The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1856-05-07

seqaenlly sold 10 such nannes - the di- |
IscloFs may order. sss[ s-.l
Section 7. The bosFd ofbeBk eommis- !
sioners, shall examine the certificates Of
The formation OF banks, transmitted 10
them as required by the fourth section Of
this act, aud shall, BY one OF their own
members or other special agent appoint
ed by them for that purpose, who sball
not be stockholder in any OF the ibanss
formed under this act; immediately pro-
oeed to examine the conditien Of each Of
the banks which shall have transmitted to
said board the required certificate; and It
shsnbe the special dsty Of such agent to
carefully count or otherwise ascertain the
amount Of money paid 10 on account Of
It's capital stock. 10 ascertain the name q
place Of residence Of each ofths directors
sf such bank, and thst their stockholders,
directors and officers are men OF Tespon-
sibiIity and integrity. and entitled to the
public confidence, and the amount Of ca
pital stock of which each is the bona fde
owner, whether such bank has complied
With all the requirements Of thus ses ne.
cessary to entiIle the bank TO engage IN
the business Of banking, and shall cause
to be made and s.tested by the oath OF
majority OF the directors, and By the
cashier Of such bank, statement Of all
the material facts necessary TO enable the
board Of bank commissioners to determine
whether such bank is lawfully entitled 10
commence the business OF banking under
the provisions OF this act. and such agent
shall Immediately report to the board OF
bank commissioners such ststenent and
proceedings 10 The premises.
sae Section 0, If, upon careful exami'
nation. OF the certificates OF association,
and the reports and statements of The spe.
cal agents appointed to ascertain whether
the banks so orgauiEed have complied
with the provisions Of this act. 1t shall ap.
pear that suY such banks have been form.
ed, and that their stockholders, directors
and officers are men of responsibility and
integrity. and entitled to public confidence,
and that such banks or any Of them so
lawfully entitled to commence the bnsi
ness Of banking, The commissioners shall
certify the same TO- the governor. VINO
shall, If he be satisfied chat the Jaw has
in all respects been complied With, Issue
bs procsmation. setting forth that such
banks are authorized to commence aHd
carry on banking, at the places soverally
siknaled in their certificates OF associa
ton.
Section 8. No bank shall be organic
ed under this act, as a branch OF the
bank oEOhio, in the county Of MaR1ilton
with less captsl than ffse hundred thoa
sand dollars; which may be increased tC
any sum not exceeding one million of dol
lars. Eot shall any indt pendent ba1s be
organized under this act in said county,
with lrss capita! than two handred and
fifty lhoesaad doBAys. which may be in
creased to any sum not exceeding five
hundred thousand dollars; provided thai
10 no case where the capital stock Of an
independent bark is named in this act
shall the certificates Of public delt RS qair
ed to be deposited BY such banks with 'hs
Treasurer Of State, be treated or regard
ed as any part Of such capital stock.
Geclipn 10 No bank shall be estab
lished under this acl as o branch OF tht
bank Of Ohio, in tbs counties OF Cuyaho-
ga, Montgomery. Franklin or Lucas, will
capital less Than three hundred thou
sand dollars, which may be increased IL
a1y sum not exceeding six hundred thou
sand dollars. nor shall any iBdependGn
bank he established in any Of said .c0un
ties, with capital oil less than one hun
dred and 6ly thousand dollars, which
may he increased to, any sum not exceed
iug three hundred thousand dollars.
Srctior al. The capital stock OF eact
bank shall be divided iato shares OF on'
hundred dullars each. and shall be assign
able on the books Of the company, in sucf
faanapr IS its bylaws shall prescribe. bu
no shareholder shall have power to sell o
transfer any shares held in his own figh
so long ~ he shall be liable, either Al
principal debtor, ss-ery. or Otherwise. t.
the company, for any debt which shall b
unpaid: nor 10 such case shall such share
holder be entyIed TO receive any dividend
interest or profit on such shares. so Ions
as such liabilities shall continue. but al
sach dividends. interests or profits shal
be retained by the bank and applied Il
the discharge Of such liabilities, and NJ
stocks shall be transferred without tn
consent Of majority Of the directors
while the holder thereof is indebted to ,h
company. @ aas
Section i2. No bank shall take. as sc
curity for any loan or discount, lien O
any part ofits capital stock. hut the sam
security, both in kind and. amount, shall
be required OF shsreholders as of person
not shareholders; and no bank shall b
the holder or purchaser Of any portion {
its capi al stock. or OF the capital stock {
any other incorporated company, unle'
such purchase shall be necessary topr'
vent loss upon debt previously con,rac
ed in good faith on security which a. II
time was deemed adequate to insure II
payment Of such debt. independent Of an
lien upon ssnch stock or 10 case Of forte
tGre Of stock for the nons spassnent OF il
atalments due thereon, es provided. .ip Il
sixth section; and stock 40 purchased sha
in no case be held by the bank so purcha
ing for longer period Of time than 81
months. .iftbe same can be sold for VIII
| the stock cost, or At par. ~
Section Is. In all elections Of dire
tors. and in deciding ell QUESTION:
! meetings Of the stockholders. each sha
shall entitle the owner there Of TO one yoi
stockholders Tnay vote By prczies du
authorized in writing. but no Office
clerk, teller or book,ksepss Of tho bal
/ shall act as proxy. and no slockhold
whose liability 70 the bank 10 past d
and unpaid shall be allowed to vote.
/ Section IA. The affsirs sf every bal
orgsniaed TO carry on the business
| banking under the provisions Of this .