The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1857-06-04
NUMBER a..


continue, but all such dividends, inter-
5 ests or profits shall be retained by tho
branch and applied to the discharge Of
ssch liabilities. b.,
Sec. 27 No bcDnch shall take, as 80
euyiy foS 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 bs
The holder or purchaser Of any portion Of
lis capital stock, or Of the capital stock Of
any other incorporated company unless
such purchase shall be necessary to pre-
vent loss upon debt previously contr;e ed
IN good faith, on security which at the
time was deemed adequate to insure the
Paymen! OF such debt independent Of any
lien upon such stock or in case Of for
FIXTURES of stock for The non payment Of
instsllmentS due thereon, as provided in
the tWenty.Lhrd section; and stock 50
purchased shall in no case b. held by the
branch so purchasing for longer Pc
rlod of time than six months, il the same
can be sold for what the stock cost OF al
par.
Sec. 20. In all elections Of directors.
and in deciding allquestions at meetn IS Of
the stockholders. each share shall entiLlS
the owner thereof to one vote; stockhol-
ders 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 uEpaid shall
be allowed to vote.
Sec. 90. The affairs Of every branch
shall be managed by not less than five nor
more than nine directors. Every direetos
shall, during his whole term Of service. bO
citizen of the United States aud resi-.
dent OF this Stale. At least three-fourths
OF the directors shall have resided in this
state one year next previous to their elee-
ton 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, aad
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 oath
that he will, So far as duty devolves on
him, diligently and honestly administer
the affairs Of the branch, and not know
ingly violate or willingly permit to 20 VIZ
olated any Of the provisions of this act:
that he is bona ide owner, in his own
right, of the stock standing in his name
on the books Of the branch, and the same
is not hypotheoated, or any way pledged
as security, for any loan obtained or debt
owing; which oath, subscribed by him
self and certified by the officer before
whom it is taken, shall be fled and care.
fully preserved in the Office Of the recor-
der of the county in which the branch 10
located; but no person shall be president
OF more than one branch at the same time.
Sec. 80. The stockholders collectively,
OF any branch, shall at no time be liable
to such branch, either as principal. debt.
ors or sureties or both, to an amount ex-
ceeding 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 ons.third part of the
stock actually paid in. standing in their
names, and of which they are, coli ssstive.
ly, the bona ida owners in their owIright. :
Sec. 81. The directors of any Anch
first elected shall hold their placssdndl
the first Monday in January next there.
after, and until their successors shall bs
elected and qualified; all subsequent elOc.
tons shall be held annually on the frst
Monday Of January, and the directors so
elected shall;hold their places for one year,
and until ihhir successors are elected sndtS
gu director removing FROM
- in the