The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1857-06-26

'u oook provided Tor that purpose, and al
such notes stamped or printed on thei
~ face, the words, "Registed by the Banl
oil Ohio" All notes so worn, defaced
'e or mutlated, as to be unfit for circula
ie tion, shall be returned by the brancl
AZ by which they were issued TO the bank
g. and an equal amount OF new notes re
hS ceived therefor: all such notes returne,
,,g by branch, shall be credited, and al
o. new onet delivered in their stead shal
O. shall DO burned to ashes in the prcsenc
ol the president or vice president, and a
re least two OF the directors Of said bank
'e SEC. Z. Before the bank shall deliv
IL er to any branch, notes for circul alton
,. il shall require such branch TO pay owe
u or deposite to the credit OF said bank al
IS said bank shall order; either in money
x or certificates OF the stocks OF this State
or OF the United States, at their curren
e value in the city oil New York, but ir
j. no instance above the par value, al
!. amount equal to ten per cent. on the
amount Of notes for circulation which
shall be delivered TO such branch. And
u so, from time to time, as any branch
5 may, by the paying in Of an additional
amount on its capital stock. or by not
.. having received the amount Of notes fol
circulation TO which il 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 NJ"
scribeti. and h.iL.L".m III trust lot tne
benefit OF the several branches Of the
bank Of Ohio, and as fnnd for the re.
demption Of the notes Of circulation OF
any one or more OF said branches that
may fail TO redeem its notes, 10 be ap.
piled to that purpose in the matter point.
ed out by this act.
d SEC. 8. All moneys so deposited or
paid TO the bank on account OF the SAFE
ty fund, by any branch, shall be, under
the direction OF said bank invested By
such branch either in stocks Of the State
or Of the United States, or in bonds Sc.
cured by mortgage or uneRcumbered
real estate 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; fix.
lures subj ect TO be destroy ed by fire,
floods or other accidental 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 parties, not
exceeding SIX per co,i'' PEI "'ho"'' Pa'
able semi annus lly in advance. Each
bran h shall he entitled to receive the
interest acccuing on the stocks or bonds
in which It's portion Of the safety fund
shall have been invested, and in case OF
the insolvency of any branch, the stocks
and bonds in which the money OF such
branch shall have been invested ns
aforesaid, il the proceeds 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 be-
longing 10 other branches shall be so
SIC. 0. The Bank OF Ohio shall not
furnish to any branch circ Ulating notes
to an amoun, bearing a greater proper
ton to tho capital stock OF said branch
actually paid in, and at the time re.
naming undiminished, by losses oi
withdrawal. than the proportion herein
after specified, that is 10 say, on the first
hundred thousand dollars, OF any lesser
amount OF its capital, not more than
twice the amount Of such capital. On
the second hundred thousand dollars or
part thereof, not moro than once and
three quarters the amount Of such cap
ltal, over one hundred thousand. On
the third hundred thousand dollars, or
part thereof, not more than once and
half the amount OF such cspital, over
two hundred thousand. On the fourth
hundred thousand dollars, or a part
thereof, not more than once and quar-.
ter 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 sha j said bank
furnish to any branch circulating note
! Of any other denomination OF one dol
lar, two dollars, three dollars, five dol
lars, ten dollars, twenty dollars, fifty
} dollars, and one hundred dollars each
il the notes furnished TO any branch,
not more thon ten per cent, OF the amt
shall,be in notes OF ono dollar each, moi
: more than FIVE per cent. in notes OF two
dollars each; not more than ten pei
cent. in notes or three dollars each;-
not more than twenty per cent. shall be
in notes OF all denominations under hive
dollars, not more than fifty per cent. in
) notes OF all denominations under ter
dollars.
5 SEC. 10. II any branch Of the Bank
. Of Ohio shall refuse TO pay its notes o
, circulation, or any Of them, in gold o.
. silver coin, or the lawful currency o
| tho United States, on which paymen
r sh all be lawfully demanded tits bank
0 ing house or customary place OF doin,
d banking business. during usual banking
d bonrs, such branch shall be deemed Il
r have committed an act OF insolvency
, and thereupon all It's property, credits
Q securities, liens. and assests OF every
desc rip,ion shall forthwith vest 10 AM
h be the property OF the Bank Of Ohio, 70
the use and purposes declared in 'hi
IS act.
Q SEC. IL. The Bank OF Ohio on re
}. csiving information that any bank ha
h committed an act Of insolvency. sha|
}. forthwith appoint committee Of one
I. more OF its directors, or others, who shs
make immediate inquiry into the truI
4, of a,ch ;ncoyn,s ,icn nd rAnari IN araO