Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1857-05-14

shall Be 10 gold and silver colny and shall De y
the actual possession and bona 6de tie property
Of the branch At the time Of The commencement
of It's banking business, and at The place designa.
ted for carrying Oa such business, and ths remain
der Of the capital stock Of such branch shall be
paid in, in inslallments each Of At least ten per
cent On the whOIs amount Of tbe capital subserfb-
ed, as sfrsqasudy IS once in every four Successive
months from the time Of commencing business
sndl the whole amount Of such capital shall b.
paid up: Provided. that the directors Of the
Bank Of Ohio may extend The time for the pay.
ment Of such deferred instaIlms1is, OF any part Of
them, to tbe branches when satisfied that the pub
lie interest does not require them to be paid As
frequently as above provided for. .,.f' Z.
Sec 20. If any shareholder or bis assignee
shall fail to pay any iDstaImeu. on bis stock when
the sames shall be required to be paid, the branch
may sell said stock at public auction, having CIV
en- three weeks previous notice thereof n q news
paper 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, il any, after paying the
expenses OF the SALE shall be refunded to the de-
linqueOt stakeholder. If no bidder can be found
WHO will pay for such stock the amount unpaid
thereon to the branch, and costs Of advertisement
aud sale, the amount previously psid shall be for
feited to the branch. and such stock NAV be sub
sequently sold in such manner as the branch may
order. ss tsstas 49,. - 80
Sec. "a. No branch shall be organizel under
this act, in the county Of Hamilton. with less
capital than FIVE hundred thousand dollars; which
may be increased to any sum not exceeding one
million Of dollars. "a. s,-.-.sl, ~.
Nor in either Of the counties Of CuysaOga. or
Lucas, with capital less than three hundred
thousand dollars, nor in either of the counties Of
franklin or Montgomery, with q capital less than
two hundred Thousand dollars, which may be in
creased to any sum not exceeding SIX hundred
thousand dollars.
Sec. e5. Any existing independent bank,
banking company branch Of the State Bank Of
Ohio or free bank, created by the laws Of this
State. and authorized to issue notes for circulation,
may, after the organization Of the Bank Of Ohio,
become braBch Of the Bank Of Ohio, upon full
compliance with all the requisitions Of this act
necessary to create branch of such bank. The
directors Of any such existing bank organizing as
such branch under this act. may do and perform
all the acts required Of stockholders to perfect
such organization; and after the full organization
Of any such existing bank as branch Of the
Bank Of Ohio, such original corporation shall be
held to be dissOved, except for the purpose Of COL
lecting assets and the final settlement of its affairs
nj the manner provided in its charter: Provided,
nothing in this section contained shall be 50 con-
strued Is to require the Bank Of Ohio to admit
any such independent or free bank to become a
branch Of The Bank Of Ohio, unless the directors
Of the Bank Of Ohio shall be satisfied that the ad-
mission Of such branch win not jeOpardize The in
terests of The public, or Of The Bank Of Ohio.
Sec. 90. The capital stock of each branch
shall be divided into shares of one hundred dol.
lars each, and shall be assgnable on tbs books Of
the branch in such manner asits bylaws shall
prescribe, but no shareholder shall have power to
sell or transfer any shares held in bis own right
so lOug as be shall be liable, either IS principal
detor surety. or otherwise to the branch, for any
debt, without the consent Of 8 majoHty Of the d.
rectOrs. Nor shall such shareholder, when Liable
to the branch for any debt that is overdue be en-
titled to receive any dividend, interest OF profit on
such shares, so long such liabilities shall eontin-
ne. but all such dividends, interests or profits shall
be retained by the branch and applied to tie dis
charge of such liabilities.
Sec. 27. No branch shall take, as security for
any loan or discount lien on any part Of its cap
tal stock, but the same security, both in kind and
amount, shall be required Of shareholders, as Of
per,Ons not shareholders; and no branch shall be
the holder or purchaser Of any portion Of its eapi
tai stock, or of the capital stock Of any other in:
corporated company unless such purchase shall be
necessary to prevent los upon debt previously
contracted in good faith, on 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 forfeituFes OF stock for the
nonpayme6t Of insaallments due thereon, as pro-
vided in the twenty y-third section; and atock SO
purchased shall in no case be held by the branch
50 purchasing for longer period Of time than six
nouths,if the same can be sold for what the stock
cost, OF at par. a.4s4 ssu,Hts tst.sl7l 10
Sec. 20. In all elections Of directors and in
deciding all questions at meetings Of the stock
holders, each share shall enttle tile owner thereof
to one vote; stockholders may vote BY proxies du
Fly authorized in writing, but no Ofieet clerk, tel
Ter OF ookkeeper Of the branch shall sct as proxy
! and no stockholder whose liability to the brancl