Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1857-10-08

necessary to avoid loss of any part of the
, deIt, interests and costs, Tor the collection oil
security of which it was acquued; but at any
) time before selling the same, upon being ten
, dered by the last preceding owner, or his legal
representatives, such sum as shall be necessary
to save such branch from loss of any part ol
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, assigns, all its right, title and
| interest therein.
SEC. 80. No branch. shall, at any time. issue
or have in circulation any note, draft, bill OF
change, acceptance, cert ificate 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 dc.rribed
and which such branch is by this act author
lied to issue for the purpose being circulated
as money
! SEC. 81. Each branch shall receive al 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 evi
7 dences of Cebt, discounted or purchased by, or
belonging to, such branch, the notes ci circu-
lation issued by any other branch Of the Bunk
! Of Ohio.
SEC. 35 Each branch shall. at all times, have
OH III BOlu " silver cOtN, CT tuClT
alent. onchalf 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, no more Of its notes shall be pgid
out, or otherwise put in circulation, by such
branch, nor shall such branch increase its liza
bililies, by making any new loans or discounts
other than disconnting or purchasing bills Of
exchange, payable at sight, nor make any d.
vidend oil its profits, until the required proper
| tion between its outstanding notes Of circula-
tion, and gold and silver coin, or their aquiva-
lent on hnnd shall be restored. Actual deposits
with any solvent bank, of esta blished credit, in
| the cities of New York, Boston, Philadelphia or
Baltimore, subject to be drawn against at sight
payable in gold and silver coin, sha II be deemed
equivalent to gold and silver coin, wherever
these terms are 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 such time actually paid
in, and remaining as 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
drafts drawn against money actually OH deposit
to the credit OF, or due to such branch.
Fourth-Liabilties 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, hypothecate or exchange any
Of its notes of circulation for the purpose Of
procuring money, to be paid in on its capital
stock, nor pledge or hypothecate directly or in
directly any of such notes to be used in its or
dinary banking operations,
SEc. 81. No branch shall. during the time it sha
continue its operations branch, withdrrw Orl
permit TO he Withdrawn, either in form of dividends
loans to stockholders, for ionser period OF time
than four mon tbs or in any other manner any por
tion of its capital stock; aud if losses shall any
time have been sustained by br anch equal 10 or
exceed ing its undivi led profits hen hand. div
idends shall he made and no dividend shal: ever he
made by any branch, while it shall Continue its
banking operations, 10 an amount greater than its
losses and bad and suspended dehts aud all debts due
to branc 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 coec
tiOn shall he considered bad suspended debts
within the meaning of This section.
SEC ~. The directors of each branch shall semi
annually on the first Monday in May ami November,
declare dividend Of much of the profits of the
bi anch as they shall judge expedent; and on each
dividend day, the cashier shall make full, clear
aud accurate statement of the condition of the branch
as II shall be on that day, after declaring the dv
dend, which shall be veri by the oath of the cash
ier, president and of the directors; and smi ar
statements shall also be made the first Monday IN
each mouth in each year, which statements shall
contain,
First-The amount of the capital stock actually
paid in. and then ming the capital stock of
q e branch;
Second-The amount of the bills or notes of the
branch then IN circua tion specifying tie amount OF
each denomination,
Third-The greatest amount in Circulation at anv
time nce the making of the last previous statement.
-ls1tl haua lied ht Tho ln eta.
meuts of the cashier, specify ing the time when thc
same occurred;
Fourth-The amount of balances and debts of
eve, v kind due to the branches the Barz of ohio
the due other banks of the State, and the
amount due to banks not OF this State;
Fihh-The amount du: to depositorsi
Sixth-The total mount OF debts and liabilities of
every description, and the since the
making of tile last previous statement, specifying
the time when the same occurred, exhibited by
the weekly statement Of the 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 belongin such branch, and possession
the time of making the statement designating the
amount of each;
in gold aud silver, then remaining on deposit with
| solvent specie paying hanks 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;
| Elevenlh-Thc amount of balances due from
branches of the Bank o Ohio the amount due from
hanks of this State, and the amount due
banks OF this State excluding, in the latter
deposits in the cities of New York. Philadelph ia
Boston and Baltimore, subject TO sight drafts paya
| bic in specie;
| TweTflh-The amount on hand OF bills bonds notes
and other evidences of debts discounted hased
bv the br anch specifying particu Ially the
of suspended debt, the amount considered
| the amount in suit or judement; .I
4 Thrteentli--The value OF the real and personal
property, held for tie convenience of the branch
snecify ing the amount Of each;
! Fourteenth-The amount of real estate taken in
payment Of debts due The branch;
Fifteenth-The a.'ount oil undivided prof is OF the
branch;
Sixteentl-The total amount of the liabilities to
the branch by the directors thereof, collectively,
specifying the gross amount of such liab lities
principal debtors, and ihe gross amount endorsers
or sureties;
Seventeenth-The to,al of abilities to the
branch of the stockholders thereof spec
flying the gross of such liabilities as prnci-
pal debtors, and the gross amount as indo rsers
suretes; which statement shall be forthwith trans
mitied 10 the Bank Of Ohio aud Auditor Of State
An abstract of every such staten en;, show
} ing the condition of the branch, shall be imme-
dately published by the branch in some news.
; paper pr .nted in The county where such branch
is situated
+, SEC. 49, The general assembly shall never
impose any greater Ia upon property employ.
ed in banking under this than is or ma Y be
imposed upon the property OF individuals.
Sec. 40 Every branch may take, reserve
! receive and charge any loan or discount
made, or upon any note, or bill of exchange
or other evidence of debt at the rate OF sx
per centum per unnum on the amount of any
such note, bill of exchange, or other evidence
of debt so discounted, and no more: Provided
, however, That interest may be reserved or tak
5 en- in advance at the time Of making the loan
or discount, according to the usual rates of ba II
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