Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1857-10-08
BANK LAW.
Published BY Authority.

nHrsi =
To incorporate the Bank OF Ohio and Branches.
L SECTION l.. Be It enacted By dle General Asse1s-
uy ftke State of Ohio, That tie Bank of Ohio be
and the same is hereby incorporated with all the
powers hereinafter granted. and by that name shall
be capable of contracting, and OF prosecuting and
defending actions fully as natural persons, and
OF doing all other acts necessary TO effect the oo-
jects contemplated in this act by the c:eation OF
said corporation
SIC That as soon es five or more branches of
the Bank Of Ohio shall Be Organzsd, as in this act
is authorized, the directors of the Bank Of Ohio,
appointed by such branches shall meet m the city
OF Columbus at such time as shaH be Designated BY
the board Of bank commissioners, who shall give
ten days previous notice to each branch OF the
time Of such meeting, and provided two-thirds OF
the whole number of such directors shall be con
vened, thew shall organize by taking an oath, dill
gently. faithfully and mpartislly 10 perform the
duties imposed upon them by this act. certificate
Of which oath. signed by each director, shall be
filed and preserved in the Office o the Secretary OF
Sisie, and by electing some suitable person as
president, who shall preside at the meetings OF the
board and sign its official documents; and there
after The directory OF the Bank of Ohio shall be
composed OF one director appointed BY each branch
of said bank, two-thirds of whom shall be q
quorum.
SEC. 3. The directors shall. when they deem il
shall Be prescribed by the by-laws. They shall
appoints secretary, who shall keep fair and true
record Of the proceedings of the bank They shall
keep an office in the city OF Columbus, which, to-
gether with their books, papers, records, and ac-
counts Of every description. shall at all times be
open to the inspection of any committee of the
General Assembly, or either branch thereof, and OF
any commissioner or commissioners specially ap-
pointed for that purpose by the General Assembly
or either branch thereof They shall procure and
furnish each branch with notes ior circulation and
decide on the amount 20 be furnished from time to
time 10 each, within the limits and agreeably to
the rules and restrictions prescribedby this act
They may prescribe rules for the settlement OF
balances between the branches, revise their by
laws and regulations concerning charges tor max
ing collections and cause both to be made uniform
or as nearly 80 as may be expedient They shall
have POW er, by themselves. or by committee OF
one or more members of their own body. or by
speciai agent appointed by them for that purpose
whenever, and as often as they shahthink proper.
70 visit any branch inspect its books, records and
accosnts and all The evidences of debt due to and
securities held by such branch; examine and as
certain the amount OF money and other property
held by such branch; examine on oath the presi-
dent. vice president directors. cashier and II 9TH
ef ohcsrs agents, CLERKS, or servants OF the branch
touching its condition, means and liabilities. 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 con-
dition. deem necessary IN secure from loss either
the dealers with such bSnneh or the other branches
the first Monday of every month as practicable
publish in some newspaper printed al Columbus, a
consolidated ntstraci of the monthly reports of al
the branches, showing their assets liabilities and
condition, which statements sha u be recorded in
book or books TO be kept for that purpose. They
may arpont an executive committee of not less
Than three Of whom the presidento or vice president
shall be one TO act in behalf of the bank in all
such cases. as shall be prescribed by the bylaws OF
said bank, not inconsistent with this act.
l. =. l.
aud O II other officers or agents OF the bank shall
eashreceiye such CT m pensaion for their services
as said bank shall allow, which shall be assessed
npou the several branches OF the bank of Ohio, in
ihe ratio OF their capital stock. The oank may
also Iow the executive committee such comPeD-
satiun as il shall deem just and reasonable, to be
paid by the several branches in the same manner:
and the expenses Of procuring plates and printing
noles Of circulation shall be paid by :he several
branches in the ratio OF the notes of circulation
received by each
SEC. 5. Each director ofthe bank shall continue
IN Office until the first Monday OF February, next
after his appointment; and until his cessor sha II
be appointed aud qualified, vacancies in the board
sha lbe & lied by the branch by which the appoint
ment vacated was made. In voiing, each member
shall be entitled to two votes and TO one addition
al vote ior every hty thousand dollars ol the
amount Of capital stock paid in 10 the branch rep
resented by him over one hundred Thousand dol
lars at the time OF such voting. The president and
vice president of the bank shall hold h ir Offices
f,t one year, and until thersuccessors shall be ap
pointed, but they mav be removed by resolution
OF the board. They and all other officers and
ee,nts of The bank shall take an oath faithfully.
diligently and impartity 10 fulfill the duties
tier appointments and not knowingly violate any
pi Ihe provisions of this act. They may he re
oiired 10 rive bond in such sum- and with such Sc
cnrities the bank shall prescIibe ard all vacan
rirs in saId appointments shall be filled by Iht
ianx.
