The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-10-08

nor more than vine directors. Every d.
rector shall, during his whole term Of
service, be citizen Of the United States
and resident Of this State. Al least
three.fourths of the directors shall have
resided in this State one year next previ-
Gus TO their election as directors; each di.
rector shall own in his own name and
right at least one Ier cent. Of the capital
sock Of the branch up to two hundred
thousand dollars, and tie half of one
per cent. on it's capital over two hundred
thousand dollars. TIE directors of each
branch, collectively. shall own at leas,
one tenth of its capital stock. Each di.
rector shall take an oath that he will. SC
far as the duty devolves on him. .diligent.
4 ly aud honestly administer the affairs oi
the branch, and not knowingly siolat, CT
willingly permit to be violated any Of the
provisions of this act: that he is bona.
tide owner, in his own right, of the stock
standing in his name On the books Of the
branch, and that the same is not hypothe-
Gated, or in any way pledged as secufiy.
Tor any loan obtained or debt owing;
which oath, subscribed by himself and
certified by the officer before whom it is
taken, shall be filed and carefully pre-
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 st the same time
SEC. 80. The stockholders, collective.
ly. of any branch, shall at no time be
liable to such branch. either as principal,
debtors or suret!es. or 11cc:.h, 10 an amount
exceeding one third part Of the capital
stock of such branch, then actually paid
In. and remaining as capital stock, nor
shall the directors. collectively, be SO liza.
BILE to an amount exceeding one-third part
of the stock actually paid in, standing in
their names. and of which they are, col
lectively, the bona fde owners in their
own right.
SEC. 81. The directors of any branch
first elected shall hold their places until
the first Monday in January next there.
alter, and until their successors shall be
elected and qualified; all subsequent cleo.
tons shall be held annually on the first
Monday Of January, and the directors SC
elected shall hold their places for one
year and until their successors are elected
and qualified; but any director removing
from the State, or ceasing to be the own.
er of the requisite amount Of stock, shall
i thereby vscale his place. Any vacancy
in The board shall be filed by appoint.
ment by the remaining directors: the di
rector so appointed. shall hold his place
until the next annual election; and if
from any cause, an election of director,
shall not be made at the time appointed
the branch shall not for that cause be dis
solved, butan election may be held OF
Eany subsequent day. thirty days motto,
thereof having been given in newspa
per printed in the county where the branch
is located.
SEC SO. Every branch authorized t,
carry on the business of banking unde
this act. shall be held adjudged to be /.
body corporate. with succession, for th,
term OF twenty years from the date of ths
certificate of association, and thereafter
until its affairs shall be closed; and by it!
corporate name shall be competent to con
tract, prosecute and defend actions of ey
cry description as fully as natural persons
and process against such branch may b.
served upon It's president or CASHIER or by
leaving a copy thereof at its usual place
of business during the usual bushes!
hours. Each of said branches shall, du
ring the term OF twenty years from th.
date aforesaid. if so long it shall comply
with the provisions OF this act, hay,
power to loan money. buy. .sell and dis
count bills of exchange, notes, and al
other written evidences vi debt, excep
such as shall be prohibited by this &C
from buying, selling or discounling; re-
ceive deposits; buy and sell gold and sill
Yer coin and bullion; collect and pay owe,
money, and transact all other business
properly appertaining to banking. subject
however,to the provisions and restrictions
contained in this act; may acquire, hold
and convey such real estate as may be
necessary to the convenient transaction ol
its business, and no more; but may, how.
ever, acquire title to sny real estate
pledged to secure any debt previously
contracted or purchased on an execution
or order of sale, to sa isfy any iudgmen,
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 deb
interests and costs, for the collection O,
security of which it was acquired; but a
any time before selling the same, upor
being rendered by the last preceding
owner. or his legal representatives., sucl
sum as shall be necessary to save such
branch from loss of any part of the debt
interest, taxes, costs, and other recessar,
charges for the collection or security O
W ich such real estate was acquired. sucf
branch shall release to such owner, hi,
legal representatives or assigns. all III
right. title and interest therein,
SEC. 33. No branch. shall. at an,
, time. issue or have in circulation any note
t draft. DILL OF exchange, acceptance, cert
! fcate OF deposit. or other evidence O
debt which. from its character or apnear
ance. shall be calculated or intended /,
! 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 bin.
i circulated as money.
: SEQ. "a. Each branch shall receive a
par at the Office or banking house of sucl
branch in payment nf dahte 5,a ot .,al