OCR Interpretation

Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, May 20, 1856, Image 1

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn85038183/1856-05-20/ed-1/seq-1/

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; A. THOMSON; .r , u,
. . . .' JXERM3 OF SUBSCRIPTION. : 1 1
One Dollar and Fifty Cent,
.Mid inadvancer r , ... ?; ,
Two Dollars within the year.
J oi paid until after the expiration of the year
E ww u'linri una shvj vvni
(GpNa-paper will be discontinued until all ai
taragesare paid( except at the option of the pub
JTAlj oonttnttnlcations on the business of the
root nut oo postpaid xo feoure aiienuoa. j.
ITTo Clubs, of ton or more, the paper wlli
inisnaa at a liberal reduotion in price,
iaws. of;ouio.
No 114. : ANAQT..: ; .. ;
To Incorporate the Bank of Ohio and other
.v : ..' Banki.. : ..: ,f
' SECTioif 1 . Be it enacted by tht General
Atittnblj of the State of Ohio, Thar ii ihall
be lawful- for natural Individual persona,' not
'fewer In dumber lit any 'case than fire, to
associate and form companies for the pur
pose of Carrying on the business of banking,,
each at . stuch place in this State as ahall ;be
'. deslgntied .In Its article of association,: and
Ai the certificate , hereafter required . to be
. fflsde, subject, however, to the contingen
cies, rasirlciionsj conditions, and abilities
.fRsseribedlBAhis acuy.'H -H ttm-j;
Sec. 2. a TcvcB.rrj.Jntb effect the provis
ions o( jthla soj W W . Scarborou ih,. of
' Cincinnati, Franklin T. P'-.n, of Clevfj-
; Chancy n.,Giud, t -Cnclaville, J,-
"m. k intw ofX.wLurnbus; Bad SaiQuel'Forrer;
Tof'Dayton,.shall bo, and they are heioby
'appo(ftlej..'.rbpinionersV tni"f!a9j,!6 a
Tnsjorlty of them, after taking an oath' dilli
gently, faithfully and impartially to perform
the duties assigned thorn by ' this act, a cer
tificate of which oath shall be filed and care
fully preserved in the, office of the Secretary
of Statei shall constitute B board, to be' des
ignated the board of bank cornmissioners;
which board shall continue until the organ
ization, of the Bank of Ohio, as hereinafter
jiroyided for, and thereafter the duties which
they are required to perform by this act, in
ihe organization ol branches of the Bank of
unto, snail be psriormea Dy sata oanK, ana
the duties in the organization of tndepen
dent banks which they are required by this
act to perform, shell devolve on and be per
formed by the Auditor, Treasurer, and Sec
retary of State, who shall be commissioners
to perform such duties, and if any of said
commissioners shall refuse to serve, shall
die or tesign, his place shall be filled by the
Gener.ej Assembly, by joint resolution, if in
session, and j not, by the Governor,
- Sec. 3 Said commissioners shall meet
in the city of Columbus, atsuch time, within
thirty days after tho second Tuesday of
October next, as shall bo appointed by the
governor, who shall notify each member of
tils appointment, and of the time and place
of meeting; they shall, when met, appoint
one of their number to be president,, who
shall, under the order ol the board, sign all
.official Jocunvnis; and they shall cause a
air and true record of all their official pro
ceedings to bo kept in a book provtdod for
' that purpose. .,.), ','
, j . Sec. 4 Persons associating to form a
bank shall, under thoir hands and seals,
make a certificate which shall specify, .
-j. i FI-t-TI nam nxumad by such bank,
and by which it shall be known in its deal
v Ings. in which iame shall be Included the
v .name of the city, village or town In which
J is banking operations shall bo carried on;
Second I he amount of the capital stock
of such bank, and the number of shares into
which the same is divided;
Third -The name and place of residence
and ihe number ol entires held by each mem
,ber of the company.
. Fourth The time when such compacy
shall have been formed;
.. .Fifth That such company has elected
to carry on its operations as an it dependent
, bank, or, as a "branch of the Bank of Ohio,"
s tho caBe may be, which certificate shall
be acknowledged be fote a justice of the
peace or notary public, and shall be recor
ded by the recorder of the county Where
such bank is to be established, in a book to
be kept by him lor that purpose, which shall
at all times during office hours be krpt open
for the inspection of any person wishing to
.examine the same; one copy of which cer
tificate, duly , certified, shall be transmitted
to the Secretary of State, who shall record
Bnd carefully preserve the same in his of
f Co. end another to the board of bank com
missioners.' (
; Sec. 5 No company shall be permitted
.to commence or carry on. the business of
.banking under this act, as a branch ol the
.bank of Ohio, unless its capital stock shall
be Bl least one hundred thousand dollars, nor
shall the capital stock of an such branch
over be increased to exceed four hundred
thousand dollars, except as specially provi
ded for In this act. ' No independent bank
shall be organized under this act with & less
capita! than fiftj thousand dollars; nor shall
the capital stock of any such bank ever be
.increased to any sunt exceeding two hun
dred thousand dollars, except as specially
provided for in this act.; M least fifty per
cent of ihe capitaVatock of each Company
shall be paid in gold and silver coin, or their
equivalent; one half of which fid) per cent
.at least shall be in .gold and silver coin, and
.shall be in the actual possession and bona
tfiJe the property of the company at the time
of the commencement ol )ts banking' busi
ness, and at tbe place designated lo carrying
on such business, and the remainder of the
. .capital stock of such bank shall be paid In,
in lnstallments, each of at least ten percent
.'on tbe whole amount of the capital subscri
bed, as frequently as once in every four suc
cessive months, from the lime of commen
cing business until the whole amount of Such
' -.capital shall be paid up. . Provided, that the
directors of the bank of , Ohio, may extend
ihe time for the payment, of 'such deferred
nstailments. or anv nart of them.' to the
Jbranch banks, when satisfied that the public
interest Joes'not require thern to be paid as'
.frequenily as above provided 'for, and the
governor may grant to the Independent banks
jh? like extension Tor the some causb.' -'See."
