The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1856-07-02

To incorporate the Bank of Ohio and other
Banks.
IN RELATION TO THE BANK OF OHIO.
SECTION SO. Whenever, from an inspection
of the certificate transmitted by banks to the
board of bank commissioners, it shall appear
that any number of said banks, not less than
five, have made their election to transact their
banking operations as branches of the bank of
Ohio, and have complied with the requirements
of this act preliminary to the commencement
of banking operations, then said commission
ers shall Immediately notify each of the said
banks thereof, and within ten days after re-
~ceiying such notice, they shall each appoint in
such manner as the directors thereof shall pre-
scribe, one person to be a director of the bank
of Ohio. But no person who is not a citizen OF
the United States, and a resident of this State,
and VIII has not resided within the State at
least one year next previous to his appoint
ment, shall be such director.
SECTION 40. The directors of the bank of
Ohio who shall have been appointed agreeably
to the provisions of the preceding section, shall,
from the time of its organization until the first
day of May, in the year one thousand eight
hundred and seventy-seven, and thereafter I'M
til the affairs of the several branches of the
bank of Ohio shall be finally closed up, be a
body corporate, with succession, and by the
name of the bank of Ohio, capable of contract
ing and of prosecuting, and defending suits or
actions, as fully as natural persons, and of do
ing all other acts and things necessary to eff
feet the object contemplated in this act by the
formation of said corporation. They shall meet
i'll the city of Columbus at such time as shall
be designated by the board of bank commits
sioners, who shall give ten days previous no.
tice to each branch of the time of such meet
ing; they shall each take an oath diligently,
faithfully and irapartially to perform the du-
ties imposed ON them by this act; a certificate
of which shall be filed and preserved in the Of
fee of the Secretary of State. They shall or
ganize, provided two thirds of the whole num-
Der shall be convened, by electing some suita-
BILE person as president, whose duty it shall be
to preside at the meetings of the board, and
sign its official documents. They shall elect a
vice president, whose duties shall be prescribed
by the bylaws of the corporation. They shall
appoint a secretary, who shall keep a fair and
true record of the proceedings of the ank.-
They shall keep an Office in the city of Column
bus, which, together with their books, papers,
records and accounts of every description, shall
at all lines be open to the inspection of any
committee of the general assembly, or either
branch thereof, and OF any commission or com
missioners especially appointed for that pur-
pose by the general assembly, and of any per-
~ t<tHp43iiCNh hf diy OiC Vi tiC
They shall procure and furnish each branch
with notes for circulation, and decide on the
amount to be furnished from time to time to
each, within the limits and agreeably to the
rules aid restrictions prescribed by this act
They may prescribe rules for the settlement of
balances between the branches. They shall
have power by themselves. or by a committee
of one or more members of their own body, or
by a special agent appointed by them for that
purpose, whenever and as often as they shall
think proper to visit any branch, inspect its
books, records and accounts, and all the evil
dences of debt dge to and securities held by
such branch; examine and ascertainthe amount
of money and other property held by such
branch; exsmine on oath the president. vice
president, directors, cashier, and all other Off
GERS, agents, clerks or servants of the branch,
touching its condition, means and liabilities
They shall have power to require any branch
to reduce its circulation or other liabilities,
within such limits as they shall, after full in
quiry into its condition, deem necessary to Sc
cure from loss either the dealers with such
branch, or the other branches Of the bank of
Ohio. They may require the officers of each
branch to make out, under cath, and transmit
to the Office of said bank at Columbus, state
ments of the condition thereof, in such form as
such bank shall prescribe, and as frequently
as they shall deem proper, which statements
shall be recorded in a book or books to be kept
for that purpose. They may appoint an exc
cutive 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 pre-
seribed by the bylaws of said bank, not incon-
sistent with this act.
SECTION 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
the several branches of the bank of Ohio, in
the ratio oftheir capital stock. The bank may
also allow the executive committee such COM
pensation as it shall deem just and reasonable,
10 be paid by the several branches in the same
manner; 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.
SECTION II. Each director of the bank shall
continue in office until the first Monday of
February next after his appointment, and
until his successor shall be appointed and
qualified; vacancies in the board snail be filed
by the branch by which the appointment va
Gated was made. In voting, each member
shall be entitled to one vote, and to one addi-
tiopal vote for every fifty thousand dollars of
the amount of capital stock paid into the branch
represented by him over one hundred thousand
dollars, at the time of.such voting. The pres
ident and vice president shall hold their of
ces for one year, and until their successors
shall be appointed, but they may be removed
by a resolution of the board. They shall take
an oath faithfully, diligently and impartially
to fulfil the duties of their appointments and
not knowingly violate any of the provisions of
this act. They may be required to give bond
in such sum, and with such securities as the
bank shall prescribe; and all vacancies in said
appointments shall be filed by the bank.
CONCLUDED NEXT WEEK.
ANNOUNCEMENTS