The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1857-10-02

nan De IN gold and silver coin, and shall
,e IN the actual possession ami bona Gle
ne property Of the branch AZ the lime Of
he commencement of its banking busi.
'ess, and the remainder Of Che capital
stock OF such bank shall be paid in, in
Instruments, each Of at least ten per cent.
'h tne whole amount ct the capital sub.
'cnbed, as frequently MS once in every
Iour successive months, from the time of
business until the whole
amount OF such capital shall be paid IN:
crowded, that the directors Of the Bank
" ONO may extend the time for the
payment OF such deferred instnlm,n,s. or
any part OF them, to the branches. when
sailSti ID that the public interest does not
rsgulre them to be paid as frequently as
above provided for.
SIC. y. II any shareholder or his as.
s'ennse shall fail TO pay any inSinllments
-'Oh MS Stock when the same s,nll i,,- rc,,,,t
Ieu 10 be paid, the branch may sell sal
Stock al public auction, having given three
"eetS previous notice thereof, in n news
PAPER punished III the county where the
olanch Is located, to any person who will
p"y ine highest price therefor not less
.uun t"e amount unpaid thereon; and the
eS,GSs' s,s' !, any ai!er paying the expenses
oil the sale, shall he refunded TO tb, Jal;n'
quent stakeholder. II no bidder can hs
found who will pay for such stock ,Le
amount unpaid thereon to the branch. and
COSTS OF advertisement and sale the un1onnt [
previously paId shall be forfeited 10 the
uiohcn, ana such sto X may be s,bseouen
NY SoIu III such manner as the branch may
order. ''''
SEC. -. No branch shall be Organized
under THIS act, III the county. of Uan,lton
with less capitne than five hundred
u )usand dollars; which NAV be increos-
ea TO any sum not exceeding one million of
dollars. "
Nor ~ either OF the counties of Cuyabo-
earOr btcaS, with a capital less than three
~ mn'-LHtu thousand dollars, nor in either OF
ths counties or FIanyIn or Montgomery,
WITH capital less than two hundred thou.
sand dollars, which may be increased TO any
snm not exceeding six hundred thousand
dSlars.
'Skc. 20. Any existing independent
Dapk, banking company branch of the
Smte Bank OF OlnO or free bank, created
DYthe laws OF this stale, and authorized to
issue notes Tor cifcnlnilon, may after the
organization OF lhc Bank of Ohio, become
tsanch of the Bank OF Ohio, upon full
COMPLIANCE with all the acquisitions of this
act necessary TO create branch Of such
bank. The directors of any such existing
bank, organizing as such branch under tins
act may do and perfom all the acts req,iir-
ed oil stockholders to perfect such orgaliiza-
ton; and ailer the full organization Of any
such existing bank as branch of the Bank
olOhlo, such original corporation Shall be
hA1 n h.. ali ,...I
OF collecting its assets aud the final sttle-
ment Of It's affairs III the manner provided in
its charter: Provided that nothing in this
section contained shall be so construed as
20 require the Bank of Ohio to admit any
such independent or free bank TO become n
brsnch oil the Bank Of OHIO un eSs the diTec
to'S ol the Bank of Ohio shall be satisfied
that the admission ofSuch branch will not
ieo1nfdiZe lho i?,"reSts Of The nuhlin. or of
Sfe." &c. The capital stock Of eacn
branch shall be divided INTO shares of one
hundred dollars each, aud shall be assign
able on the books OF The branch in such
manner os its by laws shall prescribe, 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 prln.
cipal debtor, surety, or otherwise to the
branch, ioi any deb., without the consent of
Shareholder, when liable 10 the brancb for
any debt that is overdue, be entitled to re-.
ceive any DIVIDEND, interest or profits on
such shares, 81 long ns Su ia Liabilities shall
continue, but all such dividends, interests
or profits shall be retained by the branch and
applied To The discharge OF such liabilities.
SIC. 81. No branch shall take, aS Secur.
ity for any loan or discount, a lien on any
part OF It's capital stock, but the same Secu-
rity, both in kind and amount, aball be re.
Qured Of shareholders, ss Of persons not
shareholders; aud no branch shall be the hol-
der or purchaser of any portion of lis capital
stock, or the capital stock of any other
incorporated company unless such purchase
shall be Necessary to prevent loss upon debt
previously contracted in good faith, on secu-
rity when at the time was deemed adequate
To insure the payment ol such debt. inde-
pendent oiany lien upon such stock, or il
case OF torfeitures Of stock for the nonpay.
ment Of installments due thereon, as prsvi.
ded in the twenty y-third section; and stock
so purchased shall in no case be held by the
branch, SO purchasing for longer period OF
time than six months, If the same eau be
sold for whatsthe stock cost, or at par.
SEC. %. In all elections OF directors and
in deciding all questions at meetings OF the
stockholders, each share shall entlt!e the ow-
ner thereof 10 one vote; stockholders may
vote by proxies duly organized in writing,
but no officer, clerk, teller or book keeper of
the branch shall act rs proxy, and no stock
holder whose liability 10 the branch is past
due and unpaid shall be allowed to vote.
Ste. %. The affairs olcyery branch shall
be managed by not less than five nor more
than nine Directors. Every director shall
during his whole term OF service, be a citi.
"a 'n,, ,al nj.
this state. Al least three (Ourths Of the d..
restors shall have resided in this state one
year next previous to their election as d irec-
tors; each director shall own in his own
name aud right at least one per cent of tile
capital stock Of the branch to two hun
dred thousand dollars, and the half Of Que
per cent. On its capital over two hundred
thousand dollafs The directors OF each
branch, collectively, shall own at least one
tenth of It's capital stock. Each director
shall take an oath that he will, SO far as the
duty devolyes on hmdilligently and honest
ly administer the affairs of the branch, and
not knowingly violate or willingly permit
10 be violated any of the provisions OF this
act; that he is a bona fide owner, in his
own right, of the stock standing in his
name on the books oil the branch, and that
the sane is not hypothecated, or in any way
pledged as security, for any loan obtained
or debt owing; which oath, subscribed by
himself aud certified by the officer 5ciore
whom il is taken, shall be filed and careful
ly preserved in the Office of the recorder OF
the county in which the branch is located /;
but no person shall be president Of more
than one branch at the same time. .-
SEC. 30. The stockholders collectively,
OF any branch, shall at no time be liable
to such branch, aither as principal debtofs,
or sufolies, or both, to an amount exceed,
ing one-third part Of the capital stock OF
such branch, then actually paid in, onJ 70
naming as capital stock; nor shall The d.
Iectors, collectively, be so liable 70 an
amount exceeding one-third- part or the
stock actually paid in, standing in their
names, and of which they are collectively,
the bona fde owners in their own right.
Sac. 81. The directors OF any branch