The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-05-14

either Of the counties OF Franklin or Mont
lgomery, with . capital less than two
hundred thousand dollars. which may be
Increased 60 any sum not exceeding six
hundred thousand dollars. -.
SEc. 20. Any existing independent
bank. banking company brabeh Of the
Stale 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. up.
on full compiancs with all the requisiliOns
Of this act necessary to create branch
Of such bank. The directors Of any such
existing bank, organizing as such branch
under this act, may do and perform ell
the acts Re CURED OF stock holders to per-
feet such organization; and after the full
Organization OF any such existing bank as
a branch Of tbe Bank OF Ohio, such origi.
nal corporation shall be held TO be dissolv-
ed, except for the purpose Of collecting
its assets and the final settlement Of its
affairs in the manner provided in it's char
ter: Provided, that nothing in this sec.
lion contained shall be so construed as to
require the Bank OF Ohio 10 admit any
such independent or free bank to become
branch OF the Bank of Ohio. unless the
directors Of the Bank OF Ohio shall be sat-
is6ed that the admission of such branch
will not ieopardse the interests Of the
public, or OF the Bank of Ohio.
SEC. 36 The capital stock Of each
branch shall be divided into shares OF one
hundred dollars each, and shall be as
siguabIe on the books OF the branch in
such manner as its by laws shall pres
ciibe, but no shareholder shall have pow.
er to sell or transfer any shares held in
bis own righ! solong as be shall be liable,
either as principal debtor. surety, or
otherwise TO The branch, for any debt,
without the consent of majority Of the
di ectors. Nor shall such shareholder,
when liable 80 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 profits
shall be retained by the branch and ap'
piled TO the discharge of such liabilities.
SEC. 81. No branch shall lake, 8s 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 shareholders, as Of persons
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 o,hsr. Incorporated company unless
such purchase shall be Necessary to pre-
vent loss up, n d.bl previously contrac.
tod in good fsith on security which at
the time was deemed adequate to insure
the payment of such debt, independent Of
any len upon such stock. or in case OF for
FIXTURES OF stock for the non payment Of
instalments due thereon, as provided in
the twenty third section; and stock so pur-
chased shall in no case be held by the
branch 50 purchasing for longer period
Of time than six months, if the same can
be cold for what the stock cost, or at par.
SEC 90 In all election of directors,
and in deciding all questions at meetings
Of the stockholders, each share shall en-.
title tho owner thereof to one vote; stock
holders may vote by proxies duly author
ICED in writing. but no officer, clerk. tel
Ter or book keeper Of the branch shall act
as prtxy, and no stockboIder whose La
bility to the branch is past due and un-
paid shall be allowed 20 vote.
SEC 90. The affairs OF every branch
shall be managed by not less than FIVE
nor more than nine directors. Every d.
rector shall, during his whole term Of
service, be citizen OF the Unitsd States
and resident Of this state, At least
three fou.lhs of the directors shall have
resided in this state one year next PIE.
vious to their election as directors; each
director shall own in his own name and
right at least one per cent, of the capital
stock Of the branch up TO two hundred
thousand dollars, and the half of one per
cent. on it's capital over two hundred
thousand dollars. The directors of each
branch, collectively, shall own at least
one tenth of its capital stock Each di-
rector shall lake an oath that be will. so
far as the duty devolves on him, diIigen-
lly and honestly administer tina affairs OF
the branch, and not knowingly violate or
willingly permit 10 be violated any of the
provisions Of this act; that he is bona
fde owner, in bis own righ. Of the stock
standing in bis name on the books Of the
branch. and that the same is not bypo.
lhecated. or in any way pledged as secur.
ity, for any loan obtained or debt owing:
which oath. subscribed by himself and
certified By The officer before whom il is
taken shall be 6led and carefully preser.
. we'd 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 a: the same time.
Sec. 80 The stockholders collectively,
Of any branch, shall at no time be liable
tosuch branch, either as principal, debtors
or surelies or both, to an amount exceed.
ing 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.tbird part of the
stock actually paid in, standing in their
names, and Of which they are, collective~
ly. tbs bona 6de owners in their own
right.
SEC 81. The directors OF any brancE
6rst elected shall hold their places pntl
the first Monday in January next there.
after, and until their successors shall be
elected and qualified; all ubsequent cleo
tions shall he held annually on the first
Monday of January, and the directors so
elected shall hold their places for one
4 year, and until their successors are elec-
ted and qualified; but any director reno.
wing from the Stale, or ceasng to be the
owner of the requisite amount of stock.
shall thereby vacase his place. Any
vacancy in the board shall be filed by ap.
pointment by the remaining directors;
the director SO appointed. shall hold bis