4NEX 
 
 5 
 
 056 
 
 163 
 
 LAWS, 
 
 BY-LAWS AND RESOLUTIONS 
 
 RELATING TO THE 
 
 gional 
 
 COLUMBUS: 
 
 PRINTED BY SCOTT & BASCOM. 
 
 1850.
 
 AN ACT 
 
 TO INCORPORATE THE STATE BANK OF OHIO, AND OTHER BANK 
 ING COMPANIES. 
 
 SEC. 1. Be, it enacted by the, General Assembly of the State of 
 Ohio, That it shall be lawful for natural individual persons, not fewer 
 in number in any case than five, to associate and form companies for 
 the purpose of carrying on the business of banking, each in such 
 place in this State as shall be designated in its articles of association, 
 and in the certificate hereinafter required to be made, subject, how- 
 ever, to the contingencies, restrictions, conditions and liabilities pre- 
 scribed in this act. 
 
 SEC. 2. The aggregate amount of capital stock of all the compa- 
 nies, authorized by this act to be formed, and to carry on the business 
 of banking within this State, shall not, until an additional amount be 
 authorized by law, exceed six millions one hundred and fifty thousand 
 dollars; which sum shall not however be construed to include the 
 capital stock of such companies, as, by name, shall be authorized to 
 continue or resume the business of banking subject to the provisions 
 of this act. 
 
 SF.C. 3. For the purpose of securing to the several sections of the 
 State a fair participation in the privileges granted by this act, the 
 State shall be divided into twelve districts, and the banking capital 
 authorized by the second section shall be apportioned among such 
 districts, and the number of banking companies to be formed therein 
 shall be limited as provided in this section, that is to say 
 
 The counties of Hamilton, Clermont, Brown, Clinton, Warren and 
 Butler shall compose the first district, in which the number of bank- 
 ing companies to be formed shall not exceed five, with an aggregate 
 capital not exceeding one million two hundred thousand dollars. 
 
 The counties of Greene, Montgomery, Preble, Miarni, Darke, Shel- 
 by, Mercer, Allen and Vanwert, shall compose the second district, in 
 which the number of banking companies to be formed shall not ex- 
 ceed five, with an aggregate capital not exceeding six hundred thou- 
 sand dollars. 
 
 The counties of Putnam, Paulding, Williams, Henry, Lucas, Wood 
 and Hancock, shall compose the third district, in which the number 
 of banking companies to be formed shall not exceed four, with an ag- 
 gregate capital not exceeding three hundred thousand dollars. 
 
 The counties of Ottowa, Sandusky, Erie, Huron, Richland, Sene- 
 ca, Wyandott and Crawford, shall compose the fourth district, in 
 which the number of banking companiet to be formed shall not ex- 
 
 1397375
 
 ceed four, with an aggregate capital not exceeding four hundred thou- 
 sand dollars. 
 
 The counties of Hardin, Marion, Delaware, Franklin, Union, Lo- 
 gan, Champaign, Clark and Madison, shall compose the fifth district, 
 in which the number of banking companies to be formed shall not 
 exceed six, with an aggregate capital not exceeding five hundred 
 thousand dollars. 
 
 The counties of Pickaway, Fayette, Ross, Highland, Adams, Sci- 
 oto, Lawrence, Gallia, Pike and Jackson, shall compose the sixth dis- 
 trict, in which the number of banking companies to be formed shall 
 not exceed five, with an aggregate capital not exceeding five hundred 
 thousand dollars. 
 
 The counties of Meigs, Athens, Washington, Monroe, Morgan, 
 Muskingum and Guernsey, shall compose the seventh district, in 
 which the number of banking companies to be formed shall not ex- 
 ceed six, with an aggregate capital not exceeding five hundred thou- 
 sand dollars. 
 
 The counties of Hocking, Perry, Fairfield, Licking and Knox, 
 shall compose the eighth district, in which the number of banking 
 companies to be formed shall not exceed four, with an aggregate cap- 
 ital not exceeding four hundred thousand dollars. 
 
 The counties of Wayne, Stark, Holmes, Coshocton and Tuscara- 
 was, shall compose the ninth district, in which the number of bank- 
 ing companies to be formed shall not exceed three, with an aggregate 
 capital not exceeding two hundred and fifty thousand dollars. 
 
 The counties of Belmont, Harrison, Jefferson, Carroll and Colum- 
 biana, shall compose the tenth district, in which the number of bank- 
 ing companies to be formed shall not exceed five, with an aggregate 
 capital not exceeding five hundred thousand dollars. 
 
 The counties of Trumbull, Ashtabula, Lake, Geauga and Portage, 
 shall compose the eleventh district, in which the number of banking 
 companies to be formed shall not exceed five, with an aggregate cap- 
 ital not exceeding three hundred thousand dollars. 
 
 The counties of Summit, Medina, Lorain and Cuyahoga, shall 
 compose the twelfth district, in Avhich the number of banking com- 
 panies to be formed shall not exceed eleven, with an aggregate cap- 
 ital not exceeding seven hundred thousand dollars. 
 
 SEC. 4. The number of banking companies which shall be form- 
 ed and permitted to engage in the business of banking under the pro- 
 visions of this act, in the county of Hamilton, shall not exceed four ; 
 in the county of Cuyahoga, six ; in the county of Franklin, three ; 
 in the county of Ross, two; in the county of Muskingum, two ; in 
 the county of Jefferson, two ; in the county of Summit, three; in the 
 county of Lucas, two ; in the county of Miami, two; in the county 
 of Montgomery, two; and in no other county in the State shall there 
 be more than one company formed under the provisions of this act, 
 and permitted to engage in the business of banking, except under 
 the circumstances mentioned and provided for in the twelfth section 
 of this act : Provided, that not more than two companies shall be 
 authorized to commence and carry on the business of banking, as
 
 branches of the State Bank of Ohio, under the provisions of this act, 
 in any one of the counties named in this section, excepting the coun- 
 ty of Hamilton, and in the county of Hamilton not more than three 
 such branches shall be so authorized ; and if a greater number of 
 companies formed for the purpose of banking in any such county, 
 shall elect to become a branch of the State Bank of Ohio, the com- 
 missioners hereinafter appointed shall reduce such number to the 
 number in this section limited, in conformity to the rules prescribed 
 in the eleventh section of this act. 
 
 SEC. 5. To carry into effect the provisions of this act, John W. 
 Allen, Joseph Olds, Daniel Kilgore, Alexander Grimes and Gustavus 
 Swan, shall be and they are hereby appointed commissioners, and 
 they, or a majority of them, after taking an oath diligently, faithfully 
 and impartially to perform the duties assigned them by this act, a 
 certificate of which oath shall be filed and carefully preserved in the 
 office of the Secretary of State, shall constitute a board, to be desig- 
 nated the board of bank commissioners; which board shall continue 
 for one year from the date of this act, and thereafter the duties which 
 they are required by this act to perform shall devolve on and be per- 
 formed by the Auditor, Treasurer and Secretary of State, who shall 
 be commissioners to perform such duties ; and if any of said com- 
 .missioners shall refuse to serve, shall die, or resign, his place shall be 
 filled by the General Assembly, by joint resolution, if in session, and 
 if not, by the Governor. 
 
 SEC. 6. Said commissioners shall meet in the city of Columbus, 
 at such time, within thirty days after the passage of this act, as shall 
 be appointed by the Governor, who shall notify each member of his 
 appointment, and of the time and place of meeting; they shall, when 
 met, appoint one of their number to be their president, who shall, 
 under the order of the board, sign all official documents; and they 
 shall cause a fair and true record of all their official proceedings to 
 be kept in a book to be provided for that purpose. 
 
