The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1851-04-17

the debt, interest, taxes, costs, and other nee
esssry charges for the collection or securiS
Of winch SAID real estate was acquired, such
company shall release to such owner, his le-
gal representative or assigns, all It's rights.
title, aud interest therein.
SEC IL. The capital stock ufevery COM
pany shall be divided into shares of fifty dol
lars each, winch shall be deemed personal
property, aud shall only be assignable on the
books Of the company, IN such manner as lis
bylaws shall prescribe; each bank shall have
a lien upon all stock owned by its debtors,
and no stock shall be transferred without
the consent Of u minority Of the directors,
while the holder thereof is indebted TO the
company.
SEC. IL. M company shall take, as secu-
rity for any iouD or discount, a lien upon any
part Of It's capital stock; but the same securi-
ty, both in kind and amount, shuli be reQuir-
ed of. share holders us Of persons not share
bnlders;aDd no banking company shall be the
holder or purchaser Of any portion Of lis cupl-
tai st0rk, or of the eapltul stUek OF any otller
incorporated company, unless such purchase
shall be necessary 10 prevent loss upul q debt
previously contracted in goodfaith, on secu-
ity, which al the time was deemed adequate
TO insure the payment Of sue debt, indie
pc ndent OF any lien upon such stock; hnd
stock so purchased shall in no case be held
by the company so purchasing for a longer
period Of lime tllnn six months, II Inc same
can be sold for what the stock cost, at par
SEC. l3. Ia all elections Of directors, ana
IN deciding all questions at meetings o. 'he
Stockholders, each share slIuIl enllile lhe
iOwher thereof to one vote. Such hoidefs
may vote by proxies, duly aulh"Fized ~
writing, bu, no officer, clerk, teller, or book
Keeper of the company, shall act ns proxy.
SEC. IA. The affairs Of every company,
formed and organized 10 carry on the busl-
slness Of barking, under the provisions Of
this act, shall be managed by not less than
! three nor more than five directors, us may
be- determined by a minority III interest OF
the Stockholders. Every director shall, dur
ing the whole term Of his service, be n resi-
dent Of this State. AT least three-fourlhs Of
the directors shall have resided IN this State
two years next previous 10 their %eIectl"n as
directors. The directors of each banking
company, collectively, shall own at least one
tenth Of the capital stock. Each director
shull take an ontll that he will, so far as tho
duty deVolves on him, diligently aud honest
ly administer tue affairs Of the company, aud
not knowingly violate or willingly permit 10
be violated, any Of the provisions of,hls 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 hypoIhe-
Gated, or in any way pledged us security for
any loan obtained or debt owing, which ouiht
subscribed by hlmself, and certified by tho
officer before whom il wns taken, shall 6'
filed aud c%.refully preserved in the Office o
the recorder Of the county IN which The
banking company is located.
Sec. Is. The directors Of any banking
company first elected, shall hold their plnces
until the first Monday %inJanuary thereafter
and until their SUCCESSORS shall be elected
and qualified; all subsequent elections shall
be held annually, on the first Monday ofJan'
nary, at the office Of the bank, and the direct
ors SO elected, shall hold their place for one
yeur, and until their successors are elected
and qualified. But any director removing
from the State. shall thereby vacale his place,
3 ANY vacancy in The board shall be filled by
appointment by the remaining directors.-
The director 50 appointed, shall hold hI'
pluce until the next annual election, aud If
from any cause, an election of dlreclorr
shall not be made at the time appointed, The
company shnll not, for that cause, be dlssol
, we'd, but an election mny be held on any sub
segment day, thirty days notice thereof hay
.s.. I..ass .U.sVaWt 80 a. "a a. tta m ~ N nNInNnH ma
IN general circulation in the county whore
the company Is located.
Sic. Is. Notes Of one dollar, two dollars
. three dollars, five dollars. ten dollars, TWEEN
~ dollars, fifty dollars, aud one hundred dol
lars each, and no note Of any other den0ml
nation, muy be issued by any banking com
pany deriving any Of its powers or privileges
from this act. or the notes issued by any
such banking company, not more than ter
per cenlum OF the amount shall be in note
Of one dollar each; not more than five pc
cenlum IN notes Of two dollars each; no
more than ten per centum IN notes of tire,
dollars each; nor more than twenty per cen
tum shull be in notes Of all denomination
under FIVE dollars, nor more than fifty pc
cenlum in notes OF all denominations unde
ten dollars; after the year eighteen hundre
and sixty, the Legislature may prohibit tn
! circulation of bank notes Of a less denOml
nation than five dollars, in which event, il
lieu of the notes of a less denomination thai
five dollars, notes of the SAID denomination
Of five dollars shall be furnished for %circula
ton to any bunk thereafter organized; and il
lieu of mites of n less denomination than
five dollars, as fnst as the same shall be re.
deemed BY any bank, notes of the dehomlna-
ton of five dollars shall be furnished to such
bank, aud the notes so redeemed shall be- en-.
tered in the proper book or books, and burn,
cd IN the same manner as provided in sec.
ton 81 flhis net.
See, II, No banking company, hereby
authorized, shall, at any time issue, or have
in circulation, any note, draft, bill of ex.
ehOnge, acceptance, certificate Of d~epositr,
or other evidence CT debt, which, from liz
character or appearance, shall be calculated
or intended 10 circulate as money, other than
such notes Of circulation as are by this acI
described.
SEC, Is. Each banking company herein
authorized, shall receive al par, al the office
OF banking house Of said company, in pay.
ment for debts due such company, the note.
OF circulation issued by auy other banking
company authorized 10 issue such notes by
this act, which shall, nj the tune, redeem ii,
notes IN gold und silver coin.
SEC. 10, Each banking company shall a
: all times have on hand, IN gold and sllvel
coin, or their equivalent, one. half at least u
which shall be- IN gold and silver coin, in IL
+ vault an amount equal to at least thirty pc
y cen'um OF the Omunt of lis outstanding note
u OF circulation, aud Whenever the amount o
i lis outstanding nutes OF circulation shall ex
" coed the above named nrunor,,on C,r. ,h