Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1856-05-22


ed By aPPoiDtmentby the remaining directors.
the director so appointed, shall hold his place
until the next annual election; and il from any
cause an election Of directors shall not be made
al the time appointed, the bank shl
not from that cause be dissolved, but an elec.
ton may be held on any subsequent day,
thirty days notice thereof having been given 10
newspaper printed in the county where the
bank is located.
Section l6. Every bank authorized 10 car.
ry on the business Of banking under the pro-
visions Of this act whether as a branch Of the
bank of Ohio, or as an independent bank, shall
be held and adjudged to be body corporate,
with succession until the first day Of May, in
the year one thousand eight hundred and sew
enty-seven, and thereafter until ITS affairs shall
be closed; ard by its corporate name shall be
competent to contract, prosecute and defend
suits and actions Of every description as fully
as natural persons, and process against such
bank may be served upon its president or cash
ier, or by leaving a copy thereof at its usual
place Of business during the usual business
hours. Each Of said banks SHALL until the
first day Of May, in the year one thousand
eight hundred and seventy seven, if so long i,
shall comply with the provisions of this act,
have power to loan money. buy, sell and dis
count bills Of exchange, notes, and all other
written evidence ofdebt, except such as it shall
be prohibited BY this act from buying, selling
or discounting; receive deposits; buy and sell
gold and silver coin and bullion; collect and
pay over money and transact all other business
properly appertaining to banking, subject how.
ever, to the provisions and restrictions con-
tanned in this act; may acquire, hold and con-
vey such real estate as may be necessary 10 the
convenient transaction of its business and 70
more, but may, however, acquire title to any
real estate, pledged to secure any debt previ-
ously contracted or purchased on an execution
or order Of sale to satisfy any judgment or de.
cree in its favor, or which shall have been con-
veyed to it in payment of any previous debt,
but shall not hold any real estate so acquired
longer than is necessary to avoid loss of any
part ofthe debt, interest and costs, for the col
lection or security of which it was acquired
but at any time before selling the same upon
being rendered by the last preceding owner,
or bis legal representatives, such sum as shall
be necessary to save such bank from lJss of
any part Of the debt, interest, taxes, costs and
other necessary charges for the collection or
security of which such real estate was acquir
ed, such bank shall release 10 such owner, his
legal representatives or assigns, all its right
title and interest therein.
Section II. Notes OF one dollar, two dol.
lars, three dollars, five dollars, ten dollars,
twenty dollars, fifty dollars and one hundred
dollars each, and no note of any other denomi-
nation may be issued by any bank organized
under this act; fthe notes issued by any such
bank not more than ten per cent of the a
mount shall be in notes of one dollar each, not
more than FIVE per cent in notes of two dollars
each, not more than ten per cent in notes Of
three dollars each; not more than twenty per
centshal be in notes of all denominations under
five dollars not more than fifty per cent in
= notes of all denominations under ten dollars
Section 18. No bank organized under this
act, shall, at any time issue or have in circula-
ton any note, draft, bill of exchange, accept
ance, certificate Of deposit, or other evidence of
debt which from its character or appearance,
shall be calculated or intended to be circulated
as money, other than such notes of circulation
as are by this act described, and which such
bank is expressly authorized to issue for the
purpose of being circulated as money.
Section 10 Each independent bank shall
receive at par, at the office or banking house
of such bank, in payment of debts due at such
bank for notes of hand, bills of exchange, or
other evidences of debt, discounted or pur-
chased by or belonging 10 such bank, the notes
of circulation issue d by any other independent
Bauk authorized to issue such notes by this
act, which shall at the time redeem its notes in
gold and silver coin and every branch bank OF
Ohio shall receive at par at the Office or bank
ing house of such branch in payment OF debts
due at such bank for notes Of hand, bills ofe
change, or other evidences of debt, discounted
or purchased by, or belonging to, such branch
bank, the notes Of circulation issued by any
other branch of the bank of Ohio.
Section 20. Each bank shall at all times
have on hand, in gold and silver coin, or their
equivalent, one half at least Of which shall be
in gold and silver coin, in its vault an amount
equal to at least thirty per cent OF the amount
of its outstanding notes of circulation; and
whenever the amount Of its outstanding notes
of circulation shall exceed the above named
proportion, no more of its notes shall be paid
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