6 " If anv shareholder er his assig
nee shall fall tq pay any Installment '.'on his
. jtdck when the same shall be required to be
naid. the'directors may sell said itock at
.public; auction, having given, three weeks
previous notice thereof, in a newspaper pub
.llshed in the county where the 'bank is lo
cated, to any person who will pay the high-
, est price therefor, not less than the amount
, "rt due thereon; end the e tcest, If any, nf.
wr paying" ihe expenses Ol thasalo, shall be
. refunded to the delinquent stockholder- 'If!
no oiaer can bcToundnirno will pay tor
Such stock the amount Idue thoreon to 'the
bank, ind costs of' adverilserriem and sale.
tf imount previously paid shall be forfeit
I W ill Ilii'llhU, H L ..: U. 1U
J. y ol u. -J liLv VJ4 ps xjy t
99 per Annum'
ed to the bank; ajnd such stock may be sub.
sequently sold in such mannor as the direc
tors mav order. ,.
Sec. 7, The'board of i,benk! commission
ers shall examine the certificates or the lor
motion of banks, transmitted to them ai re
auired bv'lhe fourth section of this act, and
shall, by one of their own members or other
-. r ' . . i . . r i
sneciai acent arnointea oy tnera jor inai pur
pose, who shall not be a' stockholder in any j
ol the banks lot rued under tnts : act, tmrndqt
ately proceed U examine' the condition, of
each of the banks, which shall haye trans
mitted to said board the required certificat e;
and It shall be the especial a duty 'pjr , auch,
agent tq carefully count oj otherwise ascer
tain ihe, amount bl money paid, in on ac'Cpunt
uf iw capital stock, tb.' asberiain; tho Tome
and place of , residence of each of the direc
tors' ,of s'ucbiahltra'nd tbat 'their sfbeknotd
era; directors and officers are men ofiespon
sibili'ty and integrity, and ent'ttlgdtb the pub
lic confidence ar.d tho amount1 of Capital
stock of which each' is trie boba fide owner,
whether such bank has compiled with all the
requiremehis ol this act hecessary to entitle
the bank, to engage in the business of bank
ing, and shall cause to be made ana attested
bv the odth of a majority of ihe directors,
and by. the cashier of such bank, a state
menl of all the material facts necessary to
enable the bonrd of bank commissioners to
determine whether such bank is lawfully en
titled to commence ihe business of banking
under the provisions of . this act, and such
agent shall immediately, report to the board
of bank commissioners such statement and
his proceedings in the premises.
Sec. 8 II, upon a careful examination
of the certificates of association, and the re
potts and statements of the special agents
appointed to ascertain whether the banks so
organized huve complied with the provisions
of this act, it shall appear that any such banks
have been formed, and ' that their stockhol
ders, directors and officers are men of re
sponsibility and integrity, and entitled to
public confidence, and that such ' banks or
any of ihe.n are lawfully entitled to com
mence the business of banking, the commis
sioners shall certify the same to the Gov
ernor, who shall, if he be satisfied that the
law has in all respects been complied with,
issue his proclamation, setting forth that
such banks are authorized to commence and
carry on banking, at the places severally
designated in their certificates of association.
Sec. 9 No bank shall be organized un
der this act. as a branch of the Bank of
Ohio, in. the county of Hamilton, with a less
capital than five hundred thousand dollars,
which may be increased it any sum not ex
ceeding' one million" of dollars. Nor shall
any independent bank be organized under
this act in said county, with a less capital
than two hundred and fifty thousand dollars.
which mav be Increased to any sum not ex
ceeding five hundred thousand dollars; pro
vided that in no case where the capital stock
of an independent bank is named in this act,
shall the certificates of public debt required
be deposited bv such banks with the
Treasurer of State, be treated or regarded
as any pan of such capital stock.
Sec. 1C. No bank shall ' be established
under this act as a branch of the bank of
Ohio, in the counties of Cuyahoga, Mont
gomery. Franklin or Lucas, with a capital
less than three hundred thousand dollars,
which may be increased to anv sum not ex
ceeding six hundred thousand dollars, nor
shall any independent bank be established
in any of said counties, with acopital of less
than ohe hundred and fifty- thousand dol
lars, which may be increased to any sum
not exceeding three hundred thousand dol
lars, ...
Sec. 1 1 . The capital stock Of each bank
shall be divided into shares bf one hundred
dollars each, and shall be assignable on the
books of the company, In such manner as
Its by-laws shall prescribe, but no sharehol
Jer shall have power to sell or transfer any
shares held in his own right so long as he
shall be liable, either as principal debtor,
surety, or otherwise, to the company, for
any debt which shall be unpaid; nor in such
Case shall such shareholder be entitled to
receive any dividend, interest or profit on
such shares, so long ti suCh liabilities shall
continue, but all such dividends, interests or
profits shall be retained by the bank and ap
plied to the discharge Ol Such liabilities, and
no stocks shall be transferred without the
consent of a majority of the directors, while
the bolder thereof li indebted to the Com
pany, . ..
