Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1857-10-01
BANK LAW.
Published BY Authority.
AN ACT
AN ACI
To incornorate the Bank n. Ohin and Ranches


said corporation.
Sac. That as soon as five or more branches OF
the Bank OF Ohio shall be organized. in this act
Is authorized, the directors OF the Bank OF Ohio.
appointed by such branches shall meet IN the citv
OF Columbus at such time shall be designated BY
the board OF bank commissioners. who shall give
ten days previous notice to each branch of the
time of such meeting. and provided two-thirds OF
the whole number OF such directors shall be con-
vened, thev shall organize by taking oath. dill
gently, faithfully and impartially to perform the
duties imposed upon them by this act. certificate
of which oath, signed by each director, shall be
filed and preserved in the Office Of the Secretary OF
State. and by electing some snitable person as
president who shall preside at the meetings OF the
board and sign its official documents: and there
after fhe directory OF the Bank Of Ohio shall be
composed of one director appointed bv each branch
OF said bank. two-thirds of whom shall be q
quorum.
SEC. g. The directors shall. when they deem il
Necessary, elect vice president, whose duties
shall be prescribed by the bv- laws. They shall
appointa secretary, who shall keep fair and true
record of the proceedings of the bank. They shall
keep an Office in the CITY of Columbus. which, to-
counts of every description. shall at all times be
open to the inspection of any committee of the
General Assembly, or either branch thereof, and o
any commissioner or commissioners specially ap,
pointed for that purpose by the Genera Assembly
or either branch ther eof They shall procure and
furnish each branch with for circulation and
decide on the amount 20 be furnished from time to
time to each, within the limits and aoreeably 10
ihe rules and restrictions prescribedby this act
They nav prescribe rules for the settlement oi
balances between the branches, revise their by
laws and regulations concerning charges for max
ing collections. and cause both tosbe made uniform
or as nearly so may be expedient They shall
have power. by themselves. or bv a committee OF
one or more members OF their own hodv or by
q special agent appointed by them for that purpose
xuhe nnd ms Offen thew shall think
TO visit any branch. inspec its books records and
accounts, and all The evidences of debt due to and
securities held by such branch; examine and as
certain the amount of money and OF her property
held by such branch; examine on oath the presi-
dent. vice president, directors cashier and Il 9TH
er officers, agents, clerks, servants of the branch
touching its condition, means and liabilities. They
shall have power to require any branch to reduce
its circulation or other liabilities, Within such
limits as they shall, after full inquiry into its con-
diiion. deem necessary tn secure from loss either
the dealers with such branch. the other branclas
OF the Bank of Ohio. They SHALL as soon after
the first Monday of every month as practicable.
publish in some newspaper printed a Columbus, a
consolidated sbstract of the monthly reports of all
the branches showing their assets Liabilities and
condition. which statements sha u be recorded in a
book or books 10 be kept for that purpose. They
NAV appont an executive committee of not less
than three OF whom the president or vice president
shall be one 10 act in behalf of the bank in all
such cases, as shabe prescribed by the bylaws of
said bank, not inconsistent with this act.
Sec a. The president, vice president. secretary
aud II other officers or agents of the bank shall
eaoh-receive such compensation for their services
as said bank shall allow, which shall be assessed
upon the several branches OF the bank of Ohio, in
the ratio of their capital stock. The oank may
also Tow the executive cofRmittee such compen-
sation as il shall deem just and reasonable, to be
paid by the several branches in the same manner:
and the expenses OF procuring plates and printing
notes Of circulation shall be paid by :he several
branches in the ratio OF the notes of circulation,
received bv each.
SEC. 5. Each director of the bank shall continue
in office until the first Monday of February next
after his appointments and until his successor ha Il
be appointed aud qualified, vacancies in the board
sha lbe led by the branch by which the appoint
ment vacat was made In voting, each member
shall he niitled 10 two votes and 10 one addition
al vote for every fifty thousand dollars OF the
amount of capital stock paid in TO the branch rep
resented by him over one hundred thousand dol
lars at the time of such voting The president and
vice president of the bank shall hold ih ir offices
fo- one ar and until theirsuccsssnrs shall he ap
pointed but they NAV be removed by resolution
Of the board. They and all other officers and
agents of the bank shall take an oath faithfully,
diligently and impartially 70 fulfill the duties OF
the.r app inlm:utS and not knowingly ly violate any
of fha. provision of tn is act. They may be re-
1hired 10 give bond in Surh sum, and with such Sc
cgSi ties as the bank shall prescribe; and all vacan-
cies in SAID app 'intments shall be filled by the
hank.
