Eaton Democrat. [volume], May 15, 1856, Image 1

About Eaton Democrat. [volume] (Eaton, Ohio) 1843-1856

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sblishedevery Thurtda jr morniny in the old
Masonic Hall, second story of the brici build
ng wettof 3. VaQausdal fc Co't.ttore, jlaio
Street, Eaton,Ohio,at thefoilowingraies ! . .
, 9L;fiO petspnum, ia advance..
L': 2oo: if not rai.I with! t he' jtaf, hr
".'30flf tho haa expired; .
; tTTtieje rates will bar igtdly eifarcidV;
, Nu paptt j'noon'tinue J nntil al larrearagefara
paidAnteaaattheoptionerthtpubliher.'-1
tr" oaemmunicotion inserted, unlesiao-J
companied bj a resDonsiblenarrie;''' ."
LAWS OF OHIO!
PUBLISHED BY AUTHORITY.
AN ACT
Bauk of Ohio
10 inooporaia
and. other
; Hitbl) f tie State f OAifhat K.aholl be
- mdwiu! tor nniurai tnttivuiual persotia.not lewer
fii number in nyv esse thti five,' to associate
-Hud form companies for lje purpose of ooirring
the business' of bnrtbini, each at such ulace
kill this State biahairbe designated in its article
!uf association, and in tha certificaie btreafier
atiluireJ to be made, tubieqi, hofteer, to the
coutineencaes. relrictioii, coii'Jiiiuiis, and liu
' Ifililiet prescribed i it litis act. , j, .
. Sbotiom 3..Ti'crrjr, into effect the i pro-
iionioi iii;caot, Wm. w,. ticarboroiiti, of
. Cincinnati,' Prankliii T.-Backus,' of Clerei
. yii-uu; ' - whib, v bi ric,
FiniK .of lumhus, and Samuel Fqrrer, of
Daythii, shall be, and They r.re heftby appoiu-
led O'jiiimissioner.", and. their,' of a. niajority of
' UlerrVaheT taking an oath iilij,'intly,. faithfully
- aiiU impartially lo p'vrfirm.'ibe. duLies assigned
them by iliia.aqt,.a certificaio of hiih oath
,linl ..b led and carelully. pre(iivel.in- the
nmia nrihuhil.411 ..I Oi.i
"i " J VI UIIIIV, 9IIHI I .VHJM t4 It
1 llUJinl.. Ill i.tt. klBlinMla-fl tli .ltirjf t( hnt.tr
-commisatimerii,1' winch board shs II con'lnue Un "
III l he ottianizalioii of the1 BAiih of Ohio." as
; hereinafter pmeiiled for, and therenflerthedii
ties which tliey are re.(iir(;il So perform by this
. net, in the' organization-' of brunches of Die
, Dank of Ohio, shall Ik perfoimed b) so ij bonk,
' -and the duties in Hie prgnnizniion a' itidepch
deHlJiauks .which they are required by Uiu
act lo perforin, shall devolve on and be per-,
furmeil by the Addi!orr Treasurer, nri'l Secret
tary of Siiite, who iliall be commissioners to
1 perform such duties, aril if any of said com
missioners shall r-rfuse to erve, shall die or re
rifrt, his place shall be filled by the eeneral
Aemb!y, by Joint, resolution, if,; in sea'siuu,
mi if nol,' by the goveriiur. . " .., s
Skction S. , S'jU Commifsionerf aboil meet
in Uie cny of Columbus, at such tiunv witliin
Ibiny tiayaafler the secrm! Tuesday of Oclo-Ur-next,
as shall be appointed by the governor,
". who shut) notify each member of his appoint-
inani, and of the time and place of luretiug;
they shallt'wherr met, ; apponrt one' tif their
number to ha their liresidetit. xrUn ah.itl. 'Uit
der the order ei the hontd, sitin all offtfiiil ifoo
umyilU; and they slnll cause a fair and true
lecorit of H :iheir official proceeding to-be
" Kept. ill a book lo be jirovuied for Unit purpose
' ' "SKCTtos'4.. Per.soiis sociiiliiii lo form I
bnnklnill, ur.tler their bands ail seals', muke
a vitihi:ii:e, winch ahull spacifr, ."
,. PiMl The name, assumed by aitch bank.
and bt witich it shall be known in its dealings,
- in' whiuli nnine shall be included Hie name ol
- "Hie ciiy, village nrlown in which' i!s banking
. optiaJioiMf sliall be Cimied nut ' - . vvii
' t'l. ..r tt. . ...:i..i .it. .
aucii uaiiK, a oil lite number of shares ulo
;hMH the Mroe ia.dmded$ , - y
' and the number of shares held by each meiube
r. i, Fowrili -Tito lime when such company shall
.fjare DtreU lorineiir ' . , . :
Ki(ihThal such company has elected to
. earry or. its operailnns as an indefietiiterit
bank, or, as a .'branch of tlie Bank of Ohio,"
8 Ihecne mny be,- whicii certificate shall
) ackiinwleilg(j before a justice of the peace 0'
notary public, audhnll be recorded by the re
'eorder of the county where such bank is to be
mlablihed, in a book to be kept by him for
fhllt 1nfl.ri'. u liirsh rialtiBl All fimus itiirim,
- , ofnee hours h kept open for the inspection of
antrerseu Wishnur (o iinminn IhM tainf ; one
C.nllV ,lf htffl JA,liriiAfM flilvtA,liri,f .. shrill
, " be transmitted to 'the SerJretnry 'of State, who
ahail record anil carefully preserve Ibe same in
iita oUice, and .another lo Ahu board of. bank
Comuilssiontri,. , . . ' -.