 SEC. 7. Persons associating to form a banking company, shall, 
 under their hands and seals, make a certificate, which shall specify, 
 
 First The name assumed by such company, and by which it 
 shall be known in its dealings, in which name shall be included the 
 name of the city, village or town in which its banking operations shall 
 be carried on ; 
 
 Second The amount of the capital stock of such company, and 
 the number of shares into which the same is divided ; 
 
 Third The name and place of residence and the number of 
 shares held by each member of the company ; 
 
 Fourth The lime when such company shall have been formed ; 
 
 Fifth That such company has elected to carry on its operations 
 as an independent banking company, or, as a " branch of the State 
 Bank of Ohio," as the case may be, which certificate shall be ac- 
 knowledged before a justice of the peace or notary public, and shall 
 be recorded by the recorder of the county where such company is 
 to be established, in a book to be kept by him for that purpose, which 
 shall at all times during office hours be kept open for the inspection
 
 of any person wishing to examine the same ; one copy of which cer- 
 tificate, duly certified, shall be transmitted to the Secretary of State, 
 who shall record and carefully preserve the same in his office, and 
 another to the board of bank commissioners. 
 
 SEC. 8. No company shall be permitted to commence or carry 
 on the business of banking under the authority of this act, as a 
 branch of the State Bank of Ohio, unless its ca-ntal stock shall be at 
 least one hundred thousand dollars, nor as an independent banking 
 company unless its capital shall be at least fifty thousand dollars, 
 nor in either case shall the capi'al stock of any such company ex- 
 ceed five hundred thousand dollars ; provided, however, that the cer- 
 tificates of the funded debt of this State or of the United States, de- 
 posited with the Treasurer of State as collateral security for the 
 redemption of the notes of circulation of any independent banking 
 company shall not be deemed a part of the capital stock of such com- 
 pany within the meaning of this act. At least thirty per cent, of 
 the capital stock of each company shall be paid in gold and silver 
 coin, or their equivalent, one half of which thirty per cent, at least, 
 shall be in gold and silver coin, and shall be in the actual possession 
 and bona fide the property of the company at the commencement of 
 its banking business, and at the place designated for carrying on such 
 business, and the remainder of the capital stock of such company 
 shall be paid in, in installments each of at least ten per cent, on the 
 whole amount to which the company is limited, as frequently as one 
 installment at the end of each succeeding ninety days from the date 
 of the commencement of its banking operations, until the whole 
 amount of capital stock is paid in; but when any banking company 
 formed under the provisions of this act shall have paid in at least 
 sixty per centum on the gross amount of its capital stock, and shall 
 deem a further extension of its capital at such time unnecessary, such 
 company may, if a branch of the State Bank of Ohio, apply to the 
 board of control, or, if an independent banking company, to the Gov- 
 ernor, for an extension of the time for paying in the remaining in- 
 stallments oil its capital stock, and if, after a careful examination of 
 the facts, the board of control or Governor, as the case may be, shall 
 be satisfied that public convenience does not require an increase of 
 the capital stock of such company as rapidly as required by the fore- 
 going provisions of this section, the board of control or the Goveror, 
 as the case may require, shall authorize such further extension of the 
 time for paying in the remaining installments as shall be deemed 
 compatible with the public interest ; and this section shall not be so 
 construed as to prevent any independent banking company that pre- 
 vious to commencing its business as a bank shall have paid on its 
 capital stock not less than thirty thousand dollars, and shall have de 
 posited with and transferred to the Treasurer of State certificates of 
 funded debt, as required by this act, to any amount not less than 
 seventy thousand dollars, and shall also have complied with the pro- 
 visions of this act, other than such as relate to the amount of its cap- 
 ital stock, from commencing and carrying on its business as an inde- 
 
 endent banking company ; and in such case, such company shall
 
 not be required to have or pay any additional amount of capital stock. 
 
 SEC. 9. If any shareholder or his assignee shall fail to pay any 
 instalment on his stock, when the same is required by the foregoing 
 section to be paid, the directors may sell said stock, at public auction, 
 having given three weeks previous notice thereof, in a news- 
 paper published in the county where the company is located, to any 
 person who will pay the highest price therefor, and not less than 
 the amount due thereon ; and the excess, if any, after paying the 
 expenses of the sale shall be refunded to the delinquent stockholder. 
 If no bidder can be found who will pay for such slock the amount 
 due thereon to the company and costs of advertisement and sale, 
 the amount previously paid shall be forfeited to the company ; and 
 such stock may be subsequently sold in such manner as the direct- 
 ors may order. 
 
 SEC. 10. After the expiration of two months, and within three 
 months from the date of this act, the board of bank commissioners 
 shall examine the certificates of the formation of banking compa- 
 nies, transmitted to them as required by the seventh section of this 
 act, and shall by one of their own members, or other special agent 
 appointed by them for that purpose, who shall not be a stockholder 
 in any of the companies formed under this act, immediately proceed 
 to examine the condition of each of the banking companies which 
 shall have transmitted to the said board the required certificate ; 
 and it shall be the especial duty of such agent to carefully count 
 or otherwise ascertain the amount of money paid in on account of 
 its capital stock, to ascertain the name and place of residence of each 
 of the directors of such company, and the amount of capital stock of 
 which each is the bona fide owner, whether such company has com- 
 plied with all the requirements of this act necessary to entitle the 
 company to engage in the business of banking, and he shall cause to 
 be made and attested by the oath of the majority of the directors, 
 and by the cashier of such company, a statement of all the material 
 facts necessary to enable the board of commissioners to determine 
 whether such company is lawfully entitled to commence the business 
 of banking under the provisions of this act, and such agent shall im- 
 mediately report to the board of bank commissioners such statement 
 and his proceedings in the premises. 
 
 SEC. 11. If, upon a careful examination and comparison of the 
 certificates of association and the reports and statements of the spe- 
 cial agents appointed to ascertain whether the banking companies 
 authorized by this act have complied with its provisions, it shall ap- 
 pear that any number of companies have been formed and are law- 
 fully entitled to commence the business of banking, provided the 
 number of such companies and the amount of their capital, collect- 
 ively, in any district, shall not exceed the number and the amount of 
 capital assigned to such district, nor in any county, the number as- 
 signed to such county, the commissioners shall certify the same to 
 the Governor, who shall, if he be satisfied that the law has in all re- 
 spects been complied with, issue his proclamation, setting forth that 
 such companies are authorized to commence and carry on the busi-
 
 8 
 
 ness of banking, at the places severally designated in their certificates 
 of association. But if ihe commissioners shall find that a number of 
 banking companies shall have been formed, and shall have complied 
 with all the requisitions of this act, preliminary to the commence- 
 ment of the business of banking, in any district, greater than the 
 number assigned to such district, then the commissioners shall deter- 
 mine which of such companies are to be preferred, and certify the 
 same to ihe Governor, as in this section provided, and, in forming 
 such determination, they shall apply the following rules, in the order 
 which they stand : 
 
 First They shall avoid depriving any county in which one or 
 more of such companies are formed, of at least one. 
 
 Second They shall prefer such companies as have the largest 
 capital, provided, at least thirty per cent, thereof shall have been 
 paid in. 
 
 Third- They shall prefer the company or companies whose stock 
 is in the largest proportion owned by citizens of the county in which 
 such company is formed. 
 
 Fourth They shall prefer the company or companies whose stock 
 is in the largest proportion owned by citizens of the State. 
 
 Fifth They shall prefer companies constituted by the most re- 
 sponsible stockholders. And in case more companies shall have been 
 formed, and shall have complied with all the requirements of this act 
 preliminary to the commencement of business, in any county, than 
 the number assigned to such county, the commissioners, in determin- 
 ing to which preference shall be given, shall observe the forgoing 
 rules, excepting the first in the order in which they stand. And if, 
 after reducing the number of banking companies in any district to 
 the number assigned to such district, it shall be found that such com- 
 panies have, collectively, a greater amount of capital than the amount 
 apportioned to such district, then the commissioners shall bring the 
 aggregate capital within the prescribed limits, by reducing the cap- 
 ital which each company shall be authorized to employ in equal ratio 
 on the amount thereof, over the minimum amount prescribed for such 
 companies. 
 
 SKC. 12. After the end of two years from the date of this act, 
 any banking company formed in any district may increase its capital 
 stock to any amount not exceeding five hundred thousand dollars, nor 
 exceeding the amount of capital assigned to each district and remain- 
 ing unappropriated ; and in case more than one banking company 
 shall apply for an increase of its capital stock, and the amount of the 
 proposed increase shall exceed the whole amount of capital unappro- 
 priated in such district, then the commissioners shall assign such un- 
 appropriated capital equally to the companies demanding the same ; 
 but any new company, formed in any county having no banking com- 
 pany in the same, shall be preferred at any time before such capital 
 is finally appropriated. 
 
