The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1856-05-22
WHOLE HtIMBER 567.


account OF its capital stock, to ascertain III j.
name and place offesidence o OF each 'bf the
directors of such bank, and that their stock.8
holders, director and officers are men Of res
sponsibility and integrity, and entitled TO.
the public confidence, and The amount Of
capital stock Of which each IL the bona fda,r
owner, whether such bank has complied with
all the requirements Of this act necessary 10
eDtitle the bank TO engage in the business
of banking, and shall cause to be made and
pttested by the oath OF a majority of the direc-s
tors, and by the cashier Of such bank, state
meDt of all the material facts necessary to-
enable the board of bank Commissioners to-
determine whether such bank is law fully EN-
! titled to commence the business Of banking
under the provisions Of this act, and such
agent shall Immediately report to the bourd
of bank commissioners such statement and
his proceedings in the premises. ts8 s@
| SECTION 8. II, upon careful examinal
tion of the certificates Of association, and ID esa
ireports and statements of the special agents
appointed TO ascertain whether the banks so oak
organized have complied with the provisions
OF this act, it shall appear that any such
banks have been formed and that their stock
holders, directors and officers are men of re-
sPonsibilhy aud integrity, and entitled to
public confidence, aud that such banks or Z
any of them are lawfully entitled TO cons
inence the business Of banking, the commisI
sioners shall certify the same to the govern.
or, who shall, If he be satisfied that the law
has in all respects been complied with; issue
his proclamation, setting forth that SUCH
banks are authorized TO commence and car
ry on banking, at the ploces Beyerally desig-
mated in Their certificates Of association. ~
SECTION 9. No bank shall be organized
under this act, as branch OF the bank Of
Ohio, in the county of Hamilton with a.less
capital. than eve hundred. thousand dollsrsS-z
which may be increased e. any sum not ex-sss
ceeding one million ossdoliars. Nor shall
any independent bank be organized under
this act in said county, with less capital Il
than two hundred and fifty thousand dollars, -
which may be increased 10 any sum not exc
seeding FIVE hundred thousand dollars; pro.
vlded that intno case where the capital stock
of an independent bank is named in this act.
shallthe certificates of public debt be reqnir- :
ed to be deposited by such banks with the y
Treasurer of State, be treated or regarded ass
any part of such captal stock x ssa1' Ssss
SECTION 10. No bank shall.b be establish.fs
ed under this act as a branch of the bank of !,
Ohio,in the counties of Cuyahoga, ,Montgom-
cry, franklin or Lucas, with capital less
than three hundred thousand dollars, which,
may be increased to any sum not exceeding s
six hundred thousand dollars, nor shall any !
independent bank be established in any Of
said counties, with capital Of less than one
hundred and fifty thousand dollars, whichs
may be increased to any sum not exceeding
three hundred thousand dollars. .gzs .
SECTION II. The capital stock Of each
bank shall be divided into shares Of one
hundred dollars each, and shall be eassigna.as
BILE on the, books of the company, In suehm
manner as its bylaws shall prescrihe, but noss
shareholder shall haysapower to sell or trans-
fer any shares held in his own right SO long
as he shall be liables either as principal debts
or, surety, or otherwise, to the company for q
any debt which shall be upsid, nor in SUCH
case shall such shareholder be entitled to
receive any dividend, interest or profit on
such shares, SO long as such liabilities shalt9
continue, but all such dividends, interests or
profits shall be retained by tho bank andap-
piled to the discharge of such. liabilities, and
no stocks shall be transferred without the
consent Of d majority of the directors, whilea
the ho lder thereof is indebtedto the compsssa
ny. va4sF sSseyAaNaNek
I" Section Ia. No bank shall take, as .sel
curity for any loan or discount, a lien on any
part OF its capital stock, but the same seeu. w
rity, both in kind and amount, shall befe-ssE
quiredof shareholders as ofpersons not ahare-sst1
holders; and no bank shallgbe the holder or
purchaser of any portion of its capital stock,
or Of the capital stock Of any other incbrpcru+
ted company, unless such purEhasel shall be-
Necessary to prevent loss upona debt pre-ssa
viously contracted intg good faith, on security N
which at the time was deemed adequate to
insure the the payment Of such debt, inde y
pendent of any liensupon such stock, or iHfS3
caseof forietuFes of stock fof the fnens paysSa
ment Of installments due thereon, as proyis In
ded in the sixth section; and stock SO pur-A
chased shall in no case be held BY the bank 7
SO purchasing for a longer period 'of 9tiinesss
than six monthss IF the same caa be sold for 10
what the stock cost, ,ors at par,ss # afaf AZ aas
SECTION l3. Inall elections. Of directors
and in deciding all questions at meetings OF 4
the stockholders, ,each share shall entitIe y
the owner thereof to one vote; st5ckholders ~
may vote by proxies duly authorized in Wri- &
ting, but no officer. clerk teller. Or book
keeper Of the bank eh i act as proxy, and no
stockhoider whose liability to the bank
past due and unpaid shall abetsailowed t6.ss
vote ,stFs as8! ~ ss w3af% Iii Fs9 9saiasssa@
!. SEcrIoS ID. The affairs Of every, bank ~
organized to carry On the business of bank
ing under the esprovisions ofthis act, shall be q
managed by netless than five nor more thanges
nine directors. Every director stlallss during aa
his whole term of service, bea citizen Of the
United States, and resident Of this State.
At least three fohrths ofNfbe directors Shalt
have residepgin this State one year next prae
,vious to their election as. directors. each di-
rector shall own in his own name and right 81
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