Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1856-05-20

| Iafe, and the nall Ol one per cent on lis cap
iial over two hundred thousand dollars..-
The directors q oil each bank. collectively
shall own ut least one tenth of ils capita
stock. Each director shall lake an oath ,hu
hewil so far slhe duty .devolvesupon him
diligently and honestly alminis.erl The affiir
/ Of The bank, and no, knowingly violate o
willingly permit TO be violated any 9th
provisions of this ACT; that he is the bona fid
owner, in his own right, OF the stock stand
ing in his name on the books Of tho bank
and that the same is mol hypo,heca.ed. or il
any way pledged as security, for any LOAF
obtained or deblowIDg; which oath, subscri
bed by himself and certified BY the Office
before whom tits taken. shall be filed ant
carefully preserved III the Office Of there
corderso soi ihe couh,Yin which ,heibAnl, \
Iocalcd; but no person shall be presidenl Q
more Than one bank organized under lhi'
act, at the same time.
Sec. Is. The directors Of any bank frs
elected shall holdlheir places until the frs
Monday in January next thereafter, ard un
i'll their successors shall be elected and quail
flied; oil subsequent elections shall be helt
annually on the frs. Monday Of January
and the directors so elected shall hold .heil
places for one year. and until their success
ors are eleclsd and qualified; but any direc
tor removing from the State or ceasing tc
be the owner of the requisite amount o
stock shall thereby vacale his place. Any
vacancy in the board shall be filled by ap'
pointmert by the remaining directors; the
director so appointed, shall hold his place
until the nexl annual election; and if from
any cause an election of directors shall no,
be made at the time appointed; the bank
shall not for that cause be dissolved, but an
election may be held on any subse eluens
day, thirty days notice thereof having been
given in q newspaper printed in the county
where the bank is located.
Sec 16. Every bank authorized to carry
on the business Of banking under the pro.
visions Of this act, whether as branch ol
The bank Of Ohio, or as an independent
bank, shall be held and adjudged 10 be a
body corporate. with succession until the
first day OF May in The year one thousand
eight hundred and seventy. seven, and there.
alter until ils affairs shall be closed, and by
its corporate name shall be competent 10
contract. prosecute and defend suits and &C.
tions Of every description as fully as nat.
ural persons, and process against such bank
may be served upon It's presiden. or cashier,
or by leaving copy thereof at its usual
place o. business during the usual business
hours. Each Of said banks shall, unlll
The first day Of May, In the year one thou.
sand eight hundred and seven,y.seyen, II SO
long ilshall comply with The provisions Of
this acl, have power 10 loan money, buy,
sell and discount bills OF exchange, Totes,
and all other written evidences Of debi, ex.
cep. such as !, shall be prohibited By this acs
from buying, selling or 1iscounIing. receive
deposits; buy and sell gold and silver coin
and bullion; collec. and pay over money,
and iransacl all other business properly ap'
pertaining TO banking, subject, however, TO
The provisions and restrictions contained in
this acl; may acquire, hold and convey such
real estate as may be necessary TO the con
venienI transaction Of its business, and no
more, but may, however. acquire title to any
real estate pledged 10 secure any debt pre-
viously contracted or purchased on an exc.
culion or order Of sale, 10 satisfy any judg.
menl or decree in lis Iavor, or which shall
have ben conveyed 10 j, in paymen, Of any
previous debt, but shall not hold any real
estate so acquired longer than is necessary
to avoid loss Of any part o! The debt. in
leresis and costs, for The collection or secu.
riy oil which il was acquired. but at any
time before selling The same, upon being
rendered by the last preceding owner, OF his
legal representatives, such sum as shall be
necessary 10 save such bank from loss Of
any part Of the debt, interest, taxes, costs,
and other necessary charges for the Collec.
lion or security OF which real estate was &C.
quiied, such bank shall release 10 such
owner; his legal representative or assigns,
all It's right, lille and interest therein.
Sec. II. Notes Of one dollar, Two dol
lars, three dollars. five dollars, ten dollars,
twenty dollars, fifty dollars, and one hun!
dred dollars each, and no note Of any other
may be issued by any bank
organized under this ACT; Of the notes issued
BY any such bank, not more than ten per
cent OF the amount shall be in notes OF one
dollar each; not more Than ten per cen. in
noles of three dollars each; not more than
twenty per cent shall be In notes Of oil de-
nominations under five dollars; mol more
Ihan fifty per cent 10 noleS Of all dehotni!
nations under len dollars. ,s
Sec. i8. No bank organized under this
act, shall, al any lime, issue or have In cir.
culalion any note, draft, bill OF exchange,
acceptance, certificate OF deposit, or other
evidence Of deb, which, from i,s character
or appearance, shall be calculated or in,en'
ded 10 circulate as money other than such
notes oi circulation as are by this act de-
scribed, and which such bank is expressly
10 issue for The purpose Of being
circulated as money. s,.. III,
Sec. 19. Each independent bank shall
receive at par, at The office or banking house
Of such bank, In payment Of debts due at
such bank for noles Of hand, bills OF ex'
change. OF other evidences Of debt discoun.
ted or purchased by OF belonging 10 such
bank, The notes Of circulation issued by any
other Independent bank authorized TO issue
such notes by this acl, which shall al the
lime redeem It's notes in gold and silver
coin; and every branch Of the bank Of Ohio
shall receive a. par nj the Office ur banking
house Of such branch In payment Of debls