Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1857-05-28
MIILERsBURG, HOLMES COUNTY, OHIO, THURSDAY,

president Of mere than one branch at the san
time. -i
Sec. 80. The stockholders collectively, {
any branch, shall at no time be liable TO sue
branch. either as principal. debtors of suretie
or both, TO IN amount exceeding one-third pa
of the capital stock of such branch, then actua
ly paid in, and remaining as capital stock; nc
shall the directors, collectively, be so liable TO
amount exceeding one third part of the stoc
actually paid in. standing in their names, and {
which they are, collectively, the bonn fide own
ers in their own right. rt.s- ..Fl -5tr =,
Sec. 81. The directors of any branch frs
elected shall hold their places Until the frs
Monday in January next thereafter, and unit
their successors shall be elected and qualified
all subsequent elections shall be held annuall
on the first Monday of January, and the direc
tors so elected shall hold their places for on
year. and until their successors are elected an,
qualified; but any director removing from th
State, or ceasng to be the owner of the requisit,
amount of stock, shall thereby vacate his place
Any vacancy in the board shall be filled by aD
poiRtment by the remaining directors: the di
rector so appointed, shall hold his place unit
the next annual election; and it, from any cause
IN election of directors shall not be made at th,
time appointed, the branch shall not for thai
cause be dissolved, but an election NAV be held
on any subsequent day, thirty days notice
thereof having been given in a newspaper
printed in the county where the branch is To-
Gated
Sec. 80. Every branch authorized to carry
on the business of banking under this act. shall
be held and adjudged to be body corporate
with succession, for the term oil twenty
wears from the date of the certificate OF asso-
ciation. and thereafter until its affairs shall
be closed and by its corporate name shall be
competent TO contract. prosecute and defend ac-
tions of every description as fully as natural per-
sons, and process against such branch NAV be
served upon ifs president or cashier. or by leay-
ing copy thereof at Its usual place of business
during the usual business hours. Each of said
branches shall. during the term of twenty year;
from the date aforesaid if 50 long it shall comply
with the provisions of this act have power to loan
money. buy. sell and discount bills of exchange,
notes. and all other written evidences of debt, ex-
cept such it shall be prohibited by this act from
buying. selling or discounting; receive depos-
its; buy and sell gold and silver coin and bull
lion; collect and pay over money, and transact
all other business properly appertaining to
banking, subject, however. TO the provisions and
restrictions contained in this act; may acquire,
hold and convey such real estate as may be ne
cessary to the convenient transaction OF its bu-
siness, and no more; but may, however, acquire
title to any real estate pledged TO secure any
debt previously contracted Or purchased on an
execution order ofsale, to satisfy any Judgment
or decree in its favor, or which shall have been
conveyed to it in payment of any previous debt,
but shall not hold any real estate so acquired
longer Than is necessary to avoid loss Of any
part of the debt interests and costs. for the col
lection or security Of which ii was acquired; but
at any time before selling the same, upon being
rendered by the last preceding owner, or his le
gal representatives, such sum as shall be Reces-
sary to save such branch from loss of any part
OF the debt, interest, taxes. costs, and other
cessary charges for the collection or security of
which such real estate was acquired. such branch
shall release TO such owner his legal representa-
tives assigns, all its right title and interest
therein.
Sec. 80. No branch shall, at any time, is
sue or have in circulation any note, draft, bill
Of exchange, acceptance, certificate of deposit,
Or other evidence of debt which, from its charac-
ter or appearance, shall be calculated or intend
ed to circulate rs money, other than such notes
1f circulation rs are by this act described and
which such branch is by this act authorized to
iss;ie for the purpose of being circulated as mo-
ney.
See. 81. Each branch shall receive at par at
the Office or banking house of such branch in
payment of debts due at such branches for notes
On hand, bills of exchange, or other evidences of
iebt. discounted or purchased by or belonging
to, such branch, the notes of circulation issued
by any other branch of the Bank of Ohio.
Sec. So. Each branch SHALL at all times have
IN hand, in gold and silver coin, or their equiv
llcnt. onehalfa at least Of which shall be in gold
md silver coin in lis vault, IN amount equal to
It least thirty per cent OF the amoant of its oLt-
Standing notes of circulation; and whenever the
of ,,OtnS of
shall exceed the above named proportion. no
mere ofits notes shall be paid out, or otherwise
put in circulation, by such branch, nor shall
such branch incraese its liabilities. by making
my new loans or discounts, other than discount
ng gor purchasing bills of exchange, payable at
sight, nor make any dividend ofits profits, until
he required proportion between its outstanding
notes Of circulation and geld and silver coin. or
heir equivalent on hand, shall be restored
Actual deposits with any solvent bank. of estab
ished credit, i'll the cities of New York, Boston,
Or Baltimore, subject TO be drawn
against at sight payable in gold and silver coin
wherever these terms are used in this act.
See. 36. No branch organized under this act
hall, at any time be indebted or in any way Ii
.ble to an amount exceeding two-tbirds of It's
.apital stock at such time actually paid in, and
as capital stock unsiiminished by los
les or otherwise except on the following ac-
ounts-that is TO say.
Piston account OF its notes of circula- |
ion:
Second-On account of moneys deposited |
With or collected by such branch;
Third-On account of bills of exchange or |
Traits drawn against money actually on deposit |
o the credit of, 'or due to such branch.
Foarth-L;abiliiies to its stockholders on &C
cunt of money paid in. on capital stock, divi-
lends fhreOu and undivided Drufifs
Nor shall any branch, either directly or indi- |
ectly. pledge, hypothecate or exchange any of |
is notes Of circulation for the purpose of proeu-
ing money. to be paid in on its capital stock.
lor pledge or hypothccate directly or indirectly |
nv of such notes TO be used in its ordinary |
,anking operations.
See. 81. No branch shall, during the time
shall continue its operations rs branch,
withdraw or permit to be withdrawn. either in
nrm of dividends, leans 10 stockholders, for3
nnger period OF time than four mon:hs. or in
ny oher manner any portion of lis capital
took; Gnd ii lusses shall at any time have been
ustained by any branch. equal TO or exceeding
Is undivided profits then on hand no dividends
hall be made, and no dividend shall ever he
nade by any branch. while it shall continue its
anking operations 10 IN amount greater than
IS net profits then on hand. deducting there
rom its losses and bad and suspended debts:
nd all debts due to n branch. on which interest
past due and unpaid for period of six months
Mess the same shall be well secured and shall
e in their process of collection. shall be con-
dered bad or suspended debt, within the
leaning of this session.
Sec, 3S The directors OF each branch shall.
on the first Monday in MAY and
ovember, declare dividend of so much of the
ct profits ofthe branch as they shall Judge ex-
edient; and on each dividend day. the cashier,
iall make full. clear and accurate statement of
le condition of the branch as it shall be on that
ny, after declaring the dividend. which shall
verified by the oath ofthe cashier. president.
,d two ofthe directors; and similar statements
lall also be made on the first Monday in each
Onth in the yenI which stateucmts shall CON