The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1856-05-29

: tnan Twice the amount OF such capital.
: On the second hundred thousand doIla,
: or part thereof, not more than one and tbre
|, quarters the amount Of scnh capital, over OF
: hundred thousand. =
r On the third hundred thousand dollars.
e part thereof, not more than once and hs
!. the amount Of such capital, over two hui
. dred thousand.
/, On the fourth hundred thousand dollar
| or part thereof, not more than one and
: quarter the amount Of such capital, oy,
three hundred thousand, and,
: On any amount of capital over four hu,
dred thousand dollars. not more than an
mount equal to such capital, over four huI
dred thousand.
; SECTION 45. Notes designed for circul,
, tion shall be delivered by the bank Of OH
70 each branch on written ordsf, signed i
tne president and majority O: the director
OF such branchj such order shall he car,
luily preserved by said bank IN its o.
nee; an accurate account of all the notes a
delivered, the amount of the notes so esc
denomination so delivered, and the date :
sTch delivery, shall be kept by the Bank q
ONO, in book or books, 10 be provided an
kept IN Its office at Columbu bus; all notes q
worn, de'aced or mutiIated, as to be unfit fo
circulation, shall be returned by the brancI
oy "hlcn they were issued to the bank, an,
an equal amount of new notes receive,
thereior; all such notes 80 returned bv
branch, shall be credited, and all new one
oei'ered in their stead shall be CHARGED I,
such branch on the books of said bank
ana the notes so returned shall be burnp,
70 ashes in the presence Of the president
and at least two of the directors of said banL
SECTION 46. Before the bank shall de-
liVer to any branch, notes for circulation, 4
snail require such branch to pay over or de-
deposit to the credit of said bank. az said
BOARD shall order, either in money or certi
ncstes OF the stocks of this State, or of the
United States. at their current value in The
city OF New York, but in no instance above
.helr par value, an amount equal to ten per
cent? on the amount eff the notes for circu.
iation which shall be delivered to such
orahch' And so, from time to time. IA anv
branch may, by the paying in of an addi.
.'onai amount on Its capital stock, or by not
haV'hg received the amount of notes for cir.
eu'a'ion TO which it was previously entitled,
oe authorized to demand an additional A.
mount OF notes for circulation, such branch
shaii deposit with the bank ten per cent. on
lne amount of notes SO required; and the
STOCKS and money 50 deposited shall be de-.
nominated the safety fund" and shall he
invested as neutrality-suspicious., and held
oy the bank as the property of said branch.
IN trust tor the benefit of the several branch.
es OF the Bank of Ohio, and as fund for
Tue redemption of the notes of circulation
~ uny one or more of said branches that
may fall to redeem its notes, to be applied
10 tnat purpose in the manner pointed out
this act. r''" WI
SECTION. Al. All money so deposited
or paid to the bunk on account of The safety
'uhd' oy any branch, shall be under the d.
rectlon OF said bank, invested by such branch
either III stocks of the State or of the Uni
'eo etates' or IN bonds secured by mortgages
on uhlncumbered real estate situate in the
county where such branch is located, or in
adjoining counties, of at least twice the val.
40 IN each case of the amount securedthere
'y,' exclusive Of buildings or other fixtures
SUBJECT to be destroyed by fire, by foods or
''her aceldentaI occurrences, or of timber,
n'hes or minerals subject to waste; which
'onds shall be made payable on demand 10
no bank of Ohio, end shall bear such rate
u interest as shall be agreed upon by the
'artles, not exceeding seven per cent. per
mum payable semi-annually Each branch
haii De entitled to receive the interest &C.
fulnS on the stock s or bonds in which its
'oft'oh OF the safety fund shall have been
nVesteo; and in case of the insolvency of
ny branch, the stocks and bonds in which
ne money of such branch shall have been
nV'sted as aforesaid, if the proceeds of such
tocK ana bonds shall be sufficient to redeem
- outstanding notes of circulation, shall, as
pr as practicable,be first converted into mo.
ey and applied to that purpose before anv
arr OF the safety fund belonging to other
ranches shall be so applied. a l.
SECTION 48. The stockholders collect.
ely OF any branch shall at no time be liza.
le 10 such branch, either as princidal debt
rs or sureties, or both,to an amount exceed.
'g one'th'rd part of the capital stock oil {
'ch branch, then actually paid In, and re.
aihlhg as capital stock; nor shall the di. {
'ctors collectively, be SO liable to an amount
sceedlng one. third part of the stock actu. 1
iy paid In, standing in their names. and ofI
hlch they are collectively the bona fide Ii
vners in their own right.
SECTION 49. II any branch of the bank
ONO shall refuse to pay its notes OF cir.
llatioh, or any of them, In gold or silver =
IN OF the lawful currency of the United I
tates, on which payment shall be lawfully a
manded at its banking house or CUSTOMARY o
ace OF doing banking business, during usu b
banking hours s,such branch shall be deem. ii
TO have committed an act of insolvency Il
q therenpoh all its property, credits. secn. Il
les. liehs and assets Of every dissertation {,
AL forthwith vest in and be The property, e.
edits, securities, liens and assets of the e,
nix OF Ono, for the uses and purposes de. el
'red in this act. 49, d,
SECTION so. The Bank Of Ohio on re. d
wing information that anv branch bas ii
mmltted an act Of insolvency, shall forth. ri
IN appoint a committee of one or more of re
directors, who shall make immediate in.
Try into the truth Of such information and oil
'ort thereon to the, board: and If the boa di
III De satisfied from the report OF the com. th
ttee that such branch has suspended the ar
Tment ofits notes in gold and silver, the, al
II forthwith appoint suitable recsiyer or th
'eivers, who shall take immediate posses fr
y OF the books, records, money, choses ipt cI
ION, and property of said branch or every N
crIptipB, and hold the same for the ioint th
and benefit Of the other branches OF the cl
nk of Ohio. and the creditors or the fail. es
branch: and said bank Of Ohio shall i'm. nc
dlate y provide money and place Che same in
ucfi solvent branch or branches as NAV be to
st convenient for the purpose' OF redeem So