Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1857-05-21
i%eetions, subject to be controlled there

-ONNC " IL blIllOu g. ulOIIC1 u,
except the notes furnished for that pur-
pose by the Bank Of Ohio, and all such
notes shall be payable at the branch by
which they are issued, in gold and silver
coin, the lawful currency of the United
States, or either, at the option Of the
branch, on demand; they shall be signed
by the president or vice president of the
proper branch, and countersigned by
the cashier Thereof, made payable to bear
er, and shall be negotiable by delivery;
all other evidence of debt, issued by any
branch, shall be negotiable or transfer
rable in the same n as if issued
by a natural person, and shall be bind
ing on the branch, whether under seal
or not, and all such evidence of debt,
other than notes of circulation, shall be
payable to the order of some person
therein named.
SEC. 40. The branches shall c%ontin-
ne to exist as long as necessary for the
settlement of their affairs, notwithstan-
ding the repeal of this act and no law
shall ever be passed diverting or appro-
priating the assets OF any such branch
to any purpose other than TO the pay
mcnt of its debts,and liabilities, and the
distribution of the residue among its
stockholders in proportion to the stock
by them severally owned.
BANK COMMISSIONERS.
SEC. so. To carry into effect the pro-
visions of this act, Vim. W. Scarborough,
of Cincinnati Franklin I. Backus, OF
Cleveland, Hooking II. Hunter, Of Lam
caster; j. r. Finn, of Columbus and
Samuel Forrer, Of Dayton, shall be and
they are hereby appointed commission
ers, and they, or a majority of them, az
ter taking an oath diligently, faithfully
and impartially to perform the duties
assigned them by this act, a certificate
of which oath shall be fled and carefully
preserved in the Office of the secretary
of state, shall constitute a board to be
designated the board of bank commits
%sioners: which board shall continue I'M
til the organization of the Bank Of Ohio,
as herein provided for, and thereafter,
the duties Which they are required to
perform by this act, shall be performed
by said bank; and if any ofsaid commits
%sioners shall refuse to serve, shall die or
resign, his place shall be filled by the
governor.
Said commissioners shall meet in the
city of Columbus, at such time, within
thirty days after the adoption Of this act,
as shall be appointed by the governor,
who shall notify each memberof his APP
pointmemt, and of the time and place
ofmeeting; they shall, when met, appoint
one of their number to be their prcsi-
dent, who shall, under the order of the
board, sign all official documents; and
they shall cause a fair and true record
OF all their official proceedings to be kept
in a book to be provided for that pur-
pose, which shall be delivered by the
president Of said. board to the Bank Of
Ohio, as soon as the same shall be Or
ganized.
SEC. 81. The board of bank COM
shall examine the certificates
of the formation of branches, transmit
ted to them as required by this act, and
shall, by one of their own members or
other special agent appointed by them
for that purpose, who shall not be a
stakeholder in any OF the branches
under this act, Immediately pro
coed to examine the con~lition OF each
of the branches which shall have trans
ll1IlCu ~ Sdlu OOaiN 1S A$loAiSN NOANH
cate; and it shall be tbs special duty Of
such agent to: carefully count or other
wise ascertain the amount of money
paid in on account Of its capital stock
to ascertain the name and place of resi-
dence of each of the directors Of such
branch, and whether their stockholders,
directors and officers are men of respon-
and integrity, and entitled TO,
the public confidence; and the amount
of capital stock Of which each is tac
bona fde owner, whether such branch
has complied with all the requirements
of this act necessary to entitlc the branch
to engage in the business OF banking
and shall cause to be made and attcstcd
by the oath OF a majority Of the direc-
tors and by the cashier Of such branch .
statement of the material facts necessary
to enable the board Of bank commission
ers to determine whether such branch is
lawfully entitled to the bus
mess of banking under the provisions
of this act, and such agent shall imme-
report to the board of bank COIL
missioners such statement and his pro
ceedings in the promises.
SEC. 81 II, upon a careful cZamln-
alton of the certificate Of association.
and the reports and statements Of the
agents appointed to ascertain
whether the branches so organized have
complied with the provisions OF this act,
it shall appear that 1--WE or more such
branches have been formed, ana that
their stockholders, directors ana Ctfcers,
are men of responsibility ana integrity, !
aud entitled to public confidence, am
that such branches are lawfully entitled
to commence the business Of banking.
the commissioners shall certify the same
to the Governor, and shall i~mmediatly
each Of said branches thereof; and
ten days after receiving such
each branch shall appoint, in such
manner as the directors thereof shall
prescribe, n person to be the director
Of the Bank of Ohio. But no person
who is not a citizen of the United States,
and a resident of this State, and who
not resided within this State at least