Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1857-05-14
Speaker ofthe House of Representatives
8, "1'.. THOMAS H. FORD.
rs H' Sea President of the Senate.
April IA, 1857. giet - .--..u-..

No. 115. AN ACT, -..
To amend the forty fifth section of the
act entitled Fan act to incorporate
the State Bank of Ohio and other
Banking Companies" passed Febru-
airy oath, 1915. -.-..-l ...-...,..a
SECTION l. Be it enacted by the Gen
eral Assembly 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 companies, -
passed February "a, 1845, be and the
same is hereby amended so as to read as
follows, viz: Section 45. Whenever any
independent bank, being desirous of di-
minishing the amount of its circulating
notes, shall deliver to the Treasurer of
State any portion of such notes not less
in amount at any one time than five
thousand dollars, to be destroyed, the
Treasurer shall destroy the same as pre-
scribed in section thirty five, and shall
thereupon transfer and deliver to such
bank certificates of funded debt deposi-
ted with him by such bank to an amount
equal to the amount of notes SO deliver
ed 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 belSw the sum of fifty thousand
dollars, nor in value, estimating the
same at their then current price in the
city of New York, below the amount Of
circulating notes still retained by such
bank; nor shall the Treasurer be re-
quired to transfer such certificates in
fractional sums of less than one thous-
and dollars; but whenever any such
bank, being desirous of relinquishing
it's banking business, shall have filed
with the Treasurer of State, under its
corporatcd seal, a declaration to that eff
feet, it shall be lawful for the Treasurer
of State, upon receiving from such bank
it's circulating notes, in parcels as in
this section provided, to transfer and
deliver to such bank of the certificates
aforesaid to an equal amount, although
the amount of the remaining certificates
will be reduced below the amount of the
capital stock of such bank, and below
the sum of fifty thovsand dollars. And
whenever any such bank shall have paid
at least ninety per cent of the maximum
amount Of its circulating notes, and
shall have delivered the same to the
Treasurer of State to be destroyed, and
shall have provided means and given
security to the satisfaction of the Trea-
surer, Secretary, and Auditor of State,
for the redemption of its outstanding
notes of circulation at the place where
the Office of such bank was esta blished,
and shall have given notice thereof by
advertisement for six consecutive
months, in two newspapers of general
circulation 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-transfcr and de-
liver TO such bank all the remaining GER
tifcates of funded debt previously pledg-
ed 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 in
tention to close its banking business
with the Treasurer as above provided.
o. n. IT. VAN WORRIES,
Speaker of the House of Representatives
LESTER TAYLOR,
President of the Senate, pro TEN.
April Is, 1857.