Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1856-05-29
LAWS OF OHIO.
Published by Authority

AmOunI
bearing greater proportion to the capital stock
CT said branCn actually paid in, and at tie time
Remaining undmnIsed bv losses or wilbdraw
al than the proportion hereinafter specified
sthat is to say
On the hrst hundred thousand dollars. or
any less amount of lis capital. not more than
twice the amount Of such capital.
On the second hundred thousand dollars or
part thereof, not moie than once and three
quarters the amount of such capital, over one
hundred thousand.
On the third hundred thousand dollars or
part thereof, not more than once and balr,ba
amount of such capital, over two hundred tbou.
sand.
On the fourth hundred thousand dollars or
part thereof, not more than once and QUAR-.
ter the amount of such capital over three hun
dred thousand and,
On any amount of capital over four hundred
thousand dollars, not more than an amout O.
qual to such capital, over four hundred thou.
sand
Sec. 49, Notes designed fer circulation shall
be dtliveredby the Bank of Ohio to each branch
on written order, signed by the president and
majority of the directors of such branch .
such orders shall be carefully preserved by said
oank IN Its Office ; an accurate account Of all
the notes so delivered the amount of The note.
OF each denomination SO delivered, and the
date OF such delivery, shall be kept hy II.
Bank of Ohio in book or books, to be provi-
ded and kept in its Office at Columbus : All
notes so worn, deface1 or muJilated, as to be
uu6t for circulation, shall be returned by III
branch by which issued to the bank, and an
equal amount of new notes received there. /
tor ;'all such notes so returned by branch, /
shall be credited, and all new ones deverej |
in their stead shall be charged to such branch 5
on the books of said bank and the notes so a
returned shall be burned to ashes in the pres. f
ence of president, AMI al least two of di. f
rectors of said bank.
Sec 49, Before the bank shall deliver "a > a
ny branch, notes for circulation, it shall REQUIRE n
such branch to pay over or deposit to the 81
credit of said bank, as said board shall order 81
ell er IN money or in certificates of the stocks 81
ofthS State, or of the United States, at their b.
current value in the city of New York. but in m
NJ instance above their par value, an amoun
equal to ten per cent, on the amount of the h,
notes Tor circulation which shall be delivered to 70
such branch And so, from time t. time as in
my branch may. by the paying in OF an add, be
ional amount on its capital stock. OF by not fu
having received the amount of notes for crcu
alton to which it was previously entitled, be- fyC
authorized to demand an additional amount of We
otes for circulation. such branch shall depost nj,
'Ih The bank ten per cent. on the amount of notes
required and he stocks aud money so dc. th
osled shall be deuominated the safety fund"
nd shall be invested as hereinafter prescribed the
nd held by the bank as the property of said POI
ranch, in trust for the benefit of the severa
ranches of the Bank Of Ohio, and as fund 8a
'r the redemption of the Lotts of circultio, on
t any one or more of said branches that nav as
I'll to redeem its notes, to be applied to that act
urpose in the manner pointed by this act inst
Sec A. al money so deposited or paid 10 cou
e bank on account of the safety fund, by any jun
'anch shall be- under the direction of said rur
INK invested By such branch either in stocks insc
the State or of the United States or in bonds sale
cured by mortgages on unncumbered real e. VIII,
ate situate IN the county where such branch the
located, or in adjoining counties, of at east tim,
nee the value in each case of the amount se- IN
red thereby, exclusive Of buildings or other shal
,tures subject to be destroyed BY fire food from
other accidental occurrences, or of timte., brar
ines or mineral subject to waste which bon soly
all be made payable on demand to the Bank str
Ohio. and shall bear such rate ofintelest as asse
all De agreed on by the parties, not exceed rect
seven per cent. per annum, payable semi. s
nually: Each branch shall be entitled to re- oooo
I've 'he interest accruing on the stocks or in I,
nds In which Its portion of the safety fund dina
all heve been invested, and in case Of the in. 80 =
lVency OF any branch, the stocks and bopds L.o.
which the money of such branch have bear ~.
vested as aforesaid, if the proceeds Of sucb ~, I
'cks and bonds shall be sufficient to redeem - S1'"
outstanding notes of circulation, shall. as -. -
as practicable, be first converted into mon. O'le
and applied to that purpose before any par. oon. -
the safety fund belonging to other branches 49,,
all be SO applied. ond'
Sec. 48. The stockholders collectively. of a. ting
""AOa - 'A''s a. no tilne DC haole 10 such such
anch, either as principal debtors or surties, ;no
both, to an amount exceeding one third part bean
the capital stock of such branch. then actu- =.
y maid in and remaining nc can;tol stI rs