shall be necessary TO save such
company from loss of any part of the debt,
| interest, taxes, costs, and other necessary
charges for the collection or security of
which said real estate was acquired, such
company shall release to such owner, his
legal representative or assigns, all its right,
title, and interest therein.
SEC. II. The capital stock of every
company shall be divided into shares OF
6fy dollars each, which shall be deemed
personal property, and shall only be as
signable on the books of the company, in
such manner as its bylaws shall pre-
scribe; each bank shall have lien upon
all stock owned by its debtors, and no
stock shall be transferred without the con-
sent of majority of the directors, while
the holder thereof is indebted to The COM
pany. .l
SEC. 12. No company shall take, as Sc
curity for any loan or discount, a lien up
on any part of its capital stock; but the
same security, both in kind and amount,
shall be required of shareholders as of per-
sons not shareholders; and no banking
company shall be the holder or purchaser
of any portion of its capital stock, or of the
capital stock Of any other incorporated
company, unless such purchase shall be
necessary to prevent loss upon debt pre-
viouslv contracted in good faith, on secu-
rity, which at the time was deemed ade-
quate to insure the payment Of such debt,
independent of any lien upon such stock;
and stock so purchased, shall in no case
be held by the company so purchasing, for
longsr period of time than six months, if
tbe same can be sold for what the stock
cost, at par.
Sec. i3. In all elections of directors,
and in deciding all questions at meetings
of the stockholders, each share shall enti.
tie the owner thereof to one vote. Stock
holders may vote by proxies, duly author
lied in writing, but no officer, clerk, teller
or book-keeper ofthe company shall act as
proxy.
SEC. IA. The affairs every company,
formed and organized to carry on the bu-
siness of banking, under the provisions of
this act, shall be managed by not less than
three, or more than five directors, as may
be determined by majority in interest of
the stockholders. Every director shall, du-
ring the whole term of service, be a resi-
dent of this State. At.least three-fourths
of the directors shall have resided in this
State two years next previous to their elec-
ton as directors. The directors Of each
banking company, collectively, shall own
at least one tenth fits capital stock. Each
director shall take an oath that he will, so
far as the duty devolves or him, diligently
and honestly administer the affairs of the
company, and not knowingly violate or
willingly permit to be violated, any Of the
provisions of this act; that he is the bona
fde owner, in his own right. of the stock,
specifying the amount standing in his name
on the books Of the company, and that the
same is not hypothecated, or in any way
pledged as security for any loan obtained,
or debt owing, which oath, subscribed by
himself, and certified by the officer before
whom it was taken, shall be filed and care
fully preserved in the Office ofthe recorder
of the county in which the banking COM
pany is located.
Sec. 15 The directors of any banking