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

however, acquire title to any real estate
pledged to secure any debt previously
contracted or purchased on an execution
or order of sale, to satisfy any Judgment
or decree in its favor, or which shall
have been conveyed to it in payment of
any previous debt, but shall not hold
any real estate so acquired longer than
is necessary to avoid loss of any part
of the debt, interests and costs, for the
collection or security of which it was
acquired; but at any time before selling
the same, upon being rendered by tho
last preceding oYner, or ms legal repre-
lsentatives, such sum as shall be neces-
sary to save such branch from loss of
any part of such 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
representative or assignes, all its right,
title and interest therein. 80. -.:-..
Sec 49, No branch shall, at any timo
issue or have in circulation any note,
draft, bill of exchange, acceptance, GER
tifcate of deposit, or other evidence of
debt which, from it's character or appear
ancc, shall be calculated or intended to
circulate as money, other; than such
notes of circulation as are by this act
described and which such. branch is by
this act authorized to issue for the pur-
pose of being circulated as money. ~.
Sec. 81. Each branch shall receive
at par at the Office or banking house of
such branch in payment of debts due at
such branches for notes of, hand, bills
of exchange, or other evidences of debt,
discounted or purchased by, or belong
ing to, such branch, the notes of circu-
lation issued BY any other branch of the
Bank of Ohio. -.....t ......r
Sec. 35. Each branch shall, at all
coin, or their equivalent, one-half at
least Of which shall be in gold and sill
Yer coin in its vault, an amount equal
to at least thirty per cent of the amount
of its outstanding notes of circulation;
and whenever the amount of its out
standing notes of circulating shall ex-
cecd the above named proportion, no
more of its notes shall be paid out, or
otherwise put in circulation, by such
branch, or shall such branch increase
Its liabilities, by making any new loans
or discounts, other than discounting or
purchasing bills of exchange, payable at
sight, nor make any dividend of its pro-
fits, until the required proportion be-
tween its outstanding notes of circula-
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, or Balti-
more, subject to be drawn against at
sight payable in gold or silver coin, shall
be deemed equivalent to gold and silver
coin, wherever these terms. are used in
this act. ... ~. ...-a.
SEC. 36. No branch organized under
this act shall, at any time be indebted
or in any way liable to an amount ex-
ceeding two thirds of its capital stock at
such time actually paid in, and remain
ing as capital stock undiminished by
losses or otherwise except on the follow
ing accounts--that is to say, =
First-On account Of its notes of cir
culation. .. -. U.....-f -- -...,,. --. ..
Second-On account of monies de-.
posted with or collected by such
branch; - . r.lr .---.r..
Third-On account of bills of ex-
change or drafts drawn against money
actually on deposit to the creditor of, or
due to such branch. --.
Fourth-Liabilities to its stockhold-
ers on account of money paid in, on
capital stock, dividends thereon, and
profits.
Nor shall any branch, either directly
Or indirectly, pledge, hypotheeate or ex-
change, any of its notes of circulation
for the purpose of procuring money, to
be paid in on its capital stock, nor pledge
Or hypothecate directly or indirectly
any of such notes to be used in its ordi-
nary banking operations. .-.-E
SEC 81 No branch shall, during the
time it shall continue its operations as
a branch, withdraw or permit to be with.
drawn, either in form of dividends, loans
to stockholders, for a longer period Of
time than four months, or in any other
manner any portion of its capital stock;
and if losses shall at any time have been
sustained by any branch, equal to or ex-
ceeding its univided profits then on hand,
no dividends shall be made, and no div
idend shall ever be made by any branch,
while it shall continue it's banking ope-
rations, to an amount greater than its
net profits then on hand, deducting
therefrom its losses and bad and suspen~
dcd debts; and all debts due to 4 branch,
on which interest is past due and unpaid
for period Of six months, unless the
same shall be well secured, and shall bo
in the process of collection, shall be con-
sdered bad or suspended debts, within
the meaning of this section.
SEC. 80. The directors of each branch
shall semi-annually on the first Monday
in May and November, declare a diyi-
dend of so mach of the net profits of the
branch as they shall judge expedient;
and on each dividend day, the cashier,
shall make a full, clear md accurate
statenen of the condition of the branch
as it shall be on that day, after declar.
ing the dividend, which shall be verified
by the oath of the cashier, president,
ana two Of the directors; and similar
statements shall also be made on the
first Monday in each month in each year,
which statement shall contain,
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