Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1856-09-25
lion Or doIlors. Nsr shall any independent bank

Itsl stock of an independent bank is named
this art. shall the certificates cf public debt n
ouired to be deposited by such banks with I'll
treasurer of state, be treated or regarded as an
part of such capital stock.
Sec 20. No bank shall be established undt
{, this acs as a branch Of the Bank oil Ohio,in tn
j counties of Cuyahoga, Montgomery, franklin
. I,uc,s. with a ca pital less than three hundre
tho usapd dollars, which may be increased {
spy sum not exceeding six hundred thousan
dollars, nor shall any independent bank be ei
tablisbed in any Of said counties, with a capita
of less than one hundred and fifty thOusan
dollars, which may be increased to any sur
not exceeding three hundred thousand dollar,
Sec. H. The capital stock of each bank sha
be divided into shares of one hundred dollar
: each, and shall be assignable on the books o
the company, insuch manner as its BY law
shall prescribe, butno shareholder shall hEs
power to sell ortransfer any shares held in hi
own right so long as he shall be liable, eithe
as principal debtor, surety or otherwjse,te tn
company for any debt which shall be unpaid
nor in such case shall such share holder be en-
titled to receive any dividend, interest O.
profit on such shares, go long astsuch liabilities
shal continue, but all such dividends, Interests
or profits, ,shall be retained BY the bank and a p
piled to the>dscharge of such liabilities, and M
stock shall be transferred without the consent
of majority Of the directors, while the holder
thereof. is indebted TO the company
Sec.I2 No bank shall take, as security fol
any loan or discount, lien on any part Of its
capital stock, but the same security, both in
kind and amount, shall be required of share.
holders as of persons not shareholders; and no
| bank shall be the holder or purchaser of any
portion of its capital stock, or of The capital
stock Of any other Incorporated company, un-
less such purchas shall be necessary TO prevent
loss upon debt previously contra cted in good
faith, on security which at the time was deem
ed adequate to insure the payment Of such
debt, independent Of any lien upon such stock,
or in case of forfeitures of stock for the non
payment Of installments due thereon, as pro-
yided in the sixth section; and stock so pur-
chased shall in no case be held by the bank so
purchasing for longer period of time than six
months, if the same can be sold for what the
stock cost, or at par.
Sec l3 In all elections of directors, and in
deciding all questions at meetings OF The stock
holders each share shall entitle the owner
thereof to one vote; stockholders may vote by
proxies duly authorized in writing. but no Off
Ger, clerk, teller or book keeper of the bark
shall act as proxy, and no stockholder whose
liability to the bank is past due and unpaid shall
be allowed to vote.
Sec. a. The affairs ofevery bank organized
provisions of this act, shall be managed by not
less than FIVE nor more than nine directors
Every director shall, during his whole term OF
service, be a citizen of the United States aud
resident of this state. AT least three -fourths
Of the directors shall have resided in this state
one year next previous TO their election as di-
rectors; each director shall own in his own
name and right at least one per cent. OF the
ca pital stock of the bank up 70 two hundred
thousand dollars, and the half OF ono per cent
on its capital over two hundred thousand dol
lars The directors of each bank, collectively,
shall own at least one-tenth oi its capital stock.
Each drector shall take an oath that be, will,
SO far as the duty devolyes on him, diligently
and honestly administer the affairs OF the
bank, and not knowingly violate or will
Iinply permit TO be violated any Of the provis
ions OF this act; that he is the bona hde owner,
in his own RIG ht, Of the stock standing in his
name on the books of the bank, and that the
sa me is not hypothecated, or in any way pledg
ed as security, for any loan obtained or debt
owing; which oath, subscribed by himself and
certified by the officer before whom it is taken,
shall be filed and carefully preserved in the
Office of the recorder Of the county in which
the bank is located; but no person shall!b presi
dent OF more than one bank organized under
this act, at the same time.
See. Is. The directors OF any bank first
elected shall hold their places until the first
Monday in January next thereafter, and until
their successors shall be elected and qualified;
all subsequent elections shall be held annually
on the first Monday of January, and the direc-
tors so elected shall hold their places for one
year, and until their successors are elected and
qualified; but any director removing from the
state, or ceasing to be the owner OF the requis
ite amount of stock, shall thereby vacate his
place ANY vacancy in the board sha ii be filled
by appointment by the remaining directors; The
director so appointed, shall hold his place un-
til the next annual election; and if, from any
cause, an election Of directors shall not be made
at the time sppoiDted,,he bank shall not for that
cause be dissolved but an election may be held
on any subsequent day, thirty days notice
thereof having been given in nowsPap per prin-
ted in the county where the bank is located.
Sec is. Every bank authorized to carry on
the business Of banking under the provisions of
this act, whether as a branch of the Bank OF
Ohio, or as an independent bank, shall be held
and adjudged to be 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 corporate name shall be competent
to contract. prosecute and defend suits and &C
tions Of every description as fully as natural
persons, and process against such bank may oe
served upon its president or cashier, or by ieaV-
ing a copythereof at its usual place Of business
during the usual business hours. Each Of said
banks shall, until the first day Of May in theyear
one thousand eight hundred and seventy-seven.
il so long it shall comply with the provisions OF
this act, have power to loan money: buy, sell
and discount 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; receive deposits; buy and
| sell gold and sil"er coin and bullion; collect
and pay over money, and transact all ether
business properly aPPertainlng to banking, SUD-
iect however, to the provisions and restrictions
contained in this act, may acquire, hold and
convey such real estate as may be necessary to
the convenient transa ction Of its busness,& no
morebut ma v, y,however,ac title toany reales
| tate pledged to secure any debt previously con-
| fra cted or purchased on an execution or order
ofsale, to satisfy any Judgment or decree in its
favor, or which shall have been conveyed 20 1t
| In payment of any previous debt, but shall mol
| hold any real estate SO acquired longer shan IS
pecesssr ry 10 avoid loss of any part ofthe debt,
interests and COSTS for the collection or security
of which it was acquired, but at any time be-
| fore selling the same, upon Being rendered by
the last preceding owner, or his legal represen-
/ tatiyes, such sum us shall be necessary to save
such bank from loss of any part OF the debt, in
terest taxes, costs, and other necessary charges
! for the collection or security Of which such
real estate was acquired, such bank shall re-
lease TO such owner, his legal representatives, or
assigns, all its right, title and interest therein.
1 Sec. II. Notes of one dollar, two dollars,
three dollars, five dollars, ten dollars, twenty
dollars, fifty dollars. and one hundred dollars
4 each, and no 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 cne dollar each; not more than
FIVE per cent in notes of two dollars each; not
+ more than ten per cent in notes of three dol
: lars ca ch; not more than twenty per cent. shal
be in notes Of all denominations under five dol
lars; not more than fifty per cent. in notes o
all denominations under ten dollars.
Sec. lS No bank organized under this act
shall, at any time, issue or have in circulation
any note, draft bill of exchange, acceptance
t certificate of deposit, or other evidence OF deb
1 which, from its character or appearance, shal
be calculated or intended to circulate as none,
other than such notes Of circulation as arc b.
this act described, and which such bank is ex
s pressy authorized to issue for the purpose
n heinp circulated as money. .ss4lt