Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1857-10-01

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sac IS Aay sElstng uAspsadeai b.nk banking euapaay
branch q he stAs h.ak ofOto free tank eossd bJ he
nay nsI the organization q the hank Of Ohio upon u
pancs with al The equons ths act nessary
bsak Oranllng such bTaBsA SSSss az 81, nav o and
psrEm all the sets reqd q siockholasrS 70 psr
q Oho such original eorporatoa ssi b hd 10 bs Slved
except or the papOss q eosctiAg assss and t Anal ,s
S S6shas i t1 - S sou s Z e . SS-r:s :. r
as % Iegul.s n. oAnh q o % s any ash ndspsnass
directors q the RAnk Oho shall Be siisasd thst se al
misoa fSneh hranee v eardns ths ntarst ths pab
sac n no elpilAl sSock Of sarh branoh sh Be slau.b,
the books Of the branch in such ts bylaws shall
prescribe but 20 shArshods shall have power % vi
F any shares held in his own right long be shall Be LA
bls either puepsl debtor Sursty o. othsrWJss 70 he
bpaDoh os any debt without ne oOnssat Of majority o. hs
brancho any debt that Osens Be- sned reeuse kI
dividend. interest prodt such shacs eag such
Liabilities shall oontlnue but al vdend interests or
prts shall retained By the branch and applied 10 the ais
Charge OF such liAbiltka
Sac a. No branch shah take a. security for any loan or
discount lien on any part of is capital stock but the
security both IN kind and shall be rec uleS Of shareo
ds Of persons not shareholders and branch shall be the
capital stock Of any other Incorporated company unless such
purchase shall be necessary oPrevent Oss upon debt pevoa
deemed adequate insure payment Of such debt ndepen
dent ofany lien upon such stock Of etures Of
ded in the twentythrd section; ald stock purchased shall in
Be held BY the branch purchasing for longer period
otime than d1 months fths same can Be sold fOr what hP
SRs & In all elections 81 drectON and deciding all ques
tIeus At tngs Of the stockholders each share shall sns
tbe oWnof ther toOne vote ockhOdu BY proxy
lee duly auihorse In Sitng but no oeer clerk teller o.
book keeper Of the branch Ag proxy and stokhOd
whose liability to the branch past das and unpaid shall DC
SIC 2O Ths aAs Of every branch shall be managed BY not
less than Eve nof an nine dectors Every director
shall during his whole term ofserce be citizen Of the United
the directors shall have resided in this state year Kt
vou to their election sdFeeto each director shall oNn IN
Of the branch up to two hundred thousand dollars and the half
ofOne cent Its capital over two hundred thousand dollars
The directors Of each branch collectively shall own M least one
he will far the duty devoves him. diligently and hon
esty administer the the affairs Of the branch and not knowing
" violate willingly permit to be violated any Of the proy
ons Of this acts that he bona hde owner In his right
Of the stock standing in his the books Of the branch
that the hypothecad in way pledged a.
security any obtained debt owing which OATH sub
scrbed by himself and certified by the officer before whom
asn shall be filed aud carefully preserved in the Office Of the
person shall be president Of than branch a the same
SEC So The stockholders coectiyely Of any branch shall
at time be liable TO such branch either a. principal debtors
surees both to amount exceeding onethrd part Of
tie capital stock Of such branch then actually paid in. and
naming capital stock, shall the directors eollecvey6e
liable amount exceeding onhird part the stock ac
iualy paid n standing in their and Of which they
collectively, the bona fde in their right,
SEC 81 The directors Of any branch first elected shall hold
their places until the first Monday In January next thereafter
sequent eleconssha be held annually the first Monday Of
January and tn directors elected shall hold their places for
year and until their are elected and qualified;
but director removing from the State or ceasng to be The
owner the requisite Of stock shall thereby vaeae his
place Any vacancy in the board shat be filled by appointment
by the remaining directors the director appointed halhOd
his place until the eecton and II from any
election of directors shall be made a the time Appn d.
