The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1857-09-30

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le the owner thereof to one vote; stock
folders may vote by proxies duly author t
zed in wiring, but no officer, clerk, teller c
,r hook keeper ofthe branch shall act as
proxy, and no ssockholder whose liability
o the, ,brancf is past dusand unpaid shall I
be ailowed TO vote Il
SEos-2a. The affairs Of every branch (
shall be managed by not less than i've
Dor more than nine directors. Every di-
rector. shall, during his whole term OF
service, be a citizen Of the United States
aud a aresidept Of this state. Atleast three
fourths of the directors shall have resided
In this state ono year acxt previous to
their eluction as directors, each director
in his own name and right at
least, osn. per cent of the capital stock OF
the' branch up to two hundred thousand
dollars, and the half of one per cent. on
i,s capital over two hundred thousand
d6lsafsd sThe directors of each branch
collectively, shall own at least one tenth
ofeifs capital stock Each director shall
take an oath that he. WILL, SO far as the
duty devolyes on him, diligently and hon.
estly administer the affairs of the branch,
andnet knowingly Violate or willingly per-
mitllto beTviolated amy Of the provisions
ofitais act; that he is bona hde owner,
in his own; right, Of the stock standing in
hismanse on the books of the branch, and
thst sthesame ais'not hypothecatet, or in
any ws1si pledged as security, for any loan
obsaiued or debt owing; which oath. sub.
scribed by himself and certified by the
officer before whom it is taken, shall be
6led and carefully preserved in the Office
ofxhe recorder of the county in wlrich the
i,ruMeh isilocated; but no person shall be.
president Of more than one branchat the
sasse time.ess91 - lihse ST 81 lae3' q i
SEC. 80. The stockholders collective
ly.of any branch, shall at no time be lia-
Ole to such branch, either as principal,
debtors or snreties, or both, to an amount
exceeding one third part Of the capital
stoeksof such branch, then actually paid
in; ;andaresnaing as capital stock, nor shall
the directors, collectively, be SO liable to
an amount exceeding one-third part of the
sloek actually paid in. standing in their
names and of which they are collectively,
theabona fde owners in their own right
$50 Sin The directors of any branch
frst elected shall bold their places usti
tbei6rst Moaday in January next thereaf:
tere and until their successors shall bt
elected and qualified; all subsequent elec-
. oas shah be held annually ON the frsi
Nonday ofs january, and the directors sc
elected shall hold stheir places for ont
year, until successors are elected and quail
i6sds but any director removing from tht
StGte;; or ceasing to be the owner Of th,
requisite amount Of stock, shall thereb.
vacafe ilis place. Any vacancy in thu
board shall be flied by appointment b.
. the remaining directors the director q
appoi1ted, shall bold his place until th
nsxt annual election and if from an,
cajIss, On election Of directors shall no
be made atthe time appointed. the brancl
shall not for that cause be dissolved. bu
m election may be held On any subsequen
day thirty days notice thereof havin,
been given in newspaper printed in th
county where the branch is located.
Sic 80. Every branch authorized t
carry on the business Of banking undo
this act, shall BE held and adjndgeG to b
aBody corporate, with succession, for th
: term Of twenty years from the date Of th
certificate Of association, and thereafte
untilit affairs shall be closed; and by il
corporate name shall be competent to cor
ttset prosecute and defend actions (
every description as fully as natural pei
sops, and process against such branch ma
besserssdo upon its president or cashie
or by leaving q copy thereof at its usu,
place of'basiness during the usual businel
hours. Each Of said branches shall, du
ing the term Of twenty years from the dal
aforesaid, IL so long it shall comply wit
the posisions of this net, have power ,
loan money, buy, sell and discount bill
ofexchange, notes, and al. other write
evidences Of debt, except such as it shs
be prohibited by this act from buying. re
ling or discouating; receive deposits; br
and sell gold and silver coin and bullion
coaiect and pay over money, and transa,
allother business properly appertainins
banking, subject, however, TO the provi
ions aud restrictions contained in this &C
may acquire, hold and convey such re
estate as may be necessary TO the conv
nisnt transacsion Of it's business, and I
more; but may, however, acquire title
sny real estate pledged to secure any de
previously contracted or purchased on /
execution or order of sale, to satisfy al
judgment or decree in its favor viii,
shsIl hare been conveyed to it in pa
ment Of aays sprevious debt. but shall n
hold ary real estate 10 acquired long
tban-is necessary to avoid loss Of al
part Of the debit Interests and, costs, f
thefcollecti6E or security Of which it "
aeqairsd, but at any time before selliI
the same upon being rendered by the la
preceding owner, or bis legal represent
tiscs. such sum as shall be necessary
save such branch from loss of any part
the debt, interest, taxes, costs, aud 9th
necessary charger for the collection
IL, Saka