The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-10-08


the expenses procuring plates and print.
ing notes of circulation shall be paid by
the several branches, ia the ratio of the
notes of circulation shall be paid by the
several branches, in the ratio of the notes
of circulation shall be paid by tic sever
al branches. in the ratio of the notes oi
circulation, received by each.
SEC. s. Esch director of u bank shall
tcontin"e in office until the first Monday
of February, next after his appointment,
and until his successor shall be appointed
and qualified; vacancies in the board
stall be filled by the branch by which the
appointment vacated was made. In vo-
ting, each member shall be entitled to
two votes. and to one addilioral vote f.r
every fifty thousand dollars uf the amount
of capital stock paid into the branch rep
resented by him over one hundred thous.
and dcllars, at the time Of such voling
The president and vice president of the
bank shall hold their Offices Tor one year,
and until their successors shall be appoln
ted, but they may be removed by rrso
Tuition of the board. They and all other
officers and agents of the bank shall take
an oath faithfully. diligently and Impair
.ially to fulfill the duties of their appoint
ments and not knowingly violate any oi
the provisions of this act. Tley may be
re lured to give bond in such sum, ard
with such securities as the bank shall pre-
scribe; all vacancies in said appointments
shall be filled by the bank.
I SEC. 6 All notes designed for circu-
la!ion by the branches. shall be furnished
by the Bank of Ohio. but no such notes
shall be delivered 10 any branch until
they are numbered and countersiyned by
some p rson or persons autl orlzed to
Icountersign the same as register, and a
tull record of such numbering and coun-
'tersignins made in a book provided for
lhal purpose, and all such notes shall
have stamped or printed on their face. the
words Registered by the Bank ol Ohio. :
All notes ooworn. dcfaced or muIiated d,
aS tu be ufii for circulation. shall be re-
turned BY the Oranch by which they were
issued To the-bank, and an equal amount
Ut new notes received therefor; all s7ch
notes 50 returned by a branch. shall be
credited, and all new ones delivered III
their stead shall be charged to such
branch on the books of said bank; and
i! notes 50 returned shall be burned TO
ashes in the presence Of the president or
wee pre- sidcnt, and at least two of the dl-
rectors OF said bank.
SEC 7. Before the bank shall deliver
TO any branch, notes for CIRCULATION, 1t
shall require such branch to pay over or
deposi' 10 the credit of such bank, as
sald 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 10 ten per cent. on the amount OF
notes tor circulation which shall be dellv-
cred to such branch. And so, from time
to time, as any branch may. by the pay
ing OF an additional amount on its capital
stock, or by not having received the a.
mount OF notes for circulation to which II
was previously entitled, receive an addi-
Aonai amount of notes for circulation,
such branch shall deposit with the bank
ten per cent. on the amount of notes Sc
received; an! the stocks and money SO
d posted shall be denominated the safe
ny tunl," and shall be invested as here
inalter prescribed. and held by the bank
as the property OF said branch, in trust
for the benefit of the several branches OF
the Badk sf Ohio, and as fund for the
! r.,d, e Il, L -
any one or more OF said branches that
may fail 10 redeem its notes, to be ap.
piled To that purpose 10 the manner pom
ted out by this act.
SEC. 8. All money SO deposited OF
paid TO the bank on account of the safety
fund, by any branch, shall be under the
direction OF said bank, invested by sucu
branch either in stocks of the State or o
the United States, or in bonds secured by
mortgages on un encountered real estate
situate in the county where such branch
is located, or in adjoining counties, of al
least twice the value in each case of the
amount secured thereby, exclusive o
buildings or other fixtures subject TO be
destroyed by fire, floods or other acci
dental occurrences, or Of timber, mines
or minerals subject to waste: which bono
shall be made payable on demand to the
Bank OF Ohio. and shall bear such rates
OF interest as shall be agreed on by the
parties, not exceeding six per cent. pei
annum, payable semi annually in advance
Each branch shall be entitled to receive
the Interest accruing on the stocks Of
bonds 10 which lis portion of tie safety
fund shall have been inves ed; and II
case OF The insolvency of any branch, tn,
stocks and bonds in which the money O
such branch shall have been invested a
atoresald, II the proceeds ef such stocl
aud bonds Shall be sufficient to redeem
) Its outstanding notes OF circulation, shall
as far as practicable, be first converte,
into money and applied to that purpos
; before any part of the safety fund be
ion ing to other branches shall be so an
piled.
SEQ. 8. The Bank Of Ohio shall no
furnish any branch circulating notes to a
amount bearing a greater proportion t
the capital stock of said branch actuall
paid in, and at the time remaining undi
r miEished by losses or withdrawal, thai
the proportion hereinafter stated specific
that is to say: On the first hundreC
thousand dollars, or any lesser amoar
Of its capital. not more than twice tn
! a, ~ ao,1pt ,,f cunb rita1 r. tLo