Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1856-09-04

act shall the certificates Of public debt required to be
deposited BY such banks with the treasurer of State be
reated regarded any part Of such capital stock
Sec TO- No bank shall be established under this aet
as branch of the bank Of 0bio in the counties of Cuy
ahoga, Montgomery, Franklin Lucas with csnital
less than three hundred thousands dollars which NAV M
increased to any sum not exceeding six hundred thou
sand dollars nor shall any Independent tank be estab
shed in any of said counties with cspaI of less fban
one hundred and fifty thousand dollars which NAV be
to any sum not exceeding three hundred thou
Sec H. The capital stock of each bank shall be dvf-
ded into shares of hundred dollars each and shall
be assiynatle the books of the connany in spcb
manner its by laws shall prescribe but no shareholder
shall have power to sell any shsres held in
MS own right so long he shall be liable, either
principal debtor, surety, otherwise TO the company
for any debt which shall lie unpaid: nor in such case
shall such shareholder be entitled to receive anv dvi-
oen interest or profit on such shares long such
liabilities shall continue, hut all such dividends inter
ess or profits shall be retained by the bank and applied
to the discharge Of such liabilities, and stocks shall
Re transferred without the consent of majority of the
directors while the holder thereof is indebted the
company.
Sec i2 No bank shall take as security for any loan or
discount lien part of its capital stock but the
same security both in Kind and amount shall be required
OF shareholders of persons not shareholders and
bank shall be the holder perchaser of portion of
its capital Stock of the capital stock any other in
coporateo company unless such purchase shall he
sary to prevent loss upon debt previously contracted in
good faith on security which at the time deemed
adequate TO insure the payment of such debt ndeuen
dent of any lien upon such stock in the of for
FIXTURES of stock for nonpavment of instaments due
thereon, provided in the sixth section; stock so
purchased shall in be held by the hank pur
chasing for longer period of time than six moths the
same can be sold for what the stock cost at par.
Sec. l3. In all elections of directors, and in
deciding all questions at meetings of the stock
holders each shall enttle the owner to one vote,
stockholders may vote by proxies duly anthor-
lied In writing, but no officer, clerk, teller or
book-keeper of the bank shall act as proxy, and
no stakeholder whose liability to the bank is
past due and unpaid shall be allowed to vote.
Sec. IA. The affairs Of every bank organized
to carry on the business of banking under the
provisions of this act, shall be managed by not
less than five nor more than nine directors. Ev-
cry director shall; during his whole term Of SER
vice, be citizen ofthe United States and res
ident of this State. AT least of three fourths of
the directors shall have resided in this Stale one
year next previous to their election as directors
each director shall own in his own name and
right at least per cent of the capital stock of
| the bank up to two hundred thousand dollars,
and the half of one per cent on his capital over
two hundred thousand dollars. The directors
of each bank, collectively, shall own at least one
tenth ofits capital stock. Each director shall
take an oath, that he will SO far as the duty de-
wolves OF him, diligently and honestly admins
ter the affairs of the bank, and not knowingly
violate or willingly permit to be violated any Of
the provisions of this act that he is the bona de
owner, his own right, of the stock standing in
his name On the books of tie bank, aud that the
same is not hypothecated, or in any way pIedg
ed assecurity for any loan obtained or debt ow-
ting, which oath, subscribed by himself and GER
tilted by the officers before whom it is taken,
shall be filed and carefully preserved in the Of
hce OF the Recorder of the county In which the
bank is located; but no person shall be president
of more than one bank organized uUder this act,
at the same time.
Sec. Is. The directors of any bank first elect
ed shall hold their placed untilth first Monday
In January next thereafter, and until their Sue
eessors be elected and qualified all subsequent
elections 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 directors removing from the State, ceas-
ing to be tho owner of the requisite amount of
stock, shall hereby vacafe his place. Any va
cancy in the board shall be filled by appoint
ment by the remaining directors; the directors
SO appointed, shall hold his place until the next
annual election; and if from any cause elec-
tion 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, thirty days notice thereof hav-
ing been given in newspaper printed in the
county where the bank is located.
Sec. l6 Every bank authorized to carry on
the 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 adjudged TO be a body corporate, with sue
cession 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 con-
tract, prosecute and defend suits and actions of
every description asfully natural persons, and
process against such bank may be served upon
IFS president or cashier, or by leaving copy
thereof at its usual place of business during the
usual business hours Each of said banks shall,
under the first day of May, in the year one thou
sand eight hundred and ndseventy-seyen,i ,ifso long
it shaI comply with the provisions of this act,
have power to lean money, buy, sell and dis
count bills of exchange, notes, and all other writ
ten evidences of debt, except such as it shall be
propibited by this act from buying, selling or
discounting; receive deposits; buy and sell gold
and silver coin and bullion; collect and paw 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 es-
tate as may be necessary to the convenient trans
aston of lis business, and no more, but may,
however, acquire title TO any real estate pledged
to secure any debt previously contracted or pur-
chased on an execution or order of SALE to satisfy
any Judgment or decree in its favor, or which
shall have been conveyed to it in 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
and COSTS for the collection or security of which
it was acquired. but at any time before selling
the same, upon being rendered by the last pre-
eeeding owner, or his legal representatives, such
sum as shall be necessary to save such banks
from loss of any part Of the debt, interests, taxes
costs, and other necessary charges for the col
lection or security of which such real estate was
acquired such bank shall release to such owner,
his legal representatives assigns all its rights,
titles, and interest therein.
Sec. II. Notes of one dollar, two dollars, |
three dollars, five dollars, ten dollars, twenty
dollars, fifty dollars. and one hundred dollars
each, and no note of any other denomination may
be issued by any bank or 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 then five per
cent in notes of two dollers each; not more than
ten per cent in notes of three dollars each; not
more than twenty per cent shall be in notes of
all denominations under five dollars; net mere
than fifty per cent in notes of all denominations
under ten dollars.
Sec. 1e. No bank organized under this act, |
shall, at any time, issue or have in circulation
any note, draft bill of exchange, acceptance, GER
tifcate of deposit, or other evidence of debt |
which, from Its character or appearance, snail be
calculated or intended to circulate as money, 9TH
er than such notes of circulation as are by this |
act described and which such bank is expressly |
authorised to issue for the purposs of being cir
eulated as money.
Sec 10. Each Independent bank shall re-
ceive at par, at the Office or banking house of
such bank in payment of debts due at such bank
for notes of hand, bills ofexehange, or other ev-
licences of debt. discounted or purchased by or
belonging TO such bank the notes of circulation |
issued by any other independent bank author |
lied to issue such notes by this act, which shall
at the time redeemits notes in gold and silver |