The Tiffin tribune. [volume] (Tiffin, Ohio) 1848-1859, 1857-10-09

that nothing in this section contained shall be g,
construed ~ to require the Bank Of Ohio TO ed.
nit any such independent OF tree bank 10 become
branch Of tho Bank Of Ohio,unloss the director.
Of the Bank OF Ohio shall be satisfied that the I'D
mission Of snch branch will not ioolartliau tho
interests OF the publc, or the bank Of Ohio,
Sec. 20. The capital stock OF each brunch shall
be divided into shares Of enc hundred dollars
each. aud shall ne asiignahlo on the books the
branch in such mannor ~ its by lows shall pro.
scribe. hut no shareholder shall have power to
sell or transfor any shares held IN his Own right
so long ~ he shall be liable, either as principal
debit, without the conFonl Of majority of th e III.
rcctnFs. Nor shall such shareholder, whom Tia.
hle 10 the branch for any debt that s over due,
be entitled TO receive any dividend, interest or
profit on such shorcs 20 long as such liabilities
shall coniinuu, but all such dhidcnds, Interests or
profits shall be retained by the branch and op
piled TO the discharge ofsuch liabilities.
Sec. 27. No branch shall take. as security Tor
any loan or dscoun,,e lien on ouy par, Of its
capital stock, but the same security both w kind
and amount, shall be required otsharehuldors. us
Of per- ons not shareholders; and no branch shall
ho the holder or purchaser OF any portion Of its
capital stock, or OF the capital ',ock of amy other
Incorporated company unless such purchase shall
be necessary 90 prevent loss upon debt pee.
yiously contracted ln good faith ON security which
NJ tho time was deemed adequate TO insure the
pay ment Of such debt, independent of any lien
upon such stock, or In case OF lorfouurCs ol stock
as provided in the twenty third snction aud stock
20 purchased shall in no case be held by tho
branch 20 purchasing for longer period OF time
than six months, the same can be sold for what
the stock cost, or Vt par,
Sec. ~. IN all election Of directors, and In de-
Gliding all questions at meetings Of tlo slockhod-
ers, each share lhal ontitle the owner thereof 20
one votes stockholders may vote by proxies duly
authorized In writing, but no officer, clerk, teller
or book keeper OF the branch shall set as proxy,
uo rrrhn fftF he oh
Is past due aud unpaid shall be allowed to vote.
Sec. 20. The Affairs OF every branch shall be
managed by not less than five or more than nine
directors. Every drector shall, du ing his whqle
term ofservice, be a citizen ofthe United states aud
esident ofthi' State. Al least three iourths OF
the directors shall have re,dod in this state one
year next previous TO their election us diroctorsj
each director shalt own n his own name and
right ai least one per cent Of the capital stock o
the branch up TO Two hundred thousan dollars
, and the halt OF ono per ceutou iH capital stocl
, over two hundred thousand dollas. The diroc'
. tors Of each bmUChi collectively, shall own a.
u least one tenth olits capital stock. Each droctu
shall take an oath that be will 80 FAR "a the dun
dovolves on him, diligently and honestly admin
istor the affairs Of the branch, aud not knowingly
n violate willingly permit to be- violated any o
ihe provisions OF this act that he Il hoda hdo
er, In his own right, Of the stock standing In hi
u name on tho books Of the branch, and the SAME
! is not hypolhecated, or In any way pledged al
n security for any loan Obinned or debt owing
y which oath. subscribed by himself aud certified
Il by the olhctr before whom it is taken, shall be
Il hled and carefully presorvet iu the olhce OF th'
q recorder vi tho county iu which the branch Il 10
J. Gated but no person shalt be president Of NOR
= than Que branch attho same time.
