The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1856-09-11

crazy usslSnaleu IN thelr certificates o aSsocla
lion.
SIC 9. No bank shall b, nresuiz,,l npder
this act, rs branch Of the Bank Of Ohio. in the
county Of Hamilton. with less capitsl Than
| i've hundred thousand dollars which may b.,
Increased TO any sum not exceeding one mlliun
OF dollars Nor shall any independent bank b.
OTguniznd under this act in said county with a
less capital than two hundred and fifty thousand
| dollars, which may b; increased TO any sum not
exceeding FIVE hundred thousand dollars: Provi-
| ,'ed, That IN no case where lbt capital stock Of
an independent bank is named in this act, shall
he certificates Of public de BIT required to be de-
posted by such banks with the TREASURER of state.
BE- lno'ed Or ngar,led as any part OF such capi.
tai stock. .. I.ta .-7hi' 4
SIC. 10. No bank shall be established uutlcr
this act Ds a branch oi the bank of Ohio in the
counties Of Cuyaboga, Minlgomery, franklin
or Lucas, with capital less Than time hundred
| thousand dollars, which may be increased TO sny
sum not exceeding SIX hundred thousand lollars,
nor shall any independent bank be tabli>hed
10 any OF said counties. with u capital Of less
than one hundred and fifty thousand dollars,
| which may BE- increased TO any sum not exceed.
ing three hundred thousand dollars.
Stc. II. The capital stock of each bank shall
b. divided into shares Of one hundred dollars
each, and shall be Bssignabe on the books of the
company, III such manner as its bylaws shall
prescribe, but no shareholder shall have power
W SS'' VI NIdllNtI any SndfeS nelu IN Ills own
right so long as he shall be liable either as pr;n-
cipal debtor, surety or otherwise, to the conpa
ny, for any debt which shall b. unpaid nor in
such case shall such shareholder b. entitled to
receive any dividend, interest or profit on such
shares; so long as such liabilities shall coninre
but all such dividends interests or profits shall
be retained by the bank and appied TO the dis.
charge Of such liabilities, and no kiocks shall b
transferred without the consent ola maioril AofI
the directors, while the holder th&eof is inieA,-
ed TO the company. y IN
SEC. IL No bank shall take, as security Hrt
any loan or discount, a lien on any part oHtsi
capital stock, but the same security, boG in
kind and amount, shall be required ofshaMold-
ers as oi ipersons 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 unless kuch
purchase shall be necessary TO prevcn&eoss
upon debt previously contracted N 'ood
faith. on security which at the tim, was deeiusl
adequate to insure the payment Of such &fbt
independent OF any lien upon such stock, 'ctf in
case Of forieiures of stock for the non-pa, pSent
OF installmens due thereon, as provided ilAhe
sixth section; and stock so purchased shan in |
nocase be held by the bank so purchasing f6r
longer period OF time than six months, if Me |
same can be sold for what the stock cost, Of at
par. II
SIC. Is. In all elections of directors and
IN deciding all questions meetings of the stock.
holders, each share shall entitle the owner thete-
of to one vote stockholders may vote by prox.
les duly authorized in writing. brt no officer.
clerk, teller or book keeper of the bank shall
act as proxy. and no stockholder whose liabili. /
ty to the bank its past due and unpaid shall be
allowed 10 vote.
SEC. II. The affairs ofevery bank organized
to carry on the business of banking under the
provisions OF this act, shall b. manugrf bv not
nj -
Every director shall, during his whole term of
service, be 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 20 their electjA1 as drec.
tors; each director shall own in h own name
and right at least one per cent. OF he capital
stock OF the bank up to two hun lre1l thousand
dollars. and the hnlf Of one per cent. on It's cup
ital over two bundled thousand dollars. The
directors Of each bank, collectively. shall own
at least On"-ienth Of its capital stock. Each
director shall take an oath that he will, so far as
duty dpvolves on him. diligently and honestly
administer the affairs OF the bank. and not kn, W
lngIy violate or willingly permit 10 be viola
ted any OF the proyia oms Of this act that he
is the bona file owner, in his own right. of the
stock standing in his nam on the books of the
bank, and that the same is not hvpolhecatcd
or in any way pledged as security. for any loan
obtained or debt owing which oath, subscrib-
ed by himself and certified by the officer fore
whom il is taken, shall he filed and rar"frlly
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
Sec. 10. The directors Ofnny bank first cleo
ted shall hold their places until the first Mon
day in January next thereafter. until their sue
cfssors shall be elected and qualified; all sub<e-
qurnt elections shall be hell annually on the
first pf a.,
elected shall hold their places for one wear. 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. Any
vacancy in the board shall be filled by ap.
pointment by the remaining directors the di.
rector so appointed, shall hold his place until
the next annual election; and IT, from any
cause, an election OF directors shall not be made
at the time appointed, the bank shall not for
that cause be dissolved but an election NAV Re
held on any subsequent day, thirty days notice
thereof having been given in a newspaper print.
ed in the county where the bank is located
SEC. l6. Every bank authorized TO carry on
business of banking under the provisions of this
act, whether as branch Of the Bank of Ohio,
or as an Independent bank shall be held and
adiudged to b. body corporate, with success.
sion until the first day of May in the wear 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 actions
OF every description as fully as natural persons,
and process against such bank may be served
upon its president or cashier, or by leaving
copy thereof at its usual business hours. Each
of said banks shall, until the first day of May, in
the yeor one thousand eight hundred and seven
ty.seven, il so long it shall comply with the
provisions OF this act, have power to loan mon
ey, buy, sell and discount bills of exchange,
notes, and all other written evidences of debt, eS-
cept such as it shall be prohibited by this act
from buying, selling or discounting receive de-
posts; buy and sell gold and silver coin and