Sec. 11. ; No bank shall lake, as security
for any loan or discount, a Hen on any pan
of its capital stock, but , tho same Securliy,
omit In kind and sraount, shall, ba required
of shareholders as of peraons hot Sharehol
der; arid no bank shall be the holder or
purchaser of any portion of it capital stock,
or of the capital stock of any other incor
porated company, unless sucb purchase shall
be necessary to prevent loss upon a debt
previously connected in good faith, on secu
rity which at the time Was deemed adequate
to Insure the payment of such debt, Inde
pendent of any lien Upon such stock, or in
case ol forfeitures of stock fof the non pay
ment of installments due thereon, as provi
ded In the sixth section; and stock so pur
chased shall in no case be held by die bank
so purchasing for' a longer period than six
months, if ihe same can be sold for what the
stock cost,' or at psr. " .-.- ; ..
Sec. IS. " In all "elections of directors.
snd in deciding all questions at meetings of
the stockholders, each share shal. entitle the
owner thereof to one vote; itockholderirrtay
vote bv proxies duly authorized In writing.
but no officer, clerk, teller or book keeper of
the bank shall act as proxy, and Ho stock
holder whose liability to the bank Is past due
and unpaid shal) be-vllowed to tota. . ., .
Sec. 14. The affairs of every bank or
gahtzfld 16 carry on the business of banking
under the provisions ? of this act. shall ; be
managed bv not less than five nor more than
nine directuts. . Every director shall, during
his whole term i of service.be citizen of
the United 8iates and a, resident of this
Slate. ' At least three fourths of the directors
sball have resided la this .State one year
next previous to their election a directors;
each director shall own in his own nam and
right at least one per cent of the capita! stock
01 the uanK up 10 two nunarca wousanu uoi
larsVand the Jislf of one per cent on its cap
ital over two' hundred! thousand dollars.
The directors ; of . each bank, collectively
shall, owo at least one tenth of its capital
stock". ' Esch director shall take an oath thai
ho will so far as the duty devolves upon him
dilligenrly and honestly administer theaffiire
of the bank, and not knowingly violate or
willingly permit to be .' violated any of the
provisions of this act'; that he is the bona fid1
owner, in his own ilgat, of the stOcK stand
ing ia his name on the bool-s of the bonk,
and that the same is not hypothecated, or in
any way pledged as security, for any loan
obtained or debtowine; which oath,subscri
bed by himself and certified by the officer
before 'whom 1i Is taken,' shall be Bnd
carefully preserved H the office of the re
carder o( the .euntr. in .whlcUuhe bank U
locatoJ; but no person-shall be president of
more than one punK organizou under tnis
act, at the samu time.
Sec. 1 5. 'The directors of any bank first
elected! shall hold' their places until the first
Monday In January next thereafter, and un
til their successors sball be elected and qual
ified; all subsequent elections shall be held
annually on' tho first Monday of January
and the directors'so elected shall hold their
places for one- year, and until their success
ors are elected and qualified; put any airec
tor removing from the State or ceasing to
be the owner of the requisite amount of
stock; shall thereby vacate his place. Any
vacancy in the board shall be filled by ap
pointmer.t by the remaining: directors; the
director so appointed, . 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 bank
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 newspaper printed in the county
where the bank is located.
Sec. 16.' Every bank authorized to carry
on the business of banking under the pro
visions of this act, whether as a branch of
the bank of Ohio, or as an independent
bank, shall be held and adjudged to be a
body corporate, with succession until the
first day of May in the year one thousand
eight hundred and seventy-seven, and there
after until its affairs shall be closed, and by
its corporate name shall be competent to
contract, prosecute and defend sultsand ac
tions of every description as fully aa nat
ural persons, and process against such bank
may be served upon its president or cashier,
or by leaving a copy thereof at its usual
place of business during the usual business
hours, jbach of said banks shall, until
the first day of May, in the year one thou
sand eight hundred ahd seventy-seven, If so
long it shall comply with the provisions of
this act, have power to loan money, buy,
sell and discount, bills oT exchanger taieS,
and all other written VvTdencer of debt, ex
cept such as it shall be prohibited by this act
from buying, selling or discounting! receive
deposits; buy and sell gold and silver coin
and bullion; collect and pay over money,
and transact all other business properly ap
pertaining to banking, subject, however, to
the provisions and restrictions contained in
this act; may acquire, hold ahd convey such
real estate as may be necessary to the con
venient transaction of its business, and no
more, but may, however, acquire title to any
real estate pledged to secure any debt pre
viously contracted or purchased on an exe
cution or order of sale, to satisfy any judg
ment or decree in its Javor, or wnich shall
have bjen conyeyed to it in payment of any
previous debt, but shall hot bold any real
estate so acquired longer than is necessary
to avoid a loss of any part ol ihe debt, in
terests and costs, for the collection or secu
rity bl which it was acquired, but "at any
time before selling the same, upon being
tendered bv the last Drecedire owner, ot his
legal representativea, such sum as shall be
necessary to save such bank from loss of
any part of the debt, Interest, taxes, costs,
and other necessary charges for the collec
tion or security of which real estate was ac-
quiied, euch bank shall release to such
owner; his legal representative or assigns,
all its righi, title and interest therein. ,
Sac. 17. Notes of one dollar, two dol
lars', three dollars, five dolhrs, ten dollars,
twenty dollars, fifty dollars, and one hun
dred dollars each, and no note of any other
denomination may be issued by any bank
organized under this act; of the notes issued
by any auch bank, not more than ten per
cent of the amount shall be in notes of one
dollar' each; hot more than ten per Cent in
notel of three dollars' each; not more than
twenty per cent shall be In notes 6f ell de-
nominaiiona under five do.lars; . not more
than fifty per cent in notes of all , denomi
nations under ten dollars; .
