Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1856-09-04

duce its circulation or other liabilities, within
such limits as they SHALL after full inquiry
into its condition, deem necessary to secure
from loss either the dealers with such branch,
or the branches of the bank of Ohio. They
may require The officers of each branch to make
out, under oath, and transmit TO the Office of said
bank at Columbus statements OF the condition
thereof, in such form as such bank shall pre-
scribe, and as they shall deem proper, which
statements shall be recorded In book or
books to be kept for that purpose. They may
appoint an executive committee of not less than
three, of whom the president, or vice president
shall be one, to act in behalf of the bank in
such cases. and perform all such duties as shall
be prescribed by the bylaws of said bank not
inconsistent with this act
Sec. Al. The president, vice president and
secretary of the bank shall each receive such
compensation for their services as said bank
shall allow, which shall be assessed upon tie
several branches of the bank of Ohio, in the IA
ito of their capital stock. The bank may also
allow the executive committee such compensa-
ton as it shall deem Just and reasonable, to be
paid by the several branches in the same man
ner; 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.
Sec. ~. Each director of the bank shall
continue in office until the first Monday of Feb
ruary, next after his appointment, and until his
successor shall be appointed and qualified; va
caneies in the board shall be filled by the
branch by which the appointment vacated was
made. In voting, each member shall be enti-
tied TO one vote, and to one additional vote for
ever fifty thousand dollars of the amount of
capital stock paid in to the branch represented
by him over one 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 ap
pointed, but they may be removed by a resolu-
tion of the board. They shall take and an
oath faithfully, diligently and impartially to
fulfill the duties of their appointment and not
knowingly violate any of the provisions of this
act. They may be required to give bond in
such sum, and with sush security as the
bank shall prescribe; and all vacancies in said
appointments shall be filed by the bank.
Sec. 43. All notes issued by any branch,
intended TO circulate as money, shall be paya-
bic 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 deliverer; all other
evidences of debt, issued by any branch, shall
be negotiable or transferable in the same man.
ner as If issued by natural person, and shall
be binding on the branch, whether under seal
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 similitude of bank notes, to an amount bear
ing a greater proportion TO the capital stock of
said branch actually paid in, and at the time
remaining undiminished by losses or withdraw
al. than the proportion hereinafter 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 capital.
On the second hundred thousand dollars or
part thereof, not more than once 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 half the
amount of such capital, over two hundred thou
sand.
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 collars, not more than an amount
equal to such capital over four huddred thou
sand.
Sec: ID. Notes signed for circulation shall
be delivered by the bank of Ohio to each
branch, = written order, signed by the pres
ident ana majority of the directors of such
branch; such orders shall be carefully preserved
by said bank In its Office; an accurate account
of all the notes 8, delivered the amount of the
notes of each denomination SO delivered, and
the date of such delivery, shall be kept by the
bank of Ohio, in book or books, TO be provid
ed and kept in its office at Columbus; all notes
so worn, defaced or mutilated, as to be unfit for
circulation. shall be returned by the branch by
which they We're issued to the bank, and an
equal amount OF new notes received therefor all
such notes so returned by branch shall be
credlted, and all new ones delivered In their
steau snail DE charged 10 such pranch on the
DOCKS OF the Dank; and the notes so returned
shall De burned to ashes IN the presence OF the
president, and at least TWO OF ihe directors OF
sald Dank.
Sec. TO- Before the bank shall deliver to
any Draheh' hotes lor elreuiasion' II snah re-
qulre such Draneh 10 pay over or deposit 10 the
credit OF said bank, as SAID board shall order,
either IN money or IN eer!lncates OF the s'ocks
OF thls stare, or OF the phlIed STATES, at their
current value IN the city OF New YORK. but IN
no instance above thelr par vaiue' an amount
equai 10 zen per ceht. on the amount OF hotes
1or circulation which shall be delivered TO sueh
Draneh- ana So nom Iime 10 nme, as any
branch may. by the paying In OF an additional
amount on Its capital stock. or by not having
received the amount OF notes Tor circulation
which 1t was previously entitled, be authorized
to demand al additional amount OF notes Tor
circulation, such branch shall deposit 1t with
the bank ten per cent. on the amount OF notes
so required; and the stocks and money 50 de-
posted shall be denominated the safety fund,
and shall be invested as hereinafter prescribed,
and held by the bank as the property of said
branch, in trust for the benefit Of the several
branches of the bank of Ohio. and as a fund
for the redemption of the notes of circulation