The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1857-06-26

but no officer, clerk, teller o. book kespos
of The branch shall act as proxy, and ho
stockholder whose liability TO the branch II
past due and unpaid shall be allowed 70
vote. VI, IT ~ i, =
SIC. 20. The affairs Of every branch shall
be managed by not less than Eve nor m 70
than nine directors. Every director shall
curing his whole term OF service, be citi
zen Of the United States and q resident %
his Staio' At least three -fourths Of the
directors shnll have resided In this State
ono year next previous 10 their election a..
directors; each director shall own in his
own name and right at least one per cent.
OF the capital stock of the branch IN TO two,
hundred thousand dollars, and the half Of
one per cent. OF its capital over two buno-
ted thousand dollars. The directors OF each
branch, collectly, shall own at least one
tenth OF It's capital stock. Each director
siall lake an oath that he will, SO far as the
guy de'olves on him, diligently and hon
eStly administer the affairs Of the branch.
aud not knowingly violate or Willingly per.
init to be violated any OF the provisions OF
this act; that he 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 security, for any loan obtained or
ueot owingi which oath, subscribed by him
seil anu certified by the officer before W hom ),
Us 'aken, shall be filed and carefully pre-.
served in the Office of the recorder Of tbe
county in which the branch is located: but
no person shall be president OF more than
one branch at the same time.
SIC. 3O. The stockholders, collectively.
oil any branch. shall al no time be liable to
such branch either as principal, debtors, or
securities, or both, to an amount exceeding
third part of The capital stock of such.
branch, then actually paid in, and remaiu-
ing as capital stock; nor shall the directors.
collectively, DC so liable TO an amount ex. +.
cee1iny one-thrd part Of the stock actually
PAID ~, standing in their own names, and
ana OF which they are. collectively, the bona
hde owners in their own right.
okc. ~ Inc directors Of any branch first
e,ecteu Sla,i hold their places until the first
Monday in January next Thereafter. and 'n'
~ lheir successor shall be elected and anal.
lhed; all subsequent elections shall be held
annually on the first Monday of January.
ana The directors so elected shall hold tbe;,
pIae ior one year, and until their success
ois are eI'cted and Qualified; but any 1i-
rector removing from the state, or ceasine 10
oe 'he owner OF the requisite amount of IN.
s'och' Shail thereby yacate his place. Any
vacancy in the board shall be filed b, an.
po'ntincnt by the remaining directors, The
uirec'or so appointed, shall hold his place
unlii 'he next annual election; aud Uafrrh
any cause an eleciiae De dissolved, but an
leetroh may be held on any su bsequent day,
.hlrty days notice thereof having been Civ
~ III newspaper printed in the county
where the branch is located.
oRc. ". Every branch authorized 10 oar.
J on the business of banking und, this act.
man De heid anu adjudged to be bodyco cor.
'ofate, with succession, for the form of
weniy ears from the date OF the csrt,sca,e
u association, and thereafter until its sGs,y,
hall be closed; and by its corporate nnns
hall be competent to contract, prosecute ami
Ieiend actions Of every description as r,,Ijv
s natural persons, and process against such
ranch may be served upon its president or
ashier, or by leaving copy thereof at its
suni place OF business during the usual
BUSINESS hours. Each of said biaches shall
Iuring The term Of twenty years from The
ate aforesaid, if so long it shall comnlv
'ith the provisions Of this act, have mower
. , loan money, buy, sell and discount bills
T, exchange, notes, and all other written cy.
nences OF debt, except such as il shall be
tohibitcd by tins act from buying, selling
uiScounilng; receive deposits, buy and
e'i goiu ana SILVER coin and bullion, collect
nu pay over money, and transact all other
us.neSs properly appertaining TO banking.
hbIect, however, to the provisions and re-.
irlctlons contained in this act: NAV nc
uIre, hold and convey such real estate No
nay he necessary to the convenient transact.
On OF its business, and nc more; but NAV.
owever, acquire title to any real estate
legged 10 secure any debt previously con.
'acted or purchased an sau1yrneutOI decree
a its favor, or which shall have been con-
eyed to 1t in payment OF any previous debt,
ut shall not hold any real estate so acquir-
Il longer than is necessary to avoid loss
{ any part ofthe debt, interests and costs,
u the collection OF security Of which it was
cqulredj but al any time be fore selling the
,me, upon being rendered by the last pre-.
cding owner, OF his legal representatives,
Ich a sum as shall be necessary to save such
ranch from loss Of any part OF the debt in.
,rest, taxes, costs, and other necessary
harges for the collection, or security Of
'hlch such real estote was acquired, such
ranch shall release TO such owner, his Ie.
al representative or assigns, all its right,
tile and interest therein.
SRc 80. No branch shall, at any time, Issue
+ have IN circulation any note, draft, bill of
xchangc, acceptance, certicate of deposit,or
thcr evidence of debt which, from It's char.
ctcr ar appearance, shall be calculated or IN.
ended 10 circulate rs money, other than such
oES OF circulation rs are this act described,
nd which such branch Is by this act author.
,cd to issue for the purpose Of being circula.
sd as money. ...
Sgc. %. Each branch shall receive at par Mt
he oulcc or banking honse oc snch branch In
aymcnt Of debts dYe at such branches for
ntcS OF hand, bills OF exchange, or other cvi.
cnccs OF debt, discounted or purchased BY,
r belonging Ia, such branch tho notes of cir
ulation issued by any other branch Of tho
ank ofOhiO.
SEC IS. Ia IA branch shall, lat lltimcs, have no
and, In gold and silver coin; or thoir equiva
mt one half AT least of which shall be In gold
nj slLvcr coin In its vault,a amount eQualat
''st thirty pcr cent. of the amouet OF It's out.
landing notes OF circulation; and whenever
he amount ofits outstanding notes of circnli-
ion shall exceed the above named proportion,
~ moro OF It's notes shall be paid out, or other.
rise put In circulation. by such branch, nor
hall such branch increase its liabilities, by
making any new loans ar discounts other than
iscounting or purchasing bills Of exchange.
'ayahic at sight, nor mako any dividend OF
IS profits, untll the required proportion bo'
wren It's outstanding notes OF circulation, ami
old and silver con,ol their equivalent on hand
hull DO restored. Actual deposits with any
nlvent band of established credit, In the cities
" New York, Boston, Philadelphia, or Bati.
more subject to be drawn against at sight pay.
'ble IN gold and silver com, wherever these
crns are used in this act.
Ste. sc. No branch organized under this act
shall at amy time be indebted OF In any way liza
Die 10 an amount exceeding iwo'tllirds Of It's
jdpitai stock nj such time actually paid IN, and
remaining as capital stock undm shed by loss.
IS OF otherwise except on tho following IA.
counts that is to- say,
First-on account OF its notes OF cireuls-
Iion;
second On account Of moneys depsited with
,r collected by such branch;
Third On account of hills of eNchanQa