Sec. 18. No bank organized under (his
act, shall, at any tithe, issue or havo in cir
culation any note, draft, bill ol exchange,
acceptance, certificate of deposit, or other
evidence of debt Which,' from' its character
or appearance, shall be calculated or Inten
ded to circulate as moneys other than such
hotel of Circulation as are by this act de
scribed, and which , such bank Is. expressly
authorized to issue fof the purpose of being
circulated as money.' '
.SeC. 19. Each Independent banK Shall
receite at par, at, the office or banking house
of such bank,' In payment of debts due at
such bank for notes of hand,' bills of ex
change, or other evidences of debt, discoun
ted or purchased by or ' belonging id such
bank, the hole of circulation issued by Boy
other I (dependent bank authorized to issue
such notes by this act, which shall ai the
time redeem Its notes in gold and silver
coin; and ever) branch of ihe bank of Ohio
shall receive at pat at the office or banking
house of such branch in pavment of debts
due at such bank for noios of hand, bills of
exchange, or other, evidences of debt, uis
eounted pr purchased .by or belonging to,
such branch bank, the notes of circulation
Issued by any other branch of the bank of
Unto. a - -: ;.. ., ; . . ' .. '
Sec. 50. Each bank' shall at all times
have on hand, in gold or silver 6i!n, or their
equivalent't'one half at lean of -which ahall
be In gold or; silver coin, -In ill vault, art
amount equal to at least thirty per Cent of
tne amount oi us outstanding notes ot cir
culiiion; and whenever the amoum of tut
GO JvVtf j T
outstanding "na
ceed the aboveli
e oi circulation shall ex -
named proportion, no more
of Its note shall be paid out, or otherwise
Jul in circulation by such bank, nor shall
iich bank increase Us liabilities, by making
any new loans U discounts, other than dis-
Couniini Or purchasing bills of exchange.
payable at sight
nr make any dividend of
its prpnts, ud.ui
i required proportion be-
tween lis outsta
in? notes of circulation.
and gold and sil
r coin, or tKelt equivalerntitetatement shall be foriiiwith trdnamitied to
on hand, shall be. restored. . Actual dwosittihe Auditor of State.
wiin any solvent doi
'or banker, f
ities p1
utneu crBait, in tno cities p
Boston, Philadel; hla or Ba"
lobe drawn agaifrt ut slght
and silver coinshiil! be deetif"
toxoid and silver r-ji: . wherever uiuawti;.
...oJ l -.1. . .
,- Sec. 21. No, bunk organized under this act
shall at any time be indebted or in any way
liable to on amount exceeding, if a branch
oi the bank of Ohio, two-thirds, or if an
independent bank, the whole amount of its
capita! stock at such time actually paid in,
and remaining as capital stock undiminish
ed by losses or otherwise, except on. the fol
lowing accounts thit is lo say,. , , , ....
First On account of its notes "of. circu
lation: ' 1 ' ' " -,n ''.-"-'
Second On account of moneys depos
ited with or collected by such banki
Third Un account of bills of exchange
or drafts drawn against money actually on
depos.it to ihe credit ol, or due to auch bank.
fourth Liabilities to Its stockholders on
account of money paid in, on capital stock
and dividends thereon. !
Sec, 22... No bank shall, either directly
or indirectly, pledge,' hypothecate or ex
change any of its notes pi circulation for
the purpose of procuring money, to be paid
in on its capital stock, or to be used in its
ordinary banking operations, or Tor the pur
pose ol purchasing certificates ol state stock
to be deposited with the Treasurer of State,
or with the bank of Ohio; nor shall any
bank apply or permit to be applied, hypoth
ecated or pledged, any portion of its capital
stock lo'-ihe purchase of certificates of State
stock tQ.be deposited wilh the Treasurer of
State as collateral security for the I ademp
tion of .its notes of circulation.
aec. 29. ISO bank shall, durlna the time
it shall continue 1 its operations as a bank,
withdraw or permit to be withdrawn, either
in form of dividends, loans to stockholders,
for a longer period of lime than four
months, or in any other manner, any por
tion of its capital stock; and if losses shall
at any time have been sustained by any
bank, equal to or exceeding its undivided
profits then: on hand, no dividends sball be
made, and no dividend shall ever be made
by any banV,: while it shall continue its
banking' 6perartonaio sVo Aunoadi '''
than its net profits the oil hand; 'deducting
therefrom its losses ahd bad and suspended
debts; and all debts duo to a bank, on which
Interou is past due and unpaid for a period
ol six months, unless the same shall be
well secured, and shall be in the process of
collection, shall be considered bad or sus
ponded dobts, within the meaning of this
Sec. 24. The directors of each bank
shall, semi-annually on the first Monday in
May and November, declare a dividend of
so much of the net profits of the bank as
they shall judge expedient; and, on each
dividend day, the Cashier shall make a full,
clear and accurate statement of the condi
tion of the bank as it shall be on that day,
after declaring the dividend, which shall be
veilfied by the oath of the Cashier, presi,
dent and a majority of the directors; and
similar statements shall also be made on the
first Monday in esch month, in each year,
which statements shall contain, ' -
t.irst -The amount of the capital stock
actually paid in; and then remaining) as the
capital stock of the bank.
