The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-06-04
De paid as frequently as above provided

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be paid as frequently as above provided
for.
SEC. %. If any shareholder or his
assignee shall fail to pay any installment
on his stock when the same shall be re-
quired to be paid. the branch may Sc Il
said stock at pubic auction, having Civ
en- three weeks previous notice thereof, in
newspaper published in the county
where the branch is located, to any per
son who will pay the highest price there
for, not less than the amount unpaid
thereon and the excess, if any, after
paying the expenses of the sale, shall be
refunded to the delinquent stockholder.
1fno bidder can be found who will pay
for such stock the amount unpaid there
on to the branch, and costs OF advertise
ment and sale, the amount previously
paid shall be forfeited to the branch, and
such stock may be subsequently sold in
I such manner as the branch may order.
Sec. "a. No branch shall be organ
lied under this act, in the county of
Hamilton, with a less capital than FIVE
Hundred thousand dollars, which may be
increased to any sum not exceeding one
million of dollars.
Nor in either Of the counties of Cuya-
hoga, or Lucas, with capital less than
three hundred thousand dollars, nor in
either of the counties of Franklin or
I Montgomery, with capital less than two
hundred thousand dollars, which NAV be
increased to any sum not exceeding six
hundred thousand dollars.
SEC. 25. Any existing independent
bank, banking company branch of the
State Bank of Ohio. or free bank, created
by the laws of this State, and authorized
to issue notes for circulation, may, after
the organization of the Bank of Ohio,
become a branch Of the Bank of Ohio,
upon full compliance with all the requisi-
tons of this act necessary to create a
branch Of such bank. The directors of
any such existing bank, organizing as
such branch under this act, may do and
perform all the acts required Of stock
holders to perfect such organization and
after the full organization of any such ex-
listing bank as branch of the Bank OF
Ohio, such original corporation shall be
held to be dissolved, except for the pur-
pose of collecting its assets and the final
settlement of its affairs in the manner
prescribed in its charter: Provided, that
nothing in this section contained shall be
f SO construed as to require the Bank OF
f Ohio to admit any such independent OF
, free bank to become branch of The
Bank of Ohio, unless the directors of the
Bank Of Ohio shall be satisfied that the
admission ofsuch branch will not leopard.
ize the interests of the public, or of the
| Bank of Ohio.
SEC. 26. The capital stock of each
branch shall be divided into shares of ore
hundred dollars each, and shalt beers
signable on the books of the branch in
such manner as its bylaws shall pre-
scribe, but no shareholder shall have
power to sell or transfer any shares held
; in his own right so long as he shall be liza
BILE, either as principal debtor, surety
or otherwise to the branch, for any debt,
without the consent Of majority 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 profit on such shares,
so long as such liabilities shall continue,
but all such dividends, interests or prof
its shall be retained by the branch and
applied to the discharge of such liabili
ties.
SEC. 81. No branch shall take. as Sc
ourity for any loan or discount, a lien on
any part Off capital stock, but the same
security, both in kind and amount, shall
| L of oh abo11 ofr
not shareholders and no branch shall be
the holder or purchaser of any portion OF
it's capital stock, or of the capital stock of
any other incorporated company, unless
such purchase shall be necessary to pre-
: vent loss upon debt previously con-
tracted in good faith, on security which
at the time was deemed adequate to in.
sure the payment of such debt, independ'
ent of any lien upon such stock. or in case
Of forfetures of stock for the non pay
ment of installments due thereon, as pro
vided in the twenty-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, il
i the same can be sold for what the stocl
: cost, or at par.
: . Sec. 28 In all elections of directors
= = and in deciding ali questions at meeting
of the stockholders, each share shall entl
: tie the owner thereof to one vote; stock
! Eholders may vote by proxies duly au
: thorized in writing, but no officer, clerk
= teller, or book keeper of the branch sh al
= act as proxy, and no stockholder who's
- liability to the branch is past due and un
. paid shall be allowed to vote.
:. Sec 90. The affairs of every brancl
= shall be managed by not less than fy
% nor more than nine directors. Every dl
= = rector shall, during his whole term
:, service, be citizen of the United State
- and a resident of this State. At lea'
: lthree fourths of the directors shall hav
= lresded in this State one year next prev
- Gus to their election as directors eae
=, n1 director shall own in his own name an
- right at least one percent. of the capIt
9. 8" stock of the branch up to two hundre
., thousand dollars, and the half OF one p'
~ ~ cent. on its capital over two hundre
~ thousand dollars. The directors OF eae
.aA az branch, collectively, shall own at lea
l.s one tenth of its capital stock. Each d
8, rector shall take an oath that he will.
~ ~ far as the duty devolves on him, diligen
=" ly and honestly administer the affairs