The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1856-05-22

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stock shall thereby vacaie his place. Any
vacancy in the board shall be filled BY ap-
pciniment by the remaining directors; the
director so eppeinted, SIM hold his place
until the next annual election. and IL from
any ceuse an election of directors shall not
.bemade at the time appointed, the bank
shaIl not for that cause be dissolved, but q q
election may be held on any subsequent day,
thirty days notice thereof having been given
In unewspaPer printed in the county where
the bank is located. <es 80. -.
SEcTIoNs Is. Every bank authorized to
to carry on the business Of banking under
the provisions Of this act, whether as a
branch Of the bank Of Ohio, or as an inde-
pendent bank, shall be held and adiudged
to be body corporate, with succession un-
ill the first day of May in the year one thou.
sand eight hundred and seventy.seven, and
thereafter until its affairs shall be closed;
and by its corporate name shall be compe-
tent ty 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
cashier, or BY leaving copy thereof at its
usual place Cfbusiness during the usual bu-
siness hours. Each of said banks shall.
until the FIRST day Of May, in the year one
thousand eight hundred and seventy FIVE, If
so long it shall comply with the provisions
OF this ect, have power to loan money, buy,
cell and discount bills Of exchange, notes,
and all other written evidences of debt,
except such as it shall be prohibited by this
act from buying, selling or discounting;
receive deposits; buy and sell gold aud sill.
yer coin and bullion; collect and pay over
money, and transact all other business
properly appertaining 10 banking, subject,
however, TO the provisions and restrictions
contained in this act; may acquire, hold
and convey such real estate as may be nee
essrry to the convenient transaction of its
business, and no more, but NAV, however,
acquire title to any real estate pledged to
secure any debt previously contracted or
purchased on an execution or order of sale,
to satisfy any judgement or decree in its
favor, or which shall have been conveyed to
1t 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 of the debt, interests and costs, for
the collection or security of which it was
acquired, but at auy time before selling the
same. upon being rendered by the last pre-.
ceeding owuer,. or his legal representatives
such sum as shall be necessary to save such
oanK from loss or any part Of the debt, in
terest. taxes, costs, and other necessary
charges forthe collection or secury of which
such real estate was acquired, such bank
shall release to such owner, his legal rep.
~resentatives or assigns, all its right, title
and interest therein
SECTION II. Notes Of one dollar, two
dollars, three dollars, FIVE dollars, ten dol
lars, twenty dollars, fifty dollars, and one
hundred dollars, each, and no note Of any
other denominations may be issued by any
bank organized under this act; of the notes
issued BY any such bank, not more than ten
per cent of the amount 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 cent shall
be in notes of all denominations under five
dollars; not more than fifty per cent in
notes of all denominations under ten dol
lars. .sf
SECTION Is. No bank organized under
this act, shall at any time, issue or have in
circulation any note, draft, bill of exchange,
acceptance, certificate of deposit or other
evidence OF debt which, from its character
or appearance, shall be calculated or inten.
ded to circulate as money, other than such
notes of circulation as are BY this act desert.
bed, and which such bank is expressly au.
thorized 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 ex
change, or other evidences of debt, discount
ed or purchased by or belonging to such
bank, the notes of circulation issued by any
other independent bank authorized to issue
such notes by this act, which shall at the
time redeem it's notes in gold and silver coin;
and every branch bank of the bank of Ohio
shall receive at par at the office or banking
house Of such branch in payment of debts
due at such bank for bank notes of hend, bills
Of exchange, or other evidences of debt, dis
counted or purchased by, or belonging to,
such branch bank, the notes of circulation
Issued by any other branch of the bank of
Ohio. I,.,- .a
SECTION 90. Each bank shall at all times
have on hand, in gold and siver 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 Cir
culation, ard whenever the amount of its out.
standing notes of circulation shall ex.
ceed the above named proportion, no more OF
OF its notes shall be paid out, or otherwise
put in circulation, by such bank, nor shall
such bank increase its liabilities, by making
any new loans or discounts, other than dis
counting or purchasing bills OF exchange,
payable at sight, nor make any dividen ed OF
its profits, until the required proportion be-
tween its outstanding notes of circulation,
and gold and silver coin, or their equivalent
at hand shall be restored. Actual dep osits
with any solvent bank or banker, OF estab-
llshed credit, in the cities OF New York,
Boston, Philadelphia, or Baltimore, subject
to be drawn against at sight, payable in gold
and silver coin, shall be deemed equivalent
TO gold and silver coin, wherever these terms
are used in this act.
SECTION 81. No bank organized under
this act shall at any time be indebted or in
any way liable to an amount exceeding, if
branch Of the bank of Ohio, two-thirds, or
II any, Independent bank, the hole amount
OF its capital stock at such time actually
PAID in. and remaining as capital stock un-
diminished by losses OF otherwise, except
on the following accounts-that is to say,
First-On account OF lis notes of circula-
ton: 84
Second-On account Of moneys deposited
with or collected by such bank;