The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-10-01
TERMS-S2O0

ats capital stock, but the slms security bItt ia
kind and amount, shall be required ofsharehol-
dcrs, aS Of persons not shareholders: and no
branch shall be the holder or purchaser of any
portion Of its capital stock Of any other ncorpor-
ated company unless such purchase shall he ne
ceSsary to prevent loss upon debt previously
contracted in good faith, Oh security which at
the time was deemed adequate to insure the
payment of such debt Independent Of any lien
upon such stock or in case OF iorfe;ures of stock
for the non payment Of installm 1nts ias there ~
as provided in the twenty third section; ard
stock so purchased shall in no case be held bv
the branch 50 purchasing for 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 election of directors, and in
deciding all questions at meetings 6f tile stock,
holders, each share shall entiIle the owner
thereaf to vote; stockholders may vote b,
proxies duly authorized in writing, bat no OIL
cer clerk, teller or bool; keeper OF the branch
Shall act as proxy and no stockholder whose H.
ability to the branch is past due and unpaid,
shall be allowed to vote
| SFo -. The affairs of every branch shall bs
managed by not less than five nor plore than
nine directors. Every director shall, during
1 his whole term of service, be citizen Of the
| United States and a resident of this State At
least three iourths 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. rhe directors
OF each branch, collectively, shall own at least
one tenth of its capital stock. Eich director
Shall take an oath that he will so far as the du-
ty deyolves on him, diligently and honestly ad-
minister the Affairs Of the branch, and not
Knowingly violate or willingly permit to be vio-
Hated any Of the provisions Of this act; that he
is a bona Fl lie owner, in his own right of the
Estock staining in his name on the books of the
branch, and that the same is not hyp0theticated
or in any way pledged as security, for any loan
obtained or debt owing: which OATH subscribed
by himself and certified by the officer before
whom it is taken. shall be fled AMI clrefully
preserved i'll the Office of the Recorder of the
county in which ths branch is located; but no,
person Shall be president of more than one
btdnch at the same time.
SIC 3D. The stockholders collectively, Of any
branch shall at no time b, liable to such branch
either as principal debtors, OF suretes or both,
to an amount exceeding onethird part of the
capital stock Of such branch, then actually paid
in and remaining as capital stock; nor Shall the
directors, collectively, be so liable TO an amount
exceeding third part Of tho stock actually
paid in, stan ling in their nlmcs, anl OF which
they are, collectively, the bonl file owners in
h their own right.
SEC. 81. The directors Of any branch first
3 elected Shall h)d their places untiI the first
: Monlay in January next thereafter, and until
thelr SUCCESSORS Shall be elected AMI qualified:
4 all Subsequent elections iii III be held annually
on the tir5t Monday OF January. and tina direc
tors 50 elcct7J shall hold their places for ono
= year, and unjil their Successors are elected and
qualified; but any director removing from the
" State or ctasing to BE- the owner of the requi-
, site amount ot stock, Shall tilercnv yacate his
4 >tace. AnY vacancy in tho board Shall be filed
- by appointment bJ the remaining directors: tho
director so appointed, Shall hold his place until
the next annual election; AMI it, from any cause.
an election Of directors Shall not be made ar
u :, the time appointed, the branch shall not for
that cause be dissolved but an election NAV ia
! acid OF airy SUBSEQUENT dag thirty days notice
- thereof having baeTgyen in a newspaper prin-
tel IN the county where the branch is located
: Sl3 81. Every branch authorized to carry on
.h3 business Of blnlting under this act. shall be
held and adlui5ed to be a body corporate, with
r succession, for the term Of twenty wears from
the date Of the certificate of association. and,
thereafter until its affairs shall be closed: an
by its corporate name shall ba competent TO
contract, prosecute an defend actions of eyery
= description rs natural persons, and process
) a gtll>t such branch may BE- served uD5n its
president or cashier, or by leaving coDv there
Of at its usual place Of business during the usual
> business hours Etch of said branches shah
y durin5tlo term Of twenty years from the date
aforesaid if so long it Shall comply with the
= provisions Of this acs, have power to loan mon
!, ey, buy, sell and discount bills of exchange,
:, - notes, and all other written evidences of debt
except snch as it shall be prohibited by this act
frlO hr1 collinfr
y posits; b1y and sell gold and silver coin and bull
!, lion; collectand pay over money and transact
- - all other business properly appertaining tobank-
ing; subject, however, to th4 provisions and re-
> strctlonS contained in this act may acoIire
y y hold and convey such real estate as NAV be- ne
i cessaTy to the convenient tran action OF its bu4
\ slnass, and no more; but may, however. acquire
= title to any real estate pledged to secu any
! deb previously contracted or purchased on an
j. execution or order of sale, to satisfy any ind,-
ment or decree in It's favor or which shall have
been conveyed 10 it in payment Of any previous
= debt, but Shall not hold any real estate sosac4
. 4uifed longer than Is necessary to avoid a loss
= Of any part Of the deot, interests and costs for
the collection or security of which it was ac-
. quired; but any time before selling the same. up-
= q on being rendered by the last preceding owner.
- or his legal representatives such sum as shall
\ be necessary to save such branch from loss Of
" any part ol the debt, interest takes, costs. and
other necessary charges for the collection or Sc
curity q which such real estate was ACQUIRED.
such branch Shall release to such owner, his le-
8 gal representative or assigns all its right, title
lf and interest therein. assn ses
is SEC. 80. No branch Shall at any time issue
y or have in circulation any note, draft, bill of
, exchange acceptance, certificate of Deposit cE
other evidence Of debt which from its charac-
ot er or appearance, shall be calculated or inten-
g dad to circulate as money, other than such notes
t, of circulation as are by this act described and
y which such branch is by this act authorized to-
. issue for the purpose of being circulated as
8 money s y,.5 B ..,s Az.
I Sgc. 3D. Each branch shall receive at par ne
!, the Office or banking house Of such branch in
q payment of debts due at such branches for notes
T of hand, bills Of exchange, or other evidences
! of debt, discounted or purchased by.gor belong
/ ing to- such branch, the notes Of circulation IS
y sued by any other branch Of the bank Of Ohio.
SEC %, Each branch shall, at all times have
$ on hand, in gold and silver coin, or their equivass
lent, one half at least Of which shil be IN geld
and silver coin in its vault an amount equal to
at least thirty per cent Of the amount of its out
a standing notes OF circulation; and wherever the
: amount Of its outstanding notes ofcirculation
shall exceed the above named proportion. rs
more Of its notes Shall be paid out or q, herw;ss
put in circulation by such branch, nor saII snci.
$ branch increase its Liabilities, by mskin9 any
new loans or discounts, other than dscountills
orpuichasing bills ofexchange, payable Al slai,s
! nor make any dividend Of its profss. uainahs@
required nron0stou hatwgnn ifG o.4stav.l;.,ar n