Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1856-05-22

IN the county Of Hamilton, with less capital
than FIVE hundred thousand dollars; which may
oe increased to any sum not exceeding one
million ofdOllars. Nor shall any independent
bank be organized under this act in said coun.
Iy' with less capital than two hundred and
ht'y thousand dollars, which may be increased
to any sum not exceeding five hundred thousand
dollars provided that in no case where the
capital stock Of an independent bank Is named
ln this act, shall the certificates Of public debt
requIed 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 established
under this act as branch Of the bank of Ohio.
in the counties of Cuyahoga, Montgomery,
Franklin or Lucas, with a capital less than three
hundred thousand dollars, which may be in.
creased to any sum not exceeding six hundred
thousand dollars, nor shall any Independent
bank be established in any Of said counties
with capital Of less than one hundred and 6f.
ty thousand dollars, which may be increased
to any sum not exceeding three hundred thou
sand dollars.
Section II. The capital stock of e ach bank
shall be divided into shares of one hundred
dollars each, and shall be assignable on the
books Of the company, in such manner as its
by laws shall prescribe, but no shareholder shall
have power to sell or transfer any share held in
his own right so long as he shall be liable, Ell
ther as principal debtor, sdrety, or otherwise,
to the company, for any debt which shall be un-
paid nor in such case shall such share holder
be entitled to receive any dividend, interest or
profit on such shares, so long as such liabilities
shall continue, but all such dividends, interests
or profits shall be retained by the bank and an.
piled 70 the discharge of such liabilities, and
no stocks hall be transferred without the con-
sent of majority OF the directors, while the
holder thereof is indebted to the company.
Section 12. No bank shall take, as security
for 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 purchase shall be necessary to pre-
vent loss upon a debt previously contracted in
good faith on security which at the time was
deemed adequate to insure the payment of such
debt, independent of any lien upon such stock
or in case Of forfeiture of stock for the non pay
ment of instaments due thereon, as provided
in the sixth section ; and stock so purchased
shall in no case be held by the bank so pur-
chasing for longer period of time than six
months, il the same can be sold for what the
stock cost, or at par.
Section l3. In all elections of directors, and
in deciding allquestions at meetings oflhe stock.
holders, each share shall entitle the owner there
of to one vote; stockholders may vote by prox,
les duly authorized in writing, but no officer,
clerk, teller or book keeper of the bank shall
act as proxy, and no stockhoder whose liabili-
ty to the bank is past due and unpaid shall be
allowed to vote.
Section H. The affairs of every bank or
ganized to carry on the business of banking
under the provisions of this act shall be man.
aged by not less than FIVE nor more than nine
directors. Every director shall, during his
whole term of service, be a citizen of the Uni
ted States and a resident of this State. At
least three fourths of the directors shall have
resided in this State at least one year next pre-
vious to their election as director s; each di-
rector shall own in his own name and right at
least one per cent. of the capital stock of the
bank up to two hundred thousand dollars,
and the half of one per cent on its capital
over two hundred thousand dollars. The
directors of each bank, collectively, shall
own at least one-tenth Of its capital stock
Each director shall take an oath that he will so
far as the duty devolee on him, diligently and
honestly administer the affairs of The bank, and
not knowingly violate or willingly permit to be
vioalated any of the provisions Of this act; that
he is the bona fide owner, in his own right, of
the stock standing in his name on the books of
the bank, and that the same is not hypothecat-
ed, or in any way pledged as security, for any
loan obtained or debt owing; which oath, sub
scribed by himself and certified by the officer
before whom it is taken, shall be fled and care
fully preserved 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 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;