Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-01-27
Correspondence of the Springfield Re
public.
Mr.. 0lds' Bank Bill.

bill introduced by Mr. OIds, ITO fegu
late banking in OHIO"
Sec Declares hat all backs here
after Incorporated shall he governed by
The provisions Of this act, and such other
iawa as may hereafter be enQcied 10
continue for twenty years-ro sue aud
be sued--to make and use comm on
seal hold aIimled a amount Of personal
property--to elect annually on the first
OF January nine directors, citizens Of
Ohio, owning at least ten shares Of
stock-lo keep an Office Of discount and
depoSte 10 issue notes OF circulation
and with other ordinary powers,
Sec. 2. DesigOates the manner 10
which bank shall be organized.
Sec. 3. Provides Tor lhs election Of
three persons TO act as inspectors Of the
annual election of directors
Sec. 4. Regulates tho manner Of Vot
log by proxy.
Sec. 5. Defines the duties of direc.
tors.
Sec. 6 Officers Of bank 10 be sworr.
Sec. 7. Capital stock of bank TO be
divided into shares of Sl0O-whote
amount to be paid in money, a perma-
nent investment, in good faith for the
business Of banking, and not TO be re-.
moved from such bank before II can
proceed to business.
Sec. 8. Forbids dividends, excep,
from actual profts--the withdrawing
or reduction Of capital slock the pur-
chase ol its own or aDy other corpora
ton stock-to loan on pledge OF stocks,
or receive stock ln payment Of debt s..
to exchange notes, bonds, or other evi.
denCes Of debt With any other corpora.
tion-to permit any slockhOIder to be-
come liable, IN any form, for more than
three tourths the amount OF his uancum
bered stock-to permit any lndiVdua
or frm 10 become liable 10 greater
amount than $1,000 when capital stock
is 100 600 dollars, 10000 dollars when
mol over 300 600 dollars, $4,000 dollar,
when not exceeding 100000 dollars
| and 10000 dollars when over 500 600
and also lorbds loan to any officers o.
bank, or the dscounling Or purchasing
Of any note or obligation !or The pay
ment Of which any officer may be Liable
or to sell or export its specie so as tc
reduce the same below one third lis cir
cuIallon
Sec. g. Any officer consenting TO
violalonof any Of The provisions of tht
previous section, may be fined not ex-
ceeding 5000 dollars nor less than 2UC
dollars, be imprisoned in county jail OF
bread and water not exceeeing SIX moi
less than one month, and shall be liable
tor damages.
Sec 10. Makes it unlawful for an,
officer 10 discount or purchase any mote
which had been rejected by the bank.
Sec. IL. Any officer embezz ing, o
secroting effects oil bank, or commilin!
any breach Of trust with intent to de-
fraud, may DO imprisoned in the peni
tenlary al hard labor not more than tel
nor less than one year
Sec. l2 Indebtedness Of banks, saw
for deposleS, not to exceed one and
haIl the amount Of It's capital stock, an
loans and discounts not TO exceed twic
amount of ca pilal stock excess Of loan
null, and directors consenling lheret
: liabe-to bank
Sec. l3. Dividends TO be declared il
January and July.
Sec IA Bauk 10 issue only such note
as are received from the State Regis
= ter Bank to keep in vaults one silve
= dollar for every three OF paper in Gil
cuIalion, and should that ratio be de
: stroyed. bank to cease discounling ii
1 lhe ratio be restored.
" Sec is. Any officer issuing any pape
but such as received from Stale Regi
ter, liable TO Imprisonment in the pen
y Tertiary.
Sec. Is Provides for the election
= the Assembly for three years Of Stat
Register, in no manner interested in an
bank
Sec. II The State Register sha
cause a proper number OF engraved note
to be printed, of The denomination ,
FIVE dollars and upwards, shall regislt
notes issued aud shall counlersign ii
/ same.
q Sec. is Banks TO be charged with e'
. pense of plates, dies, &c.
a Sec 10 If Register issue more note
., than directed BY Bank Commissioner
II he shall be liable to peniteniary.
ID Sec, 90. Twenty per cent. Of capilt
- stock of every bank 10 be paid into Ii
q Stale Treasury, and there permanent
,s continue, TO constitute safety fund.-
- Sec. 2l. Treasurer shall keep sa
,s fund, and annually report its coHduc
N to he General Assembly.
h Sec. % Said safety fund to be III
% property OF such banks as pay it IN b.
!. State Treasurer shall invest il IN seve
il per cent. Ohio bonds, and sell sue