The Tiffin tribune. [volume] (Tiffin, Ohio) 1848-1859, 1856-05-09
TIFFIN, OHIO, MAY 9, 1856.

WhV wiz pay btAu hikhtaN EIiCt ANtlt-
for, not less than the amount then due
thereon; and the excess, ifaDy, after pay
ing the expenses Of the sale, shall be re-
funded to the delinquent stockholdsr-
limo bidder can be fousf who will pay
for such stock the amount due thereon
to the bank, and costs Of advertisement
and sale, the amount previously paid
shall be forfeited to the bank; snd such
stock may be subsequently sold in such
manner as the directors may order
Section Z. The board Of bank COM
missiOners shall examine the certificates
of the formation Of banks, transmitted
to them as required BY the fourth section
Of this act, and shall, By one Of their
own members or other special agent APP
pointed by them for that purpose, who
shall not be a stockholder in any Of the
banks formed under this act, Immediate
ly .oceed to examine the condition Of
each Of the banks which shall have trans
mitted to said board the required certi6-
cate; and it shall be the especial duty of
such agent to carefully count or other
wise ascertain the amount Of money paid
in on account Of its capital stock to as
certain the name and place Of residence
Of each Of the directors Of such bank, and
that their stockholders, directors and
officers are men Of responsibility and in
tegrity, and entitled to the public conf
dence, and the amount Of capital stock
of which each is tho bona iide owner,
whether such bank has complied with all
the requirements of this act necessary to
entitleth bank to engage in the business
Of banking, aud shall cause to be made
and attested by the oath Of a majority OF
the directors, and by the cashier of such
bank, a statement Of al the material
facts necessary to enable the board OF
bank commissioners to determine wheth-
er such bank is lawfully entitled to com
meace the business Of banking under the
provisions of this act, snd such agent
shall Immediately report 10 the board of
bank commissioners such statement and
his proceedings in the premises.
Section 8. II, upon a careful exami-
nation Of the certificates Of association,
and :he reports and statements of the
special agents appointed TO ascertain
whether the banks so organized have
complied with the provisions of this act,
it shallRppear that any such banks have
been formed, and that their stockholders
directors and officers are men of respon-
sibility and integrity, unidentified to pub.
lie confidence, and that such banks or
any Of them are lawfully entitled to COM
mence the business Of banking, the com
missioners shall certify the same to the
governor, who shall, it no be satisfied
that the law has in all respects been COM
piled with, issue his proclamation, set
ting forth that such banks are authorized
to commence and carry on banking, at
the places severally designated in their
certificates Of association.
Section 8. No bank shall be organ
lied under this act, as branch Of the
bank of Ohio. in the county Of Hamil-
ton. with less capital than Eve hundred
thousand dollars, which may be increased
TO any sum not exceeding one million
of dollprs. Nor shall any independent
bank be organized under this act in said
county, with a less capital than two hun
dred and fifty thousand dollars, which
may be increased to any sum not exceed
ing five hundred thousand dollars; pro-
vilel that in no case where the capital
stock of an independent bank is named
in this act, shall the certificates ofpublic
debt required to be deposited by such
banks with the Treasurer of State, be
treated or regarded as any part Of such
capital stock.
Section 10. No bank shall be estab-
lished under this act US 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
to any sum not exceeding six hundred
thousand dollars. nor shall any indepen-
dent bank be established in any Of said
counties, with capital Of less than one
hundred and fifty thousand dollars, which
may be increased to any sum not exceed
ing three hundred thousand dollars.
Section IL. The capital stock Of each
bank shall be divided into shares Of one
hundred dollars each, and shall be assign
able on the books Of the company, in
such manner as its bylaws shall pre-
scribe, bEi no shareholder shall have pow
er to sell or transfer any shares held in
his own right so long as he shall be liable,
either as principal debtor, surety, or 9TH
erwise, TO the company, for any debt
which shall be unpaid; nor in such case
shall such shareholder be entitled to re-
ceive any dividend, interest or profit on
such shares, so long as snch liabilities
shall continue, but all such dividend, in
terests or profits shall be retained by the
bank and applied TO the discharge Of
such liabilities, aud no stocks shall be
transferred without the consent Of a ma
jority Of the directors, while the holder
thereofis inlebtel to the company,
Section -. No bank shall take, as
security for any loan or discount, lien
on any part Ofits capital stock. but the
same security bothin kind and amount.
shall be required OF shareholders as Of
persons not shareholders; and no bank
shall bs the holder or purchaser Of any
p0Fslon OF its capital stock, or Of the
capital stock Of eny other incorporated
company, unless such purchase shall be
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