Second The amount tf the bills or notes
of the bank then in circulation, specilyihg
the amount of each denomination.
. Third The greatest amount In circu!a:
lion at any time since the making of the last
previous statement, tt shall have, been ex
hibited by the weekly - statements of the
cashiers, specifying the times when (he
same occurred; ' ' '. : .--" f
Fourth The amount of balances and
debts of every kind due to the branches of
the bank of Ohio, the amount due to other
banks of the State, and'ihe amount dde 10
banks not of this State.' ' - -
Ffth The amount due to depositors;
Sixth The total amount of debts and
liabilities of every description,' and (he great
est amount since the making of the last
previous liaterrVenl,' specifying the lime
when the sarna ne'eurredj - .
Svehih--The total amount of dividends
declared on ihe siaiefneutf
Eighth The amount ot ibid and silver
Coin and bullion belonging to such bshk, and
In possession, at the time of making the
statement, designating the amount of each.
ninth 1 be amount subject to be drawn
ai sight, in gold and silveMheh enfiainfng
On dupotllt with solventf sp'eCfe paying banks
or bankers, in the cities of Hew York, Phil
adelphia, Boston and Baltimore? ; .'- '.'
lenth The amount then on ,- hand, of
Mils or notes", issued by branches of the
bank oi Ohio', the amount issued by other
banki bf this State, and the amount Issued
by banks not of this State; ; ,
hie venth The amount of balances due
torn branchei of the bank of Ohio, the
amount due fronft other1 banks of this State,
and the amount due from banks not of this
State, excluding, in the latter case,'deposits in
the Cities or New York, Philadelphia, Bos
tort and Baltimore,! subject to sight drafts,
payable in speoief -r-a v vl:k k ;.
Twelfth The ambunt on Jiand oi bills,
bonds, hotel, And other . evidence of debi,
discoQnted Or purchased fty the bank, ipeci-
lying particularly the amounti bt suspended
debt, the amount considered bad, the amount
considered docrbtful, and iheamoiiai in suit
or judgment; :'!', .;.-'..i..fti niu.;,- .-
Tbirteentb The -value 61 the nal and
petaonal property, held for the convenience
of the bank, specifying the amount ofeaoh:
1 Fourteenih--The amount of real estate
taken in payment of debts due the bsuk; i"
Flfteenth-The amount of the undivided
proftta of tho 'baink. 1 ivu:i.5i;,,;.i;'
1 Hi.50 In Advance.
MAY"' :20.-l850.
1 Sixteenth -The total amount ol the
i liabilities to the bank by the directors there
of, collectively specifying the gross amount
or such liabilities , as principal debtors, arid
the gross amount aa endorsers or sureties;
! Seventeenth -The total amount of liabil
ities to the bank of the stockholders thereof
collectively,. specifying the gross amount of
auco liabilities as principal debtois, and the
gfoss amount as indorsers or sureties; which
An1, abstract of eery auch statement
owing the condition of the bank, ahall be
immediately published by the bank, in some
'fwspaper printed in tne county wDereaucn
iBk fasltuaiedv',. .., 'i'.'. .".;,...' ,
J ,Sec 25. ';The general . assembly shall
viever Impose any greatei tax upon property
employed in banking under this act, than is
or may be imposed upon the property of in
Sec, 26. Every bank organized under
this act may take, reserve, receive and charge
on any loan or discount made, or upon any
note, or bill of exchange, or other evidence
of debt, at the rate oi six per centum per
annum on the amount of any such note',
bill of exchange, or other evidence of debt
so discounted, and no more; provided, how
ever, that interest may be reserved or taken
in advance at the time of making the loan
or discount, according to the usual rules of
banking, or as calculated in Kovjlett s tables;
and tne knowingly taking, reserving or
charging on ar.y debt or demand discounted
or purchased by such bank, at a rate of in
terest greater than that alio wed by this sec
lion, shall be held and judged a forfeiture of
such debt or demand, but the purchase or
discount of a bona fide bill of exchange, or
note payable at another place than the place
of such purchase or discount and the taking
or reserving of interest thereon at the rate
afaresaid, from the time of such purchase or
discount, until the maturity ol such bill ur
note, shall not be held usurious, although
exchange on the place where it ia made
payable, is at the time of such purchase or
discount, worth a premium; nor shall the
discount or purchase of a bona fide bill or
note, payable at a place, between which and
the place of discount or purchase, exchange
ia in lavor of the place of discount or pur
chase, and the taking In addition to the rate
of interest aforesaid, the rate of exchange
between such places be deemed usurious;
provided, no more than one half of one per
cent, ahall be taken as exchange upon any
such paper payable in this Siate, and in no
case shall more than the current rate of ex
change between such places be taken.
