The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-09-10

bnpll DO restored. Actual deposits WIN an
solvent bank, Of established credit, in III
cities Of New York, Boston, PhiIsdelphia o
Baltimore, subject to be drawn against 6
sight payable in gold and silver coin, shal
be deemed equivalent to gold and silver coin
wherever these terms are used in this act.
SEC. s6. No branch organized under thi
act shall, at any time, beindebted or in an,
wey liable TO an amount exceeding tw
thirds of its capital stock at such time actu
ally paid in, and remaining as capital stock
undiminished by losses or otherwise, exCep
en- the following accounts--that is to sPy:
First--On account of its notes Of circuls
tion; "a
Secund-On account Of moneys depositet
with or collected by such branch;
Third--On account of bills Of exchang,
or drafts drawn against money actually Oh
deposit to the credit of, or due to sucl
branch;
Fourth-Liabilities TO its stockholders OF
account Of money paid in on capital stock
dividends thereon, and undivided profits.
Nor shall any branch, ether directly o.
indirectly, pledge. hypohecate or exchange
any of its notes of circulation for the purpost
of procuring money, to be paid in on its capi
tai stock, nor pledge or hypothccate directly
or Indirectly any of such notes to be usec
in its ordinary banking operations.
SEC. 81. No branch shall, during the
time it shall continue its operations IS q
branch, withdraw or permit to be withdrawn,
either in form Of dividends, loans to stock
holders, for longer period Of time than four
or in any other manner any portion
OF its capital stock; and if losses shall at any
time have been sustained by any branch,
equal to or exceeding its undivided proGts
then on hand, no dividends shall be made, and
no dividend shall ever be made by any branch,
while it shall coStnue its banking operations
to an amount greater than its net profits then
on hand, deduating therefrom its losses and
bad and suspended debts; and all debts due
to branch, on which interest is past due
and unpaid for period of six months, unless
the same shall be well secured, and shall be
in the process of collection, shall be cOnsid-
cred bad or Suspended debts, within the
Of this section.
SEc. SO. The directors Of each branch
shall, semi-anpually on the first Monday in
May and November, declare dividend of so
much of the net profits of the branch as they
shall indge expedient; and on each dividend
lay, the cashier, ehGll make n full, clear, and
accurate statement of the condition OF 1.-THE
branch as it shall be OH that day, after dc.
,larlng the dividend, which shall be verified
y tho oath Of the cashier, president, and
W0 Of the directors; aud similar statements
hall also be nude on the first Monday in
ach month in each year, which statements
hall contain, :
First-The amount OF the capital stoC!. ac-
ually paid in, end then remaining as the
.npital stock of the branch;
SeCond--The amount OF the bills or notes
# the branch then in circulation, specifying
he amount of each denominations;
Third-The greatest amount in circulation
It any time since the making of the last
,reyous statement, as shall have been exhib-
ted by the weekly statements of the cashier,
peciiying the time when the same occur
ed;
Fourth-The amount of balances and
labta OF every kind due to the branches of the
Bank Of Ohio, the amount due to other banks
# the State, and the amount due to baRks
lot of this State;
Fifth-1'he amount due to depositors;
SiXth-The total amount of debts and lia-
,iities Of every description, and the greatest
amount since the making of the last previous
statement, specifying the time when the
same occurred, es exhibited by tho weekly
tUtement of the branch;
Seyenth.-The total amount of dividends
declared on the day of making the state
neni; ..
Eighth--The amountof cold and silver
oin and bullion belonging to such branch,
nd in possession at the time of making the
tatement, designating the amount of each;
Ninth h-The amount subject to be drawn
t sight, in gold and dsilyer, then remaining on
oposit with solvent speoie paving banks in
he cities Of New York, Philadel lphia, Bos-
on and Baltimore;
Tenth--The amount then on hand, of bills
r notes, issued by branches of the Bank of
ohio, tho amount issued by other banks of
his Stale, aud the amount issued by banks
ot of this State;
Eleventh-The amount Of balances due
rom branches of Bank of Ohio, the amount
ue from other banks of this State, and the
mount due from banks not of this State, ex.
ludlng, IN the latter case, deposits in the
tiles of New York, Philadelphia, Boston and
baltimore, subject to sight drafts, payable in
peGie; -
TWelflh-The amount on hnnd of bills.
ondS, notes and other evidences of debts,
ls scountcd or purchased by the branch, spec
ying particularly the amount of suspended
ebt, the AMOUNT considered bad, the amount
onsidcred doubtful, and the amount in su, or
ldgment;
1hirteenth-T'he value the real and per-
onaI property, held for the convenience of
le branch specifying the amount Of each;
Fourteenth-The amount OF real estate ta-
en- in payment Of debts due the branch;
Fifteenth-The amount of undivided prof
s Of the branch;
Sixteenth-The total amount of tie liabil-
lies to the branch by the directors thereof,
effectively, specifying the gross amount of
uch liabilities as principal debtors, and the
ross amount as endorsers or suretes;
Seventeenth The total amount of liabili-
les to the branch of the stockholders there
f collectively, specifying the gross amount
{ such liabilities as principal debtors, and
be gross amount as endorser5 or sureties;
7hch statement shall be forthwith trans
,itted to the Bank of Ohio and Auditor of
tate.
An abstract of every such statement,
howing the condition of the branch, shall I
e Immediately published by the branch in
ome newspaper printed in the county where
lch branch is situated.
SECS SO. The general assembly shnll
ever impose any greater tax upon property
nployed in banking under thia act, than is
: may be imposed upon the property ofladi.
,oIa 4