The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-10-01

: and thereafter to said bank. irs.a sfl,-s
h SEC. %. No branch shall be permi
r ted to commence or carry on the busine
It of banking under this act, unless it's cal
S tai stock shall be at least one hundre
: thousand dollors, nor shall the capit
Y stock of any such branch ever be increa
b ed to exceed four rhundred thousand dol
, ars, except as specially provided for
Z this act. AT least fifty per cent. of tn
f capital stock of each branch shall be pai
D In god or silver coin, or their equivalenl
F., one half of which fifty per cent. at lea.
+ shall be in gold and silver coin, and sha
j be In the actual possession and bona fid
: the property of the branch at the time {
the commencement of its banking bus
ness, and the remainder of the capita
stock Of such branch shall be paid in, i
) installments, each of at least ten per cent
on the whole amount of The capital sub
scrlbed, as frequently as once in ever
four successive months, from the time u
commencing business until the whole a
mount of such capital shall be paid up
Provided, that the directors of the Banl
OF Ohio may extend the time for the pay
ment OF such deferred installments, o.
any part of them, to the branches, when
satisfied that the public interest does no
require them to be paid as frequently a:
above provided for. -.
Sec. %. If any shareholder or his
assignee shall fail to pay any installmen,
on his stock when the same shall be re-
quired to be paid, the branch may sell
said stock at public auction, having given
three weeks previous notice thereof, in a
newspaper published in the county where
the branch is located, to any person who
will pay the highest price therefor, not
less than the amount unpaid thereon; and
the excess, if any, after paying the ex-
penses of the sale, shall be refunded to
the delinquent stockholder. If no bidder
can be found who will pay for such stock
the amount unpaid thereon to the branch
and costs of advertisement and sale, the
amount previously paid shall be forfeited
to the branch, and such stock may be SUBJ
sequenty sold in such manner as the
branch may order.
SEC. "a. No branch snail be organic
ed under this act, in the county of Ham
llton, with less capital than FIVE hundred
dollars, which may be increased 10 any
sum not exceeding one million of dollars.
Nor In either of the counties of Cuya-
hoga, or Lucas, with capital less than
three hundred thousand dollars, nor in
either of the counties of Franklin or
montgomery, with capital less than two
hundred thousand dollars, which NAV be
increased to any sum not exceeding six
hundred thousand dollars
SEC. 25. Any existing independent
bank, banking company branch of the
State Bank of Ohio. or free bank, created
by the laws of this State, and authorized
to issue notes for circulation, may, after
the organization of the Bank of Ohio be-
come branch of the Bank of Ohio, up
on full compliance with all the acquisitions
OF this act necessary to create branch
OF such bank. The directors of any
such existing bank, organizing as such
such branch under this act. may do and
perform all the acts required of stockhol-
ders to perfect such organization; and af-
ter the full organization of any such ex-
lstlng bank as a branch of the Bank of
Ohio, such original corporation shall be
held to be dissolved, except for the pur-
pose of collecting its assets and the final
settlement of its affairs in. the manner
prescribed in its charter: Provided, that
lothing in this section contained shall be !
50 construed as to require the Bank of O.
llo to admit any such independent or free
oank to become branch of the Bank of
ohio unless the directors of the Bank of
Ohio, shall be satisfied that the admission
If such branch will not jeopardze the in
erests of the public, or of the Bank of
Ohio.
Sec. 26. The capital stock of each
branch shall be divided into shares of one
hundred dollars each, and shall be as
ignable on the books of the branch iu
uch manner as its bylaws shall pre-
crlbe,. but no shareholder shall have
'ower to sci! or transfer any shares held
n his own right SO long as he shall be IL
bic, either as principle, debtor, surety,
# otherwise to the branch, fol any debt
Without the consent of majority of the
lrectors. Nor shall such shareholder.
Fhen liable to the branch for any debt
hat is overdue, be entitled to receive any
lvldend interest, ,of profit on such shares,
o long as such liabilities shall continue,
ut all such dividends, interests or profits
hall be retained by the branch and ap-
lied to the discharge of such liabilities.
Sec. 27. No branch shall take, as Sc
urlty for any loan or discount, lien on
ny part of its capital stock, but the same
ecurlty, both in kind and amount, shall
e required of shareholders, as of persons
OF shareholders, as and no branch shall
e the holder or purchaser of any por-
ION of its capital stock of the cap
al stock of any other incorporated
ompany, unless such purchase shall be
ecessary to prevent loss upon debt
reviously contracted in good faith, on
ecurlty which at the time was deemed
dequale to insure the payment of such
ebt, independent of any lien upon such {
took, or in case of forftitures of stock {
or the non payment of installments due {
lereon, as provided in TIE twenty third t
ectior; and stock so purchased shall in c
o case be held by the branch SO purcha-
ing for longer periol of time than six T
lonths, if tie same can be sold for what t
le Stock cost, or at par. b
Sec. 28. In all elections of directors, c
=, l,o;J III .,aet;onc ~ n