Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1857-07-30
AN ACT.

AN ACT,
To amend the forty-fifth section of the act enti-
tied can act to incorporate the State Bank of
Ohio and other Banking Companies" passed
February 9th, 1845.
Section L. Be 1t enacted By Tie General As
senably of the State of Ohio, That the forty fifth
section of the act entitled "an act to Incorporate
the State Bank of Ohio and other banking COM
panies," passed February "a, l845, be and the
same is hereby amended so as toread as follows,
viz: Section As. Whenever any independent
bank, being desirous of diminishing the amount
of its circulating notes, shall deliver to the
Treasurer of State any portion of such notes,
not less in amouRt at any one time than five
Thousand dellars to be destroyed, Tie Treasurer
shall destroy the same as prescribed in section
thirty five, and shall thereupon transfer and de-
liver to such bank certificates of funded debt
deposited with him by such bank to an amount
equal to the amount of notes SO delivered up:
Provided, that the amount of such certificates
remaining with the Treasurer shall not thereby
be reduced below the amount of the capital
stock of such bank at the time paid in, nor in
any case below the sum of fifty thousand dol
lars, nor IL value, estimating the same at their
then current prices in the city of New York,
below the amount of circulating notes still re-
tanned by such bank; nor shall the Treasurer
be required to transfer such certificates in frac-
tional sums of less than one thousand dollars;
but whenever any such bank, being desirous OF
relinquishing Its banking business, shall have
filed with the treasurer of State, under its cor
porate SEAL declaration to that effect, it shall
be lawful for Treasurer of State. upon receiving
from such bank its circulating notes, in parcels
as in this section provided, to transfer and de-
liver to such bank of the certificates aforesaid to
an equal amount, although the amount of the re-
manning certificates certificates will be reduced
below the amount of the capital stock OF such
bank, and below the sum of fifty thousand.
And whenever any such bank shall have paid
at least ninety per cent fthe maximum amount
of Its circulating notes. and shall have deliver
ed the same to the Treasurer of State to be de-
stroyed, and shall have provided means and
given security to the satisfaction of the Treasur
er, Secretary and Auditor of State, for the re-
demption of its outstanding notes of eircula-
ton at the place where the office of such bank
was established, and shall have given notice
thereof by advertisement for six consecutive
months, in two newspapers of general circula-
ton published at Columbus, and at least one
published in the city, town or village where the
Office of such bank is located; it shall be lawful
for the Treasurer of State to re-transfer and de-
liver to such bank all the remaining certificates
of funded debt previously pledged with him
by such bank, and all the corporate powers of
such bank except such as shall be necessary
to close up its affairs shall cease after one year
from the time of filing the declaration of inten-
tion to close its banking business with the
Treasurer as above provided.
N. H. VAN WORRIES,
Speaker of the House of Representatives
THOMAS H. FORD,
President of the Senate
Columbus, April IA, 1857.