Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1856-05-28

said hunks shall, until the first day Of Nay, in the yea
one thousand eight hundred and seventy seven. II 81
long ii shall comply with the provisions Of this act
have power to Loan money, buy, sell and discount bill
Of exchange, no ties and all other written evidences o
debt, except such as it shall be prohibited by this &C
rom huyinR- selling or discounting; receive deposits
buy and sell gold and silver coin and bullion; collec
and pay over money, and transact all other business
properly appertaining 70 banking, subject, however, Il
the provisions and restrictions contained in this act
may acquire. hold and convey such real estate as maj
he necessary to the convenient transaction Of its bust
ness, and no more, hut may, however, acquire title t.
any real estate pledged to secure any debt previously
contracted or purchased on an execution or order O
sale, to satisfy any Judgment or decree in its favor, OF
which shall have been conveyed TO II in payment o
any previous debt, hut shall not hold any real estat,
so acquired longer than is necessary to avoid q loss o.
any part Of the debt, interests and costs, for the col
lection or security Of which il was acquired, but at any
time before selling the same, upon being rendered by
the last proceeding owner, or his legal representatives
such sum as shall be necessary TO save such bank from
loss Of any part Of the debt, interest, taxes, costs. and
other necessary charges for the collection or security
Of which such real estate was acquired, such hank
shall release TO such owner, his legal representative
or assigns. all its right. title and interest therein.
SECTION Il. Notes Of one dollar. two dollars, three
dollars, five dollars, ten dollars. twenty dollars, fifty
dollars. and one hundred dollars each, and no note Of
any other denomination may be issued by any bank or
gsnized under this act; fthe mites issued by any such
bank, not more than ten per cent Of the amount Shall
be in notes Of one dollar each; not more than hVe per
cent in notes of two dollars each; not more than ten
per cent in notes OF three dollars each; not more than
twenty per cent shall be in notes OF al denominations
under i've dollars; not more than fifty per cent in
notes of all denomin 'tions under ten dollars
SECTION Ia. No bank organized under this act, shall,
at any time issue or have in circulation any note, draft,
bill OF exchange, acceptance, certificate Of deposit. or
other evidence Of debt which, from its character or ap-
pearznee, shall be calculated or intended to circulate
as money, other than such notes OF circulation as are
by this act described, and which such bank is express.
" authorized to issue for the purpose Of being circu-
lateI as money.
SECTION 10. Each independent bank shall receive at
par, at the Office or banking house Of such bank. in
payment OF debts due at such bank for notes OF hand.
bills ofexchange, or other evidences Of debt, discount
ed or purchased 10y or belonging to such bank. the
notes OF circulation issued by any other independent
bank authorized to issue such notes by this act, which
shall at the time redeem its notes in gold and silver
coin; and every branch hank Of the bank Of Ohio shall
receive at par at the Office or banking house OF such
branch ia payment of debts due at such bank for notes
discounted or purchased by, or belonging to. such
branch bank, the notes Of circulation issued by any
other branch Of the hank of Ohio.
SECTION %. Each hank shall at all times have on
hand. in gold and silver coin, or their equivalent, one
half at least OF which shall be in gold and silver coin,
in it's vault, an amount equal TO at least thirty per cent.
Of the amount Of its outstanding notes Of circulation;
and whenever the amount Of its outstanding notes Of
circulation shall exceed the above named proportion,
no more Of its notes shall be paid out. or otherwise
put in circulation. by such bank. nor shall such bank
increase its liabilities, by making any new loans or
discounts, other than discounting or purchasing bills
of exchange. payable at sight, nor make ally dividend
Of its profits. until the required proportion between its
outstanding notes Of circulation, and gold and silver
coin, or their equivalent on hand, shall be restored.
Actual deposits with any Solvent bAnk or banker, OF
established credit, in the cities of New York, Boston,
Philadelphia or Baltimore, subject to be drawn against
at sight, payable in gold and silver coin, shall be
deemed equivalent to gold and silver, wherever these
termG are used in This act.
SEXTON 81. No bank organized under this act shall
at any time he indebted or in any way liable to an
amount exceeding, if a branch Of the hank Of Ohio, two
thirds, or il an independent bank, the whole amount Of
its capital stock at such time actually paid in, and re-
naming as capital stock undiminished by losses or
except on the following accounts-thst is
TO say,
First-0n account Of its notes Of circulation;
second-on account of moneys deposited with or
or collected by such bank;
Third-0n account Of bills OF exchange or drafts
drawn against money actually on deposit TO the credit
of, or due to such bank;
Fourth-Liabilities to its stockholders on account Of
money paid in, on capital stock and dividends thereon.
