Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1857-10-08

be paid in gold and silver coin, or their equivalent
one half OF which nifty per cent al least shall be il
gold and silver coin, and shall be in the iua
possession and bona fide the property of the branc
al the time OF the commencement o its bankin!
business, and at the place designated for carrying
on such business and the remainder of the capita
stock OF such branch shall be paid iu, in install
ments, each of at least ten per cent on the who'll
amount of the capital subscribed, as frequently a.
once in every four successive month from th
time of commencing business until the who'll
amount of such capita shall be paid up: Provided
.llt the directors ofthe Bank OF Ohio NAV extent
the time for tn payment OF such deferred insta II
| ments, or any part Of them, TO the branches wheI
satisfied that the public interest does not requn
! them to be paid as frequently as above providec
for.
SEC %. IF any shareholder or his assignee.
sha II fail TO pay any lnStallment on his stock when
the same shall be required TO BE- paid the braHcl
may sell said stock Al public auction having eiveI
three weeks previous notice thereof, in news
paper pub ished in the comfy where the brGnch i:
located, TO any person who will pay the highes
price therefor not less than the amount unpaid
thereon; and the excess il any. ter paying The ex
penses y the sale, snail be refunded u the delin
quent stockholder. II no bidder can be found who
willpay for such stock the amount unpaid thereon
TO the branch and costs OF advertisement and sale
| the amount previously paid shall be forfeited ic
the branch, and such stock may be subsequently,
sold IN such manner as the branch may order
SEC "a. No branch shall be organ iZtd under
this ect. in the county OF Hamilton, with les,
capital Than hve hundred thousand dollars; which
may be increased 10 any sum not exceeding one
million OF dollars
Nor in either OF the countisS of Cuyahoga, or
Lucss. with capital less thin hree hundred. in
sand dollars, nor IN either the counties OF Frank
In or Montgomery, with capital less than two
hundred Thousand dollars, which may be increased
10 any sum not exceeding six hundred thousand
dollars.
SEC. 25 Any existing Independent bank, bank
ing company branch OF the State Bank ofOhio br
free bank. creared by the laws of this state, and
authorized 10 issue notes for circulation, may,
after the organization ofthe Bank Of Ohio. become
branch OF the Bank Of Ohio. upon full cumpl-
ance 18th all the requi-itons OF this act ary
to create branch of such bank. The directors of
any such existing bank. organizing such bran ch
under this actmay do and pertom all the acts
required sof stockholders TO perfect such
oTga nization; and after the full organization
OF any scuh existing bank as a branch of the Bank
ofOhio, SUI ch original corporation shall be held 10
be dissolved, except Tor the purpose otcolecing Its
assets anu the Ial settlement OF Its affairs in the
manner provided in its charter: Provided, that
n"thlngn this section conta med shall be 50 con-
strued as to require the Bank OF Ohio TO admit any
such independent or free bank TO become branch
OF the Bank OF Ohio, unless the directors OF the
Bank ofOhio shall be satisfied shat the admission
OF such branch will not )eopardiZe the interests OF
the public, or of the Bank ofOhio.
SEC.26. The capital stock of each branch shall
be divided into shares of one hundred dollars
each,and shall be assipnable on the books ofthe
branch in such manner as its hy-laws 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 liable, either as
principal debtor, surety, or otherwise to the
branch, for any debt, without the consent of
ma jorily oi the directors. Nor shall such share
older, when liable to the brunch for any debt
that is overdue, be entitled to receive any div-
dend, interest or profit on such shares, so long
as such liabilities shall continue, but all such
dividends. interest or profits shall be retained
by the branch and appliedto the dschar-e Of
such liabilit es.
SEC. 81. No branch shall take, as security
for any loan or discount, a lien on any par. OF
it's capitel stock, but the same security, beth
in kind and amount, shall b. required OF share
holders as of persons net sha reholders: a nd no
branch shall be the holder or purchaser of
any portion of its capital or OF the capital stock
of any other incorporated company unless such
purchase shall be necessary to prevent loss
upon a debt cted in good faith,
on security which at the time was deemed
adequate to insure the payment of s1ch debt,
independent Of any lien upon such stock, or in
case of forletures OF stock for he non pa yment
!
twenty third section; and stock so purchased
shall in no case be held by the branch pur-
chasing for a longer period Of time than six
months, if the same can be sold for what the
stock cost, or at par.
SEC. 2S. In all elections of directors, and in
deciding all questions at meetings Of the stock
holders, each share shall entitIe the owner
thereof TO one vote; stockholders NAV vote BY
proxies duly authorized in writing, but no
officer, clerk teller or book keeper of the branch
sha II act as proxy and no stakeholder whose
liability to the branch is past due and unpaiG
shall be allowed to vote.
SEC %. The affairs of every branch shall
be managed by not less than five nor more than
nine directors. Every director shall, during
his whole term OF service, be citizen of the
United States and a resident Of this state. AT
least thrce-fourlhs of the directors shall have
resided in this state one year next previous 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 its capital over two hundred
thousand dollars. The directors of each branch
collectively, shall own at least one tenth OF It's
capital stock. Each director shall take an oa th
that he will SO far as the duty devolves on
him. diligently and honestly administer the ai-
fairs OF the branch, and not knowingly violate
or willingly permit to be violated any Of the
provisions Of this act; thai be is bona fide
owner, in his own 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 secnrity,Lfor any loan obtained
ordebtowiEg; which oath, ,su bscribed by himself
&certifedby the officerbelore whom il is taken
shall be filed and carefully preserved in the
office of the recorder of the county in which