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


than five, may associate and form Branches of
the Bank of Ohio, for the purpose Of carrying on
the business of banking, each at such place in
this State as shall be designated in the certificate
hereinafter required to be made, subject to the
contingencies restrictions, conditions and labil-
tiles prescribed in this act.
SIC. 2l. Persons assoeiating to form a branch
shall, under their hands and seals make Ger
tiicate, which shall specify,
First-The name assumed by such branch,
and by which it shall be known in its dealings,
in which name shall be included the name of
the city, village, or town in which its banking
operations shall be earned on;
Second-The amount of the capital stock of
such branch and the number of shares into which
the same is divided;
Third-The name and place of residence and
the number of shares held by each member of
+ the company;
Fourth-fhe time when such company shall
have been formed;
Which certificate shall be acknowledged be-
fore justice of the peace or notary public, and
shall be recorded by the recorder of the county
where such branch is to be established, in book
to be kept by him for that purpose, which shall
at all times during office hours be kept open for
the inspection of any person wishing to examine
the same; one copy Of which certificate, duly Ger
tilted, shall be transmitted to the Secretary of
\
the same in his office, and another to the Bank
| Commissioner in this act named, until the or
ganization of the Bank of Ohio, and thereafter
to said bank.
SEc. %. No branch shall be Permitted to COM
menee or carry on the business of banking under
this act, unless its capital stock shall be at least
one hundred thousand dollars, nor shall the cap
ital stock of any such branch ever be increased
to exceed four hundred thousand dollars, except
| LII >
fifty per cent of the capital stock of each branch
shall be paid in gold and silver coin, or their
equivalent; one half of which fifty per cent. at
least shall be in gold and silver coin, and shall
BE- in the actual possession and Iona fde the
property of the branch at the time of the com
mencement of its banking business, and at the
place designated for carrying on such business,
and the remainder of the capital stock Of such
+ branch, shall be paid in, in installments, each
, of Mt least ten per cent on the whole amount Of
the capital subscribed, as frequently as once in
: every four successive months, from the time Of
: commencing business until the whole amount of
such capital shall be paid up: Provided, that the
directors of the Bank of Ohio may extend the
time for the payment of such deferred install
mcnts, or any part of them, to the branches, when
satisfied that the public interest does not require
them to be paid us frequently as above provided
for.
| 4.
shall fail to pay any installment on his stock
when the same shall be required to be paid. the
branch may sell said stock at public auction,
having given three weeks previous notice thereof,
in newspaper published in the county where
the lfanch is located, to any person who will
pay the highest price therefor, 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 stakeholder. If no
I 80.
the amount unpaid thereon to the branch. and
costs of advertisement and sale, the amount pre-
viously paid shall be forfeited to the branch and
such stock may be subsequently, sold in such
manner as the branch may order.
SIC "a. No branch shall be organized under
this act, in the county of Hamilton, with q less
capital than FIVE hundred thousand dollars !;
which may be increased to any sum not exceed
ing one million of dollars.
Nor in either of the counties Of Cuyahoga, or
Lucas, with capital less than three hundred
thousand dollars nor in either of the counties OF
Franklin and Montgomery, with capital less
than two hundred thousand dollars, which may
be increased to any sum not exceeding SIX hun
dred thousand dollars.
SEC %. 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 circula-
ton, may, after the organization Of the Bank of
Ohio, become Il branch of the Bank of Ohio,
upon full compliance with all the acquisitions 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, NAV
do and perform all the acts required of stock
holders 10 perfect such organization and after
the full organization Of any such existing bank
!, as branch of the Bank Of Ohio, such original
corporation shall he held to be dissolved, excerpt
for the purpose of collecting its assets and the
final settlement of its affairs in the manner PRO
yided in its charter: Provided, that nothing in
this section contained shall he so construed as
to require the Bank of Ohio to admit any such
independent or free bank to become a branch Of
the Bank of Ohio, unless the directors of the
Bank of Ohio shall be satisfied that the admis-
sion Of such branch will not jeopardize the inter
ests Of the public, or the Bank of Ohio.
SIC. 90. The capital stock of each branch shall
be divided into shares of one hundred dollars
each, and shall be assignable on the books of
the branch in such manner as 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
principal debtor, surety, or otherwise to the
branch, for any debt, without the consent of
majority Of the directors. Nor shall such share
holder, when liable to the branch for any debt
that is overdue, be entitled 10 receive any divi-
dend' interest," OF PrIiiI on sueh sDar.s' 80 Iohg
as suen Ilaolltles shail eShtinuei out al. sueI
GlVlIenIs' INTERESTS OF IgO1's snSli De ret'llheu
oy the Oianen ana al'Pilcu 10 the uisenarse oi
sueh haoliitl'S.
SIC. 81. No branch shall take, as security for
any loan or discount, 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 its capital stock, or of the capital stock of
any other incorporated company unless such
purchase shall be necessary to prevent loss upon
a debt previously contracted In good faith, on
security which at the time was deemed adequate
to insure the payment of such debt, independent
of any lien upon such stock, or IN ease OF forfeit
ures Of stock for the non payment OF installments
due thereon, as provided In the twenty third sec
ton; and stock so purchased shall in no case be