Plymouth banner. (Plymouth, Marshall County, Ind.) 1852-1855, 1855-05-03
WHOLE NO. l63.

Legislature. n IKE tepOtt eudit DC lux.
ni-h.d TO the General Assembly BY she
Board Of Directors of each branch: such
re poft. made by the directors Of each
branch. shall conisin such sntemen Of
the condition of the same. a. aforesaid,
os the Sd ne is found on the third Sstus-
day Of November. in such year. 81 two
clock in the afternoon.
SEC. 81. The directors. and all other
ofic-rs aud agents Of the bank. end OF
each branch, shall severally. before they
enter upon the duties Of their office.
make oath or affirmation we'll and faith
fully to discharge the duties Of the same.
Sec 60. The Stockholders of each
branch shall. by ballot. annually electno
less than five nor more than ten disrctors
for such branch. the NUMBER TO be set
tied by the directors of the Bank: md
The directors Of the bank shall eppoins
two directors for ssch branch: such branch
directors shall hold their office for one
year. and uni! their SUCCESSORS are cho.
sc aud qualified.
SEC. 60 The said branch directors. 81
their fiss, meeting after each election.
shall choose one Of their number 10 bs
president, and shall have power 10 sp-
point q cashier. snd such other officers
and agents as they may deem necessary.
whose term of Office. snd hose comptn-
sation together with that of the Presi-
drn,. shall be established by the direc-
tors. They shall slso have power 10 fill
all vacancies occurring in their own
body. except in those appointed By tie
Bank. which shall be filed By the dirsc-
tors Of The Bank.
SEC 81. No director appointed By
the directors Of the Bank shall hs chosen
more than twice in three yeoss.
SEC. IS. No branch director. except
the president. shall receive compensation
.or his services, unless By voH Of the
Stockholders.
SEC. 66. No person shalt be eiecseds
director Of a branch. BY ih- Stockholders.
who shall b. in arsesS 10 such branch, n0t
unless such person shall be o citizen OF
the State aud siockbold-r. owning in
his own right, and not in trust. OF least
| five shares. in such branch. But IN
case there should not be sufficient num-
Der of stockholders owning five shares. TO
constitute the directory. 'hey may DO
elected oui Of those having the highest
number Of shares
SIC 67. If. during his term OF cffiee.
any director shall brcome in srresr. or
foil in business. remove from the State.
or cease 10 own the rrqusiIe amount OF
stock. or OtherNis. become DISCUS fled.
il shall be the duty Of the said Board Of
Directors forthwith 10 vscste his seat and
appuini enoiher ir hi place.
SEC. IS. No person shall be iIrec--
tor in more than one branch OF the same
l,me; nor shall TWO or mere partners be at
he same time directions of the same
branch, or uf the Baak and branch there.
Of; nor shall director OF any moneyed
corporation. having power 10 discount
and receive deposits. be . director Of any
branch.
SEC 50. The board of direc,ors Of
such security from their officers aud
g. en,s. for the performance of their duiies
as they may deem necessary.
SEC. 20. IL shall be their duty 20 mako
, report Of their business and conditions Of
their board to the directors of the Bunk.
once IN each month. and oftener II there
. 10 required by said board. setting forth
all the particulars required in their re-
ports to the Legislature. and shall also
send copies of their monthly reports 20
each branch.
SEC Il The board ofdireciors Teach
! branch shall keep book or books. in
which shall be entered and faithfully re-
+ corded journal Of all their proceedings.
which book shalt be open 10 the inspec-
,ion of all the Stockholders. ct oil regular
MEETINGS Of the same and also he open TO
the inspe rtion of any three stockholders,
{ holding toge,hrr in their own right. TWEEN.
~ shares of stock onopplication BY them
made 10 the President or CASHIER.
, SEC To- All elections by the several
boards of directors shall be uira roes and
recorded.
I SEC. 10. The directors Of each breuca
shall have power TO make and prescribe
such bylaws. rules and regulations -
they shall deem nredtul. touching.
First. The Government Of their re-
spec,ive branches. and the mansgemens
and disposition Of its stock. business,
property. estate and effects.
Second. The time. manner. and terms
upon which discounts and de posits shall
be mnde and received i'm. and by the ssme.
, Third The duties and conduct Of the
officers. clerks and servants employed By
the same. and
Fourth. All such matters as may ap-
pertain 10 the concerns of said branch:
subject TO the control of the directors of
.he bank in the cases and according 60 tho
powers herein given 10 the directors VI
the said bank.
Sec. "a. In the management OF their
business the board Of directors shall OBJ
serve the following rules.
First. No branch shall loan monsy
on the security Of its own stock.
Second. No person shall be accom-
modated with a loan while in srress for
stock. for Interest. OF for loans had ethics
on his own account or 10 security for
others, and their due. unless the sums SO
due be retained and first paid out oil such
loan.
Tbi~d In The yeo.w.! of note. An.