Preble County Democrat. [volume] (Eaton, Ohio) 1857-1859, 1857-05-21

ed, but they may be removed by reso-
luton of the board They and all 9th
er officers and agents of the bank shall
take an oath faithfully, diligently and
impartially to fulfil the duties of their
appointments and not knowingly vio-
late any of the provisions of this act
They may be required to give bond in
such sum, and with such securities as
the bank shall prescribe; and all vacan-
cies in said appointments shall be filled
by the bank. ssr 7F FL
SEC. g.. All notes designed for circu-
lation by the branches, shall be furnish
ed by the Bank of Ohio, but no such
notes shall be delivered to any branch
until they are numbered and counter
signed by some person or persons au-
thorized to countersign the same as reg
gister, and full record of such mum
bering and countersigning made in a
book provided for that purpose, and all
such notes shall have stamped or print
ed on their face, the words ''Registered
by the Bank of Ohio" All notes SO
worn, defaced, or mutilated, as to be
unfit for circulation, shall be returned
by the branch by which they were is
Isued to the bank, and an equal amount
of new notes received therefor; ali such
notes so returned by a branch, shall be
credited, and all new ones delivered in
their stead shall be charged to such
branch on the books of said bank; and
the notes so returned shall be burned
to ashes in the presence of the president
or vice president, and at least two of the
directors Of said bank.
- >. al II. Il Il
to any branch, notes for circulation, it
shall require such branch to pay over
or deposit to the credit Of said bank, as
said bank shall order, either in money
or in certificates Of the stocks of this
State, or of the United States, at their
current value in the city of New York,
but in no instance above their 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 branch
may, by the paying in of an additional
amount on its capital stock, or by not
having received the amount of notes for
circulation, to which it was previously
entitled, receive an additional amount Of
notes for circulation, such branch shall
deposit with the bank ten per cent on
the amount of notes so received; and the
stocks and money 50 deposited shall be
tlenominated the safety fund, and
shall he invested as hereinafter pre-
scribcd, and held by the bank is the
property Of said banch, in trust for the
benefit of the several branches Of the
Bank Of Ohio, and as a fund for the re-
demption Of the notes of circulation Of
any one or more of said branches that
may fail to redeem its notes, to be ap-
piled to that purpose in the manner
pointed out by this act.
+ Sec. s. All money 50 deposited or
paid to the bank on account OF the safety
fund, by any branch, shall be, under the
direction of said bank, invested by such
branch either in stocks of the State or
of the United States, or in bonds secured
by mortgages on uncncumbered real
estate situate in the county where such
branch is located, or in adjoining coun
ties, of at least twice the value in each
case of the amount secured thereby,
exclusive of buildings or other fixtures
subject to be destroyed by fire, floods or
other accidental occurrences, or Of timber,
mines or minerals subject to waste i;
which bond shall be made payable on
demand to the Bank of Ohio, and shall
bear such rate of interest as shall be
agreed on by the paties, not exceeding
six per cent. per annum, payable semi
annually in advance. Each branch
shall be entitled to receive the interest
accruing on the stocks or bonds in
which its portion Of the safety fund
shall have been invested; and in case
of the insolvency Of any branch, the
stocks and bonds III which the money
of such branch shall have been invested
as aforesaid, if the proceeds Of such
stock and bonds shall be sufficient to
redeem its outstanding notes of circula
ton, shall, as far as practicable, be first
converted into money and applied to
that purpose before any part Of the
safety fund belonging to other branches
shall be SO applied.
SEC. 0. The Bank Of Ohio shall not
furnish to any branch circulating notes
to an amount bearing greater proper
ton to the capital stock OF said branch
actually paid in, and at the time remaln-
ing undiminishcd by losses or with
drawal, than the proportion hereinafter
specified, that is to say: On the hrst
hundred thousand dollars, or any lesser
amount of it's capital, not more than
twice the amount Of such capital. On
the second hundred thousand dollars or
part thereof, not more than once and
three quarters the amount OF such capl-
tai, over one hundred thousand. On
the third hundred thousand dollars, or
part thereof, not more than once and "a
half the amount of such capital, over
two hundred dollars. On the fourth
hundred thousand dollars, or part there
Of, not more than once and quarter the
amount of such capital, over three hun
dred thousand; and, on any amount OF
capital over four hundred thousand dol
lars not more than an amount equal to
such capital over four hundred thousand
dollars. Nor shall 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 furnished to any branch: not more