The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1857-05-14

ton, Of such branch, shall forthwith vest
in the Bank Of Ohio. who shall appoint
receiver. 10 lake possession Of the sane,
as provided in the eleventh section Of this
act. A certificate Of appointment Of such
receiver, BY the Judge. or court. or clerk
thereof making the same, shall be sufi-
eieEt authority 10 him to take possession
OF the books. properly and rights Of every
description. OF such branch, and shall be
full authority to the sheriff Of the county.
where the branch is located, TO give such
receiver full possession Of such books.
properly and rights. with the aid of the
county, arequired, and said bank and re-
ceiver shall be governed BY the provisions
OF This act. as provided in case of suspen-
sion; and upon the dissolution Of such in
june ion. or discontinusnce of such suit
by the bank, all The rights and property of
such branch shall be restored to and vest
10 said branch.
SEo. 10. The directors OF the Bank of
Ohio, whenever they may deem it exps-
dieDt, may establish an Office in each or
either OF the cities Of New York. Cincin.
natl and Cleveland. for the receipt Of de.
posiis and redemption of the circulating
notes Of the branches, upon such terms as
they may. from time to time, prescribe,
and also clearing house at Columbus.
They may make all rules and regulations
necessary to the good management of such
Offices and clearing house. require the
several branches TO contribute 10 the Ca.
pi'a Of such Offices. not exceeding FIVE per
cent. Of the stock paid in by each branch,
and compel the branches tc make their
collections and deposits with said Offices.
and to employ all slch offices and agents
as may be necessary. The net profits of
said offices shall be divided among the
branches equitably. The Office in New
York, in trsnsscting business at that place,
may take, reserve and receive such rate
Of interest as is or may tie lawful By the
laws Of The State Of New York, and no
more.
SIC. 10. The Bank Of Ohio, after es-
tablshing its agency in New York. shall.
when required by the proper officers oftbe
State OF Ohio. discharge the duties OF
transfer agent Of the State. and receive
and disburse for the State all moneys me-
cessary to be received and dsbursed in
that city, in the payment Of the public
debt end interest thereon, without COM
pensation OF charge for such service. and
until such moneys shall be actually paid
out for such pur2osts or purposes; and
said commissioners. shall. if they deem
necessary, take such good and sufficient
security as they may deem proper, to Sc
cure the repayment OF said moneys, which
shall be taken 10 the name OF the State Of
Ohio. and deposited in The Office Of the
Auditor Of State. n
BRANCH BANK.
SEC. 90 Natural persons. not less IN
number Than Eve. may associate and
form Branches OF the Bark OF Ohio, for
The purpose of carrying on the business
Of banking. each at such place in this
State as shall be designated 10 the certifi-
cate hereinafter required to be made, sub
lect to the contingencies. restrictions, con-
di.ions and liabilities prescribed in this
act.
SEC 2i. Persons associaiirg to form
q branch shall, under their hands and
seals make certificate. which shall spe-
city,
First-The name assumed by such
branch, and by which it shall be known
in it's dealings, in which name shall be in
cluded the name of the city. village or
town in which its banking operations shall
be carried Cd;
Second-Tbe amount of The capital
stock of such branch and the number of
shares into which the same is divided
Third-The name and place ofresidence
and the number OF shares held by each
member Of the company;
Fourth-The time when such company
shall have been formed;
Which certificate shall be ackDowledg.
ed before justice Of the peace or notary
public, and shall be recorded by the re-
corder Of the county where such branch
is to be established, in book to be kept
by him for that purpose, which shall at
all times during olIice hours be kept open
for the Inspection of any person wishing
to examine 'he same; one copy of which
certificate, duly certified. shall be trans
mitied to the Secretary of State, who shall
record and carefully preserve the same
iu bis office, and another to the Bank
Commissioner in this act named, until
the organization Of the Bank Of Ohio, and
thereafter 10 said bank
SEC Q2 No branch shall be permitted
to commence or carry on the business of
banking under this act, unless It's capital
stock shall be atleast one hundred thousand
dollars, nor shall ibe capital stock Of any
such branch ever be increased TO exceed
four hundred thousand dollars, except as
specially provided, Tor in this act At
east fifty per cent. Of che capital stock Of
each branch shall be paid in gold and sill
yer coin, or their equivalent; one hall of
which fifty per cent at least shall be in
gold and silver coin, and shall be in the
actual possession and bona fde the pro-
perty OF the branch at the time Of the
commence ment of its banking business
and at tbs place designated for carrying
on such business, and the remainder OF
the capital stock Of such branch shall be
paid in, 10 installments, each OF al least
ten per cent. on the whole amount Of the
capital subscribed. as frequently as once
in every four successive months, from the
time Of commencing business until the
whole amount Of such capital shall be
paid up: Provided, that the directors of
the Bank Of Ohio may extend the lime
for the paymen, Of such deferred install
ments. or any part Of Them. TO the bran.
ches. when satisfied that the public Inter.
est does not require them to be paid as
frequently as above provided for.
SEC 90 If any shareholder or bis as.
signee shall fail to pay any ipstallment
on his stock when the same shall be re-