The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-09-10


stockholders, each shaTo shall entitle tbt
owner thereof to one vote; stoogboJder
msy vote by proxies duly authorized in wri
ting, bat no officer, clerk, teller or book
keeper OF the branch shall act as prcry, ant
no stockholder whose liability to the brfnci
is past duo and unpaid shsl! Je allowed I,
vote.
SEC. 30. The pfairs of every branch
shall be managed BY Ect less than FIVE no
more than nine directors. Eyory directo
shall, during his whole term of service, be
citizen of the United Statea und residen
oi this state. At lenst three fourths Of tbt
directors Shall have resided in this state oDt
year next previous to their election "a direc
Tors; each director shall own in his owr
name and right at least one per cent. of tht
capita stock OF the branch up to two hnn,
Gfed Thousand dollars, and the half of one
| per cent. on its capital over two bpndrc !
Thousand dollars. The directors Of eo,l
branch, collectively, shall own al least cra
tenth OF its capital stock. Each djrecto,
shall take an oath that he will, so far as tbe
duty crVoives on lin, diligently and hon.
o5'Iy administer the af7airs of the hropcb
ana not knowingly violate or willingly ner.
mt to be violated oHy of tho provjsiops of
this act; that he is a bona fide ownar IN his
own right OF the stock standing in his name
on the books Of the branch, ard tba. the
same is not hypothocated, or in uny wgv
P!eaSod as security, fer anY loan obtained
or de0t o~ing, whieh oath, subscribed bv
himself and certified by the officer beforo
hom 1t Is taken, shall be filed and careful
y pfeaofyed in the Office Of the recorder nj
the county in which the branch is located.
but no person shall be president of moro
than one branch al the same time.
SEC. 80. The stockholders colIeciiyery
of any branch, shall 1t no time be Iia5lc r.
such branch, either as principal, debtors or
@u!elics, or ooth, TO an GmOunt exceeding
enc tiiFd part OF the capital stock of sue
9:onch, then actually paid in, aud remaining
as cHPitai stock; nor shall the directors col.
!sc'iVe!y, be so liable to an amount exceed.
Ing one tlIird part of tho stock actually poi3
IN, standing in their names, ard of which
l"ey nre' collectively, the bona fdg owners
IN their own right.
SEC. 81. Tho draetorq Of Dnv b-srcb
IFst elected shall hold ihait places until tbo
lFst Monday in January next thereafter, aad
ieii! theI Snccassocs shall DO elected and
lualliled; all subsequent elections shall be
le'd annually on the FIST Monday Of jam.
lry, and the directors 80 elected shall hold
heir places for one year, and uD!l fher
successors are elected ana qualified: bu, env
ilrector renewing from the state, or ceasiny
o oc the owner o; tho requisite amount Of
'loek, obalI thereby Yacata h;a place, hpv
'acancy in the board shah be iiilad bv an. |
continent by he remaining directors; the
'iFector SO appointed, shall hold bis nlace
iH'tt the next annual election; and If, from
NY cati"e, al election of directors shall not |
'e made at the time appointed, tho branch |!
La'l net io' that cause be dissolved, Jat On
,,iec'ion my be held o0 aay subsequent
'a.y' tAFty days notice thereof baving been
!'Feh IN newspaper printed in the county
Fhere the branch is heated.
SEC. 80. Every branch authorized to
AIRY on the business Of banking under this !
act, shall lie held and adudgcd 10 be body
corporate, with succession, for tho term of
Wenty years from the date of the certifcats
,! association, and thereafter until its affairs
'hai! be cIoaedi ard by its corporate name
mail be competent TO contract, prosecute
md defend actions of every description as
ully as natural persons, and process ugainst
uch branch may be served upon it's pres-
lent or cashier, or by leaving copy thereof
It its usual place Of business during the usu.
il business hours. Each of said branches !
nall during the term Of twenty years from
ne date Aforesaid, if so long it shall comply |
with the provisions Of this act, have power
. loan money, buy, sell and discount bills
# exchange, notes, and oil other written
OF debt, except suchas it shalt be
by this act from buying, selling
r discou1tng; receive deposits; buy and |
ell gold and silver coin aud bullion; collect
I'D pay over money, and transact all other
uslness properly sppeltgining to banking,
ubJect, however, TO the provisions ana re-
'rictIons contained in this act; may acquire,
Old and con7ey such resi- estate as may be
ecessnry TO the convenient transaction of
IS business, and no more; but may, however,
cqura title to any renl estate pledged to
ecure any debt previously contracted or
urphased on an execution or order Of. sale,
satisfy any judgment or decree in It's favor,
which shall have been conveyed to it in
ayment Of any preVions debt, but ahall not
old any real estate 30 acquired longer than
; necessary to avoid loss on any part of
le debt, interests and Goals for tho c0iIec-
on or security OF which it was acquired; but
any time before selling the same, upon
eing rendered By the last preceding owner,
his legal representatives., suCh sum ns
hail be necessary to save such branch from
'ss Of any part of the debt, interest, taxes,
osts, and other necessary charges for the
election or security Of which such real
state was acquired, such branch shall .e-
'ase to such ownor, his legal representa-.
YES or assigns, all its right, title and interest
lertin.
SEC. 80. No branch shall, at any time,
sue or have in circulation any note, draft,
III OF exchange, acceptance, certificate of
sposit, or ether evidence Of debt which,
ON its character or appearance, shall be
ilcuiated or intended to circulate as money,
her than such notes OF circulation as are +
Y this act described, and which such branch
by this act authorized to Issue for the pur.
use of being circulated as money.
SEC. 81. Ench branch shall receive at
IF at the office or banking house of such
anch in payment of debta due at such
'anches for notes of hand, bills of sx.
range, or other evidences of debt, discoun-
d or purchased by, CT belonging to, such
anch, the notes Of circulation Issued by
~ other branch Of the Bank of Ohio.
Sec. So. Each branch, shall at all times,
we on hand, in gold and silver coin, or
cir equivalent, ose half at least OF which
all be in gold ana silver coin in its vault,
amount equal at least to thirty per cent.
the nmoDnt oS its o,ltsta ndip1 n nfnS If c;p |.