 IN RELATION TO THE STATE BANK OF OHIO. 
 
 SEC. 13. Whenever, from an inspection of the certificates trans-
 
 9 
 
 mitted by banking companies to the board of bank commissioners, it 
 shall appear that any number of said companies, not less than seven, 
 inclusive of such existing companies as are by this act especially au- 
 thorized to resume or continue banking operations under its provis- 
 ions, have made their election to transact their banking operations as 
 branches of the State Bank of Ohio, and have complied with the re- 
 quirements of this act preliminary to the commencement of banking 
 operations, then said commissioners shall immediately notify each of 
 said companies thereof ; and within ten days after receiving such no- 
 tice, they shall each appoint, in such manner as the directors thereof 
 shall prescribe, one person to be a member of the board of control of 
 the State Bank of Ohio ; and any I wo or more of such banking com- 
 panies may unite in the appointment of the same person. But no 
 person who is not a citizen of the United States, and a resident of this 
 State, and who has not resided within this State at least two years 
 next previous to his appointment, shall be a member of the board of 
 control. 
 
 SEC. 14. The members of the board of control who shall have 
 been appointed agreeably to the provisions of the next preceding sec- 
 tion, shall meet in the city of Columbus, at such time as shall be de- 
 signated by the board of bank commissioners, who shall give ten days 
 previous notice to each branch of the time of such meeting ; they 
 shall each take an oath diligently, faithfully and impartially to per- 
 form the duties imposed on them by this act ; a certificate of which 
 oath shall be filed and preserved in the office of the Secretary of 
 State, i'hey shall organize, provided two-thirds of the whole num- 
 ber shall be convened, by electing some suitable person as president, 
 whose duty it shall be to preside at the meetings of the board, and 
 sign its official documents. They shall appoint a secretary who shall 
 keep a fair and true record of the proceedings of the board. They 
 shall keep an office in the city of Columbus, which, together with 
 their books, papers, records, and accounts of every description, shall 
 at all times, be open to the inspection of any committee of the Gen- 
 eral Assembly, or either branch thereof, and of any commission or 
 commissioners especially appointed for that purpose by the General 
 Assembly, and of any person appointed by any one of the branches. 
 They shall procure and furnish each branch with notes for circula- 
 tion, and decide on the amount to be furnished from time to time to 
 each, within the limits, and agreeably to the rules and restrictions 
 prescribed by this act. They may prescribe rules for the settlement 
 of balances between the branches, three-fourths of the votes given, 
 according to the rule of voting herein prescribed, concurring. They 
 shall have power, by themselves, or by a committee of one or more 
 members of their own board, or by a special agent appointed by them 
 for that purpose, whenever and as often as they shall think proper, 
 to visit any branch, inspect its books, records and accounts, and all 
 the evidences of debts due to and securities held by such branch ; 
 examine and ascertain the amount of money and other property held 
 by such branch ; examine on oath the president, directors, cashier, 
 and all other officers, agents, clerks, or servants of the branch, touch- 
 
 2
 
 10 
 
 ing of its condition, means, and liabilities. They shall have power 
 to require any branch to reduce its circulation, or other liabilities, 
 within such limits as they shall, after full enquiry into its condition, 
 deem necessary to secure from loss either the dealers with such 
 branch, or the other branches of the State Bank of Ohio. They may 
 require the officers of each branch to make out, under oath, and trans- 
 mit to the office of said board, at Columbus, statements of the condi- 
 tion thereof, in such, form as such board shall prescribe, and as fre- 
 quently as they shall deem proper, which statements shall be record- 
 ed in a book or books to be kept for that purpose. They may appoint 
 an executive committee of not less than five, of whom the president 
 shall be one, to act in behalf of the board in all such cases, and per- 
 form all such duties as shall be prescribed by the by-laws of said 
 board not inconsistent with this act. 
 
 SEC. 15. The president and secretary of the board of control 
 shall each receive such compensation for their services as said board 
 shall allow, which shall be assessed upon the several branches of the 
 State Bank of Ohio, in the ratio of their capital stock. The board 
 may also allow the executive committee such compensation as they 
 shall deem just and reasonable, to be paid by the several branches 
 in the same manner ; and the expenses of procuring plates and print- 
 ing notes of circulation shall be paid by the several branches, in the 
 ratio of the notes of circulation received by each. 
 
 SEC. 16. The board of control, from the time of its organization 
 until the first day of May, in the year one thousand eight hundred 
 and sixty-six, and thereafter, until the affairs of the several branches 
 of the State Bank of Ohio shall be finally closed up, shall be a body 
 corporate, with succession, and by the name of the STATE BANK OF 
 OHIO, capable of contracting and of prosecuting, and defending in 
 suits or actions at law, or in chancery, as fully as natural persons, 
 and of doing all other acts and things necessary to effect the object 
 contemplated in this act by the formation of said board. 
 
 SEC. 17. Each member of the board of control shall continue 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 shall be filled by the branch by which the appointment 
 vacated was made. In voting, each member shall be entitled to one 
 vote, and to one additional vote for every fifty thousand dollars of the 
 amount of notes of circulation, to which the branch or branches rep- 
 resented by him is, or are entitled at the time of such voting. The 
 president of the board shall hold his office for one year, and until his 
 successor shall be appointed, but may be removed by a resolution of 
 the board. He shall take an oath faithfully, diligently, and impar- 
 tially to fulfil the duties of his appointment, and not knowingly vio- 
 late any of the provisions of this act. He may be required to give 
 bond in such sum, and with such securities as the board shall pre- 
 scribe ; and all vacancies in said appointment shall be filled by the 
 board. 
 
 SEC. 18. All notes issued by any branch, intended to circulate 
 as money, shall be payable at the branch by which they are issued,
 
 11 
 
 in gold and silver coin, the lawful currency of the United States, or 
 either, at the option of the branch, on demand; they shall be signed 
 by the president of the board of control, countersigned by the 
 cashier of the branch by which they are issued, made payable to 
 bearer, and shall be negotiable by delivery ; all other evidences of 
 debt, issued by any branch, shall be negotiable or transferable in the 
 same manner as f if issued by a natural person, and shall be binding 
 on the branch, whether under seal or not ; and all such evidences of 
 debt, other than notes of circulation, shall be payable to the order of 
 some person therein named. 
 
 SEC. 19. No branch of the State Bank of Ohio shall, at any 
 time, have in circulation notes in the similitude of bank notes, to an 
 amount bearing a greater proportion to the capital stock of said 
 branch actually paid in, and at the time remaining undiminished by 
 losses or withdrawal, exclusive of its portion of the safety fund, than 
 the proportion hereinafter specified, that is to say : 
 
 On the first hundred thousand dollars, or any lesser amount of its 
 capital, not more than twice the amount of such capital. 
 
 On the second hundred thousand dollars, or part thereof not more 
 than once and half of the amount of such capital, over one hundred 
 thousand. 
 
 On the third hundred thousand dollars, or part thereof, not more 
 than once and a quarter the amount of such capital, over two hun- 
 dred thousand. 
 
 On the fourth hundred thousand dollars, or part thereof, not more 
 than once the amount of such capital, over three hundred thousand ; 
 and, 
 
 On any amount of capital over four hundred thousand dollars, not 
 more than three-fourths the amount of such capital, over four hun- 
 dred thousand, and on its portion of the safety fund an amount equal 
 thereto. 
 
 SEC. 20. Notes designed for circulation shall be delivered by the 
 board of control to each branch, on a written order, signed by the 
 president and a majority of the directors of such branch ; such or- 
 ders shall be carefully preserved by said board in their office ; an 
 accurate account of all the notes so delivered, the amount of the 
 notes of each denomination so delivered, and the date of such de- 
 livery, shall be kept by the board of control, in a book or books, to 
 be provided and kept in their office at Columbus ; all notes so worn, 
 defaced, or mutilated, as to be unfit for circulation, shall be returned 
 by the branch by which they were issued to the board of control, and 
 an equal amount of new notes received therefor ; all 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 
 board ; and the notes so returned shall be burned to ashes in the 
 presence of the president, and at least two of the members of said 
 board . 
 
