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

amount 81 Such capnal, over TWO nqHu
thousand.
On the fourth haudrsd Thousand dollars, OF
par thereof. iioI piaTe thaa onee and . qnauer
the amount of such capiial, over three hun;
ded thousand; aud II
Ca ANY ataoaat Of capital eyeriout hunoFed
thousand dollars, not more Than an amount
equait To- such capilsi, over four hundred thou
sand.
SEcTtos 49,. Notes. designed for circu lation
shall be leliseredby the Bank 7tOiilo 10 ench
branch, on a written order, sighed bythe pres
ilent and a majority Of Inc directors OF such
branch; such oTdets shall be csrefuty pre-
served BY Sait bank IN its cfice, an cccufate
account OF all the notes so delivered, the
amount ofihe notes Of each denomination so
delivered, and The dale OF seeh delivery, shall
be kept BY the bank OF Ohio, IN a book or
hooks, to be provided aud kept in its Office at
Columbus; 81 notes so worn, defaced or ma-
Stated, as ODE unfit for c incubation, shall be
tetufned BY the bnneb by which they we're
issued 10 the bank, aud an equal amount
ofnew uoleS received therefor, oil such notes
SO returned by a branth S ailbe creditea.apd
alrnew ones delivered in their stead shall be
chatged TO such branch on the books Of said
bank; and the notes so returned shall be
burned to ashes in ;he presence Of the presl
dent, and at least Two ofthe directors OF SAID
bank.
S~EcrfoM4s. Before the bank shall deliver
to any branch. notes for circulation, u shall
require such biancb 10 pay over or deposit to
the credit Of said hank, as said board, shall or
der, either in money or in certificates oil the
stocks Of this State, or Of tie United States.
attheir current value in The city o tNew York
hntin no instance above their par value, an.
amount equal 10 ten per cent. on The arlnunt
OF the notes for circulation which shall be de-
livered TO such branch, And 90, from time TO
lime, as any branch may, by the paying IN, OF
nu additional amount on lis capltal STOCK. OF
by not. having received the amount OF notes
foi circulation 10 which ii was previously en-.
titled, be authorized to demand an additional
am1unt OF notes for circulation, such branch
shall deposit; with the bank ten per cent. on
the amount OF notes So required and the
stocks and moneys so deposited shall be de
nominated the satisfy fund, ? and shall be in
vested as hereinafter prescribed. and held by
the bank as the properly Of said branch,
in trust for the benefit o. The several branch
es Of the bank Of Ohio, and as a fund
for the redemption Of The notes OF circu latlon
OF any or more Of said branches tina. may fatl
10 redeem its notes, TO be applied TO that pnr-
pose in The manner pointed out by this act.
SECTION Al. All money so deposited or p I'd
to the bank on account of The safely fund, BY
any branch shall be, Under the direction Of
said bank, invested by such ltauch either IN
stocks OF the State or Uniled States, or III
bonds secured by mortgages OF n~nlncnmbsret
real estate situate in lie county where such
branch is located, or ia adjoining countless Of
at least tw ice the yalne in each case ol tie
amiunt secured. thereby, exclusive Of build
ings or other fixtures subject TO BIZ destroyed
by FIRE, by foods or other accidental occur
rrences, or OF timber, mneS or minerals sub
siect 10 waste; which bond shall be made pay
able on demand 10 the fank of0hiO,all shall
bear such rate ofiHterest as shallbe agIeed on
by the parties, not exceeding seven pet cent
per annnm, payable semi annually, tacl
. bronchsh shall be entitled 10 receive The inter
est accruins on the stock or bonds in which
It's portion of The safety fund shall have beer
invested; and in case ofthe Insolvency OF OF,
braI CHI, the, stocks and bonds in which Che
money Of such btancb shall have been in
vested as ~aforesaid d, if the proceeds Of sucl
stock and bonds shalt be sufficient 70 redeem
its outstanding notes OF circuiatlep, shall, a
for as practicable, be first converted into mon
ey and applied 10 that purpose before any par
Of the safety fund belonging tootheI bIanehe
shall be so applied.
SEcTIoN As. The stockholders collectively
of any branch shall at no lime be liable TO slcl
branch, either as princieal debtors or %sntities
OF both, to an amount exceeding one -thi.d par
\ of the capital stock Of Snch' branch, then act
,uatiy paid in, and remaining as capital stock
nor shall the directors, collectively, be SO liza
Bile TO an amount exceeding one-thlrd part 0
the stock actually paid in, staining IN thei
names, and OF which they are coliecilFel!
the bona fde owners in their own right.
SECTION 40. If any branch oil the Bank 0
Ohio shall refuse to pay its notes Of circula
ton, or any of them, in gold OF silver coin o
the lawful currency OF the United States, CT
which payment shall be lawfully demande'
atits banking house or customary place OF Coin
banking business, during usual banking houls
such branch shall be deemed 10 have commit
ted an act OF insolvency, aud therenpon all II
property. credits, securities, liens and asset
of every description shall forthwith vest in an
be The property, credits, securities, liens an
assets Of he Bank OF Ohio, for The uses an
purposes declared in this act.
SEcrros so. Tie Bank If Ohio, on receiV
ing information that any branch has commit
ated an ACT OF insolvency, shall forthwith ap
point a committee of one or more Of us q
rectors, who shall make Immediate inquiry Ia
to the truth Of such information and repo
thereon 10 the board and il the board sha
be satisfied r. N The report OF tue Commute
thstsucl branch has suspended the spaymeT
OF its notes in gold .aad silyertthey shall toitt
with appoint . suitable receiver or receivers
who shall take immediate possession OF III
books, records, moneys, chooses in action, an
properly Of said branch Of every description
aud hold the same for the joint use and bene
ct oil, the other branches offhe Bank OF Obit
and The creditors Of the falling bIaneb; an
said bank OF Ohio shall Immediately proyid
money and place the same IL such solver
branch or branches as may be most convenieH
for the purpose Of fedeeming the notes OF sue
failing branch, and shall give public motto
thereof in some newspaper printed 10 ID
yAlace where such falling branch is located
.0Hd also in some newspaper OF general clrcu
Iation published at Columbus.
SECTION 81. Each solvent branch shall cor
tribute, in the ratio Of the circulation 10 whic
it is entitleG, 70 The sum necessary for redeem
ing the notes of the falling brunch, as prov
.ded 10 the proceeding section, on the requIsi
tion Of the Bark or Ohio, and may be renu
meratel for such contribution, from The saiet
fund, as soon as money sufficient can he raise
from that fund, by a sale of hypothecatlon {
the stock, funds, OF osher securities beiongin
thereto.
SECTION %. The receiver or receivers 81
pointed as provided in the forty. ninth sector
sShaifh. reutiired 10 give bond in such sun