. . Mi.viiyi , iif I'viMpiiiiy kul uc )CIIII11ICU
('.. . T . II I . n.l
to commence or canyon the business ol ban it
ing under lhwactasa branch. -of the bank of
'' "Ohio, on less jis enpilal s.lock shall be at leas
. . one hundred lhousaiul dollars, jwr shall, the
' 'Cumtftl stok of antf cnr.h liritnfth. nvnr hn .In.
created lo exceed four hundred thousand lol
larsexcept a specially provided for in this
"' act,' No independent bank shall be organized
.11.:. ... . ' ;." I II
,.Mm;i mis lean vnjilllil lliui. iii.j
. ; ibougaud uollars; nor shall the capital slock
,o( any micu dank ever be lucreased to any
- ' sum exceeding two hundred thousand uullnra,
;'. except as specially provided for in this act, At
- 'least filly percent of the capiial stock of eaoh
"company shall be paid in cold and silver coin.
. or their equivalentione half of which fifty per
.- crni el least, shall be. in goiu ana silver coin,
- - and shall be in the aclua! pussessiou and bona
v fi'le the properly of the company at the tune
: of the comiiieiicemeiit of its banking business,
and at the place designated for carrying on
, anvil pttiiic&3, aituue rf?iuaiHuec ut mo vpi
. 'lal atock of such bank lhall be paid in, in in
' Hiiallmeiits. each or at least ten Iter cent on
the whole amount of the capital subscribed,
. - frenuently as once iu every lour successive
mouths, from the time of commencing business
until', he whole amount of such capinl shall
1.- ' . n f rV .1 l
to is iu up. - rrovmeu, mat me utrcciora ui me
taun ol Ohio may extend tha timelor the pay.
' ' men: of such deferred installmenit.or auy port
. )( them, to the bianch banks, when satisfied
' that the' public Interest does not require thein
1 ,': 4 fx h noiil mo frortuaatiH u at ahftttif nmviilMil tnt-
. and the aovernor may craat lo the independent
: , 8kctoj Bf lfany tttarrhoMaa orhia
aiguee man laii m pay any nmainnem on n
. . kc wuen me same snail ue reauneu to,
fiaid-, ihe directors may sell said stock at pub
ic auction having given three weeks , prevV
cua notice ihereol, in a newspaper published
'in Ihe county where the ba k it located,
m:ft W ' nitrllit, L It I - u 'tl,u LI.U.I h,!nu
therefor, not less than (lie amount due thereonj
. and the exce.s, if anyafter pay 1115 the expen
' ats of tha sale, shall be refunded lo the delln-
queni atockho der. ' If no bidder can be found
' . wfr Uill n' ' fk aiinh mxitXi ikn oi
thereon to the bank, and cosu of adveUsemeni
- 'Vuupvii;, mr Biiiuwmr nc iuuuij paiu anon
v forfeited to tha bank and such atoc may
... ubiequeutly told in aueh maither as the ill
.... rectors may order.- ; . ,.l'-'r;:M'-?- vv?v'
'v.--' Sbctios 7.. ' Tbei board of bohk eormnirsion
' ' enshall examine the cerlificaies of tha forma-
.'r- tion of banks, transmitted to thfirq a required
, hu 4I, fiiiirlh tnlwin of llii aot. mlJ Bhatl.
- one of their own member or other special
.:- agent apoointeu Dy.them lor tuar purpose, wno
-1.11 . v. ....LL.it.. ; ..u . r . 1. .. l...i.
eoaii not ue m aiuuKiioiucs in aur u wic uqim,
- f. ..! tk.W Ma, &mrfLA.liatall, nmrpri
,; exnptine the condition of each- of the banks
" which shall have transmitled to.said board
V, reouired cprlifii alu: unit itaha'li be the esneCinl
-duty of such "agent to carefully; oouut or oth'ei-,-wise
nsctfain the auroupt of money paijl iuon
. .account ol its capiat! stock,, to ancvriaiu
name and place of residence of :ich ol Mie ni-
' ' . leciois ol such bfeiik, and that, their stockhot
their stockhol
l .'.-.' ii ' ! If I , t ... it .1 "('.- ,;, ''- "X t,i -.-li .1 .' 0 - IM i' 'K) . V . A . ' . r -' -:" ' V.-. . . ... ,"..',.
li't'JX
'
j
I, TcaIess and iFrce.'',:
a . ' A. ' : ' . jv. :
$1,5 Op e r Annun! 1 n Advance .
BUM, U.UyUAiJU.
;;;E:VT0N .PREBLE, COUSTI . 0. MAY 15, 13.56.
Vol, 12 No. 47.
1 1 - I 1 ; ' II I ill JH I V, f'TN 'J- " . 1,1 I 1 C ! I Rl I I'. '17 III 1 IB III 1
c
.
s:
uc
to
IMC
be
v'"
hv
In
the
the
deri directors and fifEcers nre men of 'respon
sibility and iiilerity, and entitled totlie public
confidence, and the amount of capital itockof
which each is the bona fide owners whether
such bank has compiled with all Ihe require
ments of this act necessary to entitle the bank
to engage "inlhe uusiness oroanktng, and shall
cause to be made and attested by the oath of a
majority of the drreclors, and by tha cashier of
such bank, a' statement ol-ail.. the mateiial
facts' necessary lo enable the board of hank
commissioners to determine whether such bank
ts .lawfully entitled to aommence tne business
of banking under the provisions of this act,
and such agent Khali immediately report to the
board or bank commi'sionerx stmli statement
and his proceedings in Ihe premises.
Suction . 11, upon a cnretul exaurnation
of the certificates of association, and the . re
ports and statements, of Hie special agents ap
pointed to ascertain .whether tha bauk so or
ganized have complied with .ilia provisions of
1 11 is aoi, 11 snail appear mat any ancn oanKs
have beirn formed, and that their stockholders.
directors and officers are men of responsibility
anil integrity, anil entitled topubhc confidence,
and thai such banks or any of them are law
ftrliy entitletl to commsnce' ihe business of
banking trie commiisiom-rs shall certify' the
same lo the governor, who-Mi.iU, if he be sat
isfied that the ' law has In all resneiMs been
complied with, irsue bis proclamation, setting
torth mat suet uanks are autrioriited to com
mpuce cud carry . on hanking, tn the places
severally, designated 111 their cernticole of as
sociation. " v, '-
SrX'tio.v v. No- bank ' shall be organized
under this act, as a branch of the bunk of
Ohio, 111 the county of Hamilton, with 0 less
capital than five hundred thousand dollars,
which Inay be increased to ony sum not ex
ceeding one milliou of dollars. Nor shall any
independent bank be organized under this net
iu said county, with a leu capital than two
hundred and fifty thousand dollars which mav
be increased to any sum not exceeding five
hundred thousaul dollars provided that in no
case where the eapttaf stock of on independ
ent bank is named in thii act, shall the cerliti-
cates of public debt required to be deposited
uy sucn Doling wun me t reasurer n biate, be
treated or regarded us any paitof such capital
slock." :'-'- " ::-':'i' :.; ....
