Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1857-06-03
LAWS OF OHIO.
PUBLISHED BY AUTHORITY.
mo. 1871 AN ACT


SECTION l. Be ii enacted By the GeEsraI Assembly
Of the State Of Ohio, That the Bank Of Ohio be and
the same is hereby incorporated with all the powers
hereinafter granted and Ny that name shall be capable
Of contracting and Of prosecuting and defending
tons fully natural persons, and Of doing all other
acts necessary to effect the objects contemplated in
this act by the creation OF said corporation.
SEC. 2 That soon as five or more branches Of the
Bank of Ohio shall be organized as in this act is
thoriLed the directors OF the Bank Of Ohio appointed
by such branches, shall meet in the city Of Columbus
such time shall be designated by the board OF bank
commissioners, who shall give ten days previous no,
tice each branch OF the time Of such meeting, and
provided thirds of the whole number Of such direc-
tors shall be convened, they shall anize by taking
Uat diligently. faithfully and impartally to per
form the duties imposed upon them by this act,
tifcate Of which OATH signed by each director, shall be
fled and preserved in the office OF the secretary OF
State, and by electing suitable person presi-
dent, who shall preside at the meetings Of the board
and sign its official documents and thereafter the di-
rectory Of tie Bank Of Ohio shall be composed Of one
director appointed by each branch Of said bank two
thirds of whom shall he quorum.
Sec. ?. The directors shall, when they dee neces
sary elect a vice president whose duties shall be pre-
scrbed by the by laws. They shall appoint secretary
who shall keep fair and true record Of the proceed
ings of the bank. They shall keep Office in the city
of Columbus which, together with their books papers,
records and accounts OF every description shall at all
times be open the inspection Of committee OF
the General Assembly, or either branch thereof and Of
any commissioner or commissioners specially appoint
ed for that purpose by the General Assembly, or either
branch thereof. They shall procure and furnish each
branch with notes for circulation and decide on the
amount TO be furnished from time time to each, within
the limits and agreeaby to the rules and restrictions
prescribed by this act They may prescribe rules for
the settlement fbalances between the revise
their bylaws and regulations concerning charges Tor
making collections, and cause both TO be male uni
form nearly so as may be expedient. Ihey shaI
have power, by themselves, or by committee Of one
or more members Of their own body, or by special
agent appointed by them for that purpose whenever
and often they shall think proper, to visit any
branch inspect its books records and accounts, and
all the evidences OF debt due to and securities held by
| such branch examine and ascertain the amount oil
IL halH hrx hroge am
inc oath the president vice president directors,
cashier and all other officers, agents clerks, or ser
wants OF the branch ionehins ITS eoAaon, means anu
liabilities. They shall have power to require any
branch to reduce its circulation or other liabilities,
within such limits they shall, after fall inquiry into
its condition. deem necessary to secure from loss either
the dealers with such branch the other branches Of
the Bank of Ohio. They SHALL soon af.er the first
Monday of every month as practicable, publish in
some newspaper printed at Columbus, consolidated
abstract Of the monthly repurts Of all the branches,
showing their assets liabilities and condition. which
statements shall be recorded in book or books to be
kept for that purpose. They may appoint an
committee of less than three. OF whom the pres-
dent vice president shall be one to act IN behal OF
the bank in all such shall be prescribed by the
by laws Of said hank, not inconsistent with this act
SEC 4. The president, vice president secretary and
all other officers or agents oil the bank sha eaeh re-
ceive such compensation for their services as said
bank shall allow, which shall he assessed upon the sew
era branches Of the bank Of Ohio in the ratio OF their
capital stock. The bank may also allow the executive
committee such compensation as 1t shall deem Just ana
reasonable. be paid by the several branches in the
same manner; and the expenses OF procuring plates
printing notes of crcuiat on shall be paid by the
branches, in the ratio OF the notes Of cireula
| lation, received by each.
| SIC s. Each director Of the bank shall continue in
office until the first Monday of February, next after his
appointment, and until his successor shall be appoint
ed and qualified vacancies in the board shall be hed
by the branch by which the appointment vacated was
| made In voting each member shall be entitled to
I two votes and additional vote for every nifty
thousand dollars Of the amount OF capital stock paid
into the branch represented by him one hundred
thousand dollars, at the time Of such voting. The
president and vice president OF the bank shall hold
their offices for year. and until their successors
shall be appointed but they may be removed by
olution Of the board They and all other officers and
agents of the bank shall take an oath faithfully, dill
gently and imparsly to fulfil the duties OF their ap
pointments and not knowingly violate any Of the pro
visions Of this act They may be required to give bond
in such and with such securities as the bank shall
prescribe; and all vacancies in said appointment shall
| be filled by the bank
| src G. An notes designed for circulation by the
branches shall be furnished by the Bank Of Ohio, but
no such notes shall be delivered any branch until
they numbered and cOuntersigEed by some person
persons authorized to cOuntersgn the same as reg
lister and full record OF such numbering and coun
tersigning made in book provided that purpose and
all such notes shall have stamped printed their
face, the words Registered by the Bank oil Oho. Al
notes so worn defaced muilated. to be unfit for
circulation shall be returned bJ the branch by which
they were issued to the hank, ana equal amount OF
notes received therefor all such notes so returned
by branch shall be credited anil all new deliy
cred their stead shall be charged to such branch on
the books of said bank and the notes so returned shall
vice president and at least two Of the directors OF said
bank.