 SEC. 21. Before the board of control shall deliver to any branch, 
 notes for circulation, they shall require such branch to pay over or 
 deposit to the credit of said board, as said board shall order, either
 
 in money or in certificates of the stocks of this State, or of the Uni- 
 ted 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 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, 
 be authorized to demand an additional amount of notes for circula- 
 tion, such branch shall deposit with the board of control ten per cent 
 on the amount of notes so required; and the stocks and money so 
 deposited shall be denominated the " safety fund," and shall be in- 
 vested as hereinafter prescribed, and held by the board of control as 
 the property of said board, ia trust for the benefit of the several 
 branches of the State Bank of Ohio, and as a fund for the redemp- 
 tion of the notes of circulation of any one or more of said branches 
 that may fail to redeem its notes, to be applied to that purpose in the 
 manner pointed out by this act. 
 
 SEC. 22. All money so deposited or paid to the board of control 
 on account of the safety fund, by any branch, shall be, under the di- 
 rection of said board invested by such branch either in stocks of the 
 State or of the United States, or in bonds secured by mortgages on un- 
 encumbered real estate situate in the county where such branch is lo- 
 cated, or in adjoining counties, of at least twice the value in each case 
 of the amount secured thereby, exclusive of buildings or other fix- 
 tures subject to be destroyed by fire, by floods or other accidental 
 occurrences, or of timber, mines or minerals subject to waste ; which 
 bond shall be made payable on demand to the State Bank of Ohio, 
 and shall bear such rate of interest as shall be agreed on by the par- 
 ties, not exceeding seven per cent, per annum, payable semi-annual- 
 ly. 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 in 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 circulation, 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. 23. The stockholders, collectively, of any branch shall at 
 no time be liable to such branch, either as principal debtors or sure- 
 ties, or both, to an amount exceeding one third part of the capital 
 stock of such branch, then actually paid in and remaining as capital 
 stock ; nor shall the directors, collectively, be so liable to an amount 
 exceeding one-fourth part of the stock actually paid in, standing in 
 their names, and of which they are collectively the bona fide owners 
 in their own right : provided, that such directors may be further per- 
 mitted to become liable as drawers or indorsers of bona fide bills of 
 exchange drawn in this State and payable at any place out of this 
 State, to an amount, when added to their other liabilities, not exceed- 
 ing one-third of the capital stock actually paid in and standing in the
 
 13 
 
 names of such directors ; and the stockholders may become liable in 
 like manner in such sum as, when added to their other liabilities, 
 will not exceed one-half of the capital stock of any such branch ac- 
 tually paid in. 
 
 SEC. 24. If any branch of the State Bank of Ohio shall refuse 
 to pay its notes of circulation, or any of them, in gold and silver 
 coin of the lawful currency of the United States, on which pay- 
 ment shall be lawfully demanded at its banking house or customary 
 place of doing banking business, during usual banking hours, such 
 branch shall be deemed to have committed an act of insolvency, and 
 thereupon all its property, credits, securities, liens and assets of every 
 description shall forthwith vest in and be the property, credits, secu- 
 rities, liens and assets of the board of control, for the uses and pur- 
 poses declared in this act. 
 
 SEC. 25. The board of control, on receiving information that any 
 branch of the State bank of Ohio has committed an act of insolven- 
 cy, shall forthwith appoint a committee of one or more of its mem- 
 bers, who shall make immediate inquiry into the truth of such infor- 
 mation and report thereon to the board ; and if the board shall be 
 satisfied from the report of the committee that such branch has sus- 
 pended the payment of its notes in gold and silver, they shall forth- 
 with appoint a suitable receiver or receivers, who shall take immedi- 
 ate possession of the books, records, money, choses in action and pro- 
 perty of said branch of every description, and hold the same for the joint 
 use and benefit of the other branches of the State Bank of Ohio, and 
 the creditors of the said failing branch ; and said board of control shall 
 immediately provide money and place the same in such solvent 
 branch or branches as may be most convenient for the purpose of re- 
 deeming the notes of such failing branch, and shall give public no- 
 tice thereof in some newspaper printed in the place where such 
 failing branch is located, and also in some newspaper of general cir- 
 culation published at Columbus. 
 
 SEC. 26. Each solvent branch shall contribute, in the ratio of 
 the circulation to which it is entitled, to the sum necessary for re- 
 deeming the notes of the failing branch, as provided in the pre- 
 ceding section, on the requisition of the board of control and may 
 be remunerated for such contribution, from the safety fund, as 
 soon as money sufficient can be raised from .that fund, by a sale 
 or hypothecation of the stock, funds, or other securities belonging 
 thereto. 
 
 SEC. 27. The receiver or receivers appointed as provided in the 
 twenty-fifth section, shall be required to give bond in such sum and 
 with such securities as the board of control shall judge sufficient, 
 and under the direction of the said board, shall proceed to settle up 
 its affairs and convert its assets into money ; the money so made shall 
 be applied : 
 
 First To reimburse all moneys which shall have been advanced 
 by the several branches for the redemption of the notes and bills of 
 the insolvent branch, and which may not have been previously reim- 
 bursed from the safety fund.
 
 14 
 
 Second To reimburse all moneys advanced from the safety fund, 
 other than moneys derived from that portion of the safety fund fur- 
 nished by the failing branch. 
 
 Third To the payment and discharge of all the remaining lia- 
 bilities of such branch ; and, 
 
 Fourth The residue shall be divided among the stockholders of 
 the failing branch, in proportion to the stock by them respectively 
 held. 
 
 SEC. 28. If any branch against which the board of control shall 
 have instituted proceedings on account of any supposed act of in- 
 solvency, as prescribed by the twenty-fifth section of this act, shall 
 deny having committed such act of insolvency, such company may 
 apply to any court of competent jurisdiction for a writ of injunction 
 to said board of control to suspend all further proceedings against 
 such branch as an insolvent company ; and such court, after citing 
 said board of control to appear and show cause why such writ should 
 not be granted, and after the finding of a jury that such branch has 
 at all times continued, and still continues to redeem, in gold and sil- 
 ver coin, its notes of circulation, shall make an order enjoining the 
 board of control from all further proceedings against such branch on 
 account of the supposed act of insolvency on which such proceed- 
 ings were instituted, and thereupon all the property and assets of 
 such branch shall be restored to its directors. 
 
 SEC. 29. If the board of control shall, in any case, fail to pro- 
 ceed in the manner prescribed in the foregoing sections of this act, 
 in providing for the payment of the outstanding notes of circulation, 
 and in closing the affairs of any branch that shall have committed an 
 act of insolvency, the holder of any of its notes of circulation, or 
 other creditor of such branch may, in case payment of such notes of 
 circulation or other claim has been refused when lawfully demanded, 
 and remains unpaid, apply to any court of competent jurisdiction for 
 its writ, commanding the board of control so to proceed ; and it shall 
 be the duty of such court, after citing such board to appear and show 
 cause why such writ should not issue, and upon the finding of a ju- 
 ry that such act of insolvency has been committed, to issue their 
 writ commanding said board of control forthwith to proceed in the 
 manner pointed out in the preceding sections of this act, to provide 
 for the payment of the outstanding notes of such branch, close up 
 its affairs and make application of its assets. 
 
 IN RELATION TO INDEPENDENT BANKING COMPANIES. 
 
 SEC. 30. Each company that shall have elected to carry on its 
 business as an independent banking company, and shall have com- 
 plied with the requirements of this act, preliminary to the com- 
 mencement of banking business, shall, before it shall commence 
 such business, and before it shall be held to have acquired corpo- 
 rate powers, deposit with and transfer to the Treasurer of State 
 certificates of the funded debt of this State or of the United States, 
 at least equal in amount to the amount of its capital stock at such
 
 15 
 
 time paid in ; and from time to time as an additional instalment 
 or portion of its capital stock shall be paid in, additional certificates 
 of the funded debt above specified, at least equal in amount to the 
 amount of such additional payments of capital stock shall, within 
 thirty days after such payment, be deposited with and transferred to 
 the Treasurer of State ; but no such certificate of funded debts shall 
 be received by said treasurer at a rate or price above the average sel- 
 ling price of such certificates at the New York stock exchange for 
 the four weeks next preceding the time of the receipt thereof by the 
 treasurer, nor shall any certificate of the funded debt of this State be 
 received at any rate above its par value, exclusive of the unpaid in- 
 terest that may have accrued thereon ; and if such company shall 
 fail to make deposites or transfers of stock, as in this section requir- 
 ed, all its franchises and powers derived from this act, except such as 
 may be necessary to settle up its affairs, shall immediately cease and 
 determine. 
 