Sec. 27. ; The total liabilities of any per
sot) or of any company or firm, (including
in the liabilities of a company or firm the
liabilities ( the aaral members thereof.) to
any bank organize -under;-. ihiot, tnoluw
si ve ol liaDi lines as acceptor, or acceptors
of bona fide bilis ,of exchange, shall at no
time exceed one half, inclusive of liabilities
aa acceptor or acceptors, one fifth, and ex
elusive of all liabiliies on such bills of ex
charge one tenth part of the amount ol the
notes which such bank is authorized to cir
culate at the lime of such liabilities.
Soc. 28. No bank ahall, at any time,
pay out on loans or discounts, or in purchas
ing of drafts or bills of exchange, or in pay
ment of depositors, nor shall it in any mode
put In citculation the notes of any bank or
banking company which notes shall not ai
that time be receivable at par in pajmem of
debts, by the banks so paying out or circu
lating such notes, nor -shall it : knowingly
pay out or put in circulation any notes is
sued by any bank or banking company
which; ai the time of such paying out or
putting in circulation is not redeeming its
notes in gold and silver, nor any notes is
sued ty any bank outof this State.
Sec. 29. All notes; bills, and other evi
dences of debt, excepting bills of exchange;
discounted by any bank; shall be made by
the terms thereof, or by special indorsement,
payable solely to such bank, and no such
evidence of debt shall be assignable except
lor collection, or for the following purposes:
Fiist To pay and redeem the circulating
notes of such bank; .
' Second To pay other liabilities of the
said batik; and after such liabilities shall
havo been discharged; f
Third To divide among the sharehold
ers on their stock. :
Ssc. 30. No bank organized under this
act, shall issue , any certificate or deposit,
order, draft, bill of exchange, or other evi
dence of debt; payable Jo currency or in
anything less valuable than cold and silver
coin, except receipts (or special deposits; nor
ahall any such bank Beep .any accounts in
currency orlrt any thing lets valuable than
gold and silver Coin, eictpt accounts of spe
cial deposits. .
Sec. 31. No bank organized under this
act, shall be permitted. In receiving payment
at its banking house or other place than
where the same is payable, of any nete, bill
oi other evidence of debt; due to such bank;
and payable at a place other than at its bank
ing house, to receive it' addition to the
amount of such1 debt and . the legal Interest
due thefaoh, any sum whatsover as premi
um, exchange or damages; provided, noth
ing in this section Contained shall prevent
such bank from receiving the damages al
lowed by law upon any bona fide bill of ex
change, duly protested . for non acceptance
or non payment. . ..,-.
Sec, 32. Alt transfers of notes, bonds,
bills of exchange and other evidences of debt
owing o any bank, or of derVosita to its cred
it; all ' assignments qf mortgages' tir other
securities on , real estate, or of judgment or
decrees in its favor: all deposits of money,
bullion or .other, valuable thing for Its .use,
or for the u'so of any of Its stockholders ' or
creditors; ,all payrnents1 bl tnoriey ' to either,
made afe the cammisatory of an act of in
solvency,' pr ln:coniemplp.tibn, thereof, with'
a ylew to preent,(he' application of Its as
sets ib the manner prescribed by this act, or
with a view to the preference of one credi
tor (o another, except in payment of Its cir
culating notes, shall be utterly null and void.
Sec. 33, -4 irihtt.directors of any bank or
Resized under ibis act, shn!IfknowingIy vio
late ut knowingly permit any of tho officers,
agentB or servants of such, panks'io, violate
inj.pf;lbepioylalon of this ,s?t, all' the
f 1 !)!:. 'I'M' . h":-H
1 1 . It'll T 1 IJ 'i. II . Ill I .. " i
v II ' Ml : U "
- " ". ', ,. T' "
VOL'. 8-XO. 16.
rights, privileges and franchises of said bank
shall therely .be forfeited; such violation
shall, however, be determined and adjudged
by a Court of competent jurisdiction, agree
ably to the laws of this State and the prac
tice of such court, before the corporation
shsll be declared dissolved; and in crsa of
such violation, every direstor who participa
ted in, or assanted to the same, shall be held
liable in his p'erSonil and individual capacity
for all damages, which., the '.'company, its'
shareholders, or sny other persons body cor
porate or , politic, shall have' sustained in
consequence. of such violation. ' )"'. ' '
Sec- 34.; Every president, director, cash
ier, teller, clofk or agent of any bank 'who
snail embezzle, extract, or. winiuUvmisap
ply arty o the rnbrinys,- funds, or credits of.
such- bank,' or shall, without authority from
the directors,' issue or-p'tit In circulation any
of the notes' of such bank, or shall, without'
such authority, issue or put forth any certifi
cate of deposit, draw any order or bill of
exchange, make any acceptance, sign any
note, bond, draft, bill of exchange, mortgage.
judgment or decree, or shall make any false
entry on any book, report or statement of
the bank, with an intent in ' either case to
injure or defraud such bank, or id injure or
defraud any other company, body corporate
or politic, or any individual person, or to de
ceive any officer or agent appointed to in
spect the affairs qf any bank in this State,
shall be deemed, guilty of a' misdemeanor,
and upon conviction thereof, shall be con
fined in the penitentiary at hard labor, not
less than five nor more than ten yearn.
