The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1856-05-14

of the bank in such cases, and perform
all such duties as shall be prescribed by
the bylaws of said bank, not lnconsIst-
ent with this act.
SECTION Al. The president, vice pres
ident and secretary of the bank shall
each receive such compensation for their
services as said bank shall allow, which
shall be assessed upon the several
b anches of the Bank of Ohio, in the "a
ito of the capital stock. Tho bank may
also allow the executive committee such
compensation as it shall deem just and
reasonable, to be paid by the several
branches in the-same manner; and the
expenses of procuring plates and printing
notes of circulation: shall be paid by the
several branches in the ratio of the notes
of circulation, received by each.
SECTION AZ. Each director of the bank
shall continue in Office until the first
Monday of February, next after his APP
poiu,mcnt, and until his successor shall
be appointed and qualified; vacancies in
the board shall be filled by the branch
by which the appointment vacated was
made. In voting, each member shall be
entitled to n vote, and to one addition
al vote for. every fifty thousand dollars
of the amount of capital stock paid in to
the branch represented by him over oae
hundred thousand dollars, at the time of
such voting. The president and vice
president shall hold their Offices for one
year, and until their successors shall be
appointed, but they may be removed by
a resolution of the board. They shall
take an oath faithfully, diligently and
impartially to fulfill the duties of their
appointments and not knowingly violate
any of the provisions of this act. They
may be required to give bond in such
sum, and with such securities as the
bank shall prescribe; and all vacancies
in said appointments shall be filed by
the bank.
SECTION 43. All notes issued by any
branch, intended to circulate as money,
shall be payable at the branch By which
they are issued, in gold and silver coin,
the lawful currency of the United States,
or either, at the option of the branch, on
demand; they shall be signed by the
president or vice president of the bank
of Ohio, countersigned by the cashier of
the branch by which they are issued,
made payable to bearer, and shall be
negotiable by delivery; all other eviden-
ces of debt, issued by any branch, shall
be negotiable or transferable in the same
manner as if issued by a natural person,
and shall be binding on the branch,
whether under seal or not, and all such
evidences of debt, other than notes of
circulation, shall be payable to the order
of some person therein named.
SECTION A. No branch Of the Bank
of Ohio shall, at any time, have in cir
culation notes in the similitude of bank
notes, to an amount bearing a greater
proportion to the capital stock of said
branch actually paid in, and at the time
remaining undiminished by. losses or
withdrawal, than the proportion herein
after specified, that is to say
On the first hundred thousand dollars,
or any lesser amount of its capital, not
more than twice the amount of such cap
itai.
On the second hundred thousand dol
lars, or part thereof, not than once
and three-quar tiers the amount of such
capital, over one hundred thousand.
On the fourth hundred thousand dol
ldES, VI pdEl IiSIeolJ uOI HOEG tHdh OHCS
and a quarter the amount of such capital
over three hundred thousand; and,
On any amount o~fcapital over four hun
bred thousand dollars, not more than an
amount equal to such capital, over four
hundred thousand.
SECTION As. Notes designed for circu-
lation shall be delivered by the Bank of
Ohio to each branch, on a written order,
signed by the president and a majority
of the directors of such branch; such or
ders shall be carefully preserved by said
bank in its Office; an accurate account
of all the notes SO delivered, the amount
of the notes of each denomination so de-
livered, and the date of such delivery,
shall be kept by the Bank of Ohio, in a
book or books, to be provided and kept
in its Office at Columbus all notes SO
worn, defaced or mutilated, as to be I'M
fit for circulation, shall be returned by
the branch by which they were issued to
the bank, and an equal amount of new
notes received therefor; all such notes
so returned by a branch, shall be credi-
ted and all new ones delivered in their
stead shall be charged to such branch on
the books of said bank; and the notes SO
returned shall be burned to ashes in the
of the president, and at least
two of the directors of said bank.
SECTION As. Before the bank shall de-
liver to any branch, notes for circulation,
shall require such branch to pay wei
or deposit to the credit of said bank, as
said board shall order, either in money
or in certificates of the stocks of this
State, or of the United States, at their
value in the city of New York,
but in 10 instance above their par value,
an amount equal to ten per cent. on the
amount of the notes for circulation which
shall be delivered to such branch. And
so, from time to time, as any branch may,
BY the-paying in of an additional amount
On its capital stock, or by not having re-
,eived the amount of notes for c~ircula-
lion to which it was previously entitled,
be authorized to demand an additional
amount of notes for circulation, such
branch shall deposit with the bank ten
per cent. on the amount of notes so re-
Iuired; and the stocks and money 50 de-
shall be dcnominated the "safety
and shall be invested as Areinaf-
'er prescribed, ana held by the bank as
property of said branch, in trust for
,he benefit of the several branches of the
Bank of Ohio, and as a fund for the re-
lemption of the notes of circulation Of
my one or moro of said branches that
nay fail to redeem its notes, to be applied
20 that purpose in the manner pointed
'ut by this act.
SECTION At. All money so Deposited
,r paid to the bank on account of the
Iafety fund, by any branch shall be, I'M
Ter the direction of said bank, invested