 SEC. 31. The Treasurer of State shall deliver, from time to time 
 as he may be prepared so to do, to any independent banking compa- 
 ny that may have entitled itself thereto, on the written order of the 
 president and a majority of its directors, notes for circulation to any 
 amount not exceeding the value of the certificates of funded debt de- 
 posited with and transferred to him by such company as prescribed 
 by the preceding section ; but at no time shall the total amount of 
 such notes delivered to any such company exceed three times the 
 amount at such time actually paid in on its capital stock, and remain- 
 ing as capital stock undiminished by losses or otherwise. 
 
 SEC. 32. In order to furnish suitable notes for circulation to such 
 independent banking companies, the Treasurer of State is hereby 
 authorized and required to cause to be engraved and printed in the 
 best manner to guard against counterfeiting, such quantity of circu- 
 lating notes in the similitude of bank notes, in blank, of the several 
 denominations provided for in this act, as he may, from time to time 
 deem necessary to furnish to such independent banking companies 
 according to the provisions hereinafter set forth ; which notes shall 
 be countersigned, numbered and registered in proper books to be pro- 
 vided and kept for that purpose in the office of said treasurer, under 
 his direction, by such person or persons as he may appoint, so that 
 each denomination of such circulating notes shall bear the uniform 
 signature of one of such registers ; and all the notes of each separ- 
 ate denomination shall bear the same device, and bear a general sim- 
 ilitude ; and the notes or bills to be so countersigned shall have stamp- 
 ed or printed on their face the words " secured by the pledge of 
 stock." 
 
 SEC. 33. The plates, dies and materials to be procured by the 
 Treasurer of State for the printing and making the circulating notes 
 provided for in the thirty-second section of this act, shall remain in 
 the custody of said treasurer and under his direction ; and the ex- 
 pense necessarily incurred by him in executing the provisions of 
 this act, shall be audited and settled by the Auditor of State, and paid 
 out of any moneys in the treasury not otherwise appropriated ; and
 
 16 
 
 for the purpose of reimbursing the same to the treasury, the said 
 treasurer is hereby authorized and required to charge against, and 
 receive from each company receiving such circulating notes, such 
 rate per centum thereon as may be sufficient for that purpose, and 
 shall, from time to time, equalize said expenses among the companies 
 to whom such circulating notes may be furnished. 
 
 SEC. 34. After any such independent banking company shall 
 have caused to be executed and signed by the president and cashier 
 thereof, the circulating notes received from the Treasurer of State, 
 in such manner as may be requisite to make them obligatory notes, 
 payable on demand at its place of business, such company is hereby 
 authorized to issue and circulate the same as money. 
 
 SEC. 35. It shall be the duty of the Treasurer of State to receive 
 mutilated circulating notes issued by him to any of such independ- 
 ent banking companies, and to deliver in place thereof other circula- 
 ting notes to an equal amount, and the said mutilated notes, after a 
 memorandum shall have been entered in the proper book or books, 
 shall be burned to ashes by the said treasurer, in the presence of the 
 Secretary of State and the officer or agent of said company by whom 
 the said notes shall have been delivered to the said treasurer, and a 
 certificate of said burning, signed by said treasurer, shall be made 
 in the books of the register, and a duplicate thereof given to said 
 agent. 
 
 SEC. 36. The Treasurer of State shall give to any company by 
 whom any stock shall have been deposited, according to the provis- 
 ions of the thirtieth section of this act, powers of attorney to receive 
 the interest or dividends thereon, which interest or dividend such 
 company may receive and apply to its own use ; but such powers of 
 attorney shall become void upon any such company failing to redeem 
 the circulating notes issued by such company ; provided, however, 
 that whenever the price of any of the stocks pledged for the security 
 or redemption of the circulating notes issued by any such company, 
 as aforesaid, shall be at the stock exchange, in the city of New York, 
 for four consecutive weeks, at a price or rate less than the value at 
 which such stock shall have been estimated when so deposited and 
 pledged ; the treasurer shall receive and retain the interest or divi- 
 dend on such depreciated stock so pledged, until the interest so re- 
 ceived, when added to the market value of stocks so pledged, to be 
 ascertained as in this section before provided, will be equal in amount 
 to the amount for which such stocks were pledged ; and he shall de- 
 posit the amount so received with any solvent banking company in 
 this State, at such rate of interest as shall be agreed upon, or, at the 
 option of the company by which such stocks were deposited, invest 
 such interest or dividends in any of the stocks by this act authorized 
 to be pledged, in the name of the Treasurer of State, in trust for the 
 banking company by whom the stocks on which such interest or di- 
 vidends may have accrued shall have been pledged ; and whenever 
 the price of such depreciated stocks, at the New York stock ex- 
 change, shall rise to the price at which they were pledged by the 
 company, and so remain for four consecutive weeks, such investment
 
 17 
 
 shall be assigned to such company, and all accruing interest on such 
 pledged stock shall thereafter be paid to such company. 
 
 SEC. 37. The stocks transferred to the Treasurer of State by an 
 independent banking company, for the security of its circulating 
 notes, shall be held by him exclusively for that purpose until such 
 notes shall be redeemed, except as hereinafter provided. 
 
 SEC. 38. If any such independent banking company shall fail to 
 redeem, in gold or silver coin, any of its circulating notes issued in 
 pursuance of the provisions of this act, when payment thereof shall 
 be lawfully demanded, during the usual hours of business, at the 
 office of such company, the holder of such note or notes may cause 
 one or more thereof to be protested by a notary public, who shall, on 
 protesting the same, forthwith* forward notice of such protest to the 
 Treasurer of State ; and after such protest suffered, it shall not be 
 lawful for the company thus suffering protest, to pay out any of its 
 notes, discount any notes or bills, or otherwise engage in the business 
 of banking, except to receive and safely keep moneys belonging to 
 it, and to deliver special deposits ; provided, however, that if satis/ac- 
 tory proof be produced to such notary public that the payment of any 
 such note or notes is restrained or delayed by order of any court of 
 competent jurisdiction, such notary public shall not protest the same. 
 Where the holder of such notes shall cause more than one to be pro- 
 tested on the same day, he shall not receive pay for more than one 
 such protest. 
 
 SEC. 39. In case any such independent banking company shall 
 fail to pay and redeem its circulating notes on demand, in gold or 
 silver coin, as specified in the next preceding section of this act, the 
 Treasurer of State shall, within thirty days after he shall have re- 
 ceived notice of such failure, cause the stocks pledged by such com- 
 pany^ or so much thereof as may be necessary to redeem the out- 
 standing circulating notes of such company, to be sold either at the 
 stock exchange, in the city of New York, after giving notice of such 
 sale to such company, and also advertising the time and place of sale, 
 with a pertinent description of the stocks to be offered for sale, in two 
 or more newspapers published in the city of New York, for not less 
 than ten consecutive days before the day of sale, or at the State Trea- 
 sury in the city of Columbus, giving notice to said company, and, 
 also advertising in one or more newspapers published in the city of 
 Columbus, and one or more newspapers in general circulation in the 
 county where the office of such failing company is situated, which 
 advertisements shall contain the same particulars as are required 
 herein where sales are to be made in the city of New York ; and out 
 of the proceeds of such sale the treasurer shall pay in a ratable pro- 
 portion the circulating notes of such company, of which due notice 
 shall be given, calling upon the holders of such notes to present them 
 for such payment at the State treasury ; provided, that if any of the 
 circulating notes of such failing company shall not be presented for 
 redemption at the State treasury until after the term of two years 
 from the date of the first publication of the notice to the holders of 
 such notes to present the game at the State treasury, the treasurer 
 3
 
 18 
 
 may pay ratably tc the holders of the notes previously presented, if 
 such notes shall not have been previously paid in full, whatever tf 
 the proceeds of such sale remaining in his hands may be needed to 
 fully discharge such notes so presented. 
 
