Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1857-05-28

ton, of such branch and shall be full authority t,
the sheriff of the county, where the branch is oca
ted, to give such receiver full possession of sucl
books, property and rights, with the aid of thu
county, if required; and said bank and receives
shall be governed by the provisions of this act a.
provided in cases of such suspension; and upon the
dissoutionof of such Injunction or discontinuance Of
such suit by the bank, all the rights and property
of such branch shall be restored to and vest in sale
branch
See. Is. The directors of the Bank of Ohio, when.
ever they my deem it expedient, may establish an
Office in each either of the cities of New York
Cincinnati and Cleveland. for the receipt of depos
its and redemption of the circulating notes of the
branches upon such terms as they may from time to
time, prescribe and also clearing house at Colum-
bus. They may make all rules and regulations nee.
essary to the good management of such Offices and
clearing house, require the several branches to
tribute to the capital of such offices not exceeding
five per cent. of the stock plid in by each branch
and compel the branches to make their collections
and deposits with said offices and to employ all such
officers and agents as may be necessary. The net
profits of said Offices shall be divided among the
branches equitably. The Office in New York. in
transacting business at that place. may take
and receive such rate of interest as is be law
full By the laws of the State of New York, and no
more.
Sec. 10. The Bank of Ohio, after establishing its
he ae oho Ss
duties of transfer agent of the State, and receive
and disbnrse for the State all moneys necessary to
i
ment of the public debt and interest thereon with
out compensation charge for such service, and
til such moneys shall be actually paid out for such
purpose OF purposes; and said commissioners shall,
II they deem necessary, take such good and sufficient
security as they may deem proper, to the re-
payment of said MONEYS which shall be in the
flee Of the Auditor of State.
BRANCH BANK.
Sec. ~. Natural persons, not less in number than
five, may associate and form Branches of the Bank
OF Ohio for the purpose of carving ON the business
Of banking each at such place in this State shall
be designated in the certificate hereinafter required
to be made, subject to the contingencies rcstric-
tions and liabilities prescribed in this act ,,,
Sec. 81. Persons associating to form n branch
shall, under their hands and seals make a certif-
First-The name assumed by such branch. and by
which it shall be known in its dealings, in which
name shall be included the name of the city, village
or town in which its banking operations shall be
, Second-.The amount of the capital stock of such
branch and the number Of shares into which the
Third-The name and place of residence and the
number of shares held BY each member of the com
pany; .l
Fourth-Thc time when such company shall have
been formed;
Which certificate shall be acknowledged before
Justice of the peace or notary public and shall be
branch is to be established in book to be kept BY
him for that purpose, which shall at all times du-
ring office hours be kept for the inspection of
Of which certificate, duly certified shall be trans
mitted 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
to said bank.
Sec. %. No branch shall be permitted to COM
nence or carry on the business of banking under
this act unless its capital stock shall be at least
hundred thousand dollars shall the capital stock
Of any such branch be increased to exceed four
hundred thousand dollars, except specially pro-
Tided for in this act. At least fifty per cent of the
,aptal stock of each branch shall be paid in gold
rlxnr hair nlo,f. t,1f
which fifty per cent at least shall be in gold and
silver coin, and shall be in the actual possession and
bona fde the property Of the branch at the time of
,he commencement of its banking business and at
,he place designated for carrying such business,
md the reminder Of the capital stock of such branch
hall be paid in, in insalments each of at least ten
Der cent on the whole amount of the capital sub
crbcd, frequently as once in every four
We months, from the time of commencing business
lnti 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, any part Of them, to the
when satisfied that the public interest |
loes not require them to be paid as frequently as
bove provided for.
Sec. g. If any shareholder or his assignee shall |
all to pay any installment on his stock when the |
anne shall be required to be paid, the branch may
ell said stock at public auction, having given three
weeks previous notice thereof in newspaper. pub
lshed in the county where the branch is located to
my person who will pay the highest price therefor
xcess, any, after paying the expenses of the SALE
hall be refunded to the delinquent stakeholder. If
10 bidder can be found who will pay for such stool,
he amount unpaid thereon to the branch, and costs
f advertisement and sale. the amount previously |
aid shall be forfeited to the branch, and such stock
nay be subsequently sold in such manner as the
ranch may order.
Ses. "a. No branch shall be organized under this
ct, in the county of Hamilton, with less capital |
han five hundred thousand dollars; which may be
increased to any sum not exceeding one million of
Ollars.
Nor in either of the counties of Cuyahoga, or Lr-
as. with capital less than three hundred thousand
Ollars i'll either of the counties of Franklin
lontgumery, with capital less than two hundred
dollars which may u be increased to any sum
Sec. %. Any existing independent bank, bank
ng company branch of the State Bank of Ohio or
horzed to issue notes for circulation. may after the
rganizatiOn of the Bank of Ohio, become a branch
the Bank Of Ohio, upon full compliance with all
ranch of such bank. The directors of any such ex
sting bank. organizing as such branch under this
ct, may do and perform all the acts required of
he full organization of any such existing bank as
ranch of the Bank of Ohio, such original corpora
ion shall be held to be dissolved except for the
ose of collecting its assets and the final settlement
its affairs in the manner provided in its charter
rovided, that nothing in this section contained
hall be so construed as to require the Bank of Ohio
0 admit any such independent or free bank to be-
ONE branch of the Bank of Ohio, unless the direc
3Ts Of the sank & Of Ohio shall satisfied that the
srests Of Of the public or of the Bank Of Ohio, :,
See 20. The capital stock Of each branch shall
nd shall be assignable on the books of the branch
such manner as its bylaws shall prescribe, but
ny shares held in his own right so long as he shall
Q liable, either principal debtor, surety 9TH
rwise to the branch, for debt, without the con-
ent of majority of the directors. Nor shall such
hareholder, when liable to the branch for debt
hat is overdue. be entitled to receive dividend
interest or profit such shares so long such La
ilities shall continue, but all such dividends, in
erests or profits shall be retained by the branch
nd applied to the discharge of such liabilities.
Sec. 91. No branch shall take, security for any
,an or discount, lien any part of its capital
took, but the same security, both in kind and
mount, shall be required of shareholders, of per
ons not shareholders; and no branch shall be the
older or purchaser of any portion of its capital
ock,or of the capital stock of any other ncorpora
I'd company unless such purchase shall be necessary
prevent loss upon debt previously contracted in
ood faith. on security which at the time was deem
adequate to insure the payment of such debt, in
cpendent of any lien upon such stock, in of
,rfeitures of stock for the nonpiynunt of INSTALL
tents due thereon, rs provided in the twenty-third
ed By the branch so purchasing for longer period
time than six months, if the same can be svld for
hat the stock cost, or at par.
Sec. u. In all elections OF directors, and In
lecidng all questions at meetings of the stock
lolders each share shall entitle the owner there
# to one vote; stockholders may vote by prox
es duly authorized in writing. but no officer.
Jerk, teller or book keeper of the branch shall
ct as proxy, and no stakeholder whose liability |
o the branch is past due and unpaid shall be !
flowed to vote.
Sec. %. The affairs of every branch shall be
managed by not less than five nor more than
line directors. Every director shall during his
Whole term of service, be citizen of the United
states and n resident of this state. AT least
hree fourths of the directors shall have resided
this state one year next previous to their elee-
ion rs directors: each director shall own IN his S
wn name and right at least one per cent. of the t
anitnl stock of the branch up to two hundred d
thousand dollars, and the half of one per
ent. on it's capital over two thousand dollars a
rbe directors of each branch, collectively, shall
wp n, least one tenth of its capital stock Each n