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

bank IS located. ~ fAFa
SECTION t6. Every bank authorized to carry
on The business OF banking under the pToyis-
ions OF this act, whether as branch Of theI
bank Of Ohio, oras an indepehoentban shalt
be held and ajudged TO be body corporate,
-wth.succession until the first day of May ml
The yenr one thousand eight bundled and sew
enty.seyen, and thereafter unit Its affairs shallI
be cIosed; and by its corporate name shall be-
competent 10 contract, prosecute defend
suits and actions Of every description as fully
as natural persons, and process against such
bank may be served upoE ills president or eush !
ier, or by leaving copy thereof OF It's usuali
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 il
shall comply with the provisions OF this act,
have power'to loan money, buy, sell aud dis.
count bills OF exchange, notes, aud all othet
written evidences of debt, except such as it
shall be ptoiibitea by this act from buying,
SELLING or discoun lingf receive deposits; buy
and sci! gold and silver coin and bullion; coli.
lect and pay over money, aud transact all
| other business properly apperlainlng 10 bank
| ing, subject, however 10 the PROVISIONS and re-
sifictions contained in this act; may Scquire,
hold and convey such real estate as may be
necessary TO the convenient Transaction of its
business, and no more, but may, however, &C.
qulre title 10 any real estate pledged TO secure
auy debt previously contracted or purchased
on an execution or order OF sale, to salts iy any
Judgement or decree in its favor, OF which
shall have been conveyed 10 il in payment OF
any previous debt, but shall not hold any real
estate SO acquired longer ,han is necessary 10
avoid a loss Of any part OF the debt, interests
and costs, and collectiOnor security of (which
it was acquired, but ct any time before selling
the same, upon being teildeIed by the last
preceding owner, or his legal representatives,
such sum as shall beueeessay 10 save such
bank lromloss ofany part ollhe debt, interest,",
taxes, cost, and other necessary charges lorihe
collection OF security Of which such real estate
was acquired, such bank shall release TO such
owner, his legal representatives or assigns, n
its right, title and interest theteil. Z"
SECTION n. Notes of one dollar, two dol
| lars, three dollars, five dollars, Ten d9llars,
twenty dollars, 6@y dollars, and one hundted
dollars each, and no note of any other demon
nation may be issued by any bank organized
lunder this act; OF The notes issued by anysucl
4 bank, not more than ten perceato oil theamodni
shall be lin notes Of one dollar each, not more
4 than FIVE per cent in notes oftwo dollars each
not more than ten per cent in notes oil three
dollars each; not more than twenty per cent
Il shall be in notes OF all denominations under
n 6ye dollars; not more than fifty per ceH in
Il notes OF sll denominations under ten dollars
q SECTION l8. No bank organized under This
J act, shall, at any time, issue or have Ia crcu-
lation any note, draft, bill llofeSchange, accep'
lance, certificate ofdeposil, or otllet evidence
[of debt which, from lis character or appear
ance, shall be calculated or intended TO clcu-
late as money, other than such notes Of circu
4 iaton as are by this act described, and which
! such bank is expressly authorized 10 issue loI
the purpose of being circulated as money
1 SECTION l9. Each independent bank shal
receive al par, at-the Office or banking house
OF such bank, in payment OF debts due atsuct
bank for notes of band, bills OF exchange, oil
other evidences Of debt. discounted or pur'
'lcbased by or belonging TO such bank, the note:
! Differentiation issued by any other independent
j bark authorized 10 issue such notes by thu
: act, which shall at le Time redeem It's notes II
!, gold and silver coin; aud every branch bank
,of the bank of Ohio, shall receive Of parai The
! Office ur banking house Of such 5rahch in pay
ment of debts due at such bank Tor notes 0
hand, bills of exchange, or other evidences o
| debt, discounted or purchased by, orbelnnglnl
TO, such branch bank, The noles of circulation
{ issued by any other branch OF the baak o
II Ohio.
4 SECTION 20. Each bank shall at all time
: have on hand, in gold and silver coin, or !he
equivalent, one hnlat least OF which stal
} be in gold and silver coin, il lis yaull, al
{ amount equal 10 at least thirty per cent Of tht
; amount oliis Outstanding notes Of circulation
and Whenever the amount Of lis oniSlandia:
notes OF circulation shall exceed the abov,
I named pfopor;ion, no more OF lis notes shal
E be paid out, or Otherwise put IN circulation
E by such bank i, nor shall such bank increase il
, Liabilities, by making any new loans or dis
81 counls, other than d!ScountiHg or pufchasin
. bills Of exchange. payable at sight, nor max
any dividend Of It's profits, until The require
i proportion between us outstanding notes G
circulation, aud gold and silver coin, or thei
q equivalent on hand, shall be restored Aclud
deposits with any solvent bank or banker, G
: established credit in The cities OF New York
5 Boston, Pbladelphia, or Blllimore. subject 1
: be drawnDgainSt at sight, payable IN gold an
| silver coin, shall be deemed equivalent 10 gol
E and silver coin, whichever these terms are use
D IN this act.
4 SEcrioN 2l. No,bank organized under hi
! act shall at any time be nlehlel! or in an
0 way liable 10 an amount exceeding, il brane
E Of The bank Obte, two thirds, ,.er il an indie
: Ipendent bank, tle : hole smountof lis capi
, TAI stock at such lint aGtmlIy paid in, and re
f lmainlng as capital ckunlimfuished BY losst
u or otherwise, eSeeps on The following ac
) eonns--that is tosay, "a ~ nsa
e Firsl-On account OF its noles Of circulation
g Secon1-Oii account Of moneys deposite