Sec. 35. Stockholders in banks organ
ized under this act, shall each be individu
ally and severally liable to the creditors of
a bank of which they are stockholders, io
a sum equal in amount to the stoqk, owned
by each, and should any such bank bocome
insolvent, and its assots bo found Insuffi
cLnt to pay its debts and liabilities, its stock
holders may be compelled to pay auch defi
ciency, in proportion to the amount of stock
owned by each, and should the whole amount
for which stockholders are . individually re
sponsible, as provided In this section, be
found In any case to be inadequate to the
payment of all the residue of the debts of
any bank after the application of its assets
to the pavment of auch debts, then, and in I
that case, the moneys due from stockholders I
on account of their liabilities as such, shall
be distributed equally among all the credi
tors of suclt bank, in proportion to the
amount due to each, the personal liability
in litis section provided for, is over and
above the stock owned by stockholders, and
any amount unpaid thereon.
Sec. 36. Tne General Assembly may
alter or repeal this act at pleasure, but no
act altering or repealing this act, shall im
pose any Injustice or wrong upon the sibek
holder; of any bank organized under ii.-
sec. o. uvtry corporation organized
under this act, shall have power to make ell
necessary and proper by laws for the man
agement and control of its business and to
fix and regulate the rate of charges for ma
. ma a t a. . i
King collections. . i ne oank ot Uhlo may
revise the by laws and may also revise ihe
regulations of the branches concerning char
ges for making collections, and cause both
to be made uniform among the branches, ot
as nearly so as may be deemed expedient
bee. J8. 1 he corporations organized
under this act shall continue to exist so long
as necessary for the settlement of their af
fairs, notwithstanding the repeal of this act;
and no law shall ever be passed, diverting i r
appropriating tne assets oi any such corpo
ration to any purpose other than to the pay
mem of its debts and liabilities, and the dis
tribuiion of the residue among its stockhol
ders in proportion to (he stock by them sev
erally owned.
Sec, 39. Whenever, from an inspection
of the certificates transmitted by banks to
the board of bank commiseioneis, It shall
appear that any number of said bants, not
less than five, nave made their election to
transact their banking operations as branch
es of the bank of Ohio, and . have complied
with the requirements of this act .prelimi
nary lb the commencement of banting op
eratlont, then said commissioners shall in,
mediately notify each' of sdld banA thereof,
and within ten days after receiving such' no
tlce, they shall each appoint in auch' man
ner as the director thereof shall prescribe,
one person to be a director of the bant of
Ohio. , But no person' who is not a citizen
of the United States, arid a resident of this
State, arid who has not resided within the
State at least one veer next previous to his
appointment, shell be such director.'
sec. 40. ihe ditectors of the bank of
Ohio who shall have been appointed agree
ably to the provisions of the preceding sec
(Ion; shall, from the lime of (is organization
until the first dtfy of May, in the year one
thousand eight hundred and seventy -'seven,
and thereafter until the affaiis of the several
branches of the bank bf Ohio shall be finally
closed Up, be a body corporate, with succes
sion, and by the name 61 (he Bank of Ohio,
capable of contracting and of prbsecuting,
and defending suits' or action?; aa fully as
natural persons, arid of doing all oih'er acts
snd things' necessary to effect the object
contemplated in this act by the lormaifon
of said corporation. They shall meoi in
the city or Columbus at such time as shall
be designated by the board of bank com
missioners, who she'll glVe ten days previous
notice to' each bra,rich of the time of such
meeting; they shall each take an oath' dilli-
gently, faithfully arid Irfipanially ib perform
the duties imposed on thern by this act; a
certificate of which, oailV shaft be filed and
preserve d In the office of the Secretary of
Siaie. They' shall organize, provided two
thirds of the whole humber shall be con
vened, by electing some suitable person as
president, whoso duty ft shall be to preside
at the meetings of the board,' Snd sigh lis
official documents. They shall' "elect a
vice piesident, whosd duties shall be pre
scribed by the by-jaws of the corpora'iion.'
They shall appoint a secretary, who shall
keop a fair arid true record of the' proceed-
ngs of the bank. They shall keep art office
in the city 'of Columbus, " which, together
with their books,' papers, records; and ac
counts' of' every description, sbaH at ell
- r"SDMERf)Y,0H10.'" '.'.:
Onesquae ( jl lines or less) three weeks', J 00
Every subsfcTJuentinsertion, ; j t 'it
One tfirufre, three months, i ti t.-A ,3 C4
une square, Six niontns, ;;., - "i a Ofll
One square, one year, i , : ;,. i ; ., ,j - 8 00,
One half column, one vear. r 2 : : 1 20 oft
Three-ftufthS ofa' colulhft, oni year,.' 1 35 00
une column, one year, r -s j - i; 1 so 60
tD-AdTertitementsnbt having the number af Uk
sertions marked on. copy,- wil be continued emC
forbid and charged accordingly, , ' . ... 1
ITXasuaiauvertiseriniustpay in advance.
