Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1856-09-25

such bank shall prescribe, and as frequently
| they shall deem proper which statements shall
recorded in book or books to be kept for that d
pose They may appoint an executive com nit
| oi not less than three, of uaom the president
vice president sha be one, to act in behalf of
bank in such cases. and perform all such duties
shall be prescribed by the by laws of said bank
inconsistent with this act
Sec. Al. The president, vice president and Sc
retary OF the bank shall each receive such compe
SO Ion tor their services as said bank shall allo
which shall be assessed upon the several branch
of the Bank of Ohio, in the ratio of their capii
stock The bank may also allow the exeouu
committee such compensation as it shall deem ia
anu reasonable, to be pa id by the several branch
IN the same manner, and the expenses of pr
curing plates andprintng notes of circulation, sha
be paid by the several branches in the ratio of Il
notes OF circulation, received by each
! Sec. AZ. Each director OF the bank shall col
tlnue In Office until the first Monday of Februar
next tier his appointment. and unit his success
shall be appointed and qualified vacancies in ii
board shalt be filled by the branch by which II
appointment vacated was mede. In voting, eac
member shall be entitled To one vote, and to or
additional vote for every fifty thousand dollars
the amount OF capital stock paid into the branch
presented by. him over one hundredthousand dola.
al the time OF such voting. The presiden, and vic
president of the board shall hold their offices for
year, and until tn tss successors shall be appointed
board. They shall take an oath faithfully, dill
gently and impartiaiiy to fulfill the duties Of thei
appointments and not knowingly violate any G
the provisions OF this act They may be require
to give bond in such sum, and with such securitie
as the bank shall prescribe; and all vacancies il
said appointments shall be filled by the bank.
Sec. 43. All notes issued by any bransh, in
tenced to circulate as money, shall be payable a
The branch by which they are issued lin gold ant
silver ICON, the lawful currency OF the Unitet
States, or either at the option OF the branch, OF
demand; they shall be signed by the president o
vice president Of the Bank of Ohio countersiguet
by the cashier OF the branch by which they are
issued. made payable to bearer, and shall be ne
gotIable by delivery; all other evidences of debt
issued by any branch shall be negotiable or trans
feri able in the same manner rs II issued by ma.
turai person, and shall be binding on the branch
whe ther 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
Sec A. No branch of the Bank of Ohio shall
at any time have in circulation notes in the simil-
itude Of bank notes, to an amount bearing grea-
ter proportion to the capital stock OF said branch
paid In, and at the time remaining undi-
minishod by losses withdrawal, than the proper
lion hereinafter specified, that is to say: On the
first hundred thousand dollarsor any lesser amoun.
of its capital, not more than twice the amount OF
such capital On the second hundred thousand dol
lars or part thereof, not more than sonce and
three quarters the amount OF such capital, over
one hundred thousand. On the third hundred
thousand dollars or part thereof, not more than
once and half the amount of such capital,
over two hundred thousand. On the fourth
hundred thousand dollars, or part thereof, not
more Than once and quarter the amount OF such
capital, over three hundred thousand; and, on any
amount OF capital over four hundred thousand dol
lars not more Than an amount equal TO such cap
tal over four hundred thousand.
Sec As. Notes designed for circulation shall
De delivered by the Bank of Ohio to each branch
On written order, signed by the president and
majority OF the directors OF such branch; such or
lers shall be carefully preserved by said bank in
ts office; accurate account OF oil the notes SO
the amount OF all the notes of each demo-
ninaton 30 delivered and 4 date ofsuch delivery
shall be kept by the Bank Of Ohio, in a book or
books, to be provided and kept in its Office at Co
umbus all notes So worn, deiaced or mutilated, US
o be unfit for circulation, shall be returned by
he branch by which they were issued TO the bank,
md an equal amount OF new notes received there
or; all such notes so returned by branch shall be
red ited, and all new ones delivered in their stead
hall be charged to such branch on the books of
aid bank; and the notes so returned shall be burn
ID to ashes in the presence the president and at
east two of the directors OF said bank.
Sec. 49, Before the bank shall deliver to any
,ranch notes Tor circulation it shall requi re such
,ranch to pay over deposit to the credit of said
'oaId shall ords[ either in money or in certificates
# the stocks oftis state, OF the Unite States,
their current value in the city of New York, but
n no instance above their par val1e, an amount
,qual to ten per cent on the amount oil the notes
or circulation which shall be delivered to such
ranch. And so from time to time as any branch
nav by the paying in of an additional amount on
is capital stock, or By not having ireceiyed the a.
Mount OF notes Tor circulation 10 which 1t was pre-
,iously entitled be authorized to demand an I'D
llronal amount OF notes Tor clrcuiauon, such
81, oil ,ui th tha hank
m the amout OF notes SO required; and the stocks
ind money so deposltedn q shall be denomna ted the
safety fund, and snail be invested as hereinafter
and held by the bank as the property OF
laid branch, IN trust Tor the oenellt OF the several
branches o! the Bank OF Ohlo, and as a tund Tor
he redemption OF me noIes oi ciiculation OF any
me or more ct said branches that may iail to re-
eem its notes. to be applied to that purpose IN the
manner pointed out by this act.
Sec. 47. All money so deposited or paid to the
'ink on account OF the safety fund, by any branch
hail be. under the direction OF said bank, Invested
" such branch elhei IN stocks OF the state or OF
he United States, or III bonds secured by mortga-
res on uniacumbered real estate situate in tho
county where SUCH branch IS located, or In adIoin-
ng counties, OF at leas; twice the value In each
ase of the amount secrred thereby, exclusive OF
buildings or other ii lures subject to be destroyed
" fire, by floods or other accidental occurrences
II OF timber, mines or minerals subject to waste;
yhich bond shall be made payable on demand to
he Bank OF Ohio, and shall bear such rate ofinter
st as shall be agreed on by the parties not excee-
ling seven per cent: per amnum, payable semi-an-
lually Each branch shall be entitled TO receive
he interest accrung on the stocks or bonds in
which its portion of the safety fund shall have
,een invested; and IN case OF the insolvency of
INV branch the stocks and bonds in which the mo-
,ey of such branch shall have been invested as
,foresnid Il the proceeds of such stock and bonds
hall be suficien, to redeem its outstanding notes
# circulation, SHALL as far as practicable, be first
converted into money and applied to that purpose
,eore any part OF the safety fund belonging to 9TH
n branches shall be so applied.
Sec. 49, The stockholders collectively, Of any
,ranch shall at no time be liable 10 such branch e-
her as principal debtors or sur e,ies or both 10 an
AMOUNT exceeding one-thrd part OF the capital
took of such branch, then actually paid in and re-
naming as capital stock nor shall the directors,
be so liable to an amount exceeding
ethird part OF the stock actually paid in, stand
NJ in their names, and OF which they are co!lec-
iyely the bona tide owners in their own right.
Sec. 49, II any branch of the Bank of Ohio
hall refuse to pay its notes Of circulation OF any
Il them in gold or silver coin OF the lawful ctrren-
" of the United States on which payment shall be
awfully demanded at its banking house or custo-
nary place OF doing banking business, during su-
thanking hours, such b. anch shall be deemed to
,s-s committed an act OF insolvency. and thereup-
IN all its property, credits securities liens and as
e,s of every description shall forthwith vest in and