Slctiok 10. ; No bunk shall be eslablinbed
under thia act asa branch of the bank of Ohio,
111 the - counties, of .(uyahogs, Montgomery,
rranklmor Lucas, wnn a capital les:i than
hree hundred thoiisshd dollars, which may be
increased ro any sum not exceeding six bun
Ited thousand dollars, or shall any indepen j
et.t bank be established in any pi said counties,
tCith a capital of less than one' hundred, and
fifty thousand dollars, which may be increased
to any sum not exceeding three hundred thou
saiid dollars,-.'-.' Ut - '.'' ".
SKcrio.s. IU The capital stock of each bank
shall ue divided into shares rf one hundred
dollars each, and shall be assignable on the
honks of the company; in suuh manner as its
hv -laws shall prescribe, but. no shareholder
sluill have power to sell or traiisftr any shore
iiei'i ih ins own rigm to long as oe tiiiill De 11
ittife, eilhetas principal debtor, surety, or oth
ei wise, to the eompairy, . for auv debt which
MiaII be unpaid; nor 111 uch;ope shall such
shnreholcerbo enli'lcd to receive anrdivi
dead, interest or profit on such shares, so long
as sucn liabilities shall continue, but all such
dividends, interests or profits shalfbe retained
by the hank and 'applied to the discharge qf
such liabilities, end 110 stock shall be trans
ferfed Without the consent of a majority of tht
lireciors, while the hqlder Ihereol is indebled
to the oomtianv. .!.. . , . ... . .- ...
Skcti.cii 12.. No bank shall take, as security
lor any loan or gmeount, a . lien or any part ol
Us cnpiliij stock, but the same tectrritv, both
in kind and amount, ahull be required of share
holder as of persona not s,hore holders; and no
bahk shall be- the holder or purchaser of any
portion of its capitol stock", or of the capital
aiocn ui nny oiner nicorporaieii coinpani un
less such purchase shall bo necessaiv. to pre
vent' loss upon a. debt previously cnulracled in
goudjoith, pn-security which at the time was
deemed sdc()ale-!o msuru the payment of
siloh debt, iiuleneudent of any lien lin in siicf
stock, or in case. of forfeitures nf stock for the
nou-paymeirt of iiMiinllmeiils -due thereon, s
provnleft" 111 tlie fixth section: and stock so pur
Chnsbd shalHli no case be held by the bank so
purchasing jin a longer perud of time than'six
months, ',!( the some ca'u be sold for what the
stock cost, or at par. , ' .
Section .13. In . all elections of directors.
and in deciding all .'qiiesltons at. intelings ol
uie siocKiioliiers, eaoli.nliare shall' eutule Ihe
owner theteof one. vote; stockholders may vole
by prixh.t uuiy atiiiiotijied nt writing, but no
Officer, eltrk, teller of book-keeperof the bank
shall oct as proxy; aiit fn stockholder whose
liability to jhe bank is pas', due ond unpaid
snail oe nnoweu to voie.x . ' ,. , ,
SKcno.t 14. , Tba-affjirs of everv bank oe
gained .io carry on, the business of bunking
uuuer me provisions 01 this act, shall be man
aged by not less than fire nor more than nine
directors. , fcvery director shall, during his
whole term of service 1 be sditir.en oflhe Uni
ted States and a resideot of this State." At
least three fourths of the directors shall have
resided in this State one year riexl previous th
tneir election as director; each director f boll
own in his name- end ritht at least one Pal
cH-ht of tlie oapual stock of the bank up to two
hundred thousand dollars, and the. half of one
per cept url its capital over two Ihi mired t lion
s;uia ioIiiis.Vl t he dircotorj ol eu-'li bank
collectively, shall,o-n,nt least one-leiuh of
its capital-stock.' '-.. hnh:illrecior shall take an
oaih Dint lie .will so for- as the ditty, devolves
on him, .diligently and honeslly silmi'iUier the
affairs 0fihe.bTin1,' and jiot kuowjpgly violate
or willingly penoit.to be violated any of the
provisions of this act; that he is tlie boua fide
owner, id hij 'owii right, of '.be sloQk standing
in hisowq liumaoii Ihe hooks of Uie bank, and
that tae same is, nol hypolhenied, or iii- auj
way pledged as security, for Any loan obtained
or debt awuigf wbioh onlh, su Scribed bv him
self and certified by the officer before whom it
is lakcn,"h.il be filed and carefully preserved
in the 0 flic a of tha recorder of the county in
which the blhk is located; but ho person shall
be president of more, thait duo bank organized
under this' act, 01 the same time. , , -(
' Sbctios IS. The directors of any bank first
elected shall bold their-places until Die- first
Mandarin-January next thereafter, add Until
their snoeenors shall ba elected and qualified)
all subsequent dleclioiisshail be held annually
on ihe ftist Monday ofjaiiunty, and '.he direc
tors 10 elected shall hold their ploct for; one
year, nml bnifl lijeif mccessois are felected
and qualified; but any director removing from
the State;. ,dt ceasing lo be the owjiei of ihe
requisite amount of ?,tock, sUllthereby racate.
his place. Any vacancy iu the board shall be
filled by oppolntuient by the remaining direc
tors; the. director o-Bppninted,' shall holiV-his
place Tinfil.. lha next, annual election!', and
Irnm any cid'-e an. etecttoiT of directors-shall
nut be made .H'the '.time. nppr)iaicid,'lhe bnnK.