Ssc 6 All notes designed for circulation bv
the branches. sha II be furnished by the Bank oi
Ohio but NJ Tsuch notes shall be delivered to any
branch uniii they numbered and countersgned
hv some person or persons aathOrZa ID 10 C ounter
sign the same register and full record of such
numbering and couniersigliny made IL a book
provided tor that purpose, and all such notes shall
have stamped or printed on their face, the words
Registered by the Bank of Ohio All notes so
worn defacted. mutiated. TO be unit for cir
culation, shall he returned by the branch by which
they were issued TO the b ank and an equal amount
of new notes received therefor, all such notes 50
returned by branch shall be credited. an all the
new ones delivered in their stead shall be charged
TO such branch on the books of said bank; and the
nstes returned sha II be burned 10 ashes in the
presence of the president or vice PRESIDENT and al
least two of the directors OF said bank.
SEC T. Before the bank shall deliver TO any
branch notes for circulation, it shall require such
branch to paw over deposit 10 the credit OF SAID
bankes said bark shall order. either in money or in
certicatesof The stocks of this state.or in the U Sta
tesat their;current value in the city OF New York
but in no instance above their par value, al
amount euual 10 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
branch may, by the paving in of an additional
amount on lis capital stock, or by not having re-
ceived the amount Of notes for circulation 10 which
ii was previous ly entitled, received an additional
amount of notes Tor circulation, such branch shal
deposit with the bank ten per cont. on the amount
ofnores so received; and the stocks and money SC
deposited shall be denominaten the safety fund,
and shall be invested hereinafter prescribed
and held bv the bank the property OF s1id
branch in trust for the benefit OF the several bran
ches of the Bank OF Ohio. and fInd tor the re-
demption of the notes of circulation ot any one o.
more of said branch' that may fail TO redeem II:
notes. to be applied to tha purpose in the manne
pointed out by this act.
sEc 8. All money so deposited or paid 10 tht
bank on account of the safety fund, by any branch
shall be under the direction o. said bank nvestedbl
such branch either in stockspf thestate orot UnleC
Stptes. or in bonds secured by mortgages on unen-
numbered real estate situate in the county where
such branch is loca ted. in adjoining counties,
least twice the value in each case OF the amour
secured Thereby, exclusive OF buildings or othe
fixtures subject TO be destroyed by hre, flood o
other accidental occurrences, or OF timber, mine:
or minerals subject to waste; which bond shall In
made PAYABLE on demand to the Bank OF Ohio, an;
shall bear such rate OF interest as shall be agreed
on by the parties, not exceeding six per cent pc
annuun PAYABLE esemi-annuaily in advance. Eacl
branch shall be entitled to receive the interest
cruing on the stocks bonds in which its portion
ofthe safety fund shall have been inves ted and IL
case OF the insolvency Of sny branch, the stock
and bonds in which the money OF such branch shai
have been invested aforesaid, II the proceeds o
,,f-h stock and bonds shall be sufficient to redeem
its outstanding notes of circulation, shall. as ia
rs practicable, be first converted into money an
applied that purpose be fore any part OF the saie
fund belonging to other branches shall be SO ap
piled.
Sec. 9. The Bank of Ohio shall not furnish t
any branch circulating notes to an amount bearin
a greater proportion TO the capital stock OF sal
branch actually paid in, and at the time remainin
tndiminished Sby losses or withdrawal, than th
proportion hereinafter specified, that is to say: o.
the first hundred thousand dollars, or any Jesse
amount of its capitsl. not more than twice tn
amount of such capital On the second hundre
Thousand dollars or part thereof, not more tina
once apdNhree- -qusriers the amount ofsuch capita
ever one hundred thousand. On the third hundre
thousand dollars. or part thereof, not more tha
once and ha If the amount OF such capital, owe
two hundred thousand. On the fourth hundre
thousand dollars, OF part thereof not more tha
orce and quarter the amount of such capita
over three hundred thousand; and, on any amour
of capita over four hundred thousand dollars, NJ
more than an amount equal TO such capital, ov'
four hundred tho sand. Nor shall said bank tu
nish TO any branch circulating notes of any otht