Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1857-06-03

OF the branch, and that the same is not hypOth- |
ecaied, or in any way pledged as security, for |
any loan obtained or debt owing; which oath, !
subscribed by himself and certified by the Of !
fcer before whom twas taken, shall be filel
and carefully preserved in the office of the re-
cOrder of the county in which the branch is
located; but no person shall be president of
more than one branch at the sameIime
SEC. 80. The stockholders collectively, Of
any branch, shall at no time be liable to such
branch, either as principal, debtors or sure
ties, or both, to an amount exceeding one-third
part Of the capital stock of such branch, then
actually paid in, and remsining as capital
stock; nor shall the directors, collectively, be
so liable to an amount exceeding one third
part Of the stock actually paid in, standing in
their names, and of which they are, collective
ly, the bona fde owners in their own rights
SIC. 81. The directors of any branch first
elected shall hold their Places until the first
Monday in January next thereafter, and until
their successors shall be elected and qualified;
all subsequent elections shall be held annu
ally on the first Monday of January, and the
directors so elected shall hold their places for
one year, and until their successors are elect
ed and qualified; but any director removing
rom the State, or ceasIng to ke the owner of
the requisite amount of stock, shall thereby
vacate his place. Any vacancy in the board
shall be filed by appointment by the remain
ing directors, the director so appointed. shall
hold his place until the next annual election;
and if, from any cause, an election Of directors
shall not be made at the time appointed, the
branch shall not for that cause be dissolved,
but an election may be held on any subsequent
day, thirty days notice thereof having been
given in newspaper printed in the county
where the branch is located.
SIC. 81. Every branch authorized to carry
on the business of banking under this act,
shall be held and adjudged to be body cor
porate, with succession. for the term of TWEEN
ty years from the date of the certificate of as
sOeiatfon, and thereafter until its affairs hall
be closed; and by its corporate name shall be
competent to contract, prosecute and defend
actions Of every description as fully as natural
persons, and process against such branch may
be served upon KS president or cashier, or by
leaving copy thereof at its usual place Of
business during the usual business hours
Each of said branches shall, during the term
Uftwenty years from the date aforesaid if SO
long it shall comply with the provisions Of
this act, have power to .oan money, buy. sell
aud discount bills of exchange, notes, and all
other written evidences Of debt, except such
as it shall be prohibited by this act from buy
ing, selling or .scounting; receive deposits;
buy and sell gold and silver coin and bullion;
collect and pay over noney, and transact all
other business properly appertaining to bank
ing, subject, however, to the provisions anil
restrictions contained in this act; may acquire
hold and convey such real estate as may be
necessary oIhe convenient transaction of its
business; and no more; but may, however, ac-
quiTe titlet to any real estate pledged to secure
any debt previously contracted or purchased
on an execution or order Of sale, To satisfy any
Judgment or decree in its favor or which shall
have Eeen CO Iveyed to it in payment of any
previous debt, but shall not hold any real es-
tate so acquired longer than is necessary to
avoid loss of any part of the debt, interests
and costs, for the collection or security of
which it was acquired; but at any time before
selling the same, upon being rendered by the
last preceding owner, or his legal representa-
tives, such sum as shall be necessary to save
such branch from loss of any part OF the debt.
interest, taxes, costs; and other necessary
charges for the collection or security Of which
such real estate was acquired. such branch
shall release to such owner, his legal repre-
sentatives or assigns all its right, tile and III
terest therein.
SEC. 33. 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 hich, from its char
acter or appearance, shall be calculated or in
tended to circulate as money, other than such
notes of circulation as are by this act describ-
ed, and which such branch is by this act au'
thOrized to issue for the purpose Of being cirsu-
lated as money.
SIC. "a. Each branch shall receive at par
at the office or banking hIuse OF such branch
in payment Of debts due at such branches for
notes OF hand. bills of exchange, or other evi-
dences of debt, discounted or purchased by.
or belOngingto such branch. the notes of cir
culation issued by any other branch of the
Bank of Ohio.
Sac. 80. Each branch shall at all times,
have on hand, in snld and 81 yer coin, or their
equivalent, one half at least of which shall be
in gold md silver coin in its vault, an amount
equal to at least thirty pSr cent Of the amount
OF Its outstanding notes of circulation; and
whenever the amount of its outstanding notes
OF circulation shall exceed the above named
proportion. no more of its notes shall be paid
out, or otherwise put in circulation, by such
branch nor shall such branch increase its liza
oilities by making auy new loans or discounts
other than dIscountIng or purchasing bills of
exchange, payable at sight, nor make any div
idend of its profits, until the required proper
tion between its outstanding notes of circula-
ton, and gold and silver coin, or their equiva
lent on hand shall be restored. Actual de
posits with any solvent bank of established
credit, in the cities of New York. Boston,
Philadelphia OF Baltimore, subject to be drawn
against at sight payable in gold aud silver
coin, shall be deemed equivalent to gold and
silver coin, wherever these terms are used in
this act.
SIC. SO. No branch organic ID under this
act shall, at any tins be indebted or in any
liahls tn a,rcaad fxrf, irds
of its capital stock at such time actually paid
in. and remaining as capital stock undimin
ished BY lostes or otherwise except on the fol-
towing accounts-that is to say,
First on account OF its notes of circulation.
Second-On account of moneys dePoeited
with or collected by such branch;
Third-On account Of bills OF exchange or
drafts drawn against money actually on de-
posit to the credit of, or due 10 such branch.
Fsurth-Liabilities to its stockholders on ac-
count of money paid in, on capital stock, divi- !
dencs thereon, and undivided profits.
Nor shall any branch either directly or in l
directly, pledge, hypo:hecate or exchange any /
Of its notes of circulation for the purpose of /
procuring money, to be paid in on its CAPITA
stock, nor pledge or hyPothecate directly or
any OF such notes TO be used in its
ordinary banking operations.
SIC. 81. No branch shall, during the time
it shall continue its operations as branch,
or permit to be Withdrawn, either
in form of dividends, loans to stockholders,
for longer period of time than four months.
DR. in other manner any portion Of its capital
stock; and if losses shall at any time have been
by any branch, equal to or exceed
ing its undivided profits then on hand. no
dividends shall be made. and no dividend
shall ever be made by any branch. while it
shall continue its banking operations, to an
amount greater than its net profits then on
hand, deducting therefrom its losses and bad
and suspended debts; and all debts due to
branch on which interest is past due and un-
paid for period of six months, unless the
same shall be well secured, and shall be in the
process oil collection. shall be considered bad
,r suspended debts, within the meaning Of
his Section.
SIC 80. The directors Of each branch shall
semi Annually on the first Monday in May and
November, declare dividend Of 50 much of
he net profits of the branch as they shall
Judge expedient; and on each dividend day,
he cashier, shall make a full. clear and accu-
rate statement Of the condition OF the branch J