The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1856-07-02

the first Monday in January next thereaf-
ter, and until their successors shall be
elected and qualified; all subsequent elec-
tons 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 there
by vacate his place. Any vacancy in the
board shall be filed by appointment by
the remaining directors; the director SO
appointed, shall hold his place until the
next annual election; and iffrem 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
may be held on any subsequent day, thir-
ty days notice thereof having been given
in a newspaper printed in the county where
the bank is located
SECTION 1e Every bank authorized to
carry on the business of banking under
the provisions of this act, whether as a
branch of the bank of Ohio, or as an IN
dependent. bank, shall beheld and adjndg-
ed to be body corporate, with succession
until the first day of May in the year 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 de-
fend suit 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 place of business du-.
ring the usual business 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 COM
ply with the provisions of this act, have
power to loan money, bny, sell and dis
count bills of exchange, notes and all
other written evidences of debt, except
such as it shall be prohibited by this act
from buying, selling or discounting; re-
ceive deposits; buy and sell gold and 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, hold
and convey such real estate as may be ne
eessary to the convenient transaction of
its business, and no more, but may, how
ever, acquire title to any real estate pledg-
ed to secure any debt previously contract
ad or hoc ,1o~
of sale, to satisfy any judgment or decree
in its favor, or which shall have been con
veyed to tin payment of any, previous
debt, but shall not hold any real estate so
acquired longer than is necessary to avoid
a loss of any part of the debt, interests
or costs, for the collection or security of
which it was required, but at any time be-
fore selk the same, upon being rendered
by the last preceding owner, or his legal
representatives, such sum as shall be me-
cessary to save such bank from loss of
any part ofthe debt, interests, taxes, costs,
and other necessary charges for the col
lection or security Of which such owner,
his legal representatives or assigns, all its
tlSAil ltbi6 dltt tELtItSu tuSIGAu.
SECTION II. Notes of one dollar, two
dollars three dollars, FIVE dollars, ten dol
lars, twenty dollars. fifty dollars, and one
hundred dollars each, and no note of any
other denomination may be issued by any
such bank, not more than ten per cent of
the amount shall be in notes Of one dol
lar each; not more than five per cent in.
notes of two dollars each; not more than
ten per cent in notes ofthree dollars each;
not more than twenty per cent shall be IN
notes Of all denominationssunder fifty dol
lars; not more than fifty per cent in notes
of all denominations under ten dollars.
SECTION 49, No bank organized under
this act, shall at any time issue or have
in circulation any note, draft bill of ex-
change, acceptance, certificate Of deposit,
or other evidence of debt which, from its
character or appearance, shall be calcu-
lated or intended to circulate as money,
other than such notes of circulation as
are by this act described and which such
bank is expressly authorized to insure for
the purpose of being circulated as money.
SECTION IS. Each independent bank
shall receive at par, at the Office or bank-
ng house of such bank, in payments of
debts due at such bank for notes of hand,
bills of exchange, or other evidences of
debt, discounted or purchased by or be-
longing TO such bank, the notes Of circu-
lation issued by any other Independent
bank authorized to issue such notes by this
act, which shall at the time redeem its
notes in gold and silver coin; and every
branch bank of the bank of Ohio shall re-
ceive at par OF the office or banking house
of such branch in payment of debts due
to such bank for notes of hand, bills of
exchange, or other evidences of debt, dis
counted or purchased by or belonging to,
such branch bank. the notes of circulation
issued by any other branch of the bauk of
Ohio.
SECTION % Each bank shall at all
times have on hands. in gold and silver
coin, or their equivalent, one half at least
of which shall be in gold and silver coin
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