Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1857-05-21

SEC. 81. No branch shall take, as
security for any loan or discount, lien
on any part of it its capital stock, but
the same security, both in kind and
amount, shall be required of sharehold-
ers, as of persons not shareholders and
no branch shall be the holder or pur-
chaser of any portion of its capital stock,
or of the capital stock Of any other in
corporated company under such pur-
chase shall be necessary to prevent loss
upon a debt previously contracted in
good faith, on security which at the
timc was decned adequate, to insure
the payment of such debt, Independent
of any lien upon such stock, or in case
of forfeitures of stock for the nonpay-
ment of installments due thereon, as
provided in the twenty-third section !;
and stock so purchased shall in no case
be held by the branch so purchasing for
4 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 meet
ings of the stockholders, each share shall
entitle the owner thereof to one vote;
stockholders may vote by proxies duly
authorized in writing, but no officer,
clerk, teller or book keeper of the branch
shall act as proxy, and no stockholder
whose liability to the branch is past due
and unpaid shall be allowed to vote.
Sec. 20. 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 resident of this State. At least
three or four of the directors shall have
resided in this State one year previous
to their election as directors; each di-
rector shall own in his own name and
right one per cent. of the capital stock
Of the branch up to two hundred thous-
and dollars, and the half cf one per cent.
on its capital over two hundred thous-
and dollars. The directors of each
branch, collectively, shall own at least
one-tenth of its capital stock. Each
director shall take an oath that he will,
so far as the duty deyolves on him,
diligently and honestly administer the
affairs of the branch, and not knowingly
violate or willingly permit to be violated
any of the provisions Of this act; that
he is bona fde owner, in his own right,
of the stock standing in his name on the
books of the branch, and thai the same
is not hypothecated, or in any way
pledged as security, for any loan obtained
or debt owing; which oath, subscribed
by himself and certified by the officers
before whom it is taken, shall be filed
and carefully preserved in the Office OF
the recorder of the county in which the
branch is located; but no person shall
be president of m ore than one branch
at the same time.
SEC. 80. The stockholders collect
lively, Of any branch, shall at no time be
liable to such branch, either as principal,
debtors or sureties, or both, to an amount
exceeding one-third 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 one third
part of the stock actually paid in, stand
ing in their names, and of which they
are, collectively, the bona file owners in
their own right.
SEC. 81. The directors of any branch
first elected shall hold their places until
the first Monday in January next there
GllSE, anu uHili lIiCiI SuGCGSoOIS SIli!I US
elected and qualified; all subsequent
elections shall be held annually on the
first Monday in January, and the direc-
tors so elected shall hold their places for
one year, and until their successors are
elected and qualified; but any director
removing from the State, or ceasing to
be the owner of the requisite amount of
stock, shall thereby vacate his place
ANY vacancy in the board shall be filled
by appointment by the remaining direc-
tors; the director so appointed, shall
hold his place until the next annual
election; and if, from any cause, an cleo
ton of directors shall not be made at
the time appointed, the branch shall not
for that cause be dissolved but an cleo
ton may be held on any subsequent
day, thirty days notice thereof having
been given in a newspaper printed in
the county where the branch is located.
SEC. 32. Every branch authorized to
carry on the business of banking under
this act, shall be held and adjudged to
be body corporate, with succession, for
the term Of twenty years from the date
Of the certificate Of association, and
thereafter until its afflir5 shall be closed;
and by its corporate name shall be com
petent to contract, prosecute and defend
actions of every description as fully as
natural persons, and process against
such branch may be served upon its pre-
sident or cashier, or by leaving copy !
thereof at its usual place Of business
during the usual business hours. Each |
OF said branches shall, during the term
of said twenty years from the date afore-
said, if so long it shall comply with the
provisions of this act, have power to
loan money, buy, sell ana discount bills
of exchange, notes, and all other writtln
evidences of debt, except such as it shall
be prohibited by this act from buying,
selling or discounting; receive deposits;
buy and sell gold and silver coin and
bullion; collect and pay over money,
and transact all other business properly
to banking, subject, how
ever, to the provisions and restrictions
contained in this act; may acquire, hold
and convey such real estate as may be
necessary to tie convenient transaction