Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1857-05-19

Cor circulation, and decide on the amount
10 be furnished from time to time to each,
within the limits and agreeaby to the rules
and restrictions prescribed by this act
They may prescribe rules for the settle
ment of balance between the branches, re-
wise their bylaws and regulations con
cerning charges for making collections,
and cause both to be made uniform,
or as nearly SO as may be expediont.-
They shall have power, by themselves,
or by a committee of one or more mem-
bers of their own body, or by special
agent appointed by them for that purpose,
whenever, and as often as they shall
think proper, to visit any branch, inspect
its books, records and accounts, and all the
evidences of debt due to and securities held
by such branch; examine and ascertain the
amount Of money and other property held
by such branch; examine on oath the pres
ident, vice president, directors, cashier,
and all other officers, agents, clerks, or SER
wants of the branch, touching all its con-
ditions, means, and liabilities. They shall
have power to require any branch to re-
duce its circulation or other liabilities with
IN such limits as they shall, after full in
quiry into it's condition, deem necessary to
secure fIom 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 practi-
cable, publish in some newspaper printed
in Columbus, a consolidated abstract of
the monthly reports of all the branches,
showing their assets, liabilities and condi-
ton, which statements shall be recorded
i'll book or books to be kept for that pur-
pose. They may appoint an executive COM
mittee 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 by laws ofsaid
bank, not inconsistent with this act
SEC 4. The president, 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 Ohio, in the ratio
of their capital stock. The bank may also
allow the executive committee such COM
pensation as it shall deem just and reason
able, to be paid by the several branches in
the same manner; and the expenses of pro-
curing plates and printing notes of circu-
lation received by each.
j.
continue in Office until the first Monday of
February next after his appointment, and
until his successor shall be appointed and
qualified, vacancies in the board shall be
filled by the branch by which the appoint
lnent vacated was made. In voting, each
member shall be entitled to two votes, and
to one additional vote for every fifty thous-
and dollars Of the amount of capital stock
paid into the branch represented by him
over one hundred 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 appointed, but they may be re-
moved by resolution of the board. They
and all other officers and agents of the bank
shall take an oath faithfully, diligently and
impartially to fulfill 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 pre-
scribe; and all vacancies in said appoint
ments shall be filled by the bank.
SEC 6. All notes designed for circu-
Iation by the branches, shall be furnished
by the Bank of Ohio, but no such notes
shall be delivered to any branch till they
are numbered and countersgned by some
person or persons authorized to counter
sign the same as regis Ter, and full record
of such numbering and countersigning
made in book provided for that purpose,
and all such notes shall be stamped or prin-
ted on their face, the words ''Registered
by the Bank of Ohio" All notes so worn.
defaced or mutilated, as to be unfit for
,1ot clol In h1rf hal I,
by which they were issued to the bank, and
an amount of new notes received therefor;
all such notes so returned by Il branch,
shall be credited, and all new ones deliv-
cred 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 directors
of said bank.
SEC 7. Before the hank shall deliver
to any branch, notes for circulation, it
shall require such branch 10 pay over or
deposit to the credit of said bank, as said
bank shall order, either in money or in GER
tifcates 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 their value, an amount equal to ten
per cent. on the amount of the notes for
circulation to which it was previously en-
titled, 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 prescribed, and held by the
bank as the property Of said branch, in
trust for the benefit Of the several branches
of the Bank Of Ohio, as fund for the re-
demption of the notes of circulation of any
one or more of said branches that may fail
to redeem its notes, to be applied to that
purpose in the manner pointed out by this