The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-01-22
nninimant Ihree years.

Eney shdH nav PN"S' w Won e"u SA""N
any branch.
The Board of control shall be a body corpo>
rate, sue and be sued in the name of the State
Bank of Ohio.
Eeach branch shall continue body corporate
until January Ist, 1852, anG the capital stock Of
each branch shall be considered personal props
erty.
No branch shall at any time have in circufa-
tioA notes to greater amount than twice the
amount Of it's capital stock paid in. No branch
shall issue notes beyond three times the amount
ofi,s gold and silver, and money deposited in
N York, Phla., Baltimore, Boston, Buaalo,
Piltsburs, ard New OrlelnS.
Every director who shall assent to issue, be-
yoKd three 10 one, shall 5ecome individually IL
able for the excess, with an interest Of l2 per-
cent per anum thereon.
All notes shall be payable on demand at the
branch at which they are iaSded in gold or silver
All notes issued by any branch shall be re-
ceived at every other branch in payment oi
debts, and BY tho agents and officers Of State, in
payment oftolls, taxes, and all other dues to the
State.
| No branch shall issue notes OF less denomina-
ton than one dollar.
Any branch tha, shall refuse to redeem its
notes, shall be liable to damages at the rate Of
IL por cent per anum, and f shall refuse for
more than thirty days, shall be deemed insol-
vent and proceeded against, unless the Govern
or, or General Assembly shallhave authorized
suspension ofspecie payments.
= In the event of a general suspension in other
States, the Governor shall authorize suspen'
sion of specie payments by the branches ofthe
State Bank of Ohio.
The directors collectively, ofany branch shall
NOT be indebted in agreater amount than one
halfof the aggregate sum oftheir stock actually
paid in. No stakeholder of any branch shall
owe such branch more than the amount actually
paid in
No branch shall take greater interes; than at
the rate of6 per cent, on any loan for time not
exceeding 63 days. nor greater than7 per cent,
for any longer time.
Each brancI, on declaring a fdiyldend, shall
pay over to the board of control certain per
centage ranging from per cent, on 6 per cent
dividends. to 10 perce on 10 per cent dvi-
dends, which the board of control shall invest
in State securities 10 constitute fund for dis
charging the liabilities Of insolvaut branches,
and which shall bV denomina,ed "lhe safety
fund"
Each branch shall set apart fer the State, FIVE
shares Of the capital stock for every hnndrel Of
shares owned by other stockholders, and the
State to ue entitled to the dividends thereon.
The stock set apart for the State to be conid.
erel as bonus, and the dlvdends thereon, shall
he in lieu Of a tax to the State.
On any branch becoming nsolvcnt, tile board
fcontrol shall appoint trustee TO take posses,
ion of the books, muney, records, &c. and
for tie use ofthe other branches, and provide
money for the redemption Of the liabilities Of
such failing bank.
Each branch ahal contribute in the ratio Of its
capital st ock to the sum necessary for the re-.
demptun Of the liabilities OF the failing branch.
The board Of control on being convinced that,
any branch has become insolvent, shall file their
bill IL court, and the court shall Try tbe fact of
insolvency, and i'the jnry shall find Mat such
insolvency has been committed, the court shall
make an order directing the board .ofcontrol to
'ave'he business ofsuch insoveh branch cIo-
sed and it, affairs settled up. ~
Tie board Of control may on petition cause
books to be opennd for subscription to the capi.
al stock Of a new branch in aay county in
which there is at the time no branch
No new brsnch shall be established having
less capital than SIoO, 900, nor greater than
$500, 900.
No new branch shall be permitted 10 COM
mence banking until at least half the amour
Of fits capital stock shall be paid in gold and sll
yer.
Each ofthe present banks Of this State whcl
shalt fsubscrihe To brsrch Of the State Bank al
ter having Been furnished by the hoard of con
troll with paper for circulation shall cease 1
issue any other notes.
The President and members Of the board
control TO be paid regular salary, which sha
be borne by the branch banks in proportion I
their capital stock.
The State of Ohio may, during the s1istenc
ofthe State Bank, become stockhoIker 10 an
mount not exceeding one fifth part ofthe capt.
stock of said bank.
Imperfect as these outlines are, drawn from