The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-06-17

noAe AZ OnH H4Snt 80 long as ne snail
De liable. either as principal debtor,
surety, or otherwise to the branch, for
any debt, without the consent of a ma
jority of the directors. Nor shall such
shareholder, when liable to the branch
for any debt that is overdue, be entitled
to receive any dividend, interest or pro-
fit on such shares, so long as such liza
bilities shall continue, but all such di-
vidends, interests or profits shall be re-
trined by any branch and applied to
the discharge of such liabilities.
SEC. 81. No branch shall take as Sc
curity, for any loan or discount, a lien
on any part of its capital stock, but the
same security, both in kind and amount,
shall be required of share holders as of
per sons not share holders; and no branch
shall be the holders or purchaser, Of any
portion of its capital stock, or of the
capital stock of any other incorporated
company unless such purchase shall be
necessary to prevent loss upon q debt
previously contracted in good faith, on
security which at the time was deemed
adequate to secure the payment of such
stock, or in case of forfeiture of stock
for the non payment Of installments due
thereon, as provided in the twenty third
section, and stock 50 purchased shall in
no case be held by the branch SO pur-
chasing for a longer period of time than
six months if the anne can be sold for
what the stock cost or at par.
SEC. %. In all elections of directors,
and in deciding all questions at meet
ing of the stock holders, each share shall
~Eentitle the owner thereof to one vote;
stockholders may vote by proxies duly
authorized in writing, but no officer,
clerk, teller or book keeper of the
branch shall act as proxy, and no stock
holder whose liability to the branch is
past due and unpaid shall be allowed to
vote.
1.SEo. %. The affairs of every branch
shall be managed by not less than Eve
nor more than nine directors. Every
director shall, during his whole term of
service, be a citizen of the United States
and a resident of this state. At least
three-fourths Of the directors shall have
resided in this state n year mex pre-
vious to their election as directors; each
director shall own in his own name and
right at least one per cent, of the capt.
tai stock of the branch up to two hun
dred thousand dollars, and one half of
one per cent. On its capital over two
hundred thousand dollars. The direc-
tors of each branch, collectively, shall
own at least one tenth of its capital
stock. Each director shall take an oath
that he will so far as the duty deyolyes
on him, diligently and honestly ad-
minister the affairs of the branch, and
not knowingly violate or willin ely per-
init to be violated any Of the provisions
of this act; that he is a bona fde owner
in his ewn right, of the stock standing
in his name on the books of the branch,
and that the same is not hypothecated,
or in any way pledged as security, for
any loan obtained or debt owing; which
oath, subscribed by himself and certified
by the officer before whom it is taken,
shall be filed and carefully preserved in
in which the branch is located; but no
person shall be president of more than
one branch at the same time.
SEC. 80. The stockholders collective
ly, of any branch, shall at no time be
liable to such branch either as principal,
debtors or securities, or both, to an
amount exceeding one third part of the
capital stock Of such branch, then ac-
tually paid in, and remaining as capital
stock; nor shall the directors, collective
ly, 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, collectively, the bona
fde owners in their own right.
SEC. 81. The directors of any branch
first elected shall hold their places until
the first Monday in January next thee
after, and until their successors shall be
elected and qualified; all subsequent
elections shall be held annually on the
first Monday of January, and the direc-
tors SO elected shall hold their places
for one year, and until their successors
are elected and qualified; but any direc-
tor removing from the State, or ceasing
to be the owner of the requisite amount
of the stock, shall thereby vaoate 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 annu-
al election; and if, from any cause, au
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 a newspaper printed in
the county where the branchis located.
SEC. 80. Every branch authorized to
carry on the business of banking under
this act, shall be held and adjudged to
be a body corporate, with succession, for
the term of twenty years from the date
of the certificate of association, and
f thereafter until its affairs shall be closed;
!, and by its corporate name shall be com
petent to contract, prosecute and defend
actions of every description as fully as
natural persons and process against such
branch may be served upon its president
/ or cashier, or BY leaving a copy thereof
at its usual place of business during
the usual business hours. Each of said
branches shall, during the term Of
twenty years from the date aforesaid, il
SO long it shall comply with the provi-
sions of this act, having power to loan
money, buy, sell and discount bills OF
exchange, notes, and all other written
evidences of debt, except such as it shall
be prohibited by this act from buying,
, selling or ~discounting; receive deposits;
buy aud sell gold and silver coin and
bullion; collect and pay over money,
and transact all other business properly
appertainiDg t~o.banking, subject, how
3 ever, to the provisions and restrictions