- jshail not f o that- cauit be dissolved, but
il
election may be held on any rtttbseqnenl day
days notice thereof having been giveinn,
newspaper ptintea tn the comity where the
bahk is located. -' ' -'' -.'" ' " 1
r-'totroM tfi. Every bank authorized to carry
on the business 0 banking ander the provis
ions -oil 11 is sai, whether as a branch or the
bank of Ohio, orasan iiidepehdent bank', slnll
be held and a judged to be a body corporate,
witltsuccession until the first day of May in
the year one thousand eight bundled and seventy-seven,
and thereafter until ItsatTairsshrdl
be closed; and by its corporate name shall be
competent lo contract, prosecute and defend
suits sud actions of every description as fully
us natural' persons, and process- against such
bank may be served upon its president or cash-
ler, or by leaving a copy Thereof at its usual
place of business during the usual business
hours, bach of said banks shall, until the
first day of May, iu the yoar 011a thousand
eight hundred and seventy seven, if so long it
shall comply witb tho provisions ol this act,'
have power Id-loan money, buy, sell and dis
count bills of exchange, note, and all other
written evidences of debt, except such as rt
shall be prohibited by this- aet from buying,
selling or discopniing; rectivo deposits; buy
and sell gold and silver com and bullion; col
lect and pay over money, and tr.lnsact all
other business properly appertaining let bank
ing, subject, however, lo the provisions and re
strictions contained in this act! mav scquirc,
hold and convey such real estate as may be
necessary to the convenient transaction of its
business, and. no more, but may, however, ac
quire title to any real estate pledged to secure
auy debt previously Contracted or purchased
011 an execution or order of sale, to snli.Myniiy
judgement- or decree in its favor, or which
shall have been conveyed to it in payment ol
any previous debt, but shall not hold any real
estate so acquired; longer .hau is necessary to
avoid a loss of any port of Ihu iltbt, interests
and costs, and collection or security of which
it -was acquired, but et any tune before selling
the some, upon being tendered by the Insi
preceding owner, or ha legal represeptutives.
such sum as shall be necessary 10 save such
bank from loss of any part of the debt, interest,
taxes, cost, and other necessary charges forthe
Collection or security of which such real estate
was aeqmred, such bank shall release to such
owner, his legal representatives or assigns, an
ils right, title and interest therein.
bucTioN 17. - INote8 ol one dollar, twd dol
lars, three dollars, live dollars, ten (bllnrs,
twenty dollars, fit'y dollars, and one hundred
dollars each, and no note of any o'her denom
inatioil may be issued , by any bank' organized
under this act; of the notes issued byunysuch
bank, notmjre than ten percentof the amount
shall be-in notes of one dollar each, not more
than five per cent in uotes of two dollars each ;
not more t-han ten per cent in notes of three
dollars each; not more than twenty per cent
shall be in notes of all denominations under
five dollars; not more thair fifty per cent in
notes of. alt denominations under leu dollars.
Skctiox 18. No bank organized under this
not, shall, atony time, isatie or have in cirou
lationany nde, draft, billofexcbange, accep
lance, certificate of deposit, or other evidence
of debt Which,, from i'.s character or appear
ance, shall be calculated or intended tocuou
late ns raaney, othet than such notes f ctrcu
latlon as are. by th.s act described, and which
such bank is expressly nuthori.ed to issue lor
the purpose ol being circulated as money
8KCT10.1 19. Each independent bonk shall
receive ai par, et-lhe office -or banking holist
of such bank, in pavmeittof debts due at such
bank for notes of hand, bill.-, of exchange, or
olher evidences of debt, discounted or pur
chased by or belonging to such bank, the notes
of circulation lstued by nny other independent
bank authorized to issue such notes by this
act, which shall at the lime redeem its no:es in
gold and silver coin; and every branch- bank
ol the ban ol UI110, shall receive ol pur ni the
ofrice or banking house of such brancn iu pay
meiit .or deb'S due at such bank lor notes 01
hand, bills of exchange, or. other evidences ol
debt, discounted or purchased by, or belonging
to, such branch bank, tht; notes ol circulation
issued by any oilier brunch of the bank, of
Ohio. . '.... .' -.'':--- . . . '
' SucTio.f 20. Each bank tliflll at all times
have on hand, in gold hnd silver coin, or their
equivalent, one hull' nl least of which lhall
be in gold am) silver coin, 1:1 lis vault, on
amouui Cqual lo at least thirty per cent of tlie
amount of its outstanding notes of circulation;
and whenever the amount of its outstanding
notes of circulation .Khali exceed ihu above
named proportion, nj more of ils notes shall
be paid out, or otherwiae put in circulation,
by such bank, nor shall such bank increase its
liabilities, by making any new loans or dis
counts, other than discounting or purchasing
bills of exchange, payable at sight, nor make
any dividend of ils profits, until the. required
proportion between its outstanding notes ol
circulation, and gold aird silver coin, or their
equivalent on, hand, shall be restored. AcIUjI
depoiiits with any solvent bank or banker, of
estsblisned credit, in the cities ol new voik,
Boston, Philadelphia, r Uilliuioru. subject to
be drawn against at sight, payable in -gold and
silver, coin, shall be deemed equivalent to gold
rind silver coin, wfiefevel these terms are used
in- Ibis act.
