True American. [volume] (Steubenville [Ohio]) 1855-1861, 1856-04-30
STEUBENVILLE, OHIO, WEDNESDAY 4 Al


capital over two hundred thousand dollars.
The directors of each bank, collectively
shall own at least one. tenth of it's capital
stock. Each director shall take an oath
that he will so far as The duty devolves on
him, diligently and honestly administer
the affairs of the bank, and not knowingly
violate or willingly permit 10 be violated
any ofthe provisions of This act; that he is
the bona ide owner, in his right, of the
stock standing in his name on the books
of The bank, and that the same is not hy-
pothecated, or in any way pledged as Sc
curity, for any loan obtained or debt ow-
ing; which. oath, subscribed by himself
and certified by the officer before whom
it is taken, shall he filed and carefully pre-
served in the office of The recorder of The
county in which the BANK is located; but
no person shall be iesident of more Than
one bank organized under this act, at the
same time. q ...
SECTION 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 directors 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 requisite
amount of stock, shall thereby vacate his
place. Amy vacancy in the board shall be
filled by appointment by the remaining di-
rectors; the director so appointed, shall
hold his place until the next annual elec-
tion: and if from any cause an election Oi
directors shall not be made at the time ap.
pointed, the 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 a newspaper
printed in the county where the bank is To-
Gated.
SECTION l6. Every bank authorized to
carry on the business of banking under the
provisions of this act whetherasa branch
of the bank of Ohio, or as an indepe ndent
bank, shall be held and adjudged 10 be q
body corporate, With succession until the
first day of May in the year one thousand
eight hundred and seventy seven, and there
after until its affairs shall be closed; and
by it's corporate name shall be competent
to contract, prosecute and defend suits and
actions of every description as fully as nat
ural persons, and process against such bank
may be served upon its president or cash.
ier. or by leaving copy thereof at its usu-
al place Of business during the usual busi-
ness hours. Each of said banks shall, un-
til the first day Of May, in the year one
thousand eight hundred and seventy-seven.
if so long it shall comply with the provis-
ions of this act, have power to loan money
buy, sell and discount bills of exchange
notes, and all other written evidences o.
debt, except such as it shall be prohibited
by this act from buying, selling or discounts
ing; receive deposits; buy and sell gold ant
silver coin and bullion; collect and pay
over money, and transact all other business
properly appertaining to banking, subject
however, to the provisions and restrictions
contained in this act; may acquire, holt
and convey such real estate as may bt
necessary to the convenient transaction o
Of its business, and no more, but may how
ever, acquire title to any real estate pied
ged to secure any debt previously contrac
! ted or purchased on an execution or orde
of sale, to satisfy any judgment or decree
in it's favoI, or which shall have been con
veyed to it in payment Of any previous
debt, but shall not hold any real estate 8,
acquired longer than is necessary to avoi'
loss of any part of the debt, interests ant
costs, for the collection or security o
which twas acquitted but at any time befor'
selling the same, upon being rendered b!
the last preceding owner, or his legal rep
resentatives, such sum as shall be necessa
nv to save such bank from loss of any par
of the debt, interest, taxes, costs. and 9th
er necessary charges for the collection O
security of which such real estate was &C
quired, such bank shall release to sucl
owner, his legal representatives or assigns
all its right, title and interest therein.
SEcTIoN II. Notes Of one dollar, tw'
dollars, three dollars, five dollars, ten dol
lars, twenty dollars, fifty dollars, and on
hundred dollars each, and no note Of an.
other denomination may be issued by an.
bank, organized under this act; ofth
notes issued by any such bank, not NOR
than ten per cent of the amount shall be i
+ notes of one dollar each; not more thai
1--we per cent in notes Of two dollars each
, NOT mora than ten per cent in notes o