The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-10-08

same in his Office. and another to the
until the organic .tion of tho Bank OF Ohio
and thereafter to said bank.
SEC g. No branch shall be permit
ted to commence or carry on the business
of banking under this act. unless its cap
tai stock shall be at least one hundred
thousand dollors, nor shall the capital
stock of any such branch ever be increas-
ed to exceed four hundred thousand doll
ars, except as specially provided for in
this act. At tleaat fifty per cent. of the
+ capital stock Of each branch shall be paid
in god or silver coin. or their equivalent;
one half Of which fifty per cent. g; least
shall be in gold and silver coin, and shall
be in the actual possession and bona hde
. tie property of the branch at the time oi
the commencement Of its banking busi-
ness, and the remainder of the capital
stock Of such branch shsl! be paid in. in
!, installments. each of at least ten per cent.
on the whole amount of Jhe capital sub.
Iscri6ed, as frequently as once in every
four successive months, from the time oi
commencing business until the whole a.
mount of such capital shall be paid up:
Provided, that the directors of the Bank
of Ohio may extend the time for the pay
ment of such deferred installments, OF
any part Of them, to the branches, when
satisfied that the public interest does not
require them to be paid as frequently as
above provided for.
SEc. 23. Ii any shareholder or his
assignee shall fail to pay any installment
. on his stock whom the same shall be re-
quired TO be paid, the branch may sell
. said stock at public auction. having given
three weeks previous notice thereof, in a
newspaper published in the county where
The branch 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 ex-
penses Of the sale, shall be refunded to
the delinquent stakeholder. limo bidder
can be found who will pay for such sock
the amount unpaid thereon to the branch
and costs of advertisement and sale, tie
amount previously paid shall be forfeited
to the branch and such stock may be sub.
sequent'y sold in such manner az the
| branch may order.
SEC. Cd. No branch small be organic
, Cd unier this act, in the county OF Ham
liton. with a less capital than five hundred
{ dollars, which may be increased 10 any
sum not exceeding one million of dollars
Nor in either OF the counties of Cuya
Fl hoga, or Lucas, with capital less thar
Fl three hundred thousand dollars. nor il
either Of the counties OF Franklin Oh
| Montgomery, with a capital less than two
| hundred thousand dollars, which may bt
increased to any sum not exceeding si1
Z hundred thousand dollars.
SEC. 25. Any existing Independent
bank, banking company branch of tn,
State Bank OF Ohio, or1rce bank. createe
{ by the laws Of this State, and authorized
to issue notes for circulation, may, aftel
the organization OF the Bank of Ohio be.
come a branch Of the Bank of Ohio, up
on full compliance with all the requisition;
OF this Act necessary to create branch
of such bauk. The directors of any
such existing bank, organizing as sucf
!, such branch under this act. may do anc
perform all the acts required of stockhol
ders to perfect such organization; and af-
ter the full organization of any such ex
isting bank as branch of the Bank o
! Ohio, such original corporation shall b,
held to be dissolved. except for the pur
j pose Of collecting its assets and the ina
settlement of its affairs in the manner
. prescribed in its charter: Provided. tha
nothing in this section contained shall bs
SO construed as to require the Bank OF o
bio to admit any such independent or free
bank to become branch OF the Bank q
Ohio unless the directors of the Bank o
Ohio, shall be satisfied that the admission
f of such branch will not jeopardize the in
f terests OF the public, or of the Bank o.
!. Ohio.
Sec. e6. The capital stock of each
branch shall be divided into shares of one
hundred dollars each, and shaI be as.
signable on the books of the branch iu
such manner as its bylaws shall pre-
scribe, but no shareholder shall have
| power. to sci! or transfer any shares held
in his own right so long as he shall be IL
/ able, either as principle, debtor, surety
or otherwise to the branch, foI any deb
| uishOut tuC VA q VI thS
. directors Nor shall such shareholder
: when liable to the branch for any deb
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 divide nds, interests or profits
: shall be retained by the branch and ap
f piled to the discharge of such liabilities.
Z SEC 27. No branch shall take. as Sc
e curity for any loan or discount, lien or
t any part of its capital stock. but the same
security, both in kind anc amount shal
. be required of shareholders, as OF persons
n not shareholders, as and no branch shal
be the holder or purchaser of any por
: ZION of its capital stock of the cap
ital stock OF any other incorporates
h company, uIless such purchase shall b'
n necessary to prevent loss upon deb
: previously contracted 10 good faith. OF
r security which at the time was deemed
5 adequate to insure the payment of sucl
debt, independent of any lien upon sucl
|, stock, or in case of fort, lures Of stocl
If for the non payment OF installments du'
thereon, as provided in the twenty-thlr'
j. secticr; and stock SO purchased shall il
y no case be held By the branch so purcha
sing Tor longer periot OF time than 81:
months IF the same can be sold for W ha