The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1856-05-07

thereafter, and until their successors
shall be elected and qualified; all subse-
quent elections shall be held annually on
the first Monday of January, and the di-
rectors so elected shall hold their places
for one year, and until their successors
are elected and qualified; but any direc.
tor removing from the State, or c~easing
to be the owner of the requisite amount
of stock, shall thereby yacate his place.
Any vacancy in the board shall be filled
by appointment by the remaining direc.
tors; the director SO appointed, shall
hold his place until the next annual cleo
ton and if from any cause an election
of directors shall not be made at the
time appointed, the bank shall not fol
that cause be dissolved, but an election
may be held on any subsequent day
thirty days notice thereof having been
given in a newspaper printed in the coun.
ty where the bank is located.
SECTION 16. Every bank authorized
to carry on the business of banking IN
der the provision of this act, whether as
a branch of the bank of Ohio, or as an
independent bank, shall be held and adj
judged to be a body corporate, with sue,
cession until the first day of May in the
year one thousand eight hundred and
seventy-seven, and thereafter until Its
affairs shall be closed; and by its corpo'
rate name shall be competent to contract.
prosecute and defend suits and actions
of every description as fully as natural
persons, and process against such bank
NAV be served upon its president or
cashier, or by leaving a copy thereof at
its usual place of business during the
usual business hours. Each of said
banks shall, until the first day of May,
in the year one. Thousand eight hundred
and seventy-seven, if SO long it shall com
ply with the provisions Of this act, have
power to loan money, buy, sell and dis.
count bills of exchange, notes, and all
other written evidences of debt, except
such as it shall be prohibited by this act
from buying, selling or discounting, re-
ceive deposits; buy and sell gold and sill
yer coin and bullion; collect and pay
over money, and transact all other bust
ness properly appertaining to banking,
subject, however, to the provisions and
restrictions contained in this act; may
acquire, hold and conveysuc real estate
as may be necessary to the convenient
transaction of it's business, and no more,
but 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 to it in pay
ment of any previous debt, but shall not
hold any real estate so acquired longer
than is necessary to avoid a loss of any
part of the debt, interests and costs, for
the collection of security of which it was
acquired, but at any time before selling
the same, upon being rendered by the
last proceeding owner, or its legal repre-
sentatives, such sum as shall be necessa-
ry to save such bank from loss of ally
part of the debt, interest. taxes, costs,
and other necessary charges for the col
lection or security of which such real es-
tate was acquired, such bank shall re-
lease to such owner, his legal represen-
%tativcs or assigns, all its right, title and
interest therein.
SECTION IL. Notes of one dollar, two
dollars, three dollars, five dollars, ten
dollars, twenty dollars, fifty dollars, and
one hundred dollars each, and nc note Of
any other denomination may be issued
by any bank organized under this act
of the notes issued by any such bank,
not more than ten per cent. Of the
amount shall be in notes of one dollar
each; not more than FIVE per cent. in
notes of two dollars each; not more than
ten per cent. in notes of three dollars
each; not more than twenty per cent.
shall be in notes of all denominations
under five dollars; MT more than fifty
per cent. in notes of all denominations
under ten dollars.
SECTION Is. No bank organized under
this act, shall, at any time, issue or have
in circulation any note, draft, bill of ex-
change, acceptance, certificate of deposit,
or other evidence of debt which, from its
character or appearance, shall be calcu.
lated or intended to circulate as money,
other than such notes of circulation as
are by this act described, and which
such bank is expressly authorized to is
sue for the purpose of being circulated
as money.
SECTION I9. Each independent bank
shall receive at par, at the Office or bank
ing house of such bank, in payment OF
debts due at such bank for notes of hand
bills of e~xchangesor other evidences OF
debt, discounted or purchased by or be-
longing to such bank, the notes of circu-
lation issued by any other independent
bank authorized to issue such notes by
this act, which shall at the time redeem
its notes IN gold and silver coin; and
every branch bank of the bank of Ohio
shall receive at par at the Office or bank
ing house of such branch in payment of
debts due at such bank for notes Of hand,
bills of exchange, or other evidences of
debt, discounted or purchased by, or be-
to, such branch bank, the notes
of circulation issued by any other branch
of the bank of Ohio.
SECTION 20. Each bank shall at all
have on hand, in gold and silver
coin, or their equivalent, one half at
least of which shall be in gold and silver
in its vault, an amount equal to at
least thirty per cent. of the amount of its
outstanding notes of its circulation; aud
whenever the amount of its outstanding
notes of circulation shall exceed the above
named proportion; no more of its notes
shall be paid out, or otherwise put in cir
culation, by such bank, nor shall such
bank increase its liabilities, by making
any new loans or discounts, other than
discounting or purchasing bills of ex-
change, payable at sight, nor make any
dividend of its profits, until the required
proportion between its outstanding notes
of circulation, and gold and silver coin,