Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1857-10-01

necessary 10 AVOID a loss OF any part oil the
de t, interests and costs, for the collection or
security OF which it was acquIl ed; but at any
time before selling the same, upon being ten-
} dered by the last preceding owner, or his hga
representatives, such sum as shall be necessary
TO save such branch from loss of any part oil
the debt, interest, taxes, costs, and other neces
sary charges for the collection or security OF
which such real estate was acquired, such
branch shall release to such owner. his legal
representatives or assigns, all its right, title and
interest therein.
SEC. 33. No branch, shall, at any time, issue
or have in circulation any note, draft, bill ol ex-
change, acceptance, certificate of deposit, or
other evidence Of debt which, from its charac-
ter or appearance, shall be calculated or inten-
ded to circulate as money, other than such
notes OF circulation as are by this act described
and which such branch is by this act authss,
lied 10 issue for the purpose being circulated
as money.
, SEC 81 Each branch shall receive at par at
} the Office or banking house of such branch in
payment of debts due at such branches for
notes of hand, bills of exchange, or other evil
deDces Of Cebt, discounted or purchased by, or
belonging to, such branch, the notes Of circu-
|, laton issued by any other branch Of the Bank
OF Ohio.
SEC. 35. Each branch hall, at all times, have
on hand, in gold & silver coin, er their equiv
alent, one.half at least OF which shall be in
gold and silver coin in its vault an amount
equal to at least thirty per cert 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, more of its notes shall be ppid
out, or otherwise put IN circulation, by such
branch, nor shall such branch increase its la-
bililies, by making any new loans or discounts
other than diseonnting or purchasing bills of
exchange, payable at sight, nor make any di-
vidend OF its profits, until the required proper
tion between its outstanding notes of circula-
ton, and gold and silver coin, or their aquiva-
lent on hand, shall be restored. Actual deposits
with any solvent bank, of esta blished credit, in
the cities of New York, Boston, Philadelphia or
Baltimore, sub ect to be drawn against at sight
payable in gold and silver coin, shal be deemed
equivalent to gold and silver coin, wherever
these terms used in this act.
SEC. SO. No branch organized under this
act shall, at any time be indebted or in any
way liable TO an amount exceeding two THIRDS
OF its capital stock at snch time actually paid
in, and remaining capital stock undimin-
Ished by losses or otherwise, except on the fol-
owing accounts-that is to say,
First-On account of its notes of circulation;
Second-On account of moneys deposited
with or collected by such branch;
Th!rd-On account Of bills of exchange or
uIdlks drawn against HlOHcy actually on uepDSlI
to the credit Of or due to such branch.
Fourth-Liabilites to its stockholders on ac-
count OF money paid in, on capital stock, divi-
dends thereon, and Undivided profits.
Nor shall any branch, either directly or in
directly, pledge, hypothecats exchange any
of IFS notes of circulation for the purpose of
procur ing money, to be paid in Oh its capital
stock. nor pledge or hypothecate directly or in
directly any of such notes to be used in its or
dinary banking operations,
| SEE. 81. No branch shall during the time il shal,
continue its operations 4 branch withdrrw or
permit 10 he withdrawn either in form of dividends,
loans to stockholders, for a ionger period of time
than four mon this in any other any por-
tion of its Capital stock and if losses shall any
time have heen sustained by any branch, equal TO or
exceed ing its undivided profits hen hand, div
dends shall be made and no dividend shal: be
made by any branch, while it shall continue its
banking operations, to an amount greater than its
net profits tnen or hand. deducting therefrom its
losses and bad and suspended debs and all debts due
10 branc which interest is past due and unpaid
for period of six months, unless the same shall be
well red. and shall be in the process of cnlleC
tion, shall lie considered had suspended debts /
within the meaning of this section.
| SEC. 81. The directors of each branch SHALL semi
annually the first Monday in May ant, November,
declare dvidend of much of the net profits of the
branch as they shall judge expedieut; and, on each
dividend day, the cashier shall make full, clear
aud accurate atement of the condition of the bran
as shall be on that day. after declaring the divi
dend which shall be veri'd by the oath OF the ca sh
er president, and of the directors and similar
statements shall also be made the first Monday in
each north in each year, which statements shall
contain,
First-The amount of the capital stock actu ally
paid i'll. and then remaining as the capital stock of
the branch;
SecOnd-The amount of the bills or notes of the
branch then in crcuia on, specifying the amount OF
each denominations;
! Third-The cre:test amount in circulation at any
time snce making of the last previous statement.
