Fremont weekly freeman. [volume] (Fremont, Sandusky County, Ohio) 1850-1853, 1851-04-19

DC deemed equivalent 10 gold and silver coin,
wherever these terms are used in this act
Sec 20. No banking company herein au-
thorized shall at any time be indebted, or in
any way liable, to an amount exceeding the
amount of its capital stock at such time actual
ly paid in, and remaining as capital stock, un-
diminished BY losses or otherwise, except on
the following aecounts, that is TO say: First
On account Of It's notes Of circulation; Sec
ond-On account of moneys deposited with or
collected By such company; Third-On ac-
count Of bills Of exchange or drafts, drawn
against money actually paid in deposite to the !
credit Of or due to such company Fourth
Liabilities 10 its stockholders. on account of /
money paid in on capital stock and dividends !
thereon.
Sec. 2l No banking company shall either
directly or indirectly. pledge. hypothecate, or
exnhangc, any Of its notes of circulation, for
the purpose Of procuring money 10 be paid on
igs capital stock. or TO be used in its ordinary
banking eperations,or for the purpose Of pur-
chasing stocks 10 be deposited with the Aud |
itor Of State: nor shall anv banking company
apply, or permit 10 be applied. byPotheeatcd
or pledged any portion Of IFS capital stock,
20 purchase of corti6coies of stock
he deposited with the Auditor of State, as col
lateral secnrity for the redemption offs notes
Of circulation.
Sec. a. No banking company shall, dur
ing the time il shah continue its operations as
bank. Withdraw or permit to be Withdrawn,
either ia form Of individends. loans to stock
holders for longer period Of time than six
months, or in any other manner, any portion of
is capital stock, and il losses shall at any time
have been sustained by any banking company
e0uas 70. or exceeding It's undivided profits
then on hand, no dividends shall be made, and
no dividend shall ever be make BY any bank
inc company. while it shall continue It's bank
ing operations TO an amount greater than its
nes profits then on hand, deducting thercfrom
ils losses, bad and suspended debts, and all
debts due 10 banking company on which in
ferest is past due and unpaid for period Of
six months, unless the same shall be well Sc
cured. and shall be in process of collection,
shall be considered bad or suspended debts
within the meaning of this act.
See 23. The directors Of each banking
company shall, semi-annually on the first Mon
day IN May and November declare dividend
Of 50 much Of the net profits Of the company
as they shall Judge expedient, and on each
dividend day, the cashier shall make and YER
ify By his oath, full, clear and accurate state
rneni Of the condition Of the company as IT
shah be on that day, after declaring The divi-
dends, and similar statements shall also be
made on the frst Monday Of February and
August. in each year, which statement shall
contain, first-ttc amount of capital stock ac-
tualIy paid in, and then remaining as the cap
itni stock of the company; sec 'nd-the amount
Of the bills or notes Of the company then in
circulation, specifying the amount Of each de-
nomination; third-the greatest amount in
the
last previous statement as shall have been ex.
Aibited by theweekly statements of the cash
Ter. specifying the times when the same oe-
cured: fourth-the amount of balances and
debts Of every kind due to other banking
companies Of the State, and the amount due
10 banks not of this State; ffth-the amount
due 10 depositors; sixth--the total amount o.
debts and liabilities Of every description, and
the greatest amount since the making of the
last previous statement, specifying the TINT
when the same occurred; seyenth-the tota
amount of dividends declared on the day o
making the Statement; eighth-the amount Q
gold and silver CON- and bullion belonging Il
such company and in its possession at the timt
Of making the statement designating tht
anounE Of each; ninth-the amount subjec
TO be drawn as sight, then remaining on de
posite with solvent specie paying banks o
bankers, in the cities of New York, Philadel
phia. Boston and Baltimore; tenth-th
amount then on hand Of bills or notes issue,
bv other banking companies of this State. an'
the amount issued by banks not Of this State
elaFenth-the amount of balances due from
o.her banking companies Of this State, and th
amount due from banks not of this State. eH
Guiding in the latter case. deposites in th
Giles OF New York, Philadelphia. Boston an
Bsitimore, subject to sight drafts payable
specie; twelfth-the amount on hand of bill
bonds, notes and other evidences of debt di;
counted or purchased by the company. spec
flying particularly the amount of suspende
debt The amount considered bad, the amour
considered doubtful and the amount in su
or in Judgment; thirteenth-the value Of II
real and personal property held for the col
vanienee OF the company. specifying the amoui
Of each; fourteenth-the amount Of real e
tate taken in payment Of debts due the con
pany; ffteenth-tbe ameunt of the undivide
profits Of the company; sixteenth-the tot
amount Of the liabilities to the company
the directors thereof collectively, sPecifyir
the gross amount of such liabilities as prin'
pal debtors, and the gross amount as endor
ers or sureties; ;seventeenth-th total amou
Of liabilities of The company of the s.9ckhol
GrS lhefeOIs cOltectlfelYst speelAyHS AnS Sto
amount of such liabilities as principal debtor
and the gross amount as endorsers or suretit
which statement shall be forthwith traEsm
ted % the Auditor Of State.
Sec a. Every banking company deri
ing any Of its powers and privileges from Il
acs. may take. reserve. receive and charge
any loan or discount made. or upon any nc
or bill of exchange, or other evidence of de
at the rate of SIX per centum per annum
the amount Of any such note, bill of exchans
or other evidence of debt so discounted. a
no more; provided. however, that interest m
be reserved or taken in advance, at the til
Of making the loan or discount, according
the usual rules of banking. as calculated
RoWlett's tables; and the knowingly TAXI
reserving or charging on any debt or dema
..a..alln 70 such cnnananr of a rate of inter