Section 21. Nik bank organixed under- Ihis
Act Shall at any tune be indebted or in any
way liable lisou omuiiit exceeding, if a branch
of Ihe. bank ol Ohio, two 4hirdsur if an inde
pendent bank, the whole amount itscapt
lal stuck at such timv outually; paid in, and re
maining as capital stock Undiminished by losses
or ,olherwiie,, excepLon the. (ollowuig. ao-1
COIllllS-r-IIHH IS lOi.'..; c .1' .' ' .- - -
First On account yfjts notes of circulation;
SeConJ-i-Oii; account of moneys deposited
with qr culluCtcd hysuCh hank,';.. t
Third-. Od nccount; of bills vf exchange or
drafts drawn seaiiot money notually oil deposit
io the credit ot, or due lo such bankj , :...r .;
Folirth Jiubililit : tnitl strickholdertr on
aecoou.tof maoey paid in, lilt Captjal stock
and dividends ihuruonf - v -,;'',-; v-vi
Skctiun . No b-tnk..8h'i, eUher direcy
or indirectly, pledge, hypothecate ir exchange
any or ils, noleJ of ctrcu luiiint for the purpose
of procuiiug money,,io bejiiid.in oft. its oapi
tat'stocRpr io he tiaed in. Us ord'utaty banking,
operations, or; fur Ihe. purpose of purcliasing
cerflficateS of sffts-'tdck'to be depatited with
ihe Treasurer of S;tje, or'.witlii tha bank of
Ohio; nor shalTariy bank apply ot .purrjiil to be
applipd, hypoihe'caltd or pledged, ony portion
of its capital .shick to Ihe purchase of ceriifi
calesqf Stnte stock, lo be deposited Willi the
Treasursr of State as "Collateral- security fur
(he redemption of it. nolvj' of circulation, :'- :
'; Sbctios 3. . No bank sliall, iluriug the1 time
it' slialr feortiinufl "s fiporatiou aO bank,
withdraw or permit ao be wliiidrawn, eittief
forhf of dividends, 'loaiis 10 stucklinlders, fr
longer period of linle than olir months, or
any filler minder, rtny portion -pf ils capital
stock, sjinj if -I sses shall at any time have
been sfisl8ind by any . hank', equal (0 or i
' eeeding ils undivided'profil thtii hn hun l,
flndi;iiit!uds S-.' ",n :,'!-e T o liyiOfeiiU
'ever be made by any hntik, while it shall non
thirty tiilMe i'.l baithlns; 'operations to an n-noun!
in
l
It
greater than it net prn' iiicnon inmi. iie-
dncling tbvrefrilm its losses and b.id and sns-
pended debts: and ill debls due to a hank, on
tvhieli interest i past due and uup ud for n pe
riod of six months, unless thesame shall le
welt seenred, nd shall be in the process cf
collection, shall be censidered had or subten
ded debts, within the meaning of this section.
Sectio.v 2-t.-' The directorsof each bank
shnll, semi annually on the first M mday in
May and November, declare a diviilend of so
much of the net profits of the bank as lltey
shall jndse expedient; anil, on each dividend
dny', 1he cashier shall make a full, clear and
accurate statement of the condition of the
bank as tt Sim jibe on that day, after declaring
the dividend, ThiCh shall be verified by 'he
oath of the castief, president and a majority
of the directors; anil similar statements shall
also be made on 'the first Monday iu each
month, in each year, which statements shall
contain, -
First The amount f the capital sloes aa-
lunlly paid in, and (hen runuiniug, as the
capital stock of the bank;
Second Ihe ; amount ol the '111a or notes
of the bank Iheu iu ciiculalion, fpecifying lite
amount of each denemuio'.iou;
Third Theetrrntest omouut m circulation
ot ony time since Ihe making of the last pre
vious ato'ement, as shall have uccn exhibited
by the weekly statements of the cashiers, ape-
cifviuir the times when the same occurred;
Fourth The amount ol balances ami otuts
of every kind due to the branches of the bank
of Ohio, the amount due toother bunks of I lie
State, and the amount due to banks nut of the
Slate. ' ,"...;
Fifth The amount due to depositors;
Sixth Tlie nit a I amount of debts and iia
bililies of every description, and the greatest
amount since th making of the last prcviou
statement, ipec dying ihe time when the same
occurred; ? ,
iievenlh The. total amount of dividends de
clareu on the sUUemenl: - .-
. Eighth The amount of gold and silver coin
and. bullion beloninu to such bank, and in
possession, at the lime a- making the slate
me n 1. desnMiatiuv. the amount of each;
Ninth The amount subject lo be drawn at
sitbt. iu cold on I silver, ihen remaining on
deuosit with s dvent speoie paying banks or
bankers, in the 81 lies of New York, Pbiladel-
nhia. Boston and B.i llimore ; .
Tenth The iini.unt then on hand, of bills
or notes, issued, bv brooches of the bank of
Ohio, the nmouai issued by other bonks of
this State, sud the amount issued by bonks
not ol Ihis State: '
..Eleventh Thdtamount of balances due from
branches of the biiuk of Ohio, the amount dae
from olher books of this state, and the amount
due from bonks hot of this Stale, excluding,
in the latter case, deposits 111 the cities of N
York. 'Philadelphia, Boston and 'Baltimore.
aubieel lo siahl drafts, payable in specie;
.Twelfth The'omouiit on hand, of bills
bonds, notes, and other evidences of debts,
discounted or purchased by the bonk, specify
ing paiticularly theamuuiit ofsuapended debt
Ihe amount considered bad, the amouui con
Mi'ered doubtful, and the amount in suit or
iudirintnli . .
Thirteenth-The value of the real and per
sonal property, held lor the convenience of
the bunk, specifying the amount ol each;
Fourteenth, The onioiint of real estoke la
ken in havment of debts due the boukj
Fifteenth The amount of the uudivjded
nrofits of the bank:
Sixteenth The total amount of the "liabili
tits to he bank by the dnectors thereof, col
tectively. specifying the gross amount ol such
liabilities as pri cip:i I debtors, mid the gross
amount 11s endorsers or sureties;
Seventeenth- The tolol amount of liabili
ties to the bank of the stockholders thereof
collectively 'specifying the gross oinonut ol
such liabilities as principal debtors-, and the
gross amount, as indorsed or Burciies; which
statement shall be forth with 'transmitted to
the Auditor of Stale.
- An abstract of everv such staleme.it Show
tug the condition of the bank, shall be inline
diaiely nulilishe I by the bank, iu some news
paper priiilwd in the county where sucn Dans
is situnted. .' ' ;
Szotion S3. - The reuerol assembly shall
never '"impose .any greater tax upon property
employed 111 ban knit: under tins act, limn is 01
may be imposed upon the properly ot imuviti
uoU. '. ' ..
