The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-05-14

comply with The provisions Of this act,
have power 70 loan money; buy, sell and
discount bills .of exchange. noles, aud all
other written evidences Of debt, except
such as it shall be prohibited BY this act
from Suying, sellingor diseOuniiDg; ;receive
deposits; buy and sell gold and silver coin
4 bullion; collect and pay over money, and
transact all other business properly ap-
pertaining to banking; subject, hoseyer. TO
the provisions and restrictions contained
in this act; may acquire, bold and convey
such real estate as may be necessary to
the convenient transaction Of its business,
and no more; but may. however, acquire
title to any real estate pledged to secure
any debt previously contracted or purcha'
sed on an execution or order OF sale, 10
satisfy any judgment or decree 10 it's favor
or which shall have been conveyed to it
in payment Of any previous debt. but shall
not bolc any real estate so acquired
longer than is necessary to avoid loss
Of any part Of the debt, interests and
costs, for the collection OF security OF which
it was acquired; bot at any time before
selling the same, upon being rendered By
the last preceding owner, or bis legal rep
resentstiVes, such sum as shall be Deces-
cary TO save such branch from loss of any
part Of tbe,debt, interest, takes, costs, and
Other necessary charges for the collection
or security of which such real estate was
acquired, such branch shall release TO such
owner. his legal representatives or assigns
ALL its hight. title and interest there
in. =.
SEC 33. No branch shall, at any time
issue or have in circulation any noie. draft
bill OF exchange, acceptance, certificate Of
deposit, or other evidence OF debt which
from its character or appearance. shall be
calculated or intended 10 circulate as mon
ey, other than such notes Of circulation as
are by this act described, and which such
branch is by this act authorized to issue
for the purpose of being circulated as
money. -I -I
SEC. 81, Each branch shall receive at
par at the Office or banking house of such
branch 10 payment OF debts due at such
branches for notes OF hand. bills Of ex.
change, or other evidences of debt, dis
counted or purchased by. or belonging TO,
such branch, the notes OF circulation is.
sued BY any other branch of the Bank of
Ohio.
SEC. So. Each branch shall, at all
times. have on hand. in gold and silver
coin. or their equivalent one-half at least
Of which shall be in gold and silver coin
in its vault, an amount equal to at least
thirty per cent of the amount of its out
standing notes OF circulation; and when.
ever the amount Of its outstanding notes
Of circulation shall exceed the above AIMED
proportion, no more of its notes shall be
paid out, or otherwise put in circulation,
by such branch, nor shall such branch in-
crease its liabilities. by making any new
loans or discounts, other than discounting
or purchasing bills Of exchange, payable
AT sight, nor make any dividend Of its
profits, until the required proportion be.
tween its outstanding notes of circulation,
and gold and silver coin, or their equiva-
lent on hand, shall be restored. Actual
deposits with any solvent bank of estab.
lished credit. in the cities of New York,
Boston, Philadelphia or Baltimore, subject
to be drawn against at sight payable in
gold and silver coin. shall be deemed equi-
valen' 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 10 an amount exceeding
two thirds of its capital stock at such time
actually paid in and remaining as capital
stock undimInished by losses or otherwise
except on the following accounls--that is
to say.
First--On account of its notes OF circu.
lation: -...
Second-On account Of moneys deposi
ted with or collected by such branch;
Third On account Of bills of exchange
or drafts drawn against money actually on
deposite to the credit Of. or due to such
Fourlh-Liabli.ies to its stockholders
on account Of money paid in. on capital
stock. dividends thereon, and undivided
lpro6ts. ~5A1.
Nor shall any branch. either directly
or Indirectly. pledge. bypotheeate or ex-
change any Of it's notes Of circulalaIion for
the purpose of procuring money, TO be
paid in on its capital stock nor pledge or
lbypothecate directly or indirectly any Of
such notes TO be used in its ordinary bank
ing operations. ~
SEC. 81. No branch shall. during the
time it shall continue its operations as q
branch, Withdraw or permit 10 be Withdrawn
ei!berin form of dividends, loans to stock.
holders. for q longer period Of time Than
four months, or in any other manner
any portion of it's capital stock; and if los.
ses shall at any time have been sustained
by any branch. equalto OF exceeding lis
undivided profits then on hand, no divi.
dends shall be made, anc no dividend shall
ever be made by any branch. while il shall
continue its banking operations, to an
amount greater than its net profits then
on hand, deduc,ing there from is losses
end bad and suspended debts; and all
debts due to branch, on which interest
10 past due and unpaid for period Of six
months, unless the same shall be well
secured, and shall be IN the process Of
Eeoleciien. shall be considered bad or
suspended debts, within the meaning Of
this section.
SEC. SO. The directors OF each branch
shall, seml.snpually on the 6rst Monday
in May and November, declare dividend
of so much Of the net profits Of the branch
AS they shall Judge expedient; and, on each
dividend day, the cashier, shall make full,
clear and accurate statement Of the con-
dition Of the branch as it shall be on that
day, after declaring the dividend, which
shall be- verified blythe oath Of the cashier.
! president, and two Of the directors; and
similar statements shall also be made on
the first Monday in each month in