Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1851-05-08

from such company applying for sue
circulating notes, such rate per centur
thereon as may be sufficient for that pul
pose. and as may be just and reasons
Bile.
Sec. 8. Every such company is here
by authorized, after having execute
such circulating notes in the manne
herein required, to make them obliga
tory promissory notes, payable on de
mand at its place of business within tn
State; TO loan and circulate the same a
money, according 10 the ordinary cours,
of banking business, as regulated by th'
laws and usages OF this State.
Sec. 9. Every such company shal
cause to be executed and signed, by the
president and cashier thereof, the cir
culating notes received from the Audi
tor of State, and such notes shall there
after be obligatory promissory notes oI
such company, in IFS corporate capaci-
ty, payable on demand, at its usual
place OF business.
Sec. 10. Every company formed un-
der this act, after having procured the
certificate required in the fifth section OF
this act, shall be, and hereby is, created
a body polite and corporate, with sue
cession until the year eig ghieen hundred
and seventy-two, and thereafter, until
the repeal of this act; and BY its name
shall have power to contract and to
prosecute and defend suits and actions
of every description as fully as natural
persons; TO loan money, buy, sell, and
discount bills o. exchange, notes. and
all other written evidences of debt. 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 appertainin6 to bank
ing, subject TO the provisions and re-
Of this act; may acquire, hold,
and convey such real estate as may be
necessary to the convenient transaction
of its business, and no more; bul 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 10 it in payment Of
any previous debt; but shall not hold
any real estate, so acquired, longer than
is necessary 10 avoid loss of any part
of the debt, interest, and costs, for the
collection or security of which it was
but al any time before selling
the same, upon being rendered by the
last preceding owner, or his legal repre-
such sum as shall be neces-
sary to save such company from loss of
any part of the debt, interest, taxes,
costs, and other necessary charges for
he collection or security of which said
real estates was acquired, such compa-
ny shall release TO such owner, his le-
gal representative or assigns, all its right,
lille, and interest therein.
Sec. II. The capital stock of every
shall be divided into shares of
fifty dollars each, which shall be deemed
property, and shall only be
on the books of the company,
in such a manner as its bylaws shall
orecribe; each bank shall have a lien
upon all stock owned by its debtors, and
no stock shall be transferred without the
consent of majority of the directors,
while the holder thereof is indebted to
he company.
Sec. 12. No company shall take, as
security for any loan or discount, lien
lpon any part of IFS capital stock; but
he same security, both in kind and
lmount, shall be required o! share hol-
lers as of persons not shareholders; and
10 banking company shall be the holder
,r purchaser of any portion of its capi-
al stock, or of the capital stock of any
,ther incorporated company, unless
uch purchase shall be necessary to pre-
vent loss upon debt previously con-
racted in good faith, on security, which
II the time was deemed adequate 70 in
ure the payment Of such debt, indepen-
lent of any lien upon such stock; and
tock so purchased, shall in no case be
leld by the company so purchasing, for
/ longer period of time than six months,
f the same can be sold for what the
Itock cost, at par.
Sec. IS. In all elections of directors,
md in deciding all questions at meet
ngs of the stockholders, each share
hall entitle the owner thereof to one
'ote. Stockholders may vote by prox-
es, duly authorized in writing, but no
,fficer, clerk, teller or book keeper of
he company shall act as proxy.
Sec. IA. The affairs of every COM
,any, formed and organized to carry on
he business of banking, under the pro-
,isions of this act, shall be managed by
lot less than three, nor more than five
directors. as may be determined by
majority in interest Of the stockholders
Every director shall, during the whole
erm of his service, be resident Of this
State. At least three fourths of the d.
'ectors shall have resided in this State
wo years next previous to their election
IS directors. The directors of each
,anking company, collectively, shall
,wn at least one tenth of its capital
itock. Each director shall take an
,ath that he will, so far as the duty
leyolves on him, diligently and honestly
administer the affairs of the company,
md not knowingly violate or willingly
,ermit to be violated. any of the proyis-