SEC. 2. That section six hundred and forty-eight of said act, as amended, be and the same is hereby repealed. SEC. 3. its passage. This act shall take effect and be in force from after C. H. GROSVENOR, Speaker of the House of Representatives. H. W. CURTISS, President of the Senate. Passed April 24, 1877. New bond. Mode of procedure. AN ACT To authorize the council of municipal corporations to require new bonds to be given by municipal officers in certain cases. SECTION 1. Be it enacted by the General Assembly of the State of Ohio, That the council of any city or incorporated village of this state, be and they are hereby authorized to require any officer who has heretofore, or may have hereafter, given a bond to secure the faithful discharge of his official duties, to furnish a new bond, whenever in the opinion of the council the same may become necessary by reason of the insolvency of the sureties upon the original bond, their removal from the state, or for any other reason which council may deem sufficient. SEC. 2. That whenever the council shall declare, by resolution, that such officer shall be required to give a new bond, written notice thereof shall be served by the clerk of the corporation upon the officer designated in the resolution, of which notice, with a statement of the time and place of service indrosed thereon, a copy shall be recorded in the proceedings of council, and the officer so required shall, within ten days after the service thereof, proceed to give a new bond, with sureties to the satisfaction of the council, or his said office shall be declared vacant and the vacancy shall be filled in the manner provided by law. SEC. 3. Upon the acceptance of a new bond by the council, or the declaration of a vacancy in the office, the obligation of the sureties upon the original bond shall thenceforward cease and determine, but nothing herein contained, shall be construed to release such sureties from their obligation for all the conditions of the original bond prior to time of the acceptance of the new bond, or the declaration of a vacancy in the office. SEC. 4. This act shall take effect and be in force from and after its passage. C. H. GROSVENOR, Speaker of the House of Representatives. H. W. CURTISS, President of the Senate. Passed April 24, 1877. AN ACT Supplementary to the "Act relating to cities of the first class having a population exceeding one hundred and fifty thousand inhabitants," passed May 4, A.D. 1869. SECTION 1. Be it enacted by the General Assembly of the State of Ohio, That the board of trustees appointed under the act to which this is supplementary, shall have power to contract for completing and leasing the whole line of railway for which they are trustees, after its partial construction and before its final completion, upon the conditions and in the mode provided for in the fourth section of the act of April 18, 1873, entitled "An act supplementary to the act relating to cities of the first class having a population exceeding one hundred and fifty thousand inhabitants," passed May 4, 1869. Leasing lines of railway. two newspers. Before making any contract for completing and leasing Advertise in the whole line of such railway, such trustees shall advertise, once a week for eight weeks, in at least two newspapers published in and of general circulation in each of the cities of Boston, New York, Philadelphia, Baltimore, and Cincinnati for proposals for completing and leasing the whole line of said railway: provided further, that said trustees may Proviso. operate so much of said railway as is completed, or any part or parts thereof, until such contract is entered into, and may lease rolling-stock for that purpose. SEC. 2. That section two of an act passed on the twentyfourth of February, A.D. 1876, entitled "An act supplementary to the act relating to cities of the first class having a population exceeding one hundred and fifty thousand inhabitants," passed May 4, A.D. 1869, be and the same is hereby repealed. SEC. 2. This act shall take effect and be in force from and after its passage. O. J. HODGE, Passed April 24, 1877. H. W. CURTISS, AN ACT To amend sections five hundred and thirty-four, five hundred and thirtysix, and five hundred and forty-one of "An act to establish a code of civil procedure," passed March 11, 1853 (S. & C., pp. 1112 and 1115). SECTION 1. Be it enacted by the General Assembly of the State of Ohio, That section five hundred and thirty-four of an act to establish a code of civil procedure, passed March 11, 1853, be so amended as to read as follows: Section 534. A court of common pleas, superior, or district court shall have power to vacate or modify its own judgments or orders, after the term at which such judgments or orders were made: Power to modify judgments. Vacate or modify judg ments. First-By granting a new trial for the cause within the time and in the manner provided in section three hundred and one. Second-By a new trial granted in proceedings against defendants constructively summoned, as provided in section seventy. Third-For mistake, neglect, or omission of the clerk, or irregularity in obtaining a judgment or order. Fourth-For fraud practiced by the successful party in obtaining a judgment or order. Fifth-For erroneous proceedings against an infant, married woman, or person of unsound mind, where the condition of such defendant does not appear in the record, nor the error in the proceedings. Sixth-For the death of one of the parties before the judgment in the action. Seventh-For unavoidable casualty or misfortune, preventing the party from prosecuting or defending. Eighth For errors in a judgment shown by an infant in twelve months after arriving at full age, as prescribed in section three hundred and eighty-six. Ninth-For taking judgments upon warrants of attorney for more than was due the plaintiff, when the defendant was not summoned, or otherwise legally notified of the time and place of taking such judgment. Tenth-When such judgment or order shall have been obtained, in whole or in a material part, by false testimony on the part of the successful party, or any