The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1856-07-09

), On the third hundred thousand dollars
Tor part thereof, not more than once and
half the amount of such capital, over twt
hundred thousand.
4 On the fourth hundred thousand dol
lars, or part thereof, not more than one,
and quarter the amount of sueh;capitaI
over three hundred thousand; and,
i On any amount of capital over fou
! hundred thousand dollars, not more thar
an amout eqnal to such capital, over foul
hundred thousand.
4 SECTION As. Notes designed for cir
Iculation shall be delivered by the Bank o
! Ohio to each branch, on written order
1signed by the president and majority O
the directors of such branch; such order:
shall be carefully preserved by said banl
lin its Office; an accurate account of all the
notes so delivered, the amount of the
notes of each denomination so delivered
and the date of such delivery, shall be
kept by the Bank of Ohio, in book OF
books, to be provided and kept in its Office
at Columbus; all notes so worn, defaced
or mutiated, as to be unfit for circulation
shall be returned by the branch by which
they were issued to the bank, and an
equal amount of new notes received there
for; all such notes so returned by a branch,
shall be credited, and all new ones deliy-
Tered in their stead shall be charged to
such branch on the books of said bank;
and the notes so returned shall be burned
to ashes in the presence OF the president,
and at least two of the directors of said
bank
SECTION 49, Before the bank shall
fdeiver to any. branch, notes for circula-
tion, it shall require. such branch to pay
over or deposit to the credit of said bank,
as said board shall order, either in money
or in certificates 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 their par value,
an amount equal to ten per cent. or. the
amount of the notes for circulation which
shall be delivered to such branch. And
so, from time to time, as any branch may,
by the paying in of an additional amount
on its capital stock, or by not having re-
ceived the amount of notes for circula-
ton to which it'was previously entitled,
he authorized to demand an additional
amount Of notes for circulation, such
branch shall deposit with the bank ten
per cent on the amount of notes so re-
quired; and the stocks and money so de-
posted shall be denominated the safety
fund.-" and shall be invested as hereinafter
prescribed, and held by the bank as the
property of said branch, in trust for the
benefit of the several branches of the
Bank of Ohio and as fund for the re-
demption of the notes of circulation Of
any one or mere of said branches that
may fail to redeem itsnotes, to be applied
to that purpose in the manner pointed
out by this act.
SECTION Al. All money so deposited
or paid to the bank on account of the
safety fund, by any branch shall be, under
the direction of said bank, invested by
such branch either in stocks of the State
or of the United States, or in bonds Sc
cured by mortgages on uniucumbered real
estate situate in the county where such
branch islocated, or in adjoining counties,
! of at least twice the value in each case Of
the amount secured thereby, exclusive Of
buildings or other fixtures subject to be
destroyed by fire, by floods or other acci-
dental occurrences, or Of timber, mines or
minerals subject to waste; which bond
shall be made payable on demand to the
Bank of Ohio, and shall bear such rate OF
interest as shall be agreed on by the par
ties, not exceeding seven per cent. pei
annum, payable semi-annually.- Each
branch shall be entitled to receive the
interest accruing on the stocks or bonds
lin which its portion OF the safety fund
fshall have been invested; and in case Of
4 the Insolvency of any branch. the stocks
and bonds in which the money of sucl
branch shall have been invested as afore-
I said, if the proceeds of such stock anG
| bonds shall be sufficient to redeem it;
outstanding notes of circulation, shall, as
far as practicable. be first converted into
money and applied to that purpose before
any part of the safety fund belonging te
other branches shall be so applied
1 SECTION 4S. The stockholders collec-
Etively, Of any branch shall at no time bt
!, liable to such branch, either as principa
! debtors or sureties, or both, to an amount
exceeding one-third part of the capito
j stock of such branch, then actually paid in
and remaining as capital stock; nor shal
1.-THE directors, collectively. be SO liable te
an amount exceeding one-third part OF thu
stock actually paid in anding in thei
names and of which they are collectivel.
1.-THE bona ffde owners III their Owl
fright.
i SECTION 40. If any branch of th'
i Bank of Ohio shall refuse to pay its notes
4 of circulation, or any Of them, in gold o
tsilver coin of the lawful currency of tn,
United States on which payment shall b
lawfully demanded at its banking house o
customary place of doing banking business
during usual banking hours, such brancl
! shah be deemed to have committed al
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