The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-03-12

not more than twenty per cent. shall be in notes
OF all denominations under five dollars; not
more than fifty per cent. in notes of all denomi.
nations under ten dollars.
Sec. 81. No banking company, deriving any
of its powers or privileges from this act, shall at
any timeissue, or have in circulation, any note,
draft, bill of exchange, acceptance, certificate
OF deposlte, or other evidence of debt which,
from its character or appearance, shall be calcu-
lated or intended to circulate as money, other
than such notes of circulation as are by this act
described, and which such companies are ex-
pressly authorized to issue for the purpose Of
being circulated as money.
Sec. 81. Each Independent banking compa-
ny shall receive at par, at the Office or banking
house OF such company, in payment for debts
due for notes of hand, bills of exchange, or other
evidences of deot, discounted or purchased by,
or belonging to such company, the notes of cir
~culation issued by any other independent bank
ing company authorized to issue such notes by
this ACT which shall, at the time, redeem its notes
in gold and silver coin; and every branch bank
of the State Bank of Ohio shall receive at par,
at the Office or banking house of such company,
in payment of debts due for notes of hand, bills
of exchange, or other evidences of debt discoun-
ted or purchased by, or belonging to, such
branch bank, the notes of circulation issued by
any other branch of the State Bank of Ohio.
Sec. IS. Each banking company shall, at all
times, have on hand, in gold and silver coin, or
their equivalent, one-half at least of which shall
be in gold and silver coin in its vault, an amount
equal to at least thirty per cent. of the amount
of its outstanding notes of circulation; and
whenever the amount of its outstanding notes
of circulation shall exceed the above named pro-
portion, for the space of twelve days, or Whence
yer the said gold and silver coin, or their equi-
~valent, shall at any time fall below the amount
of twenty per cent of IFS circulation, no more of
its notes shall be paid out, or otherwise put in
circulation, by such banking company, nor shall
such company increase its liabilities, by making
any new loans or discounts, other than discoun-
ting or purchasing bills of exchange, payable at
sight, nor make any dividend of its profits, until
the required proportion between its outstanding
notes Of circulation, and gold and silver coin, or
their equivalent on hand shall be restored. Ac-
tual deposits with any solvent bank or banker,
of established credit, in the cities of New York,
Boston, PhiladeIphi or Baltimore, subject to be
bAo"b uSdIllob ~ oiSuts pbN ublC III SOId ttlu OH
yer coin, shall be deemed equivalent to gold and
silver coin, wherever these terms are used in this
act.
Sec. Sc. No banking company, deriving any
of it's powers or privileges from this act shall at
any time be indebted or any way liable to an
amount exceeding, if a branch of the State
Bank of Ohio, two thirds, or, if an independent
banking company, the whole amount of its CAPT.
tai stock, undiminished by losses or otherwise,
except on the following accounts, that's to say;
First-On account of its notes of circulation
Second--On account of moneys deposited
with or collected by such company;
Third--On account of bills of exchange or
drafts, drawn against money actually in deposit
to the credit of, or due to such company.
Fourth--Liabilities to it's stockholders on ac-
count of money paid in, on capital stock and di-
vidends thereon.
SEC. 81. No banking company shall either
directly or indirectly pledge, hypothecato or ex-
change any of its notes of circulation for the
purpose of procuring money, TO be paid in onits
capital stock, or be used in its ordinary banking
operations, Or for the purpose of purchasing GER
~tiicatcs of State stock 10 be deposited with the
Treasurer of State, or with the board of control
nor shall any banking company apply, or permit
10 be applied, hypothecated, or pledged, any por-
ton of its capital stock TO the purchase of GER
~tificates of State stock, TO be deposited with the
Treasurer of State as collateral security for the
redemption of its notes of circulation.
Sec. So. No banking company shall, during
the time it shall continue its operations as a bank
Withdraw Or permit 10 be withdrawn, either in
form of dividends, loans TO stockholders for a
longer period of time than six moths, or in any
other manner, any portion Of its capital stock
and if losses shall at any time have been sustain
ed by any banking company equal to or exceed
ing its undivided profits then on hand, no divi-
dend shall be made, and no dividend shall ever
be made by any banking company while il shall
continue IFS banking operations, to an amount
greater than its net profits then on hand, deduc-
ting therefrom IFS losses, bad, and suspended
debts; and all debts due to a banking company,
on which interest is past due and unpaid for a pc
Rod of six months, unless the same shall be well
secured, and shall be in the process of collection,
shall be considered bad or suspended debts with
in the meaning of this section.
Sec. 80. The directors of each banking COM
pany shall, semi-annually on the first Monday in
May and November, declare a dividend of so
much of The net profits of the company as they
shall Judge expedient: and, on each dividend
day, the cashier shall make, and verify, by his
oath, a full, clear, and accurate statement of the
condition of the company, as il shall be on that
day, after declaring the dividend; and similar
statements shall also be made on the first Mon
days of February and August, in each year;
which statement shall contain
Frst-The amount ofthe capital stock actu-
ally paid in, and then remaining, as the capital
stock of the company;
Second-Thc amount of the bills or notes of
the company, then in circulation, specifying the
amount of each denomination;
Third-The greatest amount in circulation, at
any time, since The making of the last previous