The Perrysburg journal. [volume] (Perrysburg, Ohio) 1853-1861, 1857-07-16
LAWS OF OHIO.
PUBLISHED BY AUTHORITY.
AN ACT

No lJ2 AN ACT
To Incorporate the Bank OF Ohio and Branches.
Sec 80 The stockho Ter, collectively, of any
branch, shall at time b '.iabc t. such branch,
either principal, debtors sure'ies or both, to
amount exceeding one-third part OF the capita!
stock of such branch, then actually paid in, and
remaining as capital stock; nor shall the direc-
tors, collectively, be so liable to an amount ex'
eeeding one third part of stock actually paid in,
Btanding in Their names, and OF which they are'
collectively, the bona f1e owners in their own
right.
Sec. 81 The directors of any branch first elect
cd shall hold their places until the first Monday IN
JANUARY nj xt thereafter and until their successors
shall be elected and qualified; all subsequent
elections shall be held annually on the first Mon
day Of January, and the directors elected shall
hold their places for one year, and until their
Successors are elected and qualified; but any di-
rector removing from the state, or ceasing to be
the owner of the requisite amount of stock, shall
thereby vacats his place. Any vacancy in the
board shall be filed by appointment by the re-
naming directors; the director so appointed,
shall hold his place until the next annual eiecton
and il, from any cause, an election of directors
shall not be made at the time appointed, the
branch shall not Tor that cause be dissolved, but
an election may be held on any subsequent day,
thirty days notice thereof having been given in
newspaper printed IN the county Where the
branch is located.
Sec 80. Every branch authorized to carry on
the business Of banking under this act, shall be
held and adiudged to be n body corporate, with
succession for the term of twenty years from the
date of the certificate of association and thereaf-
ter until tsaffairs shall be cosed and if its cor
porate name shall be competent to contract, prose-
cute and defend actions of every description as
fully as natural persons, and process against such
branch may be served upon its president or cash
ier or by leaving copy thereof at its usual place
Of business during the usual business hours
Each Of said branches shall, during the term OF
twenty years fiom the date aforesaid, II so long 1t
a. Al $50 10 hora
power to loan money buy. sell and discount bills
Of exchange, notes. and all other written evidences
debt except such it shall be prohibited by this
oct from buying selling or discounting; receive
deposits; by and sell gold and silver coin and
bullion; collect add pay over money and trans
act all other business properly appertauing to
banking, subject however, to the provisions and
and restrictions contained in this act; may acquire,
hold and convey such real estate as may be neces-
sary to the convenient transaction of its business,
and no ;7ore but may, however, acquire title to
any real estate pledged to secure any debt pre-
viousy contracted or purchased on an execution
order of SALE to satisfy any Judgment or decree
in its favor, or which shall have heen conveyed
10 it in payment Of any previous debt but shall
not hold any real estate acquired longer than is
necessary to avoid loss of any part of the debt,
interests and COSTS for the collection security
Of which it was acquired; hut at any time before
selling the same, upon being rendered by the last
preceding owner or his legal representatives such
sum shall be necessary to save such branch from
loss of any part Of the debt interest, taxes costs,
and other necessary charges for the collection or
security of which such real estate was acquired,
such branch shall release TO such owner, his Legal
representatives. assigns, all its right, title and
interest therein.
Sec. 80 No branch shall, at any time, issu' or
have in circulation any note, draft bill of ex-
change acceptance, certificate of deposit, or other
evidence of debt which, from its character or ap
pearance, shall be calculated or intended to circu
late as money, other than such notes of ciruation
as are by this act described, and which such
branch is by this act authorized to issue for the
purpose of being circulated as money,
Sec. "a Each branch shall receive at par at the
office or banking house of such branch in pay
men. of debts due at such branches for notes of
hand bills of exchange, or other evidences of
debt, discounted or purchased by, or belonging to
such branch, the notes of circulation issued by
any otl er branch of the Bank of Ohio
Sec 35 Each brauch shall, at all times, have
on hand, in gold and silver coin, their equiva-
lent, 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 out
standing notes of circulation; and whenever the
amount of its outstanding notes of circulation
shall exceed the above named proportion, more
of its notes shall be paid out. or otherwise put in
circulation, by such branch, nor shall su h branch
increase its liabilities, by making any new loans
or discounts, other than discornting or purchas-
ing bills of exchange, payable al sight, nor make
any dividend of its profits, until the required pro
portion between ltS outstanding notes OF ClfCula'
ton, and gold and silver coin. or Their equivalent
on hand, shall be restored. Actual deposits with
any solvent bank, OF established credit, in the
cities of New York, Boston, Philadelphia. Bal
timore subject to be drawn against sight paya,,
BILE in gold and silver coin, shall be deemed
equivalent to gold and silver coin, wherever these
terms are used in this act.
Sec. Sc No branch organized under this act
shall, at any time be indebted in any way liza.
BILE to an amount exceeding two thirds of its capi-
AL oto ar Such m actually maid in and in.
ing as capital stock undiminished by losses or
otherwise except on the following aocounts-that
is to say.
First-On account of its notes of circulation
Second-On account of moneys deposited with
or collected by such branch;
Thrd-On account of bills of exchange or
drafts drawn against money actually on deposit
to the credit Of or due to such branch;
Fourth-Liabilities to its stockholders ac.
count OF money paid in, capital stock dividends
thereon, and undivided profits.
Nor shall any branch, either directly or indirect
ly, pledge. hypo.hecate or exchange any of its
notes of circulation for the purpose of procuring
money, to be paid in its capital stock, nor
uledge 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 will avn, either in form of divi.
dends, loans to stockholders for a longer period
of time than four months, or in any other manner
any portion of its capital stock, aud if losses
shall at any time have been sustained by any
branch, 90 Ial to exceeding its undivided profits
then on hand, no dividends shall be made, and
no dividends shall ever be made by any branch
while it shall continue its banking operations to
an amount greater than its net profits then
hsnd, deducling thereirom its losses and bad and
suspended debts; and all debts due to branch
on which interest ls past due and unpaid for
period of six months unles the same shall be well
secured, and shall be in the process Of collection
shall be considered bad or supended debts, within
the meaning of this Sc 'tiOn.
Sec 3S. The directors of each branch shall ,
pemi annually on the first Monday in May and
November, declare dividend of SO much of the
net profits of the branch they shall judge ex-
pedent, on and each dividend day, the cashier.
ST. all make full, clear and accurate statement of
the condition Of the branch it shall be on that
day, after declaring the dividend, which shall be
verified by the oath of the cashier, president and
two of the directors; and similar statements shall