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


! and resident of this State. At lea
t. three-fourtbs-of the directors shall hay
IS resided IN this State one year next prev
J Gus TO their election as directors; each d
d rector shall own in his own name AN
Al right at least one Ler cent. of the capt.,
J. SOCK of the branch up to two hundre
! thousand dollars, and the half of on
n per cent. on its capital over two hundre
e thousand dollars. TIE directors of eac
d branch, collectively. shall own at lea.
i; one tenth of its capital stock. Each d
It rector shall take an oath that he will, $
Il lar as the duty devolves on him, ,dilgent
e aud honestly administer the affairs {
# the branch, and not knowingly yiolate Q
: willingly permit TO be violated any Of tn
| provisions of this act; that he is bona
D tide owner, in his own right, of the stoel
standing In his name on the books of tn
: branch, and that the same is not hypothe
7 Gated, or In any way pledged as securiy y
Tor any loan obtained or debt owing
which oath, subscribed by himself ant
certified By the officer before whom it il
: taken, shall be filed and carefully pre-
served IN the Office of the recorder of ths
county In which the branch is located; ;bu
no person shall be president of more thar
one branch at the same time.
SEC. 80. The stockholders, collective
ly, OF any branch, shall at no time be
liable to such branch, either as principal,
debtors or sureties, or both, to an amount
exceeding one-third part of the can;tal
stock OF such branch, then actually naid
in, and remaining as capital stock. no,
shall the directors, collectively, be SO liza.
bic to an amount exceeding one third par,
OF the stock actually paid in, standing in
their names. and of which they are, col.
lectiyely, the bona fde owners in their
own right.
SEC. 81. The directors of any branch
first elected shall hold their places until
the first Monday in January next there
after, and until their successors shall be
elected and qualified; all subsequent elec-
tions 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 own
er of the requisite amount of stock, shall
thereby vacate his place. Any vacancy
in the board shall be filed by appoint
ment by the remaining directors: the di-
rector SO appointed, shall hold his place
until the next annual election; and if,
from any cause, an election of directors
shall not be made at the time appointed,
the branch shall not for that cause be dis
solved, but an election may be held on
any subsequent day, thirty days notice
thereof having been given in a newspa-
per printed in the county where the branch
is located.
Sec. 80. Every branch authorized to
carry on the business of banking under
this act, shall be held adjudged to be a
body corporate, with succession, for the
term of twenty years from the date of the
certificate of association, and thereafter
until its affairs shall be closed; and by its
corporate name shall be competent to CON
tract, prosecute and defend actions ofe
erg description as fully as natural persons,
and process against such branch may be
served upon its president or CASHIER or by
leaving copy thereof at its usual place
OF business during the usual business
hours. Each of said branches shall. du-
ring the term of twenty years from the
date aforesaid, if SO long it shall comply
with the provisions of this act, have
power to loan money, buy, sell and dis
count bills of exchange, notes, and all
other written evidences Of debt, except
such as shall be prohibited by this act
from buying, selling or discounting; re-
celve deposits; buy and sell gold and sill
Yer coin and bullion; collect and paw over
money, and transact all other business
properly appertaining to banking, subject
nowever,to the provisions and restrictions
contained in this act; may acquire, hold
and convey such real estate as may be
necessary tothe convenient transaction of
is business, and no more; but may, how
'ver, acquire title to sny real estate
pledged to secure any debt previously
contracted or purchased on an execution
'r order OF sale, to sa isfy any Judgment
" decree in its favor, or which shall have
'een conveyed TO it in payment of any
previous debt, but shall not hold any real f
'state SO acquired longer than is necessa,
y to avoid loss of any part of the debt
interests and costs, for the collection or
ecurity of which it was acquired; but at
my time before selling the same. unon
'elng rendered by the last preceding
'wner, or his legal representatives, such
um as shall be necessary to save such
branch from loss of any part of the debt,
interest, taxes, costs, and other necessary
harges for the collection or security of
yit'ch such real estate was acquired, such
branch shall release to such owner. his
egal representatives or assigns, all lis I
lght, title and interest therein. !
SEC. 33. No branch, shall. at any !
ime, tissue or have in circulation any note,
lralt, bill of exchange, acceptance, certi-
icate of deposit, or other evidence of
lebt which. from its character or appear
lnce, shallbe calculated or intended to |
circulate as money, other than such notes
If circulation as are by this act described,
md which such branch is by this act au-
horized to issue for the purpose of being Fr
irculated as money. - a
Sec. 81. Each branch shall receive at {
ar at the Office or banking house of such q
ranch in payment of debts due at such a
ranches for notes of hand, bills of ex u
hange, or other evidences of debt, dis
or y,urcbocad h., ~ ~ to u