Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1857-05-26


the first Monday in January next =, theTeal-
ter and until. their successors snah De
elected and qualified; all subsequent elec-
tions shall be held annually on the hrst
Monday of January, and the directors 80
elected shall hold their places for one year,
and until their successors. are elected ana
qualified, but any director removing from
the State. or ceasing to be the owner OF the
reou;site amount of stock, shall thereby
vacate his. place.ur Any vacancy IN the
board, bbe'flled by appointment Dy tne
remaining directors the director so aPT
pointed, Shall hold his place until the next
annual election, and If, from any cause, an
election Of directors shall not be made at |
the time appointed, the branch sfaillncsI
for that cause be dissolved, but an relecr
ton may be held on any subsequent day.
thirty days' notice thereof having been
piyen in a newspaper printed IN the county
Where the branch is locatad. 'iaD -A,,,i ,i'
ig- SEC. 32. Every branch authorized TO
carry on the business of banking under
this act, shall be held and adjudged to De
BODY corporate, with succession, for the
term of twenty years from the date OF the
certificate of association, and thereafter
until its affairs shall be closed; and by It's
cornorate name shall be competent TO con
tract. prosecute and defend actions OF ev-
ery description as fully as natural per-
sons, and process against such branch
NAV be served upon its president or cash
ier, OF by leaving copy thereof at It's use-
al place of business during the usual busl-
ness hours. Each of said branches Shall
during the term Of twenty years from the
date aforesaid, if so long it shall comply
with the provisions of this act, have power
to loan money, buy, sell and discount l'll pills
of exchange notes. and all other Writler
evidences Of debt except such as 1t Shall
be prohibited by this act from buying, sell
ling or discounting; receive deposits; ouy
and sell gold and silver coin and ouilion, hon,
collect and pay over money, and transact
all other business appertaining to banking
! subject. however, to the provisions and re-
strictions contained in this act, may ac-
ouire, hold and convey such real estate as
II NAV be necessary to the convenient trans
action Of its business, and no more; but
n NAV. however, acquire title TO any real esT
>, tate pledged to secure any debt previously
}, contracted or purchased on an execution OF OF
b order of sale, to satisfy any Judgment or
decree in it's favor, or which shall have
been convened to it in payment of any pre-
}, vious debt, but shall not hold any real es-
tate SO ACQUIRED longer than is necessary tc
3 avoid . loss of any part of the debt, inter
: tarests and costs, for the collection and Sc
g curitv of which it was acquired; but at any
d time before selling the same, upon being
rendered by the last preceding owner, o.
: his leUal representatives, such sum as shal
n he necessary to save such branch from ios
e Of apv part of the debt, interest, taxes
Il costs. and other necessary charges for tn
s collection and security of which such rea
g estate was acquired, such branch shall re
# lease to such owner, his legal representa-
If tives or assigns, all its right, title and In
IS terest therein. ,.t.3a. - ,.l,.
b SEC 33. No branch shall, at any time
ID issue or have in circulation any note, draf
is bill of exchange, acceptance, certlhcate
Of denosit or other evidence of debt which
h from its character or appearance, shall ;
Or calculated or intended to circulate as MOI
e. ev other than such notes of circulation
c. are bv this act described, and which sue
no branch is by this act authorized to lssr
lg for the purpose of being circulated 1rc'llS
81 money. a..-.s, ,.,rlL.
ck SEC. "a. Each branch shall receive
mar at the office or banking house OF sue
s, branch in payment Of debts due at sue
of branches for notes of hend, bills OF e
tie chance, or other evidences of DEBT, dl
RS counted or purchased by, or belonging
ri such branch, the notes of circulatlon
ok sued by any other branch Of the Bank n4,
nd Ohio. ,g ,,t.
ch SEC. 35. Each branch shall, at
TO times. have on hand, in gold and SHY
coin. or their equivalent, one half, at lea
lch of which shall be in gold and silver &C
nor in it's value, an amount equal to at lei
tor thirty per cent. of the amount of It's O
be, standing notes of circulation; and wht
esi- ever the amount Of its outstanding no no
tbs of circulation shall exceed the above nam
his proportion, no more of it's notes 8 shall 4.
lee paid out, or otherwise put IN clrcullatl o.
,wn bv such branch, nor shall such branch
per crease its liabilities, by making any n
up loans or discounts, other than discount
the or purchasing bills of exchange, pay able
,yer sight, nor make any division OF its prof
di- until the required proportion between
ball outstanding notes of circulatlon'
ock. pold and silver coin, or their equl
!, he lent on hand, shall be restored, Acll
illi- deposits with anv solvent bank, OF e esl
airs llished credit, in the cities of New y
jlate Boston, philadelphia, or Baltimore
" Of iect to be drawn against at sight pays
iona in gold and silver coin, wherever II u
tock terms are used in this act -. ,,g
the SEC. SO. No branch organized, ur
ted, this act shall, at any time be indebtel
loan in ina any " way liable to an amount exceed
sub two thirds of its capital stock at such
e Of actually paid in, and remaining as cal
fled stock undiminished by losses or other
the except in the following accounts-thhaa t hha
bank to saw. r'..-sf :.
dent First-On account of its notes OF
time. lation; .. -. ,,~.,,,,... .,i-,. 7G 80
vely, Second-On. account y u
liable tied with or collected oy I;Iis sHH nfexch;