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

cost. or At par,
Section i3. In all elections Of direc-
tors, and in deciding all questions at
meetings ofthe stockholders, each share
shall entitle che owner thereofto one vote,
stockholders may vote by proxies duly
authorized in writing, bet no officer, clerk,
teller or book keeper Of the bank shall
act as proxy. and no stockholder whose
liability to the bank is past due and un-
paid shall be allowed to vote.
Section Ia. The affairs Of every bank
organized to carry on the business OF
banking under the provisions Of this act,
shall De m, naged BY not less than five
nor more than njue dir .ftors. Every di-
rector shall. during his whole term Of ser
vice, be a citizen of the United States and
resident Of this State At least three
fourths Of the directors shall have resided
in this State one year next previous 20
their election as directors; each director
shall own in his own name and right at
least one per cent Of the capital stock Of
tho bank up to two hundred thousand
dollars. The directors Of each bank. col
lectively, shall own at least one-tenth Of
its capital stock. Each director shall
take an oath that he will SO far as the
duty devolves on him, diligently and hon
estly administer the affairs of the bank,
and not knowingly violate or willingly
permit to be violated any Of the provis-
ions of this act; that he is the bona file
owner, in his own right, Of the stock
standing in his name on the books OF the
bank, and that the same is not hypothe-
Gated, or in any way pledged as security,
for any loan obtained or debtowing;
which oath. subscribed by himself and
certified by the officer before whom it is
taken, shall be fled AMI carefully prcser-
we'd in the Office of the recorder Of the
county in which the bank is located: but
no person shall be president of more than
one bank organized under this act, at the
same time.
Section 10. The directors Of any bank
FIRST elected shall hold their places until
the first Monday in January next there
after, aud until their successors shall be
elected and qualified; all subsequent elec-
ton; shall be held annually on the first
Monday of January, AMI the directors so
elected shall hold their places for one year,
and until their successors are qualified;
bnt any director removing from the State,
or ceasing to be the owner Of the requis-
tie amount Of stock, shall thereby vacate
his place. Any vacancy in the board
shall be filled by appointment by the re-
naming directors; The directorso appoint
cd, shall hold his place until the next an
nnal election; and Il from any cause az
election of directors shall not be male at
the time appointed, the bank shall not
for that cause be dissolved, but an cleo
ton may be held on any subsequent day,
thirty days notice thereofhaving been Civ
en- in newspaper printed in the county
where the bank is located.
Section 16. Every bank authorized
TO carry on the business OF banking under
the provisions of this act, whether as a
branch of the bank ofOhio, or as an in
dependent bank, shall be held and adj
Judged to be a body corporate, with sue
cession until the first day Of May in the
wear one thousand eight hundred AMI sew
enty.seven, and thereafter until its affairs
shall be closed; and by its corporate
name shall be competent 70 contract,
prosecute and defend suits and actions OF
every description as fully as natdral per-
sons, anil process against such bank may
pe served upon its president or cashier,
or by leaving copy thereof at its usual
place Of business during the usual busi-
ness 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 comply with
the provisions Of this act, have power to
loan money, buy. sell and discount bills
.ofexchange, notes, and all other eyden-
ces OF debt, except such as it shall be pro-
hibited by this act from buying, selling
or discounting; receive deposits; buy and
sell gold and silver coin AMI bullion,
collect and pay over money, and trans
act all other business properly apper-
tanning to banking, subject, however, to
the provisions and restrictions contained
in this act; may acquire, hold AMI con-
vev such real estate as may be necessary
to the convenient transaction cf it's bus
mess, and no more, but may, however,
acquire title To any real estate pie lged TO
secure any debt previously contracted or
purchased on an execution or order Of
sale, to satisfy any judgment or decree
in It's favor, or which shall have been
conveyed to It in payment Of any preyi-
GUS debt, but shall not hold any real es-
tate so acquired longer than is necessary
to avoid loss Of any part of the debt,
Interests and costs, for the collection or
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 representatives, such
sum as shall be necessary to save such
bank from loss Of any part Of the debt,
interest, taxes. costs. anil other necessary
charges for the collection or security Of
which such real estate was acquired, such
bank shall release 10 such owner, his le-
gal Representatives or assigns, all hia right,
title and interest therein.
Section II. Notes Of one dollar. two
dollars, three dollars. five dollars, ten
dollars, twcntydollars, fifty dollars, and
one hundred dollars each. aud no note Of
any other denomination may DO issued