The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1857-06-04

ital stock paid into the branch represented
by him over one hundred dollars, at tht
time of such voting. The president ant
vice president Of the bank shall hold thei
Offices for one year, and until their sue
cessors shall be appointed, but they may
be removed by resolution Of the board
They and all other officers and agents O
the bank shall take an oath faithfully
diligently and impartialIy to fulfill the
duties of their appointments and no
knowingly violate any Of the provisions o.
this act. They may be required to give
bond in such sum, and with such securi.
ties as the bank shall prescribe; and all
vacancies in said appointments shall be
filed by the bank.
Sec 6. All notes designed for circu.
lation by the branches, shall be furnished
by the Bank of Ohio, but no such notes
shall be delivered TO any branch till they
are numbered ana countersigned by some
person or persons authorized to counter.
sign the same as register, and full re.
cord of such numbering and countersign,
ing made in book provided for that pur-
pose and all such notes shall be stamped
or printed on their face, the words "Reg-
istered by the Bank Of Ohio" All notes
so worn, defaced or mutlated, as to be
unfit for circulation, shall be returned by
the branch by which they were issued to
the bank, and an amount of new notes re-
ceived therefor; all such notes so return
ed by branch, shall be credited, and all
new ones delivered in their stead shall be
charged 10 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 require such branch to pay over 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 the United States, at their current val
ue in the city of New York, but in no in
stance above their value, an amount equal
to ten per cent. on the amount of the notes
for circulation to which it was previously
entitled, receive an additional amount of
notes for circulation, such branch shall
deposit with the bank ten per cent. on the
amount of notes so received; and the
stocks and money so deposited shall be
denominated 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 sew
eral branches of the Bank of Ohio, as a
fund for ,he redemption of the notes Of
circulation of any one or more of said
branches that may fail to redeem its notes
to be applied to that purpose in the man
ner pointed out by this act.
Sec. 8. All money deposited or paid
to the bank on account Of the safety fund,
by any branch, shall be, under the direc-
tion of said bank, invested by such branch
either in stock of the State or of the Uni
ted States, or in bonds secured by mort
cages on unencumbered real estate stu
ate in the county where such branch is
located, or in adjoining counties, of at
least twice the value in each cace of the
amount secured thereby, exclusive of
buildings or other fixtures subject to be
destroyed by fire, floods or other accl-
dental occurrences, or of timber, mines
or minerals 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 par
ties, not exceeding six per cent. per an
mum, payable OAsemi aanually in advance,
Each branch s entitled TO receive
the interest al on the stocks or
bonds in whS Axtien,of the safety
fund shah = InyeSed; and in
fvass ofthe J of au& branch, the
slocksa and bon ID which tke money OF
such branch shall have been invested as
aforesaid, if the proceeds of such stock
and bonds shall be sufficient to redeepits
outstanding notes of circulation, shall, as
far as practicable, be first converted into
money and applied to that purpose before
aEy part of the safety fund belonging to
other branches shall be so applied.
BRANCH BANK.
SEC. Q. The Bank of Ohio shall not furnish to
any branch circulating notes to an amount bearing
n greater proportion to the capital stock of said
branch actually paid in, and at the time remaining
undiminished by Losses or withdrawal, than the
proportion herein after specified, that is to say: On
tho first hundred thousand dollars or any lesser a.
mount Of capital not more than twice the amount
of such capital. On tho second hundred thousand
dollars part thereof not more than once and three
quarters the amount of such capital, over one hun
ired thousand. On the third hundred thousand
dollars or part thereof, not moro than once and n
half the amount of such capital over two hundred
thousand. On the fourth hundred thousand dol
lars, rpart thereof not more than once and quarter
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