Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1877-09-13
New Series-VO 17-No 35

| CURED longer ttlstn Is necessary 10 AVOID q lO
of any part of the debt, interest and costs fl
the collection or security of which it was AZ
qIiired; but at any lime before selling ii
same, upon being rendered by the last precet
ing owner, VI his legal representative, sue
sum as shall be necessary TO save such comp;
ny from loss of any part of the debt, interes
taxes, costs, and other necessary charges fe
the collection or security of which such re,
estate was acquired, such company shall re
lease to such owner, his legal representative c
assigns, all its rights, title and interest there
| in.
SEC. z. The capital stock of every compan
shall be divided into shares of one hundre
| dollars each, which shall be deemed persons
property, and shall only be assignable on til
books of the company, in such manner as il
bylaws shall prescribe; each bank shall hav
lien upon all the stock owned by its debtors
and no stock shall be transferred without tn
consent of M ,jority of the directors Will
the holfer thereof is indebted to the company
$50. 8. No company shall take as securit
for any loan, or discount lien upon, any par
of its capital stock; but the same security
both in kind and amount, shall be required o
shareholders as of persons not shareholders
and no banking company shall be the holde
or purchaser of any portion of the capita
stock of 1t or any other Incorporated company
unless such purchase shall be necessary +
prevent loss upon debt previously contractet
in good faith, or security which at the tim
was deemed adequate to insure the payment O
such debt, independent of any lien upon sucl
stock; and stock so purchased shall in no cas-
be held by the company SO purchasing for &
longer period of time than six months, if tn,
same can be sold for what the stock costs a
par.
SEC. 9. In all elections of directors, and il
deciding all questions at the meetings of tn,
stockholders, each share shall entitle tn,
owner thereof to one vote. Stockholders may
vote by proxies duly authorized in writing
but no officer or employe of the company shal
act as proxy. .-.--
SEC. TO- The affairs of every company
formed and organized to carry on the business
OF banking under the provisions of this act
shall be managed by not less than three mol
more than five directors, us may be determ
ined by a majority in interest of the stock
holders. Every director shall, during thu
whole term of his services, be a resident OF
this state.- The directors of each banking
company, collectively, snail own at least one
tenth of the capital stock; each director shall
take an oath that he will, so far as the duty
devolves on him, diligently and honestly ad
minister the affairs of the company, and not
knowingly violate, or willingly permit to be
violated, any of the provisions of this act
that he is the bona tide owner, in his own
right, of the stock, specifying the amount,
standing in his name On the books of the COM
pany, and that the some is not hypothecated,
or in any way] pledged as security for any
loan obtained, or for any debt owing, which
oath. subscribed by himself, and certified by
ha INlfN
filed and carefully preserved in the office OF
the recorder Of the county in which the bank
ing company is located. 7.
SEC. II. The directors of any banking
company first elected shall hold their places
until the first Monday in January next there.
after, and until their succ ssors shall be
elected and qualified; all subsequent elections
shall be held annuilly on the first Monday of
January, at the Office of the bank, and the d.
rectors so elected shall hold their places for
one year, and until their successors are elected
and qualified. But any t'irectot removing
from the state shah thereby vacate his place.
Any vacancy in the board shall be filled by
appointment by the remaining directors; the
director so appointed shall holl his place until
the next annual election; and if, for any cause,
an election of directors shall not be. made at
the time appointed, the company 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 a news
paper printed and in general circulation in the
county where the company is located.
SEQ II. No banking company hereby au-
thorized shall at any time issue, or have in
any note, draft, bill of exchange,
acc eptance, certificate of deposit or any other
evidence of debt, which. from its character,
form or appearance, shall be calculated or in
tended to circulate as money; and every vio-
lation OF this section, by any officer or mem
Der of banking company, shall be deemed
and judged misdemeanor, punished by fine
or imprisonment, or both, in the discretion of
the court having cognizance thereof, as now
provided by law.
Sac. 13. Each banking company shall at
all times have on hand, of lawful money of
the United States, an amount equal to at least
twenty per centum of its deposits; and when
ever the lawful money or any company shall
fall below twenty per cent. of its deposits,
such company shall not make any new loan or
discount, otherwise than by discOunting or
bills of exchange payable at sight,
nor make any dividend of its profits, until the
required proportion of its deposits, and its
lawful money of the United States. shall be
restored; and for such purpose actual deposits
with any solvent bank or banker, in the cities
Of New York, Boston, Philadelphia and Bal
timore, subject to be drawn against at sight,
and payable in lawful money of the United
States, or money actually invested in bonds of
the United States, shall be deemed equivalent
tn lawful money of the United States
SEC. IA. No banking company herein au-
.horized shall at any time be indebted, or in
any way liable, TO an amount exceeding the
amount of the capital stock at such time actu-
lilly paid in and remaining as capital stock,
lndiminished by losses or otherwise, except
On the following accounts: first, on account of
moneys deposited with or collected by such
company; second, on account of bills of ex-
change or drafts drawn against money actu-
lilly paid on deposit to the credit of or due to
such company; third, liabilities of its stock
holders on account of moneys paid in as capi-
tai stock, and dividends thereon
SEQ. Is. No banking company shall, during
he time it shall continue its operations as
bank, withdraw, or permit to be withdrawn,
,ither in form of dividends, loans to stock
holders Tor longer period of time than six
months, or in any other manner, any portion
If its capital stock; and if losses shall have
,een at any time sustained by any banking
company, equal to or exceeding its undivided
,rohts then on hand, no dividend shall be
made; and no dividend shall ever be made by
my banking company, while it shall continue
is banking operations, to an amount greater
han its net profits then on hand, dedncting
herefrom its losses and bad and suspended
lebts; and all debts due to a banking company
IN which interest is past due and unpaid for
,eriod of six months, unless the same shall be
veil secured and in process of collection, shall
We considered bad or suspended debts within
he meaning of this act.
SEQ. 16. The directors of each banking COM
ANY shall, semi annually, declare a dividend
# so much of the net profits of the company
S they shall judge expedient; but such COM
ANY shall, before the declaration of divi-
lend, carry one-tenthpart of its net profit of the
half year TO its surplus fund, until
he same shall amount to twenty per centum of
is capital stock. sa- 81 a.il-,ns
SEQ. II. Every banking company shall make
o the auditor of state a report, according to
he form which may be prescribed by him,
'erified by the oath of the president or cashier
# such company, which report shall exhibit
n detail, and under appropriate heads such as
shall rpn1irp the rpcnilrpee and liabilities of