SEC. = Before the bank shall deliver any branch
for circulation, it shall require such branch to
pay deposit to the credit Of said bank. said
bank shall order, either in money or in certificates OF
the stocks Of this State OF the United States at their
current value in the city of New York. but in no in
stance above their par value amount equal to ten
per cent ON the amount Of the notes for circulation
which shall he delivered to such branch. And from
time to tme any branch may, 10y the paying in Of
additional amount its capital stock, or by not
having received the amount Of notes for circulation to
which il was previously entitled, receive additional
amount Of for circulation, such branch shall de-
Posit with the bank ten per cent on the amount Of
notes received and the stocks aud money depos-
tied shall be denominate the safety fund.- and shall
be invested hereinafter prescribed and held by the
bank the property Of said branch, in trust for the
benefit Of the several branches Of the Bank of Ohio
and fund for the redemption Of the notes OF eireu
laton of any more Of said branches that may
fail 10 redeem Is notes. to be applied TO that purpose
in the manner pointed out in this act-
SCR. 6. All money deposited or paid to the bank
account OF the safety fund.- by any branch shall be-
under the direction of said hank. invested by such
branch either in stocks Of the State Of the United
States, in bonds secured by mortgages on nneneum-
bered real estate situate in the county where such
branch is located in adjoining counties, Of at least
twice the value in each OF the amount secured
thereby. exclusive ofbudngs other fixtures subject
to be destroyed by fire. foods other accidental oe-
| currences of timber mines minerals subject 10
waste; which boni shall he made payable on demand
the Bank Of Ohio and shall bear such rate OF inter-
est shall he agreed on by the parties not exceeding
per cent per annum, payable semi annually in ad
vance. eh branch shall be entitled to receive the
Interest aceruing the stocks bonds in which its
portion of the safely fund shall have been invested
and in OF the insolvency Of any branch the stocks
and bonds in which the money Of such branch shall
have been invested aforesaid if the proceeds Of such
stock and bonds shall be sufficient to redeem its out
standing notes OF circulation, shall. far Practi-
cable, be first converted into money and applied 20
purpose before any part Of the safety fund belong
I ing to other branches shaY be so applied.
SECS. The Bank Of Ohio shall not furnish to any
branch circulating notes to amount hearing great
proportion TO the capital stock Of said branch aciu
ally paid in and at the time remaining undimnished
by losses withdrawal than The proportion hereinaf
ter specified that is say: On the first hundred thou
sand dollars, lesser amount Of its capital, not
than twice the amonnt Of such capital. On the
Second hundred thousand dollars part thereof not
than aud three quarters the amount Of such
capital, over one hundred thousand. On the third
hundred thousand dollars, part thereof not more
than once and half the amount Of such capital over
two hundred thousand. On the fourth hunared thou
sand dollars part thereof not more than and
quarter the amount Of such capital three hundred
thousand and, on any amount Of capital over four
hundred thousand dollars. not more than an amount
equal to such capital four hundred thousand
Nor shall said bank furnish TO any branch circulating
notes of any other denomination than Of iolaar,
two dollars three dollars, five dollars, ten dollars,
twenty dollars, fifty dollars and hundred dollars
each Of the notes furnished to any branch not more
than ten per cent Of the shall he in Of
one dollar each not more than i've per cent in notes
OF two dollars each not more than ten per cent in
notes Of three dollars each not than twenty per
cent shall be in notes of all denominations under five
dollars; more than fifty per cent in notes OF all
denominations under ten dollars.
SEc 10. Uany branch OF the Bank Of Ohio shall re-
fuse to pay its notes Of crcuatiOn Of them, in
gold silver cOin of the lawful currency Of the United
States, which payment shall be lawfully demanded
at its banking house customary place Of doing bank
ing business. during usual banking hours, such branch
shall be deemed to have committed act insolvency,
and thereupon all its property. credits. securities Hens
and assets Of every description shall forthwith vest in
and be the property, credits securities liens and as
sets Of the Bank Of Ohio for the and purposes de-
clared in this act
SEC. IL. The Bank of Ohio, on receiving in
formation that any branch has committed an act
of insolvency, shall forthwith appoint commit
tee of one or more of its directors or Others who
shall make immediate inquiry into the truth of
such information and report thereon to the bank;
and if the bank shall be satisfied from the re-