Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1845-03-21


becomes diminished, until made good.
Stockholders to be liahe 10 the Bank,
not excre / e hree.ftlhS Of the capitol
stock P IN, and the Directors not exceed.
ing the amount determined by the stock
holders in Tire bylaws.
The Auditor, Treasurer and Secretary Of
State, are to appoint some person, not a
and residing in the vicinity Of
each Bank, to visit and examine its con-
dltion at least once a year, and this agent
to report to the Auditor,
Any Bank may diminish its circulation,
by delivering to the Treasurer its notes
not less than 5000 dolIars-and receive
re-tranSier Of same amount Of stocks, but
the capital stock, in no case, can be reduc- ,
ed below $4,000 dollars,
General ProUisions.
The capital stock Of each Banking Com |
pany shall be divided into sums of 100 dol. |
lars each-ond no transfer OF stock can be /
msde while the stockhOder is indebted to
the Bank in any manner, SO long as the |
debt is due and unpaid, nor can he receive /
any dividend while so indebted.
No Bank shall take as security, lien
on its capital stock Tor any loan,
There must be not less than and not
more than Directors Of each Bank, who
. must be citizens Of the United States. and
residents OF the State; and the Directors
must own at least One-leaik OF the capital
stock.
! Each Banking Company has corporate
] existence bill till 1866, and thereafter long
enough to close up its affairs.
Each Bank may issue 10 per cent, Of its
circulation in one dollar notes. per cent.
| in tWo-lO per cent. in three 20 per cent.
in notes under .fre, and so per cent. in
notes Of all other denominations under
te't-no notes higher than 100 dollars to be
issued.
No Bank to issue any evidence of debt,
for circulation as money, other than the
notes furnished by the Treasurer & Board
oI Control.
Each Free Bank to receive the notes Of
: all other Free Banks in payment of debts,
and each Branch Bank the notes Of all 9TH
er branches in like case.
Each Banking Company to have at least
80 per cent, OF its circulation, at all time:
on hand, in gold or silver or its equiva
: lent, one half of which must be in gold anC
siver-Deposits in New York, Phiadel
= phio and Baltimore, subject 10 sight drafts
, to he equivalentto to gold and silver.
No branch Bank shall be indebted, or il
Z any way liable for, an amount exceeding
! ttco-itirds of its capital stock; and no Fret
Il Bank exceeding its whole capital stock
except for their circulation, deposits, col
ecting, &c.
. No Bank shall pledge any ofits notes, t
! procure money to be paid in on its capita
!, slock-or to procure stock 10 deposit will
Il the Treasurer or the Board Of Control.
Each Bank to report its condition guar
Il terly, and semi-annually set off TO tht
y State six per cent. Of its profits in lieu o
6 all taxes-and to take 6 per cent. on notes
&c. discounted.
i No persons or firm shall be liable to an!
= Bank, inclusive OF liabilities as acceptor o
u bills payable out of the State exceeding
= one.hay-excusive of liabilities as accep
u tor oae-ffh, and exclusive Of liabilities ol
= such bills of exchange one.tenh part Of tn
u amount of the notes said Bank is authoriz
ed to issue.
;, No Bank to pay out the notes Of an,
1t other Bank in or out Of the State, that arr
e not al par and no notes of Banks out of tn
/" State OF less denomination than five dol
y lars.
l. Embezzlement or mis-application of fund
punished by confinement in the Penten
K tiary from to 10 years.
A. Bank of Geauga, Western Reserve, Co
al umbus Bank, Lafayette Bank and the Obi
= Life ana Trust Company, are authorize
y 10 re-commence the business Of hankin
" under this act.
< The Bank Of Wooster, Bank of Massi
to lon, Bank of NorwaIk, Bank ofCircievillt
ie Bank of Xenia, and Bank of Sanduskl
ut may, within one year, become incorporate
under this act, by electing so to do, an
TO conforming to it.
tnI