-Si.ctiom 25. Every hank organized under
tbis act may .take, reserve, receive ond charge
on aiy loan or discount made, or upon any
note or bill of exchange, or oilier evidence
debt, at ihe rate of six per centum peranum
on th amount of any sjch not", bill ol ex
change, or other evidence of debt so discount
ed, and hr more; provided, however, that in
terest may be reserved or takan ia advance
the time of making the loan or discount, ac
cording to the usual rates .of hanking, or
calculated in Kuulctt's. tobies; and the
knowingly taking, reserving or chorging on
any debt or demand discounted or purchased
by such bank, at 0 rate of interest greater than
ihat allowed by 1 his section. jdull beheld
and adjudged a forfeiture of such debt or de
mand, but the purchase or discount of a bona
fidebillof exchange, or note payable at another
place timn the place of diicli purchase or dis
count, and the taking rr reserving of iiilerest
Iheteonat ihe rate aforesaid,, from Ihe lime
of such purcha.se or discount, until thcinatu.
riiy of such bill or note, shall not be, held
usurious, 'although exchange on Ihe. place
where il is made payable, 1.? at the time
such purchase or discount, woi'tii a premium;
nor shall the discount or purchase of 0 bona
fide bili or i)0.le, payable at a place,, between
which oud the .place of discount mid purchase,
exchange is in favor of the. place of discount
or purchase, and the biking in addition to
rate of interest aioresaidr Hie rale of exchange
between sucb .places, be .deemed, usurious;
provided, no wore than 0111 half of one
cent shall be taken as exchange, uifon nny
such paper payabjo in this Stale, niyl na more
lhartuno per cnt iipyu any sucu. paper paya.
hie out of this Stale, oud in no case shall more
than the current rale; ot. exchange.. between
such places be lakenv '
' Scction2,7. , Tha total liabilities of any per
son or of any company or fit 111, (including
the liabilities of a company or. firm the liubil
ity of the several mem.ieis thereof,) to
bank' organized, under.. Ihis act, inclusive
liabilities, as. exceptor, or nccep ors of boua
fide bills of exchange, shall ut no time exceed
one halfinclusive pf liabilities as acceptor,
acceptors, oue-ultiit a 110 exciuwve 01. an iia-
bili ies nn such' hjlb of exchairge one- ten
Hurt hf the ajiioiirfL nf. the uolea whiih such
U-ink ts authorized io circula'c h, tlw tini'i.qf
such liabilities, . "' ' ; c
SevTiorJ . S8 No-''""'! shall, a I any tim.
pa) on t on loans or dicnunts,or in purchasu'g
of-ilraft or' bills ofVihaiige, nr in pn.vmetit
I of ib-piMitors. nor shall vl jii ony moile pttl
-oarcttliai,in 1e (0,e
uoiea 01 nny oann pi ptuKiitg
ut
at
ts
of
per
in
any
of
enrrtpony which notes shall not at 1nat l;ir,e
ie Tt.c?lvslile at par m paymen; 07 neuur. by
the banks sr paying out or cireulntinrj ruch
notes, nor shall it knowingly pay out of put
111 circulation any notes issued by any hank or
banking company which, at Hie timp 01 such
paying outor putting 111 circulation is not re
deeming iu notes in gold and silver, nor any
noles issii'd by any bank out nf th'v State.
Skctio29. All notea, bills and other ev
idences nf debt, excepting bills of exchange,
diseoHiited by anv bonk.ahnll be made by the
terms thereof, or by special indorsf menr, pay
able solely to such brnk, and nosuch evidence
of debt shall be assignable except for collec
tion, or foMhe following purpoaes:
First To pay and redeem the circulating
notes of such bank; - - '..'--,-
Second I o pay othet liabilities 01 inasxid
bank; am! after sucb liubililtcsshall hove been
discharged?- " ' '''
Th:ru To divide among me snarenoiuera on
their stock. - ,
Skction 30. No bank organized ' under this
act, shall ifsao any cerlificole of depofit, or
der, draf:, bill of exchange; or other evidence
of debt, payable in currency or in anything less
valunble lh.ui gold ami silver coin, except re
ceipts fur .-pecial deposits; nor sluill any tiuch
bank keep any accounts in currency or in nny
thing less valuable than gold ami silver coin,
exrept accounts of special depesits. -
Skctiom 31, . No bank orgaiii7.ed unoer :nis
act, shall be permitted, in receiving payment
at its banking house or other place than where
the same was payable, of any 110'e, bill, or
other evidence of debt, due to such bank, an J
payable at a place other than ut us banking
house, lo receive in addition lo the amount of
ucli debt and the lego! interest due ther-jon.
any sum whatiinever ns premium, exchange or
damages; provided, nothing in this section
contained shall prevent such bank from receiv
ing the damages allowed by law upon any Dona
fide bill of exchange, duly protested for non-
icoceplance or uon-payment. .
Sectiu.i 32. All trans lers or noles, noods,
bills of exchange, and other evidence of debt
owing to any bonk, or of deposits lo its credit;
all assignments of mortgages or other securi
ties on real estate, or of jimgements or decrees
in its lovur; all deposits of money, bullion cr
olher valuable thing for its use, o: for the Use
of any of Us stockholders or creditors; all pay
meutsoi money to either, niadi after the com
mission of an act of insolvency, or in content
plation thereof, with a view to prevent ihu op
plicoiion of us Oiseli in the manner prei-cn
bed by this act, or Willi a view to the preier
ence of one creditor toanotbet, except in pay
mt-ntof us circulating notes, shall be held ut
lerly null and void.
Section 33. II the directors of nny banks
organized under this act, shall knowingly vi
olate or know iugly per.nit any of the ollioers,
agents or servants ol such bank lo violate any
of the provisions of tins act; all the rights
privileges and Iroticlnses ol- saiu 0 UK shall
thereby be forfeited, such violation shall, how
ever, he determined and adjudged by a court
of competent jurisdiction, .igreeubly to the
laws of this Stale and the practice of-such
Court, before the corporation shall be declared
dissolved; ond in case olsuch violation, every
director who participated in, or. assented lo
tne same, snail De lie to uuoie 111 ins personal
add individual capacity for all dmnsges which
the. company, ils share-holders, or any olhei
persons body corporate or liornorotc, shall have
sustained in consequence cf such violation.
