Eaton Democrat. [volume] (Eaton, Ohio) 1843-1856, 1856-05-15


said banks thereof, aud within ten days offer
receiving such notice, they shall each appoint
in such manner as the directors thereof shalt
prescribe, one pe,son 10 be a director OF the
sank Of Ohio. But no person who is not
citizen -of'the United States, and resident Of
this Stale, and who has not resided in this
State at least Que year next previous 10 his
appointment, sha be such director.
SECTION 40. The directors of ;he bank Of
Ohio who shall have been appointed agreea-
bly, TO the pruvis pms Of the preceding section.
shall. from The time oil its organization until
the first day of May, in The year one thousand
eight hundred and seventy seven, and there
after until the sffairs oftbe several branches
of the bank OF Ohio shall be finally closed up,
be body corporate, with succession, and by
The name Of the bank of Ohio, capable of con.
lracting and Of prosecuting, aud defending
suits or actions, Ss fully. as natural persons,
and OF doing all other acts aud things neces.
eSSay to effect tie object contemplated in
This act by the formation of said corporation.
They shall meet in the city OF Columbus at
such time as shall be Designated by the board
Of bank commissioners, who shall give ten
days previous notice tn each branch of the
time of such meeting; they shall each take
an osth diligently, faithfully. aud impartiaiy
10 perform tie duties imposed on them by
this act, certificate Of which oath shall be
filed and preserved in the Office of the Secre-
tary Of Stale. They shall organize, provided
two-thirdS Of the Whole number shall be con-
lventd, by electing some suitable person as
president, whose duty il shall be 10 preside at
the meetings 1.-THE board, and sign its official
Gocuments. They shall elect q vice president
whose duties shall be prescribed by The by
laws Of the corporation. They Sh Il appoint
a SECRETARY, who shall keep a fair ant: true re-
cord Of The proceedings OF The bank. They
shall keep an office in thu city Of Columbus,
which, together with their books, papers, Ie-
cords aud accounts of every description, sha II
at all times be open 10 The inspection Of any
commit ee Of the general assembly, or either
branch thereof, and OF any commission or
commissioners especially appointed for that
purpose by the general assembly. aud Of any
person appointed by any one of the branches.
! They shall procure and furnish. each branch
with notes for circulation, and decide on the
amount 10 be furnished from time TO time 10
each, within the limits and ayfeeably 10 the
rules and restrictions prescribed ny this act.-
tfhey may prescribe rules for the settlement of
! balances between The branches. They shall
have power by themselves, or by q committee
OF one or more members of their own body,
OF by o special agent appointed by tlIem f9r
that purpose, Whenever and as often as they
shall think proper, 10 visit any brunch, in
Spect us books, geGoids and accouns, and all
1.-THE evidences Of debt due 10 and securities
held by such branch; examiue and ascertain
the amount of nmney and other property held
by such brauch, examine on oa' h The presi-
dent, vice president, directors, cnsIier, aud oil
Other officers, agents, clerks or servants OF The
branch, touching It's condition, means and la
biliiies. They shall hare power 10 require
any branch 10 reduce its circulation or other
liabiiiies, within such limits as they shaft, af-
Ter full inquiry INTO It's condition, deem neces-
| Sary 10 Srcure from luSS tiieT The dealers with
such branch, or The other branches of the
bank oil Ohio. They may TeGcre the officers
lof each hfanch 10 make out, under oath, and
transmit Ia lhe Office Of said bank at Colurn-
bus, statements OF Tie condition thereof, in
such form as such bagk shall prescribe, and
as frequently as they shall deeR proper, which
statements shal be recorded in a book or
books 10 be kept fol that purpose. They may
appoint an executive eommittee OF not less
than three, Of whom The president, OF vice
president shall be one, to act in behalf Of the
bank in such cases, aud perform all such d.
ties as shall be prescribed by the bylaws Of
said bank, not inconsistent with this act.
SECTION Al. The president, vice president
anu secretary o! Tie bank, shall each receive
Isuch Compensation ior their services as so i'll
bank shall allow, which shall be assessed upon
the several branches of the Bank Of 0hiu, in
The ratio Of their capital stock. The bank
may also allow he executive committee such
compensation as il shall deem just and rea-
sona5!e, 10 be pain by The several branches in
the SAINT manner; and the expenSes Of pro.
touring plates and printing notes Of circulation
shall he paid oy The several branches in The
ratio Of the notes of Circulation, received by
each.
SECTION 42. Each director Of the bank sha II
continue in Office until The first Monday of
February, next after his appointment, aud un-
Ill his successor shall b. appointed and quail
fled; vacancies in The board shall be filled by
the branch by which lie appointment vacated
) was made. In voting, each member shall be
entitled 10 one vote, aud 10 one additional
vote for every fifty thousand dollars of the
amount Of capital stock paid in 10 lie branch
represented by him over one hundred thous-
and dollars, at The time OF such voting. The
president aud vice president shall hold their
: Offices for Que year, and until their successors
, shall be appointed, but they may be removed
by resolution Of The board. They shall take
an oath faithfully, diligently and impatlally
10 fulfill the duues Of their appointments and
, not knowingly violate any Of the provisions
r of this act. Tney may he required TO give
bond in such sum, and with such securities
as the bank shall prescribe; and all vacancies
. in said appointments Shnil be filed by the
bank.
SECTION 43. All notes issued by any branch
intended to circulate as money, stall be paya.
BILE at the 5ranchby which they are issued, il
gold and silver coin, the lawful currency o
7, the Unl.ed States, or either at The option o
The branch, on Jemand, they shS II be signed
by lbe President orsyice President Of he bahE
: Of Ohio. eounleIsgned by the cashier Of The
= branch by Which they are issued, made pay.
ahle TO bearer, and shall be negotiable by de
flivery; all eti,er evidences of debt, issued b,
any branch, Shall he negotiable or transfeya.
BILE in the saale manner as il issued by rat
lufOl person, aud shall be binding on the brancf
, whether under seal ur not, and all such evi.
: denees OF debt other Than no,esof circulation
shall be payable 10 The order Of some perSor
: there named. ~
SECTION Is. No branch the Bank or Ohio
Eslall, at any tmc, have in cifculalitm note
= in the slmili.ltle Of hank notes, 10 an amour
!. bearing gfenier nIoportonsio The capita
: stock ofsaid branch actually pad in, aud o
the lime Temaning undiminSlIrd by losses q
|, withdrawal, ilian the proportion here inalie
iFe1 that n, e,r.