Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1857-05-26
CONcIUDED.

SEC 96. .r1 The capital stock of each
branch shall be divided into shares OF one
hundred dollars each, and shall be assign
able ON the books of the branch IN such
manner as its by7laws shall prescribe, but
no shareholder shall have power 70 sell OF
transfer any shares held IN his own rlghtf
so long as he shall be liable, eitheras prln7
cipal debtor, surety, or otherwise 10 uie
branch. for any debt, without the consent
of majority of the directors. Nor snail
such shareholder, when liable to the branch
for anv debt that is overdue, be entitled to
receive any dividend, interest, or Proht on
sncb shares, so long as such liabilities
shall, continue, but ali such dividends, in
terests or profits shall be retained py Inc
branch and applied tothe discharge OF such
liabilities. alG;a
SEC. 27., No branch shall take, as Sc
. uritv for anv loan or discount, lien on
y, Nv mart of iIs capital stock, but the same
Sc, .urity, both in kind and amount snall
he required of shareholders, as OF persons
not shareholders; and no branch shall pe
the. holder or purchaser of any portion OF
ire a api1al stock, or of the capital stock OF
anv r other incorporated company unless
such purchase shall be necessary to pre-,
vent |, 1ss upon a debt contracted IN gooo
faith ON security which at the time was
daeme, adequate to insure the payment o
sncb de, bt independent of any lien. upon sucf
stool, or in case of forfeitures of stock TO
The non ,oayment of installments due there
Ion as nj divided in the twenty-thlrd sec
ton. and stock so purchased shall IN NJ
coee he he Id by the branch SO opurchasln;
for longel period oftime than SIX q months mt 5
if the same can be sold tor what me l f"e' sVOc
cost, OF at ,ar. .ps, .
y. Sac. 28.- In all elections of directors
and deciding all questions at meetings
the 'stockhold ers, each share shall entltl
IL he owner the reof to one vote; stockhoidel
NAV vote by D, .oxies duly authorized inwr
: 80 hut no officer, clerk, teller, or boo
Iaener of the br anch shall act as proxy, an
no stockbolder whose liability to the branc
q ;s hast due and unpaid shall be allowed
vote. ..affr Esd -. III ID III, -.
SEC. 90. The affairs of every brane
hall he managed by not less than five n
more than nine dilectors. Every direcG 1il,S',
shall, during his W hole term OF 5'H,l service
a citizen of tho United States and ll a. rel e,
I, de mt Of this State. At least three touIrt
: Of the directors shall have resided In tt
= sta te one year next previous to their ele
ct tion as directors; each director shall oN
= in his own name and right at least one
ceot. of the capital stockof the branch
Of to two hundred thousand dollars, and t
nnt' half of one per cent. on its capital oN
= two hundred thousand dollars. The
% U"otors of each branch, collectively, sh
mt ovvn.at least one tenth of its capital sto'
Each director shall take an oath that
viii. so far as duty devolVes on him, dl
.et, Gently and honestly administer the alta
'itR itR oof the branch, and not knowingly viol
=. or willingly permit to be violated ate: any
- ~ the provisions Of this act; that ne rs ap' aiS
- 6de owner, in his own right, OF the 81
- standing in his name on the books OF
IAN branch and the same is not hypothecat
! nN - or anv way pledged as security for any
hop obtained or debt owing; which oath, $
- scribed by himself and certified by the
-z-eleoar before whom it setaken, shall be I
dGssss. and carefuiiiiy preserved in the office Of
9 TO S, ra6nydar Of the couisty in which, the ?
" ia located; but no person shall be Preslc.
,e ", of more than one branch atthe same VI
Rl9 SEC. 80. The tookholdets collectiv
-, of any branch, shall at no time be 10
ali ali to such branch, either as principal, deb
sss, .as or sureties OF both, TO an amount exc,
%. ing one third part of the capital stocl
rect, sI1cb branch, then actually paid IN,
sSs ens- remaining as capital stock; nor shall
.; an directors. collectively, be 50 liable Z
- - lamount exceeding one;third part f' q
- stock actually paid in, standing in !.
,s9Te So g. names and Of which they are collectl'
es ex- .be bona 6de owners in their own TiGi