Skctiom 34. Every president, director, cash
itr. teller, cletk or agent of nny bunk, who
shall embezzle, extract or willfully mis poly
any of the monevs, funds or credits of such
bank, or shall, without authority from the di
rectors, issue or put in circulation ony of the
notes of such bank, or shall u ithout such nu
tlloriiy, issueorput foiili any ct rt.ficate of de
poj.il, draw any order or bill of exchaiige.ni.ike
ony occuptonce, sign any no'e, bond, or.ui,
bill of exchange, rr oitgnt-e judgement or de
cree, or shall make any false entry on any
book, report or statement of the bank, with an
ihnut in either case to injure or detrain! ruch
bank, or lo injure or defraud any olher compa
ny, body corporate or politic, or any individu
al person; or to deceive any officer or agent
appointed to inspect the affairs of any bank in
Stale, shall be deemed guilty of a misdemean
or, and upon conviction thereof, shall be con
fined in the penitentiary at hard labor, not
less ihau five nor more than ten .years.
Suction 35. Stockholders in. banks organi
zed under Ihis act, shall each be individually
and severalty liable lo Hie creditors of a bank
of which they ore stockholders, in a sum equal
iu amount lo the stock owned by each, and
should any such bank become insolvent, and
its asst-ls be found insufficient to pay its
dtlilsond liabilities, its stockholders may be
compelled to pay such deficiency, in propor
tion to Ihe amount of stock owned by each;
and should tlie whole amount for which stock
holders are individually responsible, is provi
ded iu Ihis section, be found in any case to
be inadequate to the payment ol all the resi
due of tht debts of auy bank after the appli
cation nf its assets to the payment , of such
del)ts, then, am', in that case, the. money due
from stockholders on account of their individ
ual liabilities as sjcIi, sholl be distributed
equally among all the creditors of-such bank.
hi proportion 10 the amount due lo each, the
personal liability m tins section' provided for,
is over pnd above the stock owned by stock
holders, oiul any amount unpaid thereon... '
bKCTMW J1;,. 1 lie "Ueneral Assembly mny
alter or rci5ai this act at pleasure, bat no
act altering or repealing this ocl, shall impose
any injustice or wrong upoii .the stockholders
ol any bank. organized, under it.
BBcrios 37.. Every corporation oreiuized un
der this act, shall have power tn make all nec
essary and pioper by-laws for the manage
ment and control of its business and !o fix and
regulate the rate of charges for making collec
itoitav The bank of Ohio may rcvisti the bye
lows and may also revise ihe regulations
the branches roitcernliig charges for codec
lions", and cause-both h be made uniform
omoug the branches, or as nearly so. as rliay ba
deemed expedient." ' - . .'
Section. 33. The corporations organized" on
der thin 'ael shall continue lo exist so long
iiewssiiry tor the'' settlement of their affairs,
.notwithstanding the repeal pf ihis act; and nn
law shall ever be passed 'diverting or appro
priating the osrels-of any such corporation
any puipose other ihaii lo the payment of ils
debts and liabilities, and'' ihe. distribution.
the residue among its stockholders in pro
portion to Ihe stock by them severally own
ed. ' - .'-': ' . " ' i''.'"- "
IN RELATION TO THE BANK OF OHIO.
I It
. -
in
- Sectioji 3fl. Wbenevflf, from an insrteclion
of tho Certificates transmuted by hanks lolheJ
boar I of bank - commissioners, ;t hnl appear
Hint any pumber of said, banks, nut less than
lire, hove made (Iitir elec.iou.lo transact I heir
banking operations as b ranches of tha bonk of
Ohio, nd. have" complied wdh the require-'
m;nts of this act preliminary to'lhe ctimirrerHte'
ment of banktrtij optjnitioirs, iheu- f nait dnj-
missloners s(a!l ittunediitcfi uolify each of
IN RELATION TO THE BANK OF OHIO. Rates of Advertising.
lOncYqudfetorlesSiiisertions, 1 1 :(0
4 a I? k - I ll.l.nn :ln.i.rlirn t A
rail1 dlllltlUUlH'lt1VMI , "
. " Jlifrrliulltlii; - .- 8:0
'' Sis "UnontliK. -:" -' .' 8;(0
. oy -j'weKe tnolill.il 8 f"
One fourth 6 f colutiiii fet yf ar.""" ,'i5:C0
'Vhalf " .' 18:00
.;: eolumV.; ..':... '3?:C?
Al overj quirecliacgedatlwosqurt8. : -
r
CTAdvertiseriien'.a inserted til) forbid at
tbeexpenieof tlieidyertiser.XB .'f .'.
JOB WORK
Execated KitliisolTice with, neatno? and Ce
patch, at the lowest possiljeralu-. r r '
of
as
to
of
soid banks thereof, and wilhin ten dsyn after
receiving such notice, they shall each appoint
in such manner as the directors thereof shall
prescribe, one pe-sou to be a. director of the
bank of Oli to. Bui no person wha ia not
citizen oflhe United Staten,.rrtl a resident of
this State, and who has not . resided in this
Slate at least oue yar next previous to hie
appointment, shall be such director. '
Section 4a The drreclors 01 the band ol
Ohio who shall have been appointed agreea
bly to ihe provisions of the preceding section.
shall, from the lii.io of ils organisation ont it
the first dcy of May, in the year one thousand
eight hundred and seventy seven, and there- -
ofler until the affairs of the several branches
of the bank of Ohio shall be finally closed upv
be a bod; corporate, with snccefsion, and by
the name of the bank of Ohio, capable of con
tracting and nf prosecuting, and defending
suits or actions, as fitlly. as natural persons,
and of doing all other acts and things neces-
essaryto effect ll.e object contemplated in
his act by the formation of said corporation.'
