True American. [volume] (Steubenville [Ohio]) 1855-1861, 1856-04-30

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in all respects been complied with, issue
his proclamation, setting forth that such
banks are authorized 10 commence and
carry on banking, at the places severally
designated in their certificates of associa-
| lion.
SECTION 8. No bank shall be organi-
zed un der this act as branch of the
bank of Ohio, in the county of Hamilton,
with less capital than five hundred thou
sand dollars, which may be increased TO
any sum not exceeding one million ef dol
lars. Nor shall any Independent bank be
organized under this act in. said county,
with a less capital than two hundred and
fifty thousand dollars, which may be in
creased to any sum not exceeding five
hundred thousand dollars; provided that
in no case where the capital stock of an
independent bank is named in this act,
shall the certificates of public deb: requir-
ed to be deposited by such banks with
The Treasurer of State, be treated or re-
garded as any part of such capital stock.
r SECTION TO- No bank shall be estab
lished under this act as branch of the
bank of Ohio, in the counties of Cuya.
hoga, Montgomery, Franklin or Lucas,
with a capital less than three hundred
thousand dollars, which may be increased
10 any sum not exceeding six hundred
thuosand dollars, nor shall any independ-
ent bank be established in any Of said
contities, with capital of less than one
hundred and fifty thousand dollars, which
may be increased TO any sum no, exceed
ing three hundred thousand dollars.
I SECTION IL. The capitll stock of each
bank shall be divided into shares of one
q hundred dollars each, and shall be assign.
able on the books of the company, in such
i manner as lis bylaws shall pres cribe, bu
y. no shareholder shall have power to sell OF
q transfer any shares held in his own righ,
, so long as he shall be liable, either as
r principal debtor, surety, or otherwise, tc
k the company, for any debt which shall bt
d unpaid; nor in such case shall such share.
+ holder be entitled TO receive any dividend
q interest or profit on such shares, so long
l.. as such liabilities shall continue, but all
$ such dividends, interests or profits shall he
retained by the bank and applied lo'tha
j. discharge of such liabilities, and no stocks
s shall be transferred without the consent
0 of majority of the directors, while the
# holder thereof is indebted to the compa
n ny.
d SECTION IL. No bank shall take a.
IT security for any loan or discount a lien or
l. any part of its capital stock, but the same
o security, both in kind and amount, shal
e be required of shareholders as cf person:
d not shareholders; and no bank shall be the
II holder or purchaser of any portion of it,
3 capital stock, or of The capital stock o
a any other incorporated company, unless
Is such purchase shall be necessary to pre-
ID vent loss upon debt previously contrac
RS ted in good faith, onsecurity which at th'
8, time Was deemed adequate TO insure th'
l. payment of such debt, independent of any
le lien upon such stock, or in case of forfei
p lures Of stock for the non.payment of
lie stalmenls due thereon, as provided in ,h'
ID sixth section, and stock so purchased
E., in no case be held by the bank so pur
le chasing for. longer period of time thai
'e six months, if the same can be sold fol
f what the stock cost, or at par.
Of SECTION l3. In all elections Of direc
al tors, and in deciding all questions at meet
Of ings of the stockholders, each share shal
sr entitle the owner thereof to one vote
n stockholders may vote by proxies dul,
le authorized in writing, but no officer, clerk
III teller or book keeper of the bank shall ac
TX as proxy, and no stakeholder whose liza
is biity to. the bank is past due and unpai'
shall be allowed TO vote.
l. SECTION IA. The affairs Of every banl
n, organized to carry on the business o
e. banking under the provisions of this act
Pr shall be managed by not less than five no
ID more than nine directors. Every direo
p Tor shall, during his whole term Of sevice
n be citizen of the United States and
RS resident of this State. AT least three
I'd fourihs of The directors shall have reside,
e, in this State one year next previous Il
re their election as directors; each directo
IL shall own in his own name and right a
Ill least one per cent Of the capital stock 0
10 the bank up to two hundred thousand dol
ps lais. and lhe half Of one Per cent on y