Sc G. All notes DESIGNED for circulation bv
the branches. shall b.. furnished by the Bank
Ohio, bur no such notes shall be delivered to any
branch until they are numbered and counterSigned
lv some person or persons author eel 10 counter
sign the same rs register ana tull record OF such
numbering and counersigning mlde II n book
o divided tor tfrt purpose, and all such notes shall
lave stamped or printed on their lace, the words
Registered by the Bank of Ohio All notes so
worn, defncted. or mutiIaied to be unfit for cir
culation, shall I've returned by the branch by which
they were issued to the hank. and an equal amuun
OF new notes received therefor, all such notes 81
returned by branch, shall be credited, and all thr
new ones delivered in their stead shall he charged
10 such branch on The books Of said bank: and the
notes so returned shall be burned 10 ashes in the
presence OF the esdent vice president, and al
least two OF the directors OF said bank.
SEC. Z. Before the bnnk shall deliver 10 any
fbranch notes for circulation, it shall require such
branch to pay deposit to the credit OF said
bankas said bark shall order. either in money or in
cercatesof the stocks OF this state in the T. Sta
tes lat their;current value in the city ofNew York,
but in no instance above their par value, an
amount euual to fen per cent, on the amount OF
The notes for circulation, which shall be delivered
10 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 noi having re-
ceived the amount ci notes for clrcu TO which
It was previously entitled, received an additional
amount of notes or circulation, such branch shal
deposit with the bank ten per cant on the amount
ofnoies 90 received; and the stocks and money so
deposited shall be denominaten 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 BRAN
ches of the Bank Of OF O. and as fund for the re-
hemption of the notes OF circulation OF any one OF
more of said branches that may fail to redeem It's
botes. to be applied to tha pHrpoe in the manner
pointed out by this act.
Sec. 8. All money so deposited or paid TO the
bank on account of the safety fund, by any branch
ehall under the direction o! said bank investedby
such branch either in stocksof thesate or. Uniled
Strtes, or in bonds secured by mortgages on nnen-
numbered real estate situate in the county where
such branch is loca ted. or in adjoining counties, o.
al least twice the value in each case OF the amount
secured thereby, exclusive OF buildings or Othel
fixtures subject TO be destroyed by fire, flood o.
other accidental occurrences. or OF timber, mines
or minerals subject TO waste; which bond shall bt
made payable on demand to the Bank OF Ohio, ant
on by the parties not exceeding six per cent pc
annum, payable semi-annuaily in advance. Eacl
branch shall be entitled to receive the interest
cruing on the stocks bonds in which its portion
ofthe safety fund shall have been inves ted; and il
case OF the insolvency OF sny branch, the stock
and bonds in which the money of such branch shal
have been invested as aforesaid, if the proceeds
such stock and bonds shall be sufficient to redeem
its outstanding Rotes OF circulation shall, as IA
as practicable, be first converted into money ant
applied to that purpose be fore any part of the safe
fund belonging TO other branches shall be SO ap
piled.
any branch circulating notes to an amount bearin
greater proportion to the capital stock Of sal
branch actually paid in, and at the time remainin
undiminished iby losses or withdrawal, than th
proportion hereinafter specified, that is to say: Oh
The first hundred thousand dollars, or any Jesse
amount of its capital. not more than twice tn
amount of such capital. On the second hundre
thousand dollars or part thereof, not more tha
once andnbree-quarters the amount ofsuch capita
aver one hundred thousand. On the third hundre
thousand dollars. or part thereof. not more tina
ence and half the amount OF such capital, owe
two hundred thousand. Oa the fourth hundre
Thousand dollars, or part thereof not more tina