They shall meet in the city of Columbus at
such time as shall b detignniec.' by the board
of bonk commissioners, who shall give ten
doys previous notice in each branch of the
lime of such meeting; they shall each take
nu or Hi diligently, faithfully and impartially
10 perform Ihe duties imposed on 'them by
this act; a certificate of which oath shall be
hied and preserved in the olTice of the Secre
tary of Stale. They shall organize, provided
two-thirds of the wJ ule number shall be con- -vent
d, by electing some suitable person oi
president, whose duty il shall be to preside at
the meetings of the board, and sign its official
cot-Hinents. - They shall elect a vice president
whose dulie" shall be prescribed by the by. v
laws of the corporation. Theysh II appoint:
a cectelaJy, who shall keep a fair and true re
cord of the proceedings ol the bank. They
shall keep au office in the city of Columbus,
which, together with 1 heir books, papers, re
cords and accounts of every description, shall
al ull tiroes be open lo the inspection of any -commit
ee of the general assembly, or either
branch thereof, and of any commission or.
commissioners especially appointed, for that
purpose by the getter I assembly, and of any
person appointed by any one of the branches. 1
They shall procure and furnish, etch branch.,
with notes for circulation, and decide on the .
amount lo be furnished from time to time to
each, within the limits and agreeably to the
rules and restrictions prescribed by this act.
They may prescribe 111 les for the settlement of
balances btlweeti the hrouches. . They shall
hove power by themselves, or by a committee,
of one or more members of their own body,
or by a special agent appointed by lliem lit
thai purpose, whenever and as olteu as they
shall think proper, to visit any. branch, in.,
spect its books, recoids oud at-couii s, and all1
the evidences of debt due lo sud secuiities
held by ruch brunch; examine and ascertain
the omouut of money and other properly held. .
by such branch, examine on oa'b Ibe presi
dent, vice president, directors, cashier, and all
o'.ht r officers, ageiiis, clerks or servants of Ihe
branch, touching its condition, means and lia
bilities. They shall have power 10 require
any branch lo reduce ils circulation or other
liabilities, within .such li.nittf as lin y shan, af
ter full inquiry into its condition, deem ueces
sary to secure from loss erilher the dealers with
such brunch, or Ihe other branches of the
bank ol Ohio. Tliey may require the officers
of each branch lo make out, under oath, and
transmit In the "flice or said bank nl Colum
bus, statements of Ihe condition- thereof, in
such form us such bank slit. II prescribe, and
as frequently as tliey shall deem proper, which
statements shall , be recorded in a book or
hooks to be kept for thai purpose. They may
appoint an executive committee of not less
than throe, of whom the -president, or vice
president shall be one, to act iu behalf of the
bank iu such cases, and perforin all such di'
ties as shall be prencribed by the bv laws of ,
said bank, not inconut-lenl with this act.
Suction 41. The president, vice president
auu secretary ol Hie bauk, shall each leceive
such compcn.satiou fur -their services us said
bank shall allow, which sliul.be assessed upon .
the several brunches of the Uonk of Ohio, in
the ratio of their capital stock. The bank.
may ulso nllow 'he executive committee sucht
compensation as it shell tieeiii just and rea
sonable, lo be paid by the several branches in
the sud e maimer; and the expenses of pro
curing platt-s ami priming notes' of circulation
shall be pan. oy the sc-veia! branches 111 the
ratio of the noles of circulation, received by
each. -" '."''
Section 42. Each director of the bank aha 11 '
continue 111 office until the first Monday of
February, next after his appointment, and un
lit his sucetssor shall b; appointed and qua!- '
ified; vacancies in ihe board shall be filled by
the branch by which the appointment vacated
was made, (n voting, each member shall be
entitled to one Vote, and lo one oddiiionol
vote for every fifty; thou.-and dollars of the
amount of capital slock paid in 10 the bionch
represented by him over one hundred thous
and -dollars, at the' time ol sucb voting. The
president and vice president shall hold their
oflicej for one year, and nulil their Successors
shall be appointed, but they may be removed
by a resolution (if the bO-ird. They shall take
on oath faithfully, diligently and impatttally
to fnllill the duties of their appointments and
not knowingly -violate ony uf the provisions
of this oct. Tney mny be required to give
bond in such sum, and with such 'securities
as the bank shall prescribe; and all vacancies
in said Appointments shod be filled by the
oaiiK. . .
Suction 13. All holes issued by any branch,
inleiidud to circulate as money, shall i e paya
ble at the branch by which they ore-issued, in
gold mid silver coin, the lawful currency of"
the Ijiii.ed blotes, or. either at the option of
ll.e branch, mi demand, they shall he signed
by the presidrut orvice president of the bank
of Oltio, couuieisigned by the-cashier of 'the
branch by which they are. issued, made pay
able to bearer, mid shall be tK.-goiluble by de-
livery; all other evidences of debt,, issued by
any branch, siiall be negotiable r transfera
ble iu the same manner as if issued by a 'Cat
oral person, and shall be binding oil the branch
whether under seal ur not, and alt inch evi-
deneesof debt, other iban notes of circulation,'
shall be payable to Ihe order of soma person
there n named v ' . '
, Sisction 45. No bmnch of tha Bank of Ohio
shall, at any t.me, have in - cieulalioii notes
in lire similitude. of. hank notes, to an amount
beating -a greater pioportion lo the capital
slock of said branch actually paid in, and at
the time remaining undiminished by looses nt
Withdrawal, Hmn the nroroniou iervmolttr
jIci.-iiics is 4Q my; .7. , -f ;
' Ou the tint hundred thousand dollars, nr any
lesstr amount ;)(. iia cnpi'uL-not ruoi thsn
twice Ihe amount of suck oaprnl, -
On the. second hundred litoa.-rand'dollars or
part thereof ma - more - than nn' ami. three
qu . iters the m'Miiitof lick eapllal, over one
hundred thousand, . i ., . ,. , .
On tl iiiird .hondrad tliotisand dollais; r
; "'- Cuncluin on fourth pi!f.