Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1857-05-14

with such securities as the bank shall prescribe;
and all vacancies in said appointments shall be
6lled BY the bank.
Sec. 6. All notes designed for circulation by
the branches, shall bo furnished BY the Bank Of
Ohio, but no such notes shall be delivered TO any
branch until they Me numbered and countetsign-
ed by some person or persons authorized to coun.
tsrsign the same as register, aud foil record Of
such numbering aud countersigning made IN book
provided for that purpose and all such notes shall
have stamped or printed on their face, the words
sRegistered by the bank Of Ohio" All notes 50
worn, defsced, 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 therefor; all
such notes 50 returned by branch, shall be cred
ited and all new ones delivered in their stead sha all
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 or vice
president and at least two Of the directors of said
bank
Sec. 7. Before the bank shall deliver to any
branch, notes for circulation it shall req iire such
branch to pay ever or deposit to the credit of said
bank, as said bank shall order, either in money or
in certificates of the stocks of this State, or of
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 on the
amount of the notes for circulation which
shall be delivered to such branch. And SO from
tima to time, as any branch may, by the paying
in Of an additional amount on its capital stock,
or by not having received the amount of notes
for circulation to which it was previously entitled,
receive an additional amount of notes for cireuIa.
ton, such branch shall deposit with the bank ten
per cent. on the amount ofnotes so receiyed and
the stocks and money SO deposited shall denomi
mated 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 bene-
fit OF the several branches of the Bank of Ohio,
and as fund for the redemption of the notes Of
circulation of any one or mole Of said branches
that may fail to redeem its notes, to be applied to
that purpose in the manner pointed out by this
act.
Sec, 8. All money so deposited or paid
to the bank on account ofthe stfety fund, by
any branch, shall be under the direction of said
bank, invested by such bank either in stocks of
the state or of the United States, or in bonds Sc
cure by Mortgages on the unencumbered real es.
tate situate in the county where such branch is
located, or in adjoining counties of at least twice
the value in each case of the amount secured there
BY, exclusive of buildings or other fixtures sub
iect to be destroyed by fire, floods or other acci-
dental occurrences, or of timber, mines or miner.
ais 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 parties, not exceeding six per cent. per
annum, payable semi-annually in advance. Each
branch shall be entitled to receive the interest &C
cruing on the stocks or bonds in which its portion
of the safety fund shall have been invested and
in case of the insolvency Of any branch the stocks
aud bonds ia which the money Of such branch
shall have been invested as afore said, If the pro.
ceeds of such stock and bonds shall be sufficient to
redeem its 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 to other branches shall be
so applied.
Sec. o. The Bank of Ohio shall not furnish to
any branch circulating notes to an amount bearing
a greater proportion to the capital stock of said
branch actually paid in, and at the time remain
ing undiminshed by losses or withdrawal, than
the proportion herenaftefGesifed, that is to say
On the first hundred thousand dollars, or any les
ser amount of its capital, not more than twice the
amount of such capital. On the second hundred
thousand dollars or part thereof, notRmore than
once and three quarters the amount Of such cap.
ital over one hundred thousand. On the third
hundred hundred thousand dollars, or part thereof
not more than once and half the amount of
such capital over two hundred thousand. On
the foarth hundred thousand dollars or part there
Of, not NOR ethan once and quarter the amount
of such capital, over three hundred thousand
and on any amount of capital over four hundred
thousand dollars, not more than an amount equal
to such capital, over four hundred thousand
Nor shall said bank furnish to any branch circn.
latng notes of any other denomination than OF one
dollar, two dollars three dollars, five dollars, ten
dollars, twenty dollars fifty dollars, and one hum
drel dollars each; of the notes furnished to any
branch not morethan ten per cent, Of the amount
shall be in notes Of one dollar each not more than
five 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