The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1857-09-10

U
the credit Of said bank, as said bank shall or
der, either in money or in certificates O
the stock of this State, or of the Unite
States, at their current value in the City o
New York, but in no instance above thei
, par value, an amount equal to ten per cent
on the amount of the notes for circulation
which shall be delivered to such branch
And SO, from time to time, as any brancl
may, by the paying in ofan additional 0moun
on its capital stock, or by not having re
i ceived the amount of notes for circulation t
which il was previously entitled, receive al
additional amount of notes for circulation
such branch shall deposit with the bank ter
Per cent. on the amount of notes so received
and the stocks and money so deposited shal
be dehaminated the safety fund.- and shall b,
invested as hereinafter prescribed, and helt
by the bank as the property OF said branch
in trust for the benefit Of the several branch
es of the Bank of Ohio, ard as q fund for the
redemption of the notes Of circulation of any
one or more of said bronches that may fail tC
redeem its notes, to be applied to that pur.
pose in the manner pointed out by this act
SEC. 8. All money SO deposited or paid
to the bark on account of the safety fund
| by any branch, shall be, under the direction
OF suid bank, invested by such branch either
ia stocks of the state or of the United States,
OF in bonds secured ny mortgages on unen.
Cunibered real estate situate in the county
where such branch is located, or in adjoining
counties, Of at leGst vice the value in each
case OF the amount secuIed thereby, exciu.
sve OF buildings or other fixtures subject to
be destroyed by fire. floods OF other acCiden.
tai occurrences, or of timber, l2iHes or min
erals subject to waste; which bond shall be
made payable on demand to the Bank Of
Ohio, and shull bear such rate of interest as
shul be agreed on by the perties, not ex.
ceeding six per cent. per annum, payable
semi.dnnueily in advance. Each branch
shall be entitled to receive the interest &C
Cruing on the stocks or bonds in which its
portion of the safety fund shall have been in
vested; and in case of the insolvency of any
branch, the stocks ond bonds in which the
money of such branch shall have been in.
vested as aforesaid, il the proceeds of such
stock and bonds shall be sufficient to redeem
its outstanding notes OF circulation, shall, as
far Us practicable, be first converted into
money and applied to that pu pose before any
part Of the safety fund belonging to other
branches shall be SO applied. .a.i..
SEC 9. The Bank of Ohio shall not fur.
nish to any branch circulating notes to an
amount bearing greater proportion TO the
capital stocl. of said branch actually paid in,
and at the time remaining untiminialed by
losses or withdrawal, than the proportion
hereinafter specified, that is to cay: On the
cr5+ ! doll
an Unit of its capital, not more than twice
the amount Of such capital. On the second
hui drcd thousand dollars or part thereof, not
more than once and three quarters the amount
of such capital, over one hundred thousand. |
On the third hundred thGnsard dollars, or |
part thereof not more thGn ouce and halfI
the amount OF such capital, over two hundred
thousand. On the fourth hundred thousand
dollars, or part thereof, not more than once
and quarter the amount of such captul over
three hundred thousand; and, on any amount
of cGotal over four hundred Thousand dollurs,
not more than an amount equal to such Gop.
itui, over four hundred tboueund. Nor shHlI
said bank furnish to any branch circulating
notes of any other denomination than of one
dollar, two dollars, three dollars, five dollars,
ten dollars, twenty dollars, fifty dollars, and
one hundred dollars each; of The notes fur
nished to any branch, moi more than ten per
cent. of the amount shall be in notes of one
dollar each; not more thun five per cent. in
notes of two dollars each; not more than ten
per cent. in notes OF three dollars each; not
more than twenty per cent. shall shall be in
notes Of all denominations under five dollars;
not more than fifty per cent. in notes of all
under ten dollars.
SEC. 10. IF any branch of the Bank of
Ohio shall refuse to pay its notes of circuIa-
ion; or any of them, in gold or silver coin,
Dr. the lawful currency Of the United States,
On which payment shall be lawfully demand.
ID at its banking house or customary place
Of doing banking business, during usual
banking hours, such branch shall be deemed
% have committed an act of insolvency, and
hereupon all its property, credits, securities,
ems and assets Of every description shall
forthwith vest in and be the property, cred
ls, securities, leins, and assets of the Bank
If Ohio for the uses and purposes declared in
his act.
SEC. II. The Bank of Ohio, on receiving
thRt any branch has committed
N act OF insolvency, shall forthwith appoint
, committee of one or more OF It's directors,
]r othera who shall make immediate inquiry
nto the truth Of such information and report
hereon to the bank; and if the bank shall be
satisfied from the report of the committee
hat such branch has suspended the payment
If its notes in gold and silver, it shall forth.
With appoint suitable receiver or receivers,
Who shall take immediate possession of the [
,ooks, records, money, chooses in action, and
property of such branch Of every description,
md hold the same for the joint use and ben |
fit of the other branches of the Bank of ,
Ohio, and the creditors OF the failing branch;
md said Bank OF Ohio shall Immediately pro- +
ide money and place the same in such SOL t
ent branch or branches as may be most
for the purpose Of redeeming the
lotes of such failing branch, and shnll give
ublic notice thereof in some newspaper t
rinted in the place where such failing b
ranch is located, and also in some news. S
'aper of general circulation published at Col b
INDUS. i
Sec. 12. Each solvent branch shall con q
ribute, in the ratio OF the circulation to
which it is entitled, to the sum necessary for
the notes of the failing branch, as
royided in the preceding section, on the j
eduisition of the Bank of Ohio, and may be r
enumerated for such contribution, from the o
afety fund, as soon as money sufficient can q
% raised from that fund, by sale or hypoth- f
cation of the stock, funds, or other secuyi. C
les belonging thereto. n
SEC. 49,. The receiver or receivers ap.1
tai Ia =. al IL