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

- ncSessaIy u Create OThnch OF such bank
: The directors Of any such existing bank, or
gaming as such branch under this act ma,
s do and perform all the acts required of stoc K
: holders to perfect such organization: an,
after the full organization of any such exist
k ing bank as a branch of the Bank Of Ohio
such original corporation shall be held I,
D De dissolved except for the purpose Of col
= lecting its assets and the final settlemen
D OF its affairs in the manner provided in il,
charter: PROVIDED, that nothing in this sec
ton contained shall be so construed as to
| require the Bank of Ohio to admit any such
independent or free bank to become branch
! OF the Bank of Ohio, unless the directors oI
the Bank of Ohio shall be satisfied that the
admission of such bank will not ieopardizp
the interests of the public, or of the Bank OF
! Ohio.
SECTION SO. The Bank OF Ohio, after
establishing its agehtyin New York, shall,
as bonus for this charter, IN addition TO the
taxes to be assessed under the twenty. ffth
section OF this act, when required by the
proper officers Of the State of Ohio. dis
charge the duties of transfer agent of the
State and receive and disburse for the State
oil moneys necessary to bo received and dis
bursed in that city in the payment of the
public debt and interest thereon without anv
other compensation or charge for such ser.
vice.
IN RELATION T0 INDEPENDENT
BANKS.
SECTION so. Each company that shall
have elected to carry on its business as an
| independent bank, and shallhave complied
win the requirements of this act, prelimin-
ary 10 the commencement Of banking busi.
ness, shall. before it shall commence such
business, and before it shall be held to have
acquired corporate powers, deposit with and
transfer to the treasurer of State certificates
OF the funded debt of this State, of the Uni.
ted States. OF the State of Massachusetts,
Indiana, Illinois, Kentucky, Pennsylyanip.
Maryland, New York or Michioan-one. !
half Of which shall be in the certificates ofI
the United States and of this State, an
amount at least equal to the amount Of its
capital stock at such time paid inj and from,
time to time as an additional installment
or portion OF its capital stock shall be paid
ID, additional certificates Of the funded debt
above specified, at least equal in amount to
the amount of such additional payments of
capital stock shall, within thirty days after
such payment, be deposited with and trans
terred to the treasurer of State; but no st,ch
certificate of funded debts shall be received
by such treasurer at rate or price above
the average selling price of such certificates
at the New York stock exchange for the
four weeks next preceding the time of the
receipt thereof by the treasurer, nor shall
any certificate be received at any rate above
Its par value, exclusive of the unpaid interest
that may have accrued thereon; and if such
bank shall Tail to make deposits and trans
ters of stock, as in this section REQUIRED. all
Its franchises and powers derived from this
act, except such as may be necessary to set.
tie up its affairs, shall Immediately cease
and determine.
SECTION 81. The treasurer of State sb,lrl
deliver, from time to time as he NAV be nre.
pared so to do, to any independ bank that
may have entitled itself thereto, on The writ. ,
len order of the president and maioritv ofl .
It's d'rectors' notes for circulation to any
amount not exceeding the value of the Ger. I
tificates Of funded debt deposited with and c
to him by such bank as pfescri. {
'ed by the preceding section, but at no time t
hall the total amount of such notes deliv. 5
red to any such bank exceed three times 4
he amount at such time actually paid in ON d
is capital stock, and remaining as capital s
took undiminished by losses or otherwise. il
SECTION 81. In order to furnish suitabla tt
lotes for circulation 10 such independent o.
'anks, the treasurer is hereby authorized u
md required to cause to be engraved and a
'rlnted in the best manner to GU lrd against Ii
ounterieltng, such quantity Of Circulating n
totes in the simulutude Of bank notes. io Il
lank, OF the several denominations nro. b
ided for in this act, as he may, from time 10 c.
me, deem necessary to furnish to s,1ch In. ii
epsndent banks according to the provisions oi
ereinalter set forth; which notes shall he ST
numbered and. registered in bl
roper books to be provided and Rent fos III
lat purpose in the Office Of. sa id treasurer ca
nder his direction, by such person or ner. Sc
'hs US ne may appoint, SO that each denom- su
'a'lon OF such circulating notes shall bear nc
'e uniform signature ofone of such registers Sc
nd all the notes of each separate denomina. ur
on shall bear the same device, and bear n of
eneral simiitude land the notes or bills to he de
} conntersigned shall have stamped or nrin. s,
ID on the their face the words .'secur ed bv Dl
le uledge of stocks" s..,E pr
SECTION 63 The plates, dies and no,o. pr
ais to be procured by the treasurer of stote ca
IF the printing and making the circul,t;nr mi
'tes provided fer in the sixtieth section of so
is act, shall remain III The custody Of s,id un
and under Ills direction and ths ev be
'nse necessarily incurred by him in execu. ry
'g the provisions of this act, shall be audi. lht
and settled by the auditor of state. ond sci
i'd out OF any moneys in the treasure, nnt S
herwise appropriated and for the pnrnose wee wee
re-imbursing the same to Tile treasury Tho vic
ID treasurer is hereby authorized ana re-. or or
ired to churge against, and receive from pen pen
ch bank receiving such circulating notes rec
Oh rate per centum thereon as NAV he be bt : !
fhcient for that purpose, and shall, Ir,m of,
ne to time, equalize said expenses among ,io saes
; banks to whom such circulating nGo1fas 81
" be furnished dep
SEcTIeN 81. After any such independenf the nun
nix shall have caused to be executed and maj
med by the president and cashier thereof baa Saa'
} circulating notes received from the treas. who
'r OF state, in such manner as NAV be ure'
luisite to make them obligatory notes tarv tnv
1able on demand at its place of business aei
h pnnkis hereby authorized to is, ID nnd eifU, ssU
culate the same as money. recc
sEoTIoE 65. It shall be the duty of the Sc seen !;
asurer OF state to receive mutilated cireu- over
ing notes issued by him to any Of such ana ana
epeedent banks and to deliver in place ,he rs.'i
reof other circulating notes TO on eaual com
cunt and The said mutiated notes. niter aga, aeaa
account shall have been entered in die the {
ner hoskt.r hooks shaIi Ii. L....I 1S.g adve