 SEC. 40. The Treasurer of State may, if he shall deem that the 
 interests of the note holders of any insolvent banking company will 
 be best promoted thereby, with the advice of the Auditor and Secre- 
 tary of State, hypothecate or sell, at private sale, any of the stocks 
 transferred to and deposited with him by such company to any other 
 independent banking company, or to any individual person or firm, 
 and receive therefor either money or the circulating notes of such 
 failing company ; provided that no such stock shall be sold by private 
 sale at less than the par value thereof/norat less than its selling price 
 at the New York stock exchange at the date of the last received in- 
 formation, nor shall any such stock be sold on credit. 
 
 SEC. 41. On receiving notice that any such independent banking 
 company shall have committed an act of insolvency, as hereinbefore 
 defined, the Treasurer of State, the Secretary of State, and the Au- 
 ditor of State, or a majority of them, shall appoint a special agent, 
 who shall immediately proceed to ascertain whether such company 
 has refused to pay its notes in gold and silver coin when lawfully de- 
 manded, and report to the said treasurer, secretary and auditor, the 
 facts so ascertained, and if from the report so made, said treasurer, 
 secretary and auditor, or a majority of them, shall be satisfied that 
 such company has suspended the payment of its circulating notes, 
 when lawfully demanded, in gold and silver coin, they shall forthwith 
 appoint a receiver or receivers, and require of him or them such 
 bond and security as they shall deem proper, who shall proceed to 
 take possession of the books, records, and assets of every description 
 of such company, collect all debts, dues, and other claims belonging 
 to such company ; settle, and, with the approbation of an agent to be 
 appointed by the stockholders for the protection of their interests, 
 compound for all bad and doubtful debts ; sell all the real and per- 
 sonal property of said company, and to pay over all moneys so made 
 to the Treasurer of State, and the Treasurer of State shall cause no- 
 tice to be given by advertisement in one or more newspapers pub- 
 lished in the city of Columbus, and also in one or more newspapers 
 in general circulation in the county where the office of such insolvent 
 company shall be situated, for six consecutive months, calling on all 
 persons who may have claims against such company to make legal 
 proof thereof; and after the end of one year from the first publica- 
 tion of such notice, the treasurer, after full provision shall have been 
 made for redeeming the circulating notes of such company, shall 
 make a ratable dividend of the moneys so paid over to him by such 
 receiver or receivers, inclusive of moneys received by him on sales 
 of stock transferred to and deposited with him by such company on 
 all such claims as may have been so proved ; and from time to time, 
 as the proceeds of the assets of said company shall be paid over to 
 him, the said treasurer shall make further dividends, as aforesaid, on 
 all claims previously proved, and the remainder, if anything, shall be
 
 19 
 
 paid over to the stockholders of the company or their legal represen- 
 tatives, in proportion to the stock by them severally held ; provided, 
 however, that if any independent banking company, against which 
 proceedings have been instituted as prescribed in this section, on ac- 
 count of any supposed act of insolvency, shall deny having cornmit- 
 ed such act, such company may apply to any court of competent ju- 
 risdiction to enjoin further proceedings in the premises ; and such 
 court, after citing the Treasurer. Secretary, and Auditor of State, to 
 show cause why further proceedings should not be enjoined, and after 
 the finding of a jury that such company has not suspended the pay- 
 ment of its notes when legally presented, in gold and silver coin, 
 shall make an order enjoining said Treasurer, Auditor and Secretary 
 of State, and any receiver or receivers appointed by them, from all 
 further proceedings on account of such supposed act of insolvency. 
 
 SEC. 42. If the original capital stock of any of such indepen- 
 dent banking companies shall, in any manner be diminished, or any 
 portion thereof be withdrawn for any purpose whatever, while any 
 debts or demands againt such company remain unsatisfied, no divi- 
 dends shall thereafter be made on the shares of the capital stock of 
 such company until the original amount of the capital stock shall 
 be restored, either by contribution of the shareholders or out of the 
 profits of the business of such company ; and in case any dividend 
 shall be made while the capital stock shall remain so diminished or 
 withdrawn, it shall be the duty of any court, having competent juris- 
 diction, to issue the necessary orders and decrees for closing the 
 affairs of such company and dividing its effects among its creditors 
 and shareholders, as in this act provided. 
 
 SEC. 43. All fees for protesting the notes issued by any such in- 
 dependent banking company shall be paid by the person procuring 
 the protest to be made, and such company shall be liable therefor; 
 but no part of the stocks pledged by such company to the treasurer 
 shall be applied to the payment of such fees ; and all expenses in 
 curred in conducting the sale of any such pledged stocks and adver- 
 tisements thereof, shall be paid out of the proceeds of such sales. 
 
 SEC. 44. The stockholders, collectively, of any independent 
 banking company, shall at no time be liable to such company, either 
 as principal debtors or sureties, or both, to an amount greater than 
 three-fifths of the amount of capital stock actually paid in and re- 
 maining undiminished by losses or otherwise, nor shall the directors 
 be so liable except to such amount, and in such manner as shall be 
 prescribed by the by-laws of such company, adopted by its stock- 
 holders to regulate such liabilities , and it shall be the duty of the 
 Auditor, Treasurer, and Secretary of State, or a majority of them, 
 as often as once in each year, to appoint some suitable person in the 
 vicinity of each independent banking company, who shall not be a 
 stockholder in any bank of this State, who shall have power to 
 make a thorough examination into all the affairs of the bank which 
 he may be appointed to examine, and in so doing to examine any of 
 the officers and agents of such bank on oath, and such agent shall 
 make a detailled report of the condition of such bank to the Auditor
 
 20 
 
 of State ; and the banking companies deriving their powers and 
 privileges from this act shall not be subject to any other visitorial 
 powers than such as are authorized by this act, except such as are 
 vested in the several courts of law and chancery ; and every agent 
 appointed, as in 'this section provided, shall receive for his services 
 at the rate of two dollars for each day by him employed in such ex- 
 amination, and two dollars for every twenty-five miles he shall neces- 
 sarily travel in the performance of his duty, which shall be paid by 
 the banking company by him examined. 
 
 SEC. 45. Whenever any independent banking company, being 
 desirous of diminishing the amount of its circulating notes, shall de- 
 liver to the Treasurer of State any portion of such notes not Jess 
 in amount at any one time than five thousand dollars, to be des- 
 troyed, the treasurer shall destroy the same as prescribed in section 
 thirty-five, and shall thereupon retransfer and deliver to such com- 
 pany certificates of funded debt deposited with him by such com- 
 pany, to an amount equal to the amount of notes so delivered up ; 
 provided that the amount of such certificates remaining with the 
 treasurer shall not thereby be reduced below the amount of the cap- 
 ital stock of such company at the time paid in, nor in any case below 
 the sum of fifty thousand dollars, nor in value, estimating the same 
 at their then current price in the city of New York, below the amount 
 of circulating notes still retained by such company , nor shall the 
 treasurer be required to retransfer such certificates in fractional 
 sums of less than one thousand dollars ; and whenever any such 
 company, being desirous of relinquishing its banking business, shall 
 have paid at least ninety per cent, of the maximum amount of its cir- 
 culating notes, and shall have delivered the same to the Treasurer of 
 State to be destroyed, shall have provided means and given security 
 to the satisfation of the Treasurer, Secretary, and Auditor of State, 
 for the redemption of its oustanding notes of circulation, at the place 
 where the office of such company was established, and shall have 
 given notice thereof by advertisement, for six consecutive months, 
 in two newspapers of general circulation published at Columbus, 
 and at least one published in the city, town, or village where the 
 office of such company is located ; and it shall be lawful for the Treas- 
 urer of State to retransfer and deliver to such company all the cer- 
 tificates of funded debt previously pledged with him by such compa- 
 ny, and thereupon all the corporate powers of such company, ex- 
 cept such as shall be necessary to close up affairs, shall cease. 
 
 GENERAL PROVISIONS. 
 
