The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-06-17

note, draft, bill ofexchange, acceptance,
certificate of deposit, or other evidence
of debt which, from its character or APP
pearnnce, shall be calculated or intended
to circulate as money, other than such
notes of circulation as are by this act
decribed, and which such branch is by
this act authorized to issue for the pur-
pose of being circulated rs money.
SEC. "a. Each branch shall receive
ut par at the Office or banking house of
such branch in payment of debts due at
such branches for notes of hand, bills
of exchange or other evidence of debt,
discounted or purchased by, or belong
ingfo, such branch, the notes Of circu-
lation issued by any other branch of the
Bank of Ohio.
Sec. 35. 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 outstanding notes of circulation; and
whenever the amount of its outstand-
ing notes of circulation shall exceed the
above named proportion, no more of its
notes shall be paid out, or otherwise put
in circulation, by such branch, nor, shall
such branch increase 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 re-
quired proportion between its outstand-
ing notes of circulation, and gold and
silver coin, or their equivalent on hand,
shall be restored. Actual deposits with
any solvant bank of established credit,
in the cities of New York, Boston Phil
adelphia, or Baltimore, subject to be
drawn against at sight payable in 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 to an amount ex-
eeeding two thirds of its capital stock
at such time actually paid in, and re-
manning as capital stock undiminished
by losses or otherwise except on the fol-
lowing accounts-that is to say,
First-On account of its notes of cir
collation.:
Second-On account of moneys de-
posted with or collected by such branch;
Third-On account of bills of ex-
change or drafts drawn against money
actually on deposit to the credit of, or
due to such branch.
Fourth-Liabilities to its stockholders
on account of money paid in, on capital
stock, dividends thereon, and undivided
profits.
Nor shall any branch either directly
or Indirectly, pledge, hypothecate or
exchange any Of its notes Of circulation
for the purpose of procuring money, to
be paid in on its capital stock, nor pledge
or hypothecate directly or indirectly any
of such notes to be used in its ordinary
banking operations.
SEC. 81. No branch shall, during the
time it shall continue its operations as
a branch withdraw or permit to be with
drawn, either in form of dividends,
loans to stockholders, for q longer period
of time than four months, or in any 9th
err name any portion of its capital
stock; and if losses at any time have
sustained by any branch, equal to or
exceeding its undivided profits then no
dividends shall ever be made by any
branch while it shall continue its bank
ing operations, to an amount greater
than its net profits then on hand, deduc-
ting there from its losses and bad and
suspended debts; and all debts due to a
branch on which interest is past due
and unpaid for a period of six months,
unless the same shall be well secured,
aud shall be in the process of collection,
shall be considered bad or suspended
debts, within the meaning of this Sec
ton.
SEC. SO. The directors of each branch
shall, semi annually ON the first Monday
in May and November, declare a divi-
dend of so much of the ret profits of
the branch as they shall judge expedient;
and on each dividend day, the cashier,
statement of the condition of the Branch
as it shall be on that day, after declar-
ing the dividend, which shall be verified
by the oath of the cashier, president and
two of the directors; aud similar state
ments shall also be made on the first
Monday in each month in each year
which statements shall contain.
First-The amount of the capital stool
actually paid in, and then remaining a
the capital stock Of the branch
Second-The amount of the bills OF
notes of the branch then in circulation
specifying the amount of each denomina
ton;
Thlrd-The greatest amount in circula
ton and any time since the making of thu
previous statement, as shall have beer
exhibited by the weekly statements of thu
cashier, specifying the time when thu
same occurred
Fourth-The amount of balances ant
debts of every kind due to the branche
of the Bank of Ohio, the amount due t.
other banks of the State, and tho amoun
due to the banks not of this State
Fifth-The mount due to depositors;
Sixth-The total amount of debts an,
liabilities of every description, and th
! greatest amount since the making of tn
last previous statement, specifying tn
time when the same occurred, as exhibit
ed by the weekly statement of the branch
Seventh-The total amount of diVi
dends declared on the day of making tn
statement;
Eighth-The mount of gold and silve
coin and bullion belonging to such brancl
and in possession at the time of MAXIM
the statement, designating the amount o
each;
Ninth-The amount subject to b
drawn at sight, in gold and silver, the'
remaining on deposit with solvent, speci
paying banks in the cities of New York
Philadelphia, Boston, and Baltimore;