The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1851-04-30

the whole term of his service, be n residen
OF this State At lees. lhree-Eiufihs ui Jh
directors shall have resided ia this Slate iw
/ years next previous TO their election as di
rectors. The directors Of each bankin
|company, collectively, shall own at leas
one teath Of its capital stock. Each direc
tor shall take an oath that he will SO Gar /
| the duty devolses on him, diligently an
honestly administer the uffaiTs of the CON
pany, and not knowingly violate or wiliingI
permit to be violated, any of the provision
} of this act; lhat'he is the bona fide owaeT, j
bis own right, OF The stock, specifying the q
} mount Standing in his name on the books
the company, ard that the same is moi hy
pothecaied, or in any way pledged ss secur
, " for any loan obtained or debt owing
which oath, subscribed BY himself, and Gel
Titled 10y the officer beiOre whom IL was "a
J ken, shall be filed and carefully preserve
in The Office of the recorder Of the county j
which the banking company is locateG' f!
Sec. Is. The directors Of anv bark in,
! company first elected, shall hold their place
; until The first Monday in January next there
latter, and until their successor shall be eleC
4 ted and qualified; all subsequent election
shall be held annually, OIL the first MoHda,
of January, at the Office Of the bank, and III
idirrct'is So elected, shall hold their plac
.itur one wear, and until their successors ar,
elected aud qualified. But any director re
moving liom the Slate, shalt hereby vacatt
his place. Any vacancy in the board shal
he filed by appointment: by the remaiuint
directoTs. The director SO appointed, shall
hold his place until the next annual election
and f, from any cause, an election Of dice,
tors shall moi oe made ntthe time appointed
the company shall no,, for that cause, bs
dissolved. but an election may be held o,
any subseqpen; day, thirty days. motto,
thereof having been given in a newsrape
printed and in general circulation ia lEt
county whe.c the company is located e.
I Sec. l6. Mites ofone dollar, two dollars
three dollars, five dollars, IcndolIars, twenty
dollars, fifty dollars, and one hundred dollar:
each, nnd no mole Of any other .dcnomina.
ton, may lie issued by any banking company
teuV,hg any Of its powers or privilege,
from this act.g Of the notes issued by any
such banking company, not more than ten
Iper centum Of the amount shall be in notes
of one dollar each; not more than FIVE per
lcentum in notes oil two dollars each; moi
fnore Than ten per centum in noios of three
tdollars each; nor more than twenty per
Aeenlum shall he in notes Of all denomina-
lions under five dollars, nor more than fifty
per centum in nutes of all denominations
under ten dollars; after the year eighteen
hundred and sixty, the Legislature may
prohibit The circulation Of bank notes oF d
less denomination than FIVE dulIats. in which
event, in lieu of the notes Of less denoml.
nation than fivo dollars, notes Of the said de-
nomination Of FIVE dollars shall be furnished
for circulation to any bank thereafter organ
zed; and in lieu of notes Of less denoni
nation than FIVE dollars, rs fast as the same
shall be redeemed by any bank, notes of the
DENOMINATION OF FIVE dollars shall be farn-
ished 10 such bank, and he notes so redeem
ed shalt be catered in the proper book OF
hooks, and burned in the same manner as
provided In section 81 Of this act.
Sec III No banking company, hereby
authorized, shall, at any time issue, or have
in circulaion, any note. draft, bill Of ex-
change, acceptance, certificate Of deposiie,
or other evidence Of debl, which, from it's
character or appearance. shall be calculated
or intended TO circulate as money, , other lhan
such notes Of circulation as are by this Ici
de sciibed. -"' s''.'
Sec. 49, Each banking company herein
authorized, shall receive ut par, at the office
or banking house OF said company, in pay
meni e.: debts due such company, the notes
OF circulation issued by any other banking
company authorized to issue such notes BY
this act which shall, at The lime, redeem It's
notes IN gold and silver coin. II
la Sec. TO- Each banking company shall al
all times have on hand, in gold and silver
coin, or their equivalent, one halfat least of
which shall be in gold aud silver coin, in its
vault, an amount equaio at least thirty per
centutn of the amounl Of It's outstanding
notes of circulation, and whenever the e.
mount Of its outstanding notes Of circulation
shall exceed the above named proportion, for
the space Of twelve days, or whenever the
said golG and silver coin, or their equivalent,
shall, at any time, lnil beIow the arnouat of
twenty per centum Of its circulation, no more
of itsanotes shall be paid ont, or Otherwise
be put in circulation, bysuch company; not
shall such company increase Itsliablliies by,
making any new loans or discounts, other
tIIan dlscountiug or purchasing bills oftex ).
change, payable al sight, NOR make any
dividend Of lis profits, until tine required
between its outstanding notes of
circL lation and gold and silver coin on hand.
shall be restored, actual deposits with anp
solvent bank or banker, uf established credit
10 the cities of New York, Boston, Philadel-
phia Or Baltimore, subject TO be dlawa a.
gaihst at sight, payable in gold and silver
coin, shall be deemed equivalent TO gold and
silver coip swhetsver these terms sre used in
This act -. ,.....s;.,i. a,..., 49, .,
Sec. 20 M banking. company herein
shall al any time be indebted, or
Ia any way liable, to 6n amouHt oexcseuingl
the amount Of lie capital stock al such tine
ecs1ally paid in, and rem lining NJ capital
stock, undmllIished bv losses or otherwise, |
excepilov the following ACCOUNTS, that issus
say: First7-Oa account, Of its notes OF lcir-
cuiatiOn; Second--On account Of moneys
deposited With, or collected by snch compa
ny3 Third-n- nOnaacconnt af tails of exchange
Or drafts, drawn against n,uney, actually paid
ia deposit 10 The credit II, or due 10 such
coRpany; FOURTH -Liabililies TO iis stock |
hQldsrs. on account Of money paid in on
capital stock aud dividends thereon.
asrc. 81, No barking company shall ,ei> |
thet directly or Indirectly, pledge, hypo,he-
cate, ,'or exchange, anylof It's notes Of circus
Iaiidn, fpr the purpose Of procuring money toI
be paid on ils capital stock, OF to be used ia