 SEC. 46. The capital stock of each banking company shall be 
 divided into shares of one hundred dollars each and shall be assign- 
 able on the books of the company in such manner as its by-laws 
 shall prescribe, but no shareholder shall have power to sell or trans- 
 fer any shares held in his own right so long as he shall be liable, 
 either as principal debtor, surety, or otherwise to the company, for 
 any debt which shall have become due and remains unpaid , nor in 
 such case shall such shareholder be entitled to receive any dividend, 
 interest or profit on such shares, so long as such liabilities shall con-
 
 21 
 
 tinue, but all such dividends, interests or profits shall be retained 
 by the company, and applied to the discharge of such liabilities, 
 and no stocks shall be transferred without the consent of a majority 
 of the directors while the holder thereof is indebted to the company. 
 
 SEC. 47. No banking company shall take, as security for any 
 loan or discount, a lien on any part of its capital stock, but the 
 same security, both in kind and amount, shall be required of share- 
 holders as of persons not shareholders ; and no banking company 
 shall be the holder or purchaser of any portion of its capital stock, 
 or of the capital stock of any other incorporated company, unless 
 such purchase shall be necessary to prevent loss upon a debt previ- 
 ously contracted in good faith, on security which at the time was 
 deemed adequate to insure the payment of such debt, independent 
 of any lien upon such stock, or in case of forfeitures of stock for the 
 nonpayment of instalments due thereon, as provided in the ninth 
 section ; and stock so purchased shall in no case be held by the 
 company so purchasing for a longer period of time than six months, 
 if the same can be sold for what the stock cost, or at par. 
 
 SEC. 48. In all elections of directors, and in deciding all ques- 
 tions at a meeting of the stockholders, each share shall entitle the 
 owner thereof to one vote ; stockholders may vote by proxies duly 
 authorized in writing, but no officer, clerk, teller or book keeper of 
 the company shall act as proxy, and no stockholder whose liability 
 to the company is past due and unpaid shall be allowed to vote. 
 
 SEC. 49. The affairs of every company formed and organized to 
 carry on the business of banking under the provisions of this act, 
 shall be managed by not less than five nor more than nine directors. 
 Every director shall, during his whole term of service, be a citizen 
 of the United States and a resident of this State. At least three- 
 fourths of the directors shall have resided in this State two years 
 next previous to their election as directors ; each director shall own 
 in his own name and right at least one per cent, of the capital stock 
 of the company, up to two hundred thousand dollars, and the half of 
 one percent, on its capital stock over two hundred thousand dollars. 
 The directors of each banking company, collectively, shall own at 
 least one tenth of its capital stock. Each director shall take an oath 
 that he will, so far as the duty devolves on him, diligently and hon- 
 estly administer the affairs of the company, and not knowingly vio- 
 late or willingly permit to be violated any of the provisions of this 
 act ; that he is the bona fide owner, in his own right, of the stock 
 standing in his name on the books of the company, and that the 
 same is not hypothecated, or in any way pledged as security, for any 
 loan obtained or debt owing ; which oath, subscribed by himself and 
 certified by the magistrate before whom it is taken, shall be filed 
 and carefully pereserved in the office of the recorder of the county 
 in which the banking company is located. 
 
 SEC. 50. The directors of any banking company first elected 
 shall hold their places until the first Monday in January, next there- 
 after, and until their successors shall be elected and qualified ; all 
 subsequent elections shall be held annually on the first Monday of
 
 22 
 
 January, and the directors so elected shall hold their places for one 
 year, and until their successors are elected and qualified ; but any 
 director removing from the State, or ceasing to be the owner of the 
 requisite amount of stock, shall thereby vacate his place. Any va- 
 cancy in the board shall be filled by appointment by the remaining 
 directors ; the director so appointed, shall hold his place until the 
 next annual election : and if from any cause an election of direc- 
 tors shall not be made at the time appointed, the company shall not 
 for that cause be dissolved, but an election may be held on any sub- 
 sequent day, thirty days' notice thereof having been given in a 
 newspaper printed in the county where the company is located. 
 
 SEC. 51. Every banking company authorized to carry on the 
 business of banking under the provisions of this act, whether as a 
 branch of the State bank of Ohio, or as an independent banking 
 company, shall be held and adjudged to be a body corporate with 
 succession until the first day of May in the year one thousand eight 
 hundred and sixty six, and thereafter until its affairs shall be closed ; 
 and by its corporate name shall be competent to contract, prosecute 
 and defend suits and actions of every description as fully as natural 
 persons, and process against such company may be served upon its 
 president or cashier, or by leaving a copy thereof at its usual place 
 of business during the usual business hours. Each of said banking 
 companies shall, until the first day of May, in the year one thou- 
 sand eight hundred and sixty-six, if so long it shall comply with the 
 provisions of this act, have power to loan money, buy, sell and dis- 
 count bills of exchange, notes, and all other written evidences of 
 debt, except such as it shall be prohibited by this act from buying, 
 selling or discounting; receive deposits : buy and sell gold and sil- 
 ver coin and bullion : collect and pay over money, and transact all 
 other business properly appertaining to banking, subject, however, 
 to the provisions and restrictions contained in this act ; may ac- 
 quire, hold and convey such real estate as may be necessary to the 
 convenient transaction of its business, and no more, but may, how- 
 ever, acquire title to any real estate pledged to secure any debt pre- 
 viously 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 19 necessary to 
 avoid a 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 tendered by the last preceding 
 owner, or his legal representatives, such sum as shall be necessary 
 to save such company 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 company shall release 
 to such owner, his legal representatives or assigns, all its right, title 
 and interest therein. 
 
 SEC. 52. Notes of one dollar, two dollars, three dollars, five dol- 
 lars, ten dollars, twenty dollars, fifty dollars, and one hundred dol- 
 lars each, and no note of any other denomination may be issued by
 
 23 
 
 any banking company deriving any of its powers or privileges from 
 this act ; of the notes issued by any such banking company, not more 
 than ten per cent, of the amount shall be in notes of one dollar each ; 
 not more than five per cent, in notes of two dollars each ; not more 
 than ten per cent, in notes of three dollars each ; not more than 
 twenty per cent, shall be in notes of all denominations under five 
 dollars ; not more than fifty per cent, in notes of all denominations 
 under ten dollars. 
 
 SEC. 53. No banking company deriving any of its powers or 
 privileges from this act, shall at any time issue or have in circulation 
 any note, draft, bill of exchange, acceptance, certificate of deposit, or 
 other evidence of debt which, from its character or appearance shall 
 be calculated or intended to circulate as money, other than such 
 notes of circulation as are by this act described, and which such 
 companies are expressly authorized to issue for the purpose of being 
 circulated as money. 
 
 SEC. 54. Each independent banking company shall receive at 
 par, at the office or banking house of such company, in payment 
 for debts due for notes of hand, bills of exchange, or other evidences 
 of debt, discounted or purchased by or belonging to such compa- 
 ny, the notes of circulation issued by any other independent bank- 
 ing company authorized to issue such notes by this act which 
 shall at the time redeem its notes in gold and silver coin ; and eve- 
 ry branch bank of the State Bank of Ohio shall receive at par at 
 the office or banking house of such company in payment of debts 
 due for notes of hand, bills of exchange, or other evidences of debt 
 discounted or purchased by, or belonging to, such branch bank, the 
 notes of circulation issued by any other branch of the State Bank of 
 Ohio. 
 
 SEC. 55. Each banking company shall at all times, have on hand, 
 in gold and silver coin, or their equivalent, 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 outstanding notes of cir- 
 culation ; and whenever the amount of its outstanding notes of cir- 
 culation shall exceed the above named proportion, for the space of 
 twelve days, or whenever the said gold and silver coin, or their 
 equivalent, shall at any time fall below the amount of twenty per 
 cent, of its circulation, no more of its notes shall be paid out, or oth- 
 erwise put in circulation, by such banking company, nor shall such 
 company increase its liabilities, by making any new loans or dis- 
 counts, other than discounting or purchasing bills of exchange, pay- 
 able at sight, nor make any dividend of its profits, until the required 
 proportion between its outstanding notes of circulation, and gold and 
 silver coin, or their equivalent on hand, shall be restored. Actual 
 deposites with any solvent bank or banker, of established credit in 
 the cities of New York, Boston, Philadelphia or Baltimore, subject 
 to be drawn against at sight payable in gold and silver coin, shall be 
 deemed equivalent to gold and silver coin, wherever these terms are 
 used in this act. 
 