lirJobPflnMnsj, of every descriptios "
;;ixeeuteil with accuracysod neatness. '-' ,'
limes be bperi' id the Inspection of any cin,V
miitee of the general assembly, or efiher '
branch thereof, and of any commission or
commissioners especFa'lly sppofri'ied' for that 1
purpose b'y the general ossembfy,'. ifi'd'of '
ony person .appointed by ariy on'ebf the'
branches; They shall procure arid foYnitb"
each branch with hotel fof circulation, sod '
decide on the amount to be lurhfshed from
lime to lime to each, within the limits and'
Agreeably to the rules and. resttfCtlbns pte'
icr'ib'ed- by ' (his am. They may prescribe. '
rules lor the settlement of balances beiwcen
the branches.; They shall lis ve power by '
(hemsflyes, or-bv-av committee of one or1'
mote members of theit own bodw at bv a
special. agnp -appointed, by' therit for that '
purpose, whenever s nd as oftsln as they shall
think propel, to visit any branch; Inspect its
books', records and , accounts,, and all the:
evidences' of debt due to and securities held
by such branch; examine arid ascertain the
amount of riioney and other property held
by such branch; ex'amirie on oath the presi
dent, vice president, directors; cashier, and U,
all other officers, agents, clerks or servants
of the branch, touching Its condition, means
and liabilities. They ahall have power to
require any branch to reduce (is Circulation
or other liabilities, within tufch limits aa they
shail, ater full inquiry into Its condition,
deem necossary 10 secure from loss either "
tbe dealers with such branch, oi the other
branches of the bank ol Ohio; Th'ev may
require the officers of eaClt branch io" mako
out under bath, Bnd transmit to the office of
said bank at Columbus, statements of tha
condition thereof, in such form as auch
bank shall prescribe, and as ftequenily as '
they shall deem proper, which statements3
shal! be recorded in a book or books io ba - '
kept for that purpose. They may appoint
an executive committee of not leia than
three, of whom the president, or vice ores-
idem shall be one, to ait In behalf of tho
bank in such cases, and perform all such
duties as shall be prescribed by the by-laws
of said bank, not inconsistent with this aci
Sec. 41. 1 he president, vice president.
rnd secretary of the bank shall each teceiv
such compensation for their services as said
bank shall allow, which shsll be assessed.
upon the several branches of the Bank of
Ohio, in the tatio of their capital stock.
The bank may also allow the executive
committee sucb compensation as it ahall
deem just and reasonable, 10 be paid by the
several branches in the same mannor; and
the expenses of procuring plates and print
ing notes of circulation; shall be paid by,
the several branches in the ratio of tho
notes of, circulation, received by each.
Sec. 42. Each director of the bank shall,
continue in office until the first Monday of
February, next after, his appointment, arid
until his successor shall be appointed ahd
qualified;. Vacancies in the board shall be
filled by the branch by which the appoint-' '
went vacated was made. In voting, each
member shall be entitled to one Vote, and to
one additional vote for eVery fifty thousand "
dollars bf the amount of capital stock paid in
to the branch represented by him over one'
hundred thousand dollars, at the time of
such voting. The president ahd vice presi
dent shall hold their offices for one year, and
until their successors shall be appointed
but they may be removed by a resolution of
the board; They shall take an bath faith
fully, dilligcntly and impartially to fulfil tho
duties of theit' appointments and not know
ingly violate any of the prbvisiim's of this
awn. J.UGJT may ud icquireu 10 give DOnu
in such sum, and with such sectirities as the
bank shall prescribe; ahd all vacancies iri
said appointments shall be filled bv the
bank. . ' '
Sec. 43. All notes issued bv anv branch.
intended to circulate aa money, shtll bo
payable at the branch by which they ere is-,
sued, in gold and silver coin; tbe lawful our-'
rency of the United States, or either; at the'
option bf the branch, bh demand: they shall
be sighed by the president and vice presi
dent of the bank of Ohio, countersigned by
the cashier of the branch by which they are
issued, made payable to bearer, arid shall
be negotiable by delivery; all other eviden
ces of debt, issued by any branch, shall be
negotiable or transferable ib the same man
ner as if issued by a riattiral person, and
shall be binding bit the branch, whether un
der seal or not, and all such evidences of
debt, other than notes of circulation, shall
be payable to the order of some person
therein nathed. ...
See 44.- Nd' brunch of the Bank bf Ohio
shall, at any time, have iri circulation notes
iri the similitude of bank notes, to an amount
bearing a greater proportion, to the capital
stock of Said branch actually paid iri. and
rit the time remaining undiminished by loss- ,
es or withdrawal, than the proportion here
iriafler specified, that is to say: '
Uft the hrst hundred thousand dollars, or
ariy lesser amount of lis capital, nbr more
(ban twice the amount of such capital.
On the second hundred thousand dollars1
or part thereof, not more than once and
three-quarters tbe amount of sncb capital;
bVer bne hundred thousand. ', "."
" On the. third bttodred thousand dollars';
or part thereof, riot more than 6nce and ft
half the amount of such capital; over ttrd
hifndred thousand. - ,
On the fou'rth hundred thri'usarid dollars,
or part thereof, riot more than once and a
quarter the amount bf auch capital, over
three hundred thousand; arid,
On any amount of capital over four huh- -
dred thousand dollars, not more than an
amount equal to such capital, over four hun
dred thriusand. '.' '
Section' 48.' Notes designed for circula-
tion shall be delivered by tbe Bank bf Ohio'
to' each branch; on a written order signed
by the president and a majority of the di
rectors of such brarioh; such orders shall be
carefully preserved by Said bank iri' its of- v
fice,' an accurate aeconnt of all the totes so
delivered, the amount of the notes of each
denomination' so delivered, arid the date of -'
such delivery, shall be kept by the Bank of
Ohio, iri a book 6t books, tribe provided and
kept in its office at Columbus; all notes so:
Worn, defaced or mutilated, as tq be unfit
for oifoulatlon, shall bo returned by the
branch by which they were Issued to the "
bank, and an equal amount of pew notes rJ ' '
n ..j, r-.-.'ik- n -
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