The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-03-05

eral Assembly, @-ei!hef branch thereof, and Off
any commissioner or commissioners especially
appointed for that purpose by the General As
sembly, or ofany person appointed by any Of the
branches. They shall procure aud furnish each
branch with notes for circulation, and decide on
the amount TO DE furnished from time 10 time
to each, within the limits, and agreeably 10 the
rules and restrictions prescribed by this act.
They may prescribe rules for the settlement Of
balances between The branches, lhree-fourths Of
The votes given, according 10 the rules, of voting
herein prescribed, cOncurring, they shall have
power, or by a committee Of one or more mem
bers of their own board, or by a special agent
appointed by them for that purpose, whenever,
and as often as they shall think proper, to visit
any branch, inspect IFS books, records, and ac-
counts, and all the evidences of debts due 10,
and securities held by, such branch; examine
and ascertain the amount of money and other
property held by such branch; examine on oath
the president, directors, cashier, and all other
officers, agents, clerks, or servants o fthe branch,
touching of its condition, means, and liabilities.
They shall have power TO require any branch to
reduce IFS circulation, or other liabilities, within
such limits as they shall, after fell inquiry into its
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either the dealers with such branch, or the other
branches of the State Bank of Ohio. They
may require the officers of each branch to make
out, under oath, and transmit TO the office of
said board, at Columbus, statements of the con-
dition thereof in such form as such board shall
prescribe, and as frequently as they shall deem
proper, which statements shall be recorded ina
book or books to be kept for that purpose.
They may appoint an executive committee OF
not less than five, of whom the president shall be
one, to act in behalf of the board in all such ca
ses, and perform all such duties as shall be pre-
scribed by the bylaws of said board, not incon-
%sistent with this act.
Sec. 10. The president and secretary of the
board of control shall each receive such COM
pensation for their services as said board shall
allow, which shall be assessed upon the several
branches of the State Bank of Ohio, in the
ratio of their capital stock. The board may al
so allow the executive committee such compen'
sation as they shall deem just and reasonable, &c
be paid by the several branches, IN the same
manner; and the expenses of procuring plates
and printing notes of circulation shall be paid b.
the several branches in tho ratio of the noteso
circulation received by each.
DGCs ~, IIc DUdlu Vi COnLrOIs llUlH NIX
; time of its organization, until the first of May
in the year one thousand eight hundred and six
tysix, and thereafter, until the affairs of the sew
y eral branches of the State Bank of Ohio shall
G be finally closed up, shall be body corporate
with succession, and by the name OF the State
$ Bank of Ohio, capable Of contracting and pros
T e%cuting, and defending in suits of actions at law
or in chancery, as fully as natural persons, ant
II doing all other acts and things necessary tt
: effect the object contemplated in this act by thu
h formation of said board.
Sec. II. Each member of the board of con
+ troll shall continue in Office until the first Mon
: day Of February, next after his appointment
and until his successor shall be appointed anc
+ qualified; vacancies in the board shall be flleC
a by the branch, by which the appointment vaca
. ted; was made In voting each member shall bt
entitled to one vote, and to one additional vot'
for every fifty thousand dollars of the amount o
notes of circulation, to which the branch o
;, branches represented by him, is, or are, entitled
g at the time of such voting; the president of tn
board shall hold his office for one year, and unit
l. his successor shall be appointed, but may be re
g moved by a resolution of the board; he shall TAXI
an oath, faithfully, diligently and impartially {
h fulfil the duties of his appointment; and nc
knowingly violate any of the provisions of thi
h act; he may be required to give bond in sue
sum, and with such securities, as the board sha
prescribe and all vacancies in said appointment
y shall be filled by the board.
D Sec. 19. All notes issued by any branch
It intended to circulate as money, shall be payabl
at the branch by which they are issued, in gol
Il and silver coin, the lawful currency of the Uni
/, ted States, or either, at the option of the brancl
Il on demand; they shall be signed by the pres
/. : dent of the board of control, countersigned b
the cashier of the branch by which they are il
sued, made payable to bearer, and shall be nc
8 gotiable by delivery; all other evidences of deb
issued by any branch, shall be negotiable c
!! transferable in the same manner as if issued b
a natural person, and shall be binding on til
branch, whether under seal or not; and all sue
! evidences of debt, other than notes Of circul;
ton, shall be payable 10 the order Of some pei
son therein named.
Sec. 10, No branch Of the State Bank
Is Ohio, shall, at any time, have in circulation note
in the similitude of bank notes, to ain amour
bearing a greater proportion TO the capital Jstoc
Of of said branch, actually paid in, and at the tim
remaining undiminished by losses or Withdrawal
IL exclusive of its portion of the safety fund, tina
ot the proportion hereinafter specified, that is
4 say:
On the first hundred thousand dollars, or an
Is lesser amount of its CAPITAL, not more than twic
CT the amount of such capital.
te On the second hundred thousand dollars,
part thereof, not more than once and a half
the amount Of such capital, over one hundre
id thousand. &
On the third hundred thousand dollars,
f. part thereof, not more than once and a quartz
the amount Of such capital, over Two hundre
oil thousand dollars.
of On the fourth hundred thousand dollars, {
part thereof, not more than once the amount