Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1851-05-08


n taken, shall be filed and carefully pr
n served in the Office of tl4 recorder
r the county in which the banking cor
l. pany is located.
Sec. Is. The directors of any BAN
; ing company first elected, shall no
d their places until the first Monday
n January next thereafter, and until the
= successors shall be elected and qualities
! all subsequent elections shall be hel
e annually, on the first Monday of Jar
s nary, at the office of the bank. and h
e directors so elected shall hold the
e pace for one year, and until their SUI
cessors are elected and qualified. Bl
! any director removing from the Stat
shall thereby vacate his place. An
: vacancy in the board shall be filed b
appointment by the remaing director:
The director, so appointed shall hol
his place until the next annual election
and if, from any cause, an election o
directors shall not be made at the tim
appointed, the company shall not. 70
that cause, be dissolved, but an election
may be held on any subsequent day
thirty days notice thereof having beer
given in a newspaper printed and il
general circulation in the county where
the company is located.
Sec. 16. Notes OF one dollar, two dol
lars, three dollars, five dollars, ten dol
lars, twenty dollars, fifty dollars, and
one hundred dollars each, and no note o
any other denomination, may be issued
by any banking company deriving any
of IFS powers or privileges from this act
OF the notes issued by any such bank
ing company, not more than ten per
centum of the amount shall be in notes
of one dollar each; no: more than five
per centum in notes of two dollars each;
not more than ten per centum in notes
OF three dollars each; not more than
twenty per centum shall be in notes Of
all denominations under five dollars,
nor more than fifty per centum in notes
of all denominations under ten dollars;
after the year eighteen hundred and six
ty the Legislature may prohibit the cir.
culation of bank notes of less denom-
ination than FIVE dollars, in which event,
in lieu of the notes of a less denomina-
ton than five dollars, notes Of the said
denomination of five dollars shall be
furnished for circulation to any bank
thereafter organized; and in lieu Of notes
of a less denomination than five dollars,
as fast as the same shall be redeemed by
any benk. notes of the denomination
of five dollars shall be furnished to such
bank, and the notes so redeemed shall
be entered in the proper book or books,
and burned in the same manner as pro-
vided in section 81 of this act
Sec. II. No banking company, here
by authorized shall, at any time, issue,
or have in circulation, any note, draft,
bill of exchange, acceptance, certificate
of deposite, or other evidence Of debt,
which, from its character or appearance,
shall be calculated or intended to circu-
late as money, other than such notes of
circulation as are by this act described.
Sec. Is. Each banking company
herein authorized, shall receive at par
at the Office or banking house OF
said company, in payment for debts
due such company, the notes OF cir
culation issued by any other banking
company authorized to issue such
notes by this act, which shall, at the
time, redeem its notes in gold and
silver coin.
Sec. l9. Each banking company
shall al all times have on hand, in
gold and silver coin, or their equiva-
lent, one-haif at least OF which shall
be in gold and silver coin, in its vault,
an amount equal to at least thirty |
per centum Of the amount Of its out
standing notes Of circulation; and
whenever the amount Of its outstand-
ing notes Of circulation shall exceed
the above named proportion, for the
space of twelve days, or whenever
the said gold and silver coin, or their
shall, at any time, fall be-
low the amount OF twenty per
ofits circulation, no more Of
its notes shall be paid out, or other
wise be put in circulation, by such
nor shall such company
increase its liabilities by making any
new loans or discounts, other than
discounting or purchasing bills Of
exchange, payable at sight, nor
make any dividend of its profits, un-
Ill the required proportion between
its outstanding notes OF circulation
and gold and silver coin on hand,
shall be restored; actual deposits with
anv solvent bank or banker OF es-
tabliShed credit, in the cities Of New
York, Boston. Philadelphia or Balti-
more, subject to be drawn against at
sight, payable in gold and silver coin,
shall be deemed equivalent TO gold
and silver coin, whenever these terms
are used in this act.
Sec. 20. No banking company
herein authorized shall at any time
be indebted, or in any way liable, TO
an amount exceeding the amount Of
It's capital stock at such time actually
paid in, and remaining as capital
stock, undiminished by losses or 9TH
erwise, except on the following ac-
counts that il fo car. E;ref-nn 40 |