Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1857-05-21
EATON, PREBLE COpNTY, 0. MAY q, 1857.

stock of such branch and the number of
shares into which the same is divided
Third-The name and place of resi-
dence and the number of shares held by
each member of the company;
Fourth-The time when such com
pany shall have been formed;
Which certificate shall be acknow-
lodged before justice of the peace or
the recorder of the county where such
branch is to be established, in book to
be kept by him for that purpose, which
shalI at all time. during oiiices hours DC
Kept open FOR the inspection of any per-
son wishing to examine the same; one
copy of which certificate, duly certified,
shall be transmitted to the Secretary OF
State, who shall record and carefully
preserve the same in his Office, and an
other to the Bank Commissioner in this
act named, until the organization of the
Bank Of Ohio, and thereafter to said
bank.
SEC. %. No branch shall be per-
| mitted to commence or carry on the
business of banking under this act, un-
less its capital stock shall be at least
one hundred thousand dollars, nor shall
the capital stock of any such branch ever
be beincrcased to exceed four hundred thou
sand dollars, except as specially provided
of the capital stock ST each branch shall
be paid in gold and silver coin, or their
| equivalent. one half OF which fifty per
cent at least shall be in gold and silver
coin, and shall be in the actual possession
and bona Jide the property of the branch
at the time of the commencement of It's
banking business, and at the place de-
signated for carrying on such business,
and the remainder of the capital stock
of such branch shall be paid in, in in
stallments, each of at least ten per cent.
on the whole amount of the capital sub
scribed, ,as frequently as once in every four
successive months, from the time of
commencing business until the whole
amount Of such capital shall be paid up;
Provided, that the directors of the Bank
of Ohio may extend the time for the
payment Of such deferred installments,
or any part of them, to the branches,
when satisfied that the public interest
does not require them to be paid as fire.
quently as above provided for.
SEC %. If any shareholder or his
assignee shall fail to pay any INSTALL
mcnt on his stock when the same shall
be required to be paid, the branch may
sell said stock at public auction, having
given three weeks previous notice there
of, in 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 expenses Of the sale,
shall be refunded to the delinquent
stockholder. If no bidder can be found
who will pay ior such stock the amount
unpaid thereon to the branch, and cost,
Of advertisement and sale, the amount
previously paid shall be forfeited to the
branch, and such stock may be subse-
quently sold in such manner as the
branch may order.
SEC. 24. No branch shall be organized
under this act, in the county of Hamil-
ton, with a less capital than five hun
dred thousand dollars which may be
increased to any sum not exceeding one
million Of dollars.
Nor in either Of the counties Of Guy
ahoga, or Lucas, with 4 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
may be increased to any sum not exceed
ing 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,
become branch of the Bank of Ohio,
upon full compliance with all the requi-
sitions of this act necessary to create
branch of any such existing bank, Or
ganizing as such branch under this act,
may do and perform all the acts required
Of stock holders to perfect such organ
ization of any such existing bank, as
original corporation shall be held to be
dissolved, except for the purpose of col
lecting its assets and the final settlement
of its affairs in the manner provided III
its charter Provided, that nothing in
this section contained shall be so con-
strucd as to require the Bank of Ohio to
admit any such Independent or free
bank to become branch of the Bank
Of Ohio, unless the directors Of the Bank
of Ohio shall be satisfied that the ad
mission of such branch will not jeopar
die the interests Of the public, or of
the Bank of Ohio.
Sec. 2G The capital stock Of each
branch shall be divided into shares of
one hundred dollars each, and shall be
assignablc on the books Of all the branch
in such manner as its bylaws shall pre-
scribe, but no shareholder shall have
power to sell or transfer any shares held
in his own right So long as he shall be
liable, either as principal debtor, surety,
or otherwise to the branch, for any debt
without the consent of majority OF the
directors. Nor shall such shareholder,
when liable to the branch for any debt
that Is overdue, be entitled to receive
any dividend, interest or profit on such
shares, so long as such liabilities shall
continue, but all such dividends, inter
ests or profits shall be retained by the
branch and applied to the discharge of