The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-06-10

THHA "L
dent whose duties shall be prescribed BY
the bylaws. They shall appoint q Sec
rotary who shall keep a fair and true rec
ord Of the proceedings of the bank. They
shall keep an Office in the city OF Column
bus, which, together with their books,
papers, records, and accounts OF every de-
scription, shall at all times be open to the
inspection of any committee OF the Gene-
raj Assembly, or either branch thereof
and of any commissioner or commission
ers specially appointed for that purpose
by the General Assembly, or either branch
thereof. They shall procure and furnish
each branch with notes for circulation,
and decide on the amount to be furnished
from time to time, eachr within the limits
and agreeably to the rules and restrictions
prescribed by this act. They may pre-
scribe rules for the settlement OF a
between the branches, revise their by
laws and regulations concerning charges
for making collections, and cause both to
be made uniform, or as nearly SO as may
be ezpedient. They shall have power, by
themselves, or by a committee of one or
more members Of their own body, or by
a special agent appointed by them for that
purpose, whenever, and as often as they
shall think proper, to visit any branch, in
spect its books, records and accounts, and
all the evidences of debt due to and Sc
c~urities held by such branch; examine
| and ascertain the amount of money and
other property held by such branch; ex-
anime on oath the president, vice-presi-
desss, directors, c%ashicr, and all other eGG
GERS, agents. clerks, or servants of the
H,,-oI Ao,,I,.@ &c condition maand ond
liabilities. They shall have power to re-
quire any branch to reduce its circulation
OF. other liabilities, within such limits as
they shall, after full inquiry into its con
| dition, deem necessary to secure from loss
either the dealers with such branch, or
the other branches Of the Bank of Ohio.
They shall, as soon after the first Monday
Of every month as practicable, publish in
somo newspaper printed at Columbus, a
| consolidated abstract of the monthly re-
ports of all tho branches, showing their
assets, liabilities and condition, which
statements shall be recorded in a book Or
books to be kept for that purpose. They
may appoint an executive committee of
not less than three, of whom the president
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.
Sec. 4. The pr, sideut, vice president,
secretary, and all other officers or agents
of the bank shall each receive such COM
~pensation for their services as said bank
shall allow, which shall be assessed upon
the several branches Of the Bank Of Chic,
in tho ratio of their capital stock. The
bank may also allow the executive COM
mittee such compensation as it shall deem
just and reasonable, to be paid by the
several branches in the same manner; and
the expenses of procuring plates and
printing notes Of circulation shall be paid
by the branches, in the ratio of the notes
of circulation, received by each.
SEC. 5. Each director of the hank
shall continue in Office until the frs Mon
day of February, next after his appoint
ment, and until his successor shall be ap-
pointed and qualified, vacancies in the
board shall be filed by the branch by
which the appointment vacated was made.
In voting each member shall de entitled to
two votes, and to one additional vote for
every fifty thousand dollars of the amount
Of capital stock paid in to the branch rep
resented by him over ono hundred thous-
aad dollars, at the time Of such voting
The president and vice president of the
bank shall hold their offices for one year,
and until their successors shall be APP
pointed, but they may be removed by a
resolution of the Board. They aud all
other officers and agents of the bank shall
take an oath faithfully, diligently and i'm
partially to fulfil the duties of their APP
pointments and not knowingly violate any
of the provisions of this act. They may
be required to give bond in such sum, and
with such securities as the bank shall
prescribe and all vacancies IN said ap-
pointments shall be filed By the bank.
Sec. g.. All notes designed for %ciroula,
ton by the branches, shall be furnished
by the Bank of Ohio, but no such note
shall lie delivered to any branch until
they are numbered and coantcrsigned by
some person or persons authorized to
countersign the same as register, and a
full record of such numbering and coun-
tersiguing made in a book provided for
that purpose, and all such notes shall
have stamped or printed on their face, the
words Registered by the Bank Of Ohio"
Ali notes SO worn, defaced, or mutilated,
as to be unfit for circulation, shall be re-
turned by the branch by which they were
issued to the bank, and an equal amount
Of new note received therefor all such
notes SO returned by a branch, shall be
credited, and all new ones delivered in
their stead shall 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 d.
rectors of said bank.
Sec. Z. 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
10 certificates of the stocks of this State,
or of the United States, at their current
value in the city of New York, but in no
instance above the par value, an amount
equal to ten per cent. on the amount Of
the notes for circulation which shall be
sielivesed to s~neh-braneh. And SO, from
time to time, as any branch may, by the
paying in of an additional amount or its
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 c%ircula-
ton, 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 denomiuated the
+" safety fund.-" aud shall be invested as
n &C. ~roeor.AA1 ..o-l L.II L. A.