The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-06-04


served in the office of the recorder of the
county in which the branch is located
but no person shall be president of more
than one branch at the same time.
I Sec. 80. The stockholders, collect
lively, of any branch, shall at no time be
liable to sach branch, either as principal,
debtors or sureties, or both, 10 an amount
exceeding one third part Of the capital
stock Of such branch, then actually paid
in. and remaining as capital stock i; nor
shall the directors, collectively, be so liza
bic to an amount exceeding one third part
of the stock actually paid in, standing in
their names, and of which they are, col
ectiyelv, the bona fde owners in their
own right.
SEC. 81. The directors ofany branch
first elected shall hold their places until
the first Monday in January next there
after. and until their successors shall be
elected and qualified; all subsequent
elections shall be held annually on the
first Monday of January, and the direc-
tors SO elected shall hold their places for
one year and until their successors are
elected and qualified but any director
removing from the State, or ceasirg to
be the owner of the requisite amount OF
stock, shall thereby vacate his place
Any vacancy in the board shall be filed
by appointment by the remaining direc-
tors; the director SO appointed, shall hold
bis place until the next annual election ;
and if, from any cause, an election of di-
rectors shall not be made at the time ap-
pointed, the branch shall not for that
cause be dissolved, but an election may
be held on any subsequent day, thirty
days notice thereof having been given
in newspaper printed in the county
where the branch is located.
Sec. 80. Every branch authorized
to carry on the business of banking under
this act, shall be held and adiudged to be
a body corporate, with succession, for
the term of twenty years from the date of
the certificate of association, and thereaf-
| teruntil its affairs shall be closed and
by its corporate name shall be competent
to contract, prosecute and defend actions
of every description as fully as natural
| persons, and process against such branch
may be served upon its president or cash
icy, or by leaving a copy thereof at its
usual place of business during the usua
business hours. Each of said branches
shall, during the term Of twenty year.
from the date aforesaid, if so long it shall
comply with the provisions of this act
have power to loan money, buy, sell ant
discount bills of exchange, notes, and al
other writt-n evidences of debt. execp
such as shall be prohibited by this act from
buying, selling ordisconnting receive de
posits ; buy and sell gold and silver coli
and bullion; collect and pay over money
and trans act all other business properly
fappertaining to banking, subject, howev
Ter, to the provisions and restrictions con
tanned in this act may acquire, hold ane
convey such real estate as may be neces.
sary to the convenient transaction of it!
business, and no more but may, how
ever, acquire title to any real estate
pledged to secure any debt previously
contracted or purchased on an execution
or order of sale, to satisfy any judgmen
or decree in its favor, or which shall have
been conveyed to it in payment of any
previous debt, but shall not hold any rea
estate SO acquired longer than is necessa
ry to avoid a loss of any part of the debt
Interests AMI costs, for the collection or
security of which it was acquired but
at any time before selling the same, upor
being rendered by the last preceding own
er, or his legal Representatives, such sun
as shall be necessary to save such branch
from loss of any part of the debt, interest
taxes, costs, and other necessary charges
for the collection or security of which
such real estate was acquired, such
branch shall release to such owner, hi,
legal representatives or assigns, all it:
right, title and interest therein.
Sec. 33. No branch, shall, at any
time, issue or have in circulation any note
draft, bill of exchange. acceptance, certi
fcate of deposit, or other evidence o
debt which, from its character or appear
ance, shall be calculated or intended t,
circulate as money, other than such note
of circulation as are by this act described
and which such branch is by this act au
thorized to issue for the purpose of bein;
circulated as money
Sec. 34 Each branch shall receiv
at par at the office or banking house {
such branch in payment of debts due a
) such branches for notes of hand, bills c
exchange, or other evidences of deb
: discounted or purchased by, or belongin
: to, such branch, the notes of circulatio
, issued by any other branch of the Ban
of Ohio.
: Sec. 35. Each branch shall, at a
times, have on hand, in gold and silve
coin, or their equivalent, one-half at lea
| of which shall be in gold and silver col
: in it's vault, an amount equal to at lea
: thirty per cent. of the amount of its ou
# standing notes Of circulation and whel
S ever the amount of its outstanding note
It of circulation shall exceed the abo,
e named proportion, no more of its not'
i shall be paid out or otherwise put in ci
b culation, by such branch, nor shall SUI
d branch increase its liabilities, by makir
ii any new loans or discounts, other th;
d discounting or purchasing bills of e
II change, payable at sight, nor make al
d dividend of its profits, until the requir
b proportion between its outstanding not
st of circulation, and gold and silver col
/ or their equivalen on hand. shall be !
20 stored. Actual deposits with any solve
+ bank. of established credit, in the cities
Dt New York. Boston Philadelphia. or r