Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1857-10-01
ST. CLAIRsvILLE, OHIO, THURSDAY, OCTOBER L, 1857

be paid in gold and silver coin, or their equivalen
one half OF which fifty per cent al least shall be in
gold and silver coin, and hall be in the &C tua
possession and bona fde the property of the branch
at the time OF the commencement o its banking
business, and at the place designated tor carrying
on such business and the remainder OF the cap tai
stock o such branch shall be paid in, in install
menis, each of at least ten per cent on the whole
amount OF the capital subscribed, as frequently
once III every four successive month from the
time OF commencing business until the whole
amount of such capita shall be paid up: Provided
that the directors of;he Bank OF Ohio NAV extend
the time for IN payment of SUCH deferred insta L.
ments. or any part OF them, 10 the branches, when
Listed that the public interest does not require
them 10 be paid as frequently as above provided
| Ior.
SEC. %. If any shareholder or his assignees
sha fail 10 pay any installment on his stock when
the same shl be required 10 be paid the branch
may sell said stock at public auction having given
three weeks previous notice thereof in a news.
paper pub ished in the comfy where the brRnch i:
| located, to any person who will pay the highes
price therefor, not less than the amount unpaid
Ihereon and the excess il any, tter paying the eX
penses the sale, snail be refunded to the delin
qnent stockholder. limo bidder can be found who
VIII pay tor SUCH stock the amount unpaidshereor
10 lhe brsacl, and costs OF advertisement and sale
the amount previously paid shall be forfeited ID
| the branch, and such stock may be subsequently
sold In such manner as the branch may order
SEC. 24. No branch shall be organ lied under
( this act, in the county OF Hamilton, with les;
capital than five hundred thousand dollars: which
may be increased TO any sum not exceeding one
million of do iiars.
z Nor in either OF the countiss of Guy hoIa, or
Lucas. with capital less than hree hundr ed thou
sand dollars, nor In either OF the counties Of Frank
lin or Montgomery, with capital less than two
hundred thousand dollars, which may be increased
TO any sum not exceeding six hundred thousand
dollars.
SEC. 25. ANY existing Independent bank. bank
ing company branch OF the State Bank ofOhio OF
free bank. Created by the laws of this state, and
authorized 10 issue notes for circulation. may,
after the org inizltiOn ofthe Bank of Ohio, become
branch OF the Bank Of Ohio. upon full cpmpli-
ance with all the acquisitions Of this necess ary
to create branch of such bank. The directors of
any such existing bank. organizing such bran ch
under this actmay do and pertom all the acts
required got stockholders TO perfect such
orgl nization; and after the full organization
OF any scuh existing bank As branch OF the Bank
otOhIo, su ch original corporation shall be held 10
be d!sSo lved except tor the purpose otcollecIng It's
assets anG the final settlemel, OF its affairs Ill the
manner provided IN Its charter: Provided, that
n"thingin this section cJnta med shall be 50 con-
stTued as to require the Bank OF Ohio admit any
such independent .ree bank TO become branch
Of the Bank o! Ohio, unless the directors OF The
Bank OF uhiO shall be satisfied that The admission
OF such branch viii not ysopardize the interests OF
The public, or OF the BANK otOhio.
SEC-26. The capital stock Of each branch shall
be divided into shares of enc hundred dollars
each ,and shall be assignable on the books Ofthe
branch in such manner its bylaws shall pre-
scribe, bot no shareholder shall have power
to sell or transfer any shares held in his own
right so long he shall be liable, either as
principal debtor, surety, or otherwise to the
branch, for any debt, without the consent OF a
ma Oriiy OF the directors Nor shall such share
hnIf han 1i.b la hrar for L..
that is overdue, be entitled to receive any dvi-
dend, interest or profit such shares, SO long
as such liabilities shall continue, but all such
dividends, interest or profits shall be retained
by the branch and applied to the dischare of
such liabiit cs.
SEC. u No branch shall take, as security
for any loan or discount, lien on any par: of
its capital stock, but the same security, beth
in kind and amount, shall be required Of share
holders, as of persons not shareholders; and no
branch shall be the holder or purchaser of
any portion OF its capital, OF the capital stock
of any other Incorporated company unless such
purchase shall be necessary to prevent loss
upon a debt previousl ycontracted in good faith,
on security VIII icli at the time Was deemed
adequate to insure the payment of s1ch debt,
Independent oiany lien upon such stock, or in
case of forfeiture, OF stock ior he non payment
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 pur-
chasing for longer period Of time than six
months, if The same be sold for what the
stock cost, or at par.
SEC %. In ali elections Of directors, and in
deciding all questions at meetings Of the stock
holders, each share shall entitle the owner
thereof to one vote; stockholders may vote by
proxies duly authorized in writing, but no
officer, clerk, .tele or book keeper of the branch
sha ii act proxy and no stakeholder whose
liability to the branch is past due and unpaid
shall be allowed to vote.
SEC. %. 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 oil service, be citizen of the
United States and a resident of this state. AT
least three-fourths of the directors shall have
ided in this state one year next previous to
their election directors; each director sha II
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, and the halt
Of one per cent. on its capital over two hundred
thousand dollars. The directors of each branch
collectively, shall own al least one tenth Of lis
capital stock. Each director shall take an oath
that he will SO far as the duty devolves on
hun, diligently and honestly administer the af-
fairs oil the branch, and not knowingly violate
provisions of this act; thai be is bona fide
owner, in his own right, OF the stock standing
in his name on the books of the branch, and
that the same is not hypothecated, or in any
way pledged as securty,iiOr any loan obtained
ordebtowiEg; which oath, subscribed by himself
&certifiedby the officerbelore whom it is taken,
shall be flied and carefully preserved in the
Office of the recorder of the county in which
the branch is located; but no person shall be
I
time.
SEC. 80. The stockholders collectively, of
any branch, shall at no time be liable to such
brunch, either rs principal, debtors or sureties,
or both to amount exceeding one third part
| OF .he capital stock Of such branch, then act
ually paid in, and remaining as capital stock;
nor shall the directors collectively, be SO liable
to an amount exceedinglone-t third part of the
stock actually paid in, standing in their names,
and OF which thsy are collectively, the bona
| fide owners in their own right.
SEC. 81 The directors OF any branch first
I elected shall hold tnclr places until the first
Monday in January next thereafter, and until
| their successors shall be elected and qualified
all subsequent elections shall he held annual ly
on the first Monday OF January, and the
| directors so elected shall hold their
places for one year, and until their successors
are elected and qualified; but any director re.
| moving from the State, Or Ceasing TO be the
owner OF the requisite amount oil stock. shall
thereby vacate his place. ANY vacancy in the
board shall be filled by appointment by the re.
naming directors; the director appointed
shall hold his place until the next annual cleo
ton; and if, from any cause an election of d.
rectors shall not be made at the time appoint
ed, the branch shall not for that cause
be dissolved, but an election may BE- held on
any subsequent day, thirty days notice there.
of having been given in newspaper printed
in the county where the branch is located.
SEC. 81. Every branch authorized to carry
on the business of banking under this act, shall
be held and adjudged to be body corporate
with succession, Tor the term of twenty Years
from the date OF the certificate of association
and thereafter until its affairs shall be closed
and bv its corporate name shall be competcn
to contract, prosecute and defend actions o
every description as fully as natural persons
and process against snch brdnch may be served
upon its president 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 twenty year.
from the date aforesaid, if so long it shall com