! as shall have been exhibited by the weekly state
nents of the cashier, specifying the time when the
same occurred;
Fourth-The amount of balances and debts of
every kind due to the branches of the Bank of Ohio.
the amount due to other banks the State nd the
amount due to banks not of this State;
Fifth-The amount du* TO depOsitors;
Sixth-The total mount OF debts and liabilities of
every description, ana the gro atest amount since the
making of the last previous statement, specifying
the time when the same occurred, as exhibited by
the weekly statement ofthe branch;
| Seventh-The tota amount of dividerds declared
on the day of making the statement;
Eighth The amount of gold AID silver coin and
bullion belonging such branch, and possession
at The time of making the statement, designating the
amount of each;
in gold and silver, then remaining on deposit with
solvent specie paying banks in the cities of New
York, Philadelphia. Boston and Baltimore;
Tenth-The amount then on hand, Of bills notes,
issued by branches of the Bank of Ohio, the amount
issued by other banks of this State and the amount
! issued by hanks not of this State;
Elevenih-The amount OF balances due from
bTanc hes of the Bank Ohio, the amount due from
others banks Of this State aud the amount due from
banks not OF this STATE excluding, the latter
deposits in the cities of New York, Phi!ade ph ia,
Boston and Baltimore, subject TO sight drafts, pay
bic in specie;
Tw eIftl--The amount Oh hand of hills bonds notes
and other evidences OF debts discounted hased
by the branch, Specifying particular the amount
h,d tje amouut considered doubtrni ana
the amount in suit or judgment;
ThHieenth--The value OF the rea! and personal
property. held for tie convenience of the branch
s.,eCifyIng the amount of each;
! FOurteeI,tI-The amount oI real estate taken in
payment OF debts due me branch;
.FiflesnIiThe .iount OF undivided prof IS of the
branch;
sIxteenth-The total amount of the liabilities to
the branch by the directors thereof collectively,
speGily yns the gross amount OF such liabilities as
principal debtors, and lhe gross amount endOrsers
OT suretIes;
Sevenieenth-The toial amount of Ii abilities to the
branch OF the stockholders thereof collie cvely, spec
lying The gross amount of such Liabilities prnci
pal deb Tors, aud The gross amount indo rsers
sureIIesi which statement shall he forthwith trans
united 10 The Bank ol Ohio aud auditor OF Stale
An abstract of every such statement, show
ing the condition Of the branch, shall be imme-
dlately published by the branch i'll some news
paper printed i'll the county where such branch
Is situated.
SEC. 50. The general assembly shall never
impose any greater tax upon property employ
cd III banking under this cl,than is may be
imposed upon the property OF individuals.
SEC. Az. Every branch nay take, reserve,
receive and ehurge On any loan or discount
made, or upon amy note, Or bill of exchange
or other evidence OF debt, at the rate OF SIX
per centum per annum On the amount of any
such note, bIli oi exchange, or other evidence
oi debt so discount Cd, and no more: Provided
however, That interest may be reserved or TAX
en III advance at the time OF making the loan
or discount according to the usual rates of bank
my, or as calculated III RowlcIt's tables; and
the knowingly taking, reserving or charging on
any debt or demand discounted or purchased
by any branch, d rate Of interest greater than
, that allowed by this section shall DC held and
adJudged forfeiture ol such debt or demand,
but the purchase Or discount oil u bona fdc bill
oil exchange, or note rayubIe at any other place
than the place oil such purchase or discount,
and the taking or reservIng OF interest thereon
at the rate AFORESAID, from the time of such
+ purchase or discount, until the maturity of such
bill or note, shall not be held usurious al Though
exchange OH the place where it is made pay
able, Is at the time ol such purchase discount
worth premium; nor shall the discount or pur
! chase of Il bona hne bill or note, payable ut a