The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1856-05-07

Che bank up to iuo hundred thousand dol
lars, and the half Of one per cent. on its
capital over two hundred thousand dol.
lars. The directors Of each bank. collec.
lively, shall own at least one tenth Of its
capital stock. Each director shall take
90 oath that he will so far as tdeduly de
volve ON him, diligently and honestly ed'
minister the affairs Of the bsnk, and not
knowingly violate or willing permit to
be violated any Of the provisions Of this
act; that he is the bona fde owner, in his
own right, OF the stock standing in his
name on the books 'oithe bank, snd that
the same is not hypothecated. or 10 any
way pledged as security, for any Joan OBJ
tanned or debt owing; which oaths snbscri |
bed by himself and certified by tie officer
before whom tits taken, shall be Gled and
carefully preserved in the Office 81 the re-
corder of the county in which The bank is |
located; but no person shall be president
gilmore than one bank organised under
this act. al the same time.
Section Is. The directors OF ahy bank
FIRST elected shall hold their pfNRes uuti.
the FIRST monday 10 January nes thereaf-
ter, and until their successors kshsli be
elected and qualifed; all subseq9ent elec
tions shall be- held annually on the 6rs;
Monday OF January, and the directors so
elected shall hold their places for one year
and until their successors are eleEted and
qualified; but any director removing from
the State. or ceasing TO be the bwner of
the requisite amount ofstock, shall there.
by vacate his place. Any, vacancy 10
the beard shall be filed by appointment
by the remaining directors; the director
SO appointed. shall hold his pace until
the next annual election; and if from any
cause an election of directors shall not be
made at the time appointed the saak shall
not for that cvuse be dissolYest bat an
election may beheld on any subse9 9uent
day, thirty days police there Of having
been given in aneVspsper printed in the
county where the bank LOCATED.
Section f6 Every bank au horized to
carry on the business OF banking rnder
the provisions of this act. whether as a
branch of the bank OF Ohio. or ks an in.
dependent bark, sh III be held add sdjudg
ed to be body corporate, wirl success
ion until the first day oi hay id the year
one thousand eight hundred ana seventy
seven. and thereafter unil its Fairs shall
be closed; and by ,its corporate name shall
be competent to contract PROSECUTE aud
defend suits and action Of everF descslF'
ton as fully MS natural pcrsousi and Pre-
cess against such bank may he served up'
on its president or cashier or by. leaving y
copy thereof ii. lis usual place Of basness
during the usual business hoqrs. Each
OF said banks shall, until the FIRST day Of
slay, in the year one thousand eight bun.
dred and seventy sever, if SO long It shall
comply with the Frnvisioa OF this act,
have power TO loun money. buy, sell and
discount bills of exchange. notes, and all
other written evidence OF debt except such
as it shall be prohibited by this act trom
buying. selling or discounting; receive
deposits; buy and soii gold and silver coin
and bullion; collect and pay over money
and transact all other business properly
apertaing to banking subject, however,
to the provisions restrictions contained
10 this ACT; may acquire. hold and convey
such real estate as may ba necessary tc
the convenient transaction Of its business
and no more, but may. however, acquire
title to any real estate pledged to secure
any debt previously contacted or pnr'
chased Cd an execution or order Of sale
to satisfy any judgment or decree in It's
favor or. which shall have been conveyed
toh ia payment Of auy previous debt
but shall not bold any Fesi estate so ac
quired longer than is necessary to avoid
loss of any part of the debt, interest aad
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 preceding owner, or his legal re
presentatives, snch sum as shall be neces
sary to save such bank from loss ofany par
OF ,he debt, interest. taxes, costs and 9th
er necessary charges for the collection ol
security of which sach real estate WAS &C
qured. such bank shall release to suci
owner, his legal representatives or &c
signs, all its right title and interest there
| in.
Section II. Notes OF one dollar, twC
dollars. three dollars, five dollars, ter
dol&Ss, twenty dollars, Gfiy. dollars. spt
one hundred dollars each. and no note o
any other denomination may be isssuet
by any bank organized under this act: o
the notes issued by any such bank. no
more than ten per cent Of the amoun
shall be in nGtes Of one dollar each; no
more than Eve per cent in notes OF tw,
dollars each; not more haa ten per cen
in notes Of three dollars each; not NOR
than twanty per cent shall be in notes o
i all denominations under 6ve dollars; no
1 more than City per cent in notes OF ell de
nominations under ten dollars.
Section I8 No bank organized unde
this act. shah. at any time issue or hav
in circulation any r,oter draft bill OF "a
change, acceptance certificate OF deposi
or other evidence OF debt which from. il
character or appearance. shall be caiculs
ted or intended 70 circulated as money
other than suea notes Of circulation as ar
by this act described, and which sue
bank is expressly authorised 10 issue f
the purpose Of being circulated as mi
/ ney. ,f :.
Etf Sectior, 10. Each Independent ban
shall receive at par. ut the Office or banI
/ ing house Of such bank. in payment
/ debts due at such bank for notes Of hsu
/: bills OF exchange, or other evidences
:, debt. discounted or purchased By or b.
Il longing to such bank, the notes Of circ,
latioa fssued BY any other indepsnte'
! bank authorized TO issue such notes /
! this act, which shall at the time redee
its notes in gold and silver coin; and ev
4 nv branch bank OF the bank Of Ohio shs
4 receive at par al the cfice or bankir
h house Of such branch in payment of deb
d.. ~ a.,ck hanL for roiea of hand hi