n Sec, 80. The stockholders cole ctively. Of Rn,
branch shall at no time be liable TO such branch
n either as principal debtor or sureties or both Il
u an amount exceeding one-thrd part Of the capita
? stock Of such branIh. actually paid IT,, and ro
mRining as capita stock; nor shall the directors
4, collectively, be so liable to an amount exceedin
ono.third prr OF tho stock actually paid in stand
{, ling In their names, aud OF which they are, col
li lectvely. the bona fdo owners In their own right
n Sec. 81. The directors ofRnY branchhrst olecte
Il shall hold their places until the 6rst Monday u
pf January nextthereafer, aud until their successor
v are elected apdsqualihedi all subsequtn election
ei shall be held annually on the fret Monday
or January, aud the drectors.so elected shall hol
'u their places COR one year, and until their succe
,y sors are elected and guafed but any director n
Of moving FROM the State or ceasing 10 be the owl
Of er Of the requisite amount OF stock; shall therct
y vncete his place. Any vacancy 10 the board sha
pc be filled 10y appointment by the remaining dire
IN torsi the director so appointed, shall hold h
M place until the next annual election; and IT, tro
"a. any cause, an election of directors shall not d
m made at tho time appointed, the branch shall M
III for that cause be dissolved, bu' election ms
'u be held on any subsequent day, thirty days nl
tce having boen given h newspaper printed
g. the county where the branch Is located.
or sec. W. Every hrunrn authorized 20 curry q
At tho business Of banking under this act, shall b
H. held and adiudged 10 be a body corporate. wit
succession, for the term Of twenty years from th
~ date of the certificate Of association, and there
er alter until It's affairs shall be closedi aud by Il
~, corporate name shall be competent 70 ContraC
It prosecute and defend actions OF every descripto
n' as iul.y as natural persons, and process egain
!" such branch may be served upon It's president 4
ob cashier or by leaving copy thereof atts usu'
business place. during the usual business hour
luNau hall uVfa fsHft q
twenty years from the date aforesaid, II so Ion
en- Il shall comply with the provisions Of this nc
90 have power 10 loan money, buy, sell and discoul
be bills Of exchange, notes, and all other write
b. evidences Of debt, except such shall be pr,
Oh hbted by this act FROM buying, settling or di
he countingi receive deposits buy and sell gold an
ei silver coin and bullioni collect and pay ov,
J. money, and transact all other business properl
n apperaining 10 banking, subject, howeyer,to III
of provisions aud restrictions contained in this ac
may require, ho.d and convey such real estate
or may be necessary TO the convenient transaction
II lis business had no morei but may, however. al
~ quire tide TO any real estate pledged to
A. debt, previously contracted or purchased on a
T execution order Of sale, % satisfy any Judgme
or or decree in its favor, or which shall have bee
~ conveyed to II In payment OF any previous deb
a but shall not hold any real estate so acquired O
he ger than is necessary 10 avoid loss Ct any pa
~, OF debt, Interests aud cost, for the collection
IJ security Of which IL was acquired but at an
Ty by the last proceeding owner or HE legal repr
81 sentatives such sum shall be necessary TO saw
lp such branch from loss Of any part Of the debt, II
nu terest, taxes costs, aud other necessary charg
is for tho collection Of security Of which such re
IN estate was acquired, such branch shall release
such owner, his legal representative or assign
~ all its rieht title and interest therein.
en- Sec, 80. No branch shall. at ony time issue
th have Ia circulation any note, dnh, bill OF E
" change, acceptance certificate Of deposit or 9TH
a evidence Of debt which, from is character or a
ie pearance. shall be calculated or intended TO ci
he culated as money, other than such notes Of ere
Mt latou as are by this act described und which
y branch, Is by this aot authorised 10 issue for Il
10 purpose Of being circulated es money.
be Sec "a. Each branch shall receive at par
nt tho Office or banking house OF oueh branch ia pB
,st ment Of debts due al such hragchei for noioa.
O. hand, bills Of exchange, or other evidences
h, debt, discounted or purchased by,or belonging {
ch such branch, the notes Of circulation Issued {
ANY other brunch OF the Bank Of Ohio.
er Sec. 35. Each bsereh shall, Of all times, has
ss on hand, in gold and silver coin, o. their equiv
eh lent, one halfof which shall be Ia gold and sls
ne coin Ia its vault an amount equal 20 at lea
thirty per cent Of the amount Of ts Outstahdil
or circulation; and Whenever The amount OF is ou
ed standing notes Of circulation shalt exceed Il
of above aamed proportion, no more Of its not
an shall be maid out, or Otherwise be put In crcul
n tion, by such branch, nor shall such branch i
cd crease its liabilities, by making any now loans
discounts, other thaB digGOunung or puFchas
K billfo Of exchange payahle as sight uor make an