The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1857-06-04

estate so acquired longer than is neces-
sary to avoid loss of any part OF the
deb, interests and costs, for the coilee-
iion or security Of which 1t was acquir-
ed; but at any time before selling the
same, upon being rendered by the last
preceding owner, or his legal representa-
tives. such sum as shall be necessary to
save such branch from loss of any part ol
the debt, interest, taxes costs and otheII
necessary charges for the collection or
security of which such real estate was ac-
Quircd. such branch shall release TO such
owner, his legal representatives or as
signs, all its right, title and interest there
IN,
SEC. 80. No branch shall, at any time,
issue or have in circulation any note,
draft, bill Of exchange, acceptance, GER
iiicate OF deposit or other evidence oi
debt which. from lis character or appear
anoe. sh AL be calculated or intended TO
circulate as money. other than such notes
Of circulation as are by this act described,
aud which such branch IS by this act
Au'horiz ID to issue Tor the purpose oi
beng circulated az money,
SEC. 81. Elch branch shall receive al
par at the Office or banking house oisuch
branch in payment Of debts due al such
branches for notes Of hand. bills of ex-
change, or other evidences Of debt, dis
counted or purchased by, or belongingto,
such branch, the notes Of circulation IS
sued by,auy othsr branch OF the Bank oI
Ohio.
SEC 50 Each branch shall, at all
times, have on hand, n 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
circulaionShaIl exceed the above named
proportion, no more oiits notes shall be
paid out, or otherwise put in circulation, q,
by such branch, nor shall such branch in
cIease its liabilities, by making any new
oans or discounts, other than discount
ing or purching bills oil exchange. pay
able al sight, nor make any dividend ofils
profits, until the required proportion be.
tween its outstanding notes Of circula-
ton, and gold and silver coin, or their
equivalent on hand, shall be reslored.-
Actual deposits with any solvent bank,
oI established credit in the cities Of New
York, Boston, Philadelphia, or Baltimore
sub ect TO bS drawn against at sight pay
able in gold and silver coin, shall be
deemed equivalent 10 gold and silver
coin, wherever these terms are used In
this act.
SEC. SO. No branch organized under
this acl shall, OF any time be indebted OF
in any way liable to an amount exceeding
,wo thirds ofils capital stock at such time
actually paid in, and remaining as cap
iial stock undeminished by losses OF
otherwise except in the following &C
counts-lhat Is TO say,
First--On account OF lis notes Of cir
laiion.
Second account ofmoneys depos
lied wirh or collected by such branch;
Tnird-On account ofhllS Of exchange
or drafts drawn against money actually
on deposit 10 the credit OF, or due tt
such branch;
Fourlh-Liabilties Of its stockholder'
an account Of money paid in, on capita
stock, dividends thereon, and undivided
profits.
Nor shall any branch, either directly
or indirectly. pledge, hypolhecale or ex
change any Of It's notes Of circulation 10
tie puraose Of procuring money, TO b'
paid in on is capital stock, nor pledg
by hypplhecate directly OF indirectly On!
OF suctSnotes to ba used in lis ordinary
banking operations.
SA37. No branch shall, during tn
time Il shall conlnueii operations as
branch withdraw OF permit TO be whit
drawn. eitbctin form ofdyidrnds, Qoan
10 stockholders, for longer period Q
time than four months or In any oibe
manner any portion ofils capital stock
end II losses shall at any lme have bes
fSNtainsd by any branch aos sx
eedlng its undividsA
and; no divide =
b divden1e