SEcTIoS p. No bank shall, either directly or indi-
rectly. pledge, hypothecate or exchange any Of its
to be paid in on its capital stock. or to be used in
its ordinary banking operations. CT for the purpose Of
certificates Of state stock to be deposited
with the Treasurer Of State, or with the bank Of Ohio;
nor shall any bank apply or permit to be applied. by
Pothecated or pledged, any portion of its capital stock
TO the purchase OF certificates Of State stock, 10 he de-
posted with the Treasurer of State, as collateral secu-
rity for the redemption Of its notes Of circulation.
SECTION % No bank shall. during the time it shall
its operations az I bank, withdraw or permit
10 be Withdrawn, either in form Of dividends, loans to
for a longer period Of time than four
or in any other manner, any portion of its cap
ital stock; and il losses shall at any time have been
by any bank, equal to or exceeding its undi- |
Eiled profits then on hand, no dividends shall he made,
Ind no dividend shall ever be made by any hank.
While il shall q pntinue its banking operations to an
amount greater than its net profits then on hand, de- |
iucting therefrom its losses and bad and suspended
last due and unpaid for a period Of six months, unless
he same shall he we'll secured, and shall be in the
process Of collection, shall he considered bad or sus-
'ended debts, within the meaning OF this section. 1
sEcTIoS "a The directors Of each hank shall, semi
on the first Mondar in May and November,
Ieciare a dividend Of SO much of the net profits of the
lank as they shall judge expedient; and. on each divi-
lend day. the cashier shall N Ike a full, clear and &C
urate statement Of the condition OF the bank as it shall
e on that day, after declaring the dividend, which
hall be verified hy the oath OF the cashier, president !
nd 4 majority Of the directors: and similar statements
hall also be made on the first Monday in each month,
n each year, which statements shall contain,
kirst-Ihe amount OF the capital stock actually paid
n, and then remaining. as the capital stock OF the bank;
SecOnd-Tbe amount OF the bills or notes OF the bank
hen in circulation, specifying the amount Of each de
|
Third-The greatest amount in circulation at any
ime since the making Of the last previous statement,
$ shall have been exhibited by the weekly statements
{ the cashiers, specifying the times when the same oc.
urred;
FOurth-The amount of balances and debts Of every
ind due to the branches Of the bank Of Ohio, the
mount due to other hanks of the State, and the amount
ue to hanks not Of tn State. |
Fifth-The amount due to depositors;
Sixth-The total amount OF debts and liabilities of
laking Of the last previous statement, specifying the
inc when the same occurred;
'O'Ai AHounto Vi uiNluenos oeciared on
rs-Isk
men om N slI'eI eo.h u 'ur
=. - @Iu "a PosseSslon, Al tne
INC . making ue A1at1meht' designating the amount
-
I'M mn ouI SUBJECT 70 DC aiaNn al slght' IN
~ u slitei Iemalhing on oeposh WIN soiveht
paying sahks or bankers IN the cities oil New
: \ niIuetInla' boston ana hatimo1eI
.!nnI y ahouhs men on hano; OF ollIs or notes
- " = lme o1nh OhlO' the Amouhtis
"a ny otner oahks o. tnls state ana the amount Is
81 NJ, " u MS seste'
sm0dnt o. balances que from hranch-
y ~ penA % Oh'O: ene amount que from ouer
!. ~ Es o'Ale, anu tne amount que from ranks
q. AoIu1ing, IL u iateeI case, uePosis
~ Itie o. NeN iork fmiaoelPhia' boston and
THaInt' srs9eot - sishl IraisS. paysnie III sbeelei
on hano o "iiis; ponos' notes
!. otIei s'tuenees ~ uenus. u,sc1unted or purchased
te al speonying particularly me amountoi sus-
ny r us's, y anount oohsueIed oAn' the amount
= u alnouhaih uitorJuogheht'
- : saIue ~ te Leai ana persoh1i prop
y Q n convenience OF lhe oank, specifying
8 mum = aeh Z
ur amount 0 real estate taken IN pay
~ ~ oe lHe panA'
1"ounI Il he uhoifloed pronts OF
I !
!, "a 'olAi amount d u napihtes the
~ ps ~ uIIe0oofs tnereot, oohectFely sPeehyhg
{ sI"s ancuht u sucn hsohiiIies as Principai ueot |
. "a grOss amount as ehdorseIs rSureties' y
toI4i amount o. naOlities 70 the
~ = ene sIooAhoi1ers thereoi coiiecuFely' spechS
( u sr1ss amount Il such haoiities as princilai
oNoiss u gross amount as inuOrsers or Suretless