True American. [volume] (Steubenville [Ohio]) 1855-1861, 1856-04-30

they shall each appoint in such manner
as the directors thereof shall prescribe,
one person to be director of the bank Of
Ohio. But no person who is not CHI
zen OF the United States, and resident
Of this State, and who has not resided
within this Stale at least one year next
previous to his appointment, shall be such
director.
SECTION 40. The directors Of the bank
of Ohio who shall have been appointed
agreeably to the provisions Of the prece-
ding 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 until
the affairs of the several branches Of the
bank of chic shall be finally closed up,
be body corporate. with succession, and
by the name of the bank of Ohio, capable
of contracting and of prosecuting, and de-
Tending suits or actions, as fully as natu-
raj persons, and Of doing all other acts
and things necessary to effect the object
contemplated in this act by the formation
of said corporation. They shall meet in
the city of Columbus at such time asshall
be designated by the board Of bank com
missioners, who shall give ten days pre-
vious notice 10 each branch of the time Of
such meeting they shall each take an
oath diligently, faithfully and impartial
ly to perform the duties imposed on them
by this act; certificate of which oath
shall be filed and preserved in the Office
of the Secretary of State. They shall Or
ganize, provided two-thirds of the whole
number shall be convened, by electing
some suitable person as president, whose
duty it shall be to preside at the meetings
of the board, and sign its official docu-
men,s. They shall elect vice president,
whose duties shall be prescribed by the
bylaws of the corporation. They shall
keep an Office in the city of Columbus,
which, together with their books, papers,
records and accounts Of every description,
shall at all times be open 10 the inspection
Of any committee of The general assembly,
or either branch thereof, and of any COM
mission or commissioners especially ap-
pointed for that purpose by The general
assembly, and of any person appointed
by any one of the branches. They shall
procure and furnish each branch with
notes for circulation, and decide on the
amount 10 be furnished from time to time
to each, within the limits and agreeabIy
TO the rules and 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 Il committee Of one or
more members of their own body, or by
special agent appointed by them for that
purpose, whenever and as often as they
shall think proper, to visit any branch, in.
spect its books, records and accounts, and
all the evidences of debt due to and secu-
rites held by such branch examine and
ascertain the amount of money and other
property held by such branch; examine
on oath the president, vice president d.
rectors, cashier, and all other officers,
agents, clerks or servants Of the branch,
touching its condition, means and liabil-
tiles. They shall have power TO require
any branch to reduce its. circulation Or
other liabilities, within such limits as they
shall, after full inquiry into its condition,
deem necessary 10 secure from loss either
the dealers with such branch, or the 9th.
er branches of the bank of Ohio. They
may require the officers Of each branch
10 make out, under oath, 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 q
book or books 10 be kept for that purpose.
They may appoint an executive commit
lee of not less than three, Of whom the
president, ,aor vice president shall be one,
10 act in behalf of the bank in such cases,
and perform all such duties as shall be
prescribed by the bylaws of said bank,
not inconsistent with this act.
SECTION The president, vice presi-
dent and secretary OF the bank shall each
receive such compensation for their SER
vices as said bank shall allow, which
shall be assessed upon the several branch
es Of the Bank of Ohio, in the ratio Of
their capital stock. The b,nk may also
allow the executive committee suchcom
compensaionas it shaldeem jusand reason
able to be paid by the several branches in
the same manner; and lhe expenses ofpro-
curing plates and printing notes Of circu-
lation, shall be paid by the several
branches in the ratio of the notes of cir