the branch shall not for that dissolved election
having been given in newspaper printed In the county where
the branch ls located
banking under this shall be held and auged to be body
corporate with succession for the term twenty years from
affairs shall be closed and by it's corporate name shall be- com
peieu contract prosecute and defend actions Of every dese
tiOn fully natural persons and process against such branch
may be served upon its president cashier BY leaving
copy thereof at It's usual place m business during the usua bu
hours Each Of said branches shall during the term q
whthe provisions Of this act have power to loan money buy
sell and discount bills Of exchange notes. and all other written
evidences fdeb except such shall be prohibited by this
from buying selling dcountnG receive deposits buy
and sell gold and silver coin and bullion collect and
money all other business properly appeainng Ia
banking subject however to the provisions and restrictions
contained in this act may acquire hold and convey uch real
estate be necessary to the convenient transaction Of M
business and no more but may however, acquire title any
real estate pledged to debt previously contracted
purchased execution order of sale satisfy udg
ent or decree In i favor or which shall have been eonyeyed
payment Of previous debt but shall not hold
estate acquired longer than necessary to avoid loss Of
part Of the debt interests and costs for the collection security
which II acquired but any time before selling the
same upon being rendered by the last preceding owner his
legal representatives. such shall be necessary to
such branch from any part Of the interest
and other necessary charges for the collection security o
which such real estate acquired such branch shall release
to such his legal representatives assigns all s right
! title and interest therein.
cuaon any note DRAFT bill Of exchange acceptance certificate
of deposit other evidence debt which, from Its character
appearance shall be calculated or intended to circulate
ey other than such Of circulation by this act do
cribed and which such branch by this act authorized
sue forthe purpose Of being circulated rs money.
SEC. 81 Each branch shall receive at par at the Office
banking house Of such branch In payment Of debt due such
branches for of hand bills exchange other evidences
of debt discounted purchased belonging such branch
the notes of circulation issued by any other branch Of the Bank
| of Ohio.
SEC sS Each branch SHALL at all times have on hand In
gold and silver coin, their equivalent onehaf at least
which shall be in gold and silver coin in Its vault
equal least thirty per cent of the Of its oustand
standing Of circulation shall exceed the above named pr
portion of its shall be paid out otherwise put
In circulation by such branch shall such branch increase
its liabilities by making any new loans discounts other than
discountng or purchasing bills OF exchange payable at sight
make any dividend Of It's profits until the required proper
on between Its outstanding notes Of circulation and gold and
silver cOn their equivalent hand shall be restored Ac
cities Of New York Boston Philadelphia Baltimore subject
to be drawn against at sight payaba In gold and silver coin
shall be deemed equivalent to gold and silver eo wherever
L these terms are used In this act
sEc So No branch organized under this act shall any
time DO indebted or IN any way liable to exceeding
twohds Q It's capital stock at such time actually paid In and
remaining capital stock undmlnhed by losses otherwise
except the following aceounts-that Ia to say,
Frst-0n account Of It's notes Of clroulatleni
seoOndn account ofmOneys deposited with collected by
Third-0n Of bills Of exchange drafts drawn
against money actually deposit the credit Of due such
RourthLab1ies to It's stockholders account Of money
paid in capital stock dividends thereon and undivided prof
Nor shall any branch either directly or indirectly pledge by
pohecae exchange any OF Its notes Of Tor the pur
pose procuring money to paid In is capital stOck
pledge hypOhecate directly indirectly any Uf such notes
| TO be used in its ordinary banking operations.
SEC 81 No branch shall during the time shall continue
It's operations branch withdraw permit to be withdrawn
either In form Of dividends loans TO sockhoders for longer
period Of time than four montha or in any other mannv any
portion Of its capital Stock and the losses shall at any
have been sustained by any banch equal exceeding It's
undivided profits then hand dividends shall he made and
dividend shall be made BY any branch while shall
continue It's banking operations to amount greater than Its
profits then hand deductng hereom Its losses and
held and suspended debt and all ebts due to branch on
which Interest pas due aud unpaid for period slx months
unless Tia shall be we'll secured and shall be In the pro
Of collection shall Be considered bad suspended debts
within the meaning Of ths secioa. -., ,,
Soc3S The directors Of each branc shall semannualIy
on te r M8aday In May and November declared dividend
Of much Of the net profits Of e ranch they shall Judge
clear and aocuie statement Of cOudou Of e branch
shaH that day. after declaring the dividend which shaa be
verified bytheoah Of he cashier president and two Of he dec
tors; aud similar statements shall aobe made fhe first Non.
day Of each mouth In each year which stemeats shall cOnaa
HrstThe Of the capital actually paid in and