witness in his behalf, which ordinary prudence could not have anticipated or guarded against. SEC. 2. That section five hundred and thirty-six of said act to establish a code of civil procedure be so amended as to read as follows: Section 536. The proceedings to vacate the judgment or order on the grounds mentioned in subdivisions four, five, six, seven, eight, nine, and ten of section five hundred and thirty-four, shall be by petition, verified by affidavit, setting forth the judgment or order, the grounds to vacate or modify it, and the defense to the action, if the party applying was defendant. On such petition a summons shall issue and be served as in the commencement of an action. SEC. 3. That section five hundred and forty-one of said act to establish a code of civil procedure, be so amended as to read as follows: Section 541. Proceedings to vacate or modify a judgment or order, for the causes mentioned in subdivisions four, five, and seven of section five hundred and thirty-four, must be commenced within two years after the judgment was rendered, or order made, unless the party entitled thereto be an infant, married woman, or person of unsound mind, and then, within two years after the removal of such disability. Proceedings, for the causes mentioned in subdivisions three L and six of the same section, shall be within three years, and SEC. That said original sections five hundred and thirty- C. H. GROSVENOR, Passed April 24, 1877. AN ACT To authorize free banking. SECTION 1. Be it enacted by the General Assembly of the State of Ohio, That any number of natural persons, not less than five, may engage in the business of banking, with all the rights, privileges and powers conferred by, and subject to the restrictions of, this act. Not less than five persons. SEC. 2. Persons associating to form a banking company Specificashall, under their hands and seals, make a certificate which tions. shall specify: First-The name assumed by such company, and by which it shall be known in its dealings; also the name of the place where its banking operations shall be carried on, at which place such banking company shall keep an office for the transaction of business. Second-The amount of the capital stock of said company, and the number of shares into which the same is divided. Third-The name and place of residence, and the number of shares held by each member of the company. Fourth-The time when such company shall have been formed. Such certificate shall be acknowledged before a justice of Acknowlthe peace or notary public, and transmitted to the secretary edged and of state, who shall record and carefully preserve the same in sent to secre his office; and a copy thereof, duly certified, shall be by him tary of state. returned to and recorded by the recorder of the county where such company is to be established, in a book to be kept by him for that purpose, which shall at all times during office hours be kept open for inspection of any person wishing to examine the same. Copies of said record, duly certified by either of those officers, may be used as evidence in all courts and places, for and against any such company, and shall be conclusive evidence of the existence of such banking com pany. SEC. 3. The capital stock of each company hereby Capital required. authorized shall be at least twenty-five thousand dollars, and may be increased, from time to time, as may be deemed expedient. Paying in SEC. 4. At least fifty per centum of the capital stock of capitalstock. every company shall be paid in before it shall be authorized Proviso. Certificate and records. Suits, actions, etc. to commence business, and the remainder of the capital stock of such company shall be paid in installments of at least ten per centum each on the whole amount of the capital, as frequently as one installment at the end of each succeeding month from the time it shall be authorized to commence business; Provided, that the amount so paid in shall be not less than twenty-five thousand dollars. SEC. 5 Whenever any company herein authorized shall furnish to the auditor, governor, and secretary of state, satisfactory evidence that said company has complied with the preceding sections of this act, said auditor, governor, and secretary of state shall furnish to said company a certificate of such fact, under their hand, and under the great seal of the state, which shall be recorded in the office of the secretary of state, in the same book in which is required to be recorded the certificate provided for in the second section of this act. SEC. 6. Every company formed under this act, after having procured the certificate required in the fifth section of this act, shall be and hereby is created a body politic and corporate, with succession, until the repeal of this act, and by its name shall have power to contract, and to prosecute and defend suits and actions of every description, as fully as natural persons; to loan money, buy, sell and discount bills of exchange, notes, and all other written evidences of debt, except such as may be herein prohibited; to receive deposits, buy and sell gold and silver coin and bullion, collect and pay over money, and transact all other business properly appertaining to banking, subject to the provisions and restrictions of this act; may acquire, hold and convey such real estate as may be necessary to the convenient transaction of its business, and no more, but may, however, 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 judgment or decree in its favor, or which shall have been conveyed to it in payment of any previous debt, but shall not hold any real estate so acquired longer than is necessary to avoid a loss of any part of the debt, interest, and costs for the collection or security of which it was acquired; but at any time before selling the same, upon being tendered by the last preceding owner, or his legal representative, such sum as shall be necessary to save such company 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 company shall release to such owner, his legal representative or assigns, all its rights, title and interest therein. |