 SEC. 56. No banking company, deriving any of its powers or
 
 24 
 
 privileges from this act, shall at any time be indebted or in any way 
 liable to an amount exceeding, if a branch of the State Bank of Ohio, 
 two-thirds, or if an independent banking company, the whole amount 
 of its capital stock at such time actually paid in, and remaining as 
 capital stock undiminished by losses or otherwise, except on the fol- 
 lowing accounts, that is to say : 
 
 First On account of its notes of circulation ; 
 
 Second On account of moneys deposited with or collected by such 
 company. 
 
 Third On account of bills of exchange or drafts, drawn against 
 money actually in deposite to the credit of, or due such company ; 
 
 Fourth Liabilities to its stockholders on account of money paid 
 in, on capital stock and dividends thereon. 
 
 SEC 57. No banking company shall either directly or indirectly, 
 pledge, hypothecate or exchange, any of its notes of circulation for 
 the purpose of procuring money, to be paid in on its capital stock, 
 or to be used in its ordinary banking operations, or for the purpose 
 of purchasing certificates of State stock to be deposited with the 
 Treasurer of State, or with the board of control ; nor shall any 
 banking company apply or permit to be applied, hypothecated or 
 pledged, any portion of its capital stock to the purchase of certificates 
 of State stock, to be deposited with the Treasurer of State as collat- 
 eral security for the redemption of its notes of circulation. 
 
 SEC. 58. No banking company shall, during the time it shall con- 
 tinue its operations as a bank, withdraw or permit to be withdrawn, 
 either in form of dividends, loans to stockholders for a longer period 
 of time then six months, or in any other manner, any portion of its 
 capital stock ; and if losses shall at any time have been sustained by 
 any banking company, equal to or exceeding its undivided profits 
 then on hand, no dividend shall be made, and no dividend shall ever 
 be made, by any banking company while it shall continue its bank- 
 ing operations to an amount greater then its net profits then on 
 hand, deducting therefrom its losses, bad and suspended debts ; and 
 all debts due to a banking company, on which interest is past due 
 and unpaid for a period of six months, unless the same shall be well 
 secured, and shall be in the process of collection, shall be considered 
 bad or suspended debts within the meaning of this section. 
 
 SEC. 59. The directors of each banking company shall, semi-an- 
 nually on the first Monday in May and November, declare a divi- 
 dend of so much of the net profits of the company as they shall judge 
 expedient ; and, on each dividend day, the cashier shall make, and 
 verify, by his oath, a full, clear, and accurate statement of the con- 
 dition of the company, as it shall be on that day, after declaring the 
 dividend ; and similar statements shall also be made on the first Mon- 
 days of February and August, in each year ; which statement shall 
 contain 
 
 First--The amount of the capital stock actually paid in, and then 
 remaining, as the capital stock of the company ; 
 
 Second The amount of the bills or notes of the company, then in 
 circulation, specifying the amount of each denomination;
 
 25 
 
 Third The greatest amount in circulation, at any time, since the 
 making of the last previous statement, as shall have been exhibited 
 by the weekly statements of the cashiers, specifying the times when 
 the same accrued ; 
 
 Fourth The amount of balances and debts of every kind due to 
 the branches of the State Bank of Ohio, the amount due to other 
 banking companies of the State, and the amount due to banks not of 
 this State ; 
 
 Fifth The amount due to depositors ; 
 
 Sixth The total amount of debts and liabilities of every descrip- 
 tion, and the greatest amount since the making of the last previous 
 statement, specifying the time when the same occurred ; 
 
 Seventh The total amount of dividends declared on the day of 
 making the statement ; 
 
 Eight The amount of gold and silver coin and bullion, belong- 
 ing to such company, and in possession, at the time of making the 
 statement, designating the amount of each ; 
 
 Ninth The amount subject to be drawn at sight, in gold and 
 silver, then remaining on deposit with solvent specie paying banks, 
 or bankers in the cities of New York, Philadelphia, Boston and Bal- 
 timore ; 
 
 Tenth The amount then on hand, of bills or notes, issued by 
 branches of the State Bank of Ohio, the amount issued by other 
 banking companies of this State, and the amount issued by banks 
 not of this State ; 
 
 Eleventh The amount of balances due from branches of the 
 State Bank of Ohio, the amount due from other banking companies 
 of this State, and the amount from banks not of this State, exclud- 
 ing, in the latter case, deposits in the cities of New York, Phila- 
 delphia, Boston and Baltimore, subject to sight drafts, payable in 
 specie ; 
 
 Twelfth The amount on hand of bills, bonds, notes, and other 
 evidences of debt, discounted or purchased by the company, speci- 
 fying particularly the amount of suspended debt, the amount con- 
 sidered bad, the amount considered doubtful, and the amount in suit 
 or judgment; 
 
 Thirteenth The value of the real and personal property, held for 
 the convenience of the company, specifying the amount of each ; 
 
 Fourteenth The amount of real estate, taken in payment of' debts 
 due the company ; 
 
 Fifteenth The amount of the undivided profits of the company ; 
 
 Sixteenth The total amount of the liabilities to the company by 
 the directors thereof, collectively, specifying the gross amount of 
 such liabilities as principal debtors, and the gross amount as endor- 
 sers or sureties. 
 
 Seventeenth The total amount of liabilities to the company of 
 the stockholders thereof collectively, specifying the gross amount 
 of such liabilities as principal debtors, and the gross amount as en- 
 dorsers or sureties ; which statement shall be forthwith transmitted 
 to the Auditor of State.
 
 26 
 
 SEC. HO. Each banking company organized under this act, or ac- 
 cepting thereof, and complying with its provisions shall, semi-an- 
 nually, on the days designated in the fifty-ninth section for declaring 
 dividends, set off to the State six per centum on the profits, de- 
 ducting therefrom the expenses and ascertained losses of the com- 
 pany for the six months next preceding; which sum or amount so 
 set off shall be in lieu of all taxes to which such company, or the 
 stockholders thereof, on account of stock owned therein would oth- 
 erwise be subject ; and the cashier shall, within ten days, thereafter, 
 inform the Auditor of State of the amount so set off, and shall pay 
 the same to the Treasurer of State on the order of said Auditor ; 
 but in computing the profits of the company, for the purpose afore- 
 said, the interest received on the certificates of the funded debt of 
 this State held by the company, or deposited with and transferred 
 to the Treasurer of State, or to the Board of Control by such com- 
 pany, shall not be taken into the account. 
 
 SEC. 61. Every banking company deriving any of its powers and 
 privileges from this act may take, reserve, receive and charge on 
 any loan or discount made, or upon any note, or bill of exchange, 
 or other evidence of debt, at the rate of six per centum per annum 
 on the amount of any such note, bill of exchange, or other evidence 
 of debt, so discounted, and no more; provided, however, that inter- 
 est may be reserved or taken in advance at the time of making the 
 loan or discount, according to the usual rules of banking, or as 
 calculated in Rowlett's tables ; and the knowingly taking, reserving 
 or charging, on any debt or demand payable to such company, of a 
 rate of interest greater than that allowed by this section shall be 
 held and adjudged a forfeiture of such debt or demand, but the pur- 
 chase, discount, or sale, of a bill of exchange payable at another 
 place than the place of such purchase, discount or sale at the cur- 
 rent discount or premium, shall not be considered a taking, reserv- 
 ing or receiving interest, provided no agreement or understanding 
 shall be made that the same shall be' paid at any other place than 
 that at which it was made payable;. 
 
 SEC 62. The total liabilities of any person, or of any company 
 or firm (including in the liabilities of a company or firm the liabil- 
 ities of the several members thereof) to any banking company de- 
 riving any of its powers or privileges from this act, inclusive of lia- 
 bilities as acceptor or acceptors of bona fide bills of exchange pay- 
 able out of this state, shall at no time exceed one-half, exclusively of 
 liabilities as acceptor or acceptors one-fifth, and exclusive of liabili- 
 ties on such bills of exchange one-tenth part of the amount of the 
 notes which such company is authorized to circulate, at the time of 
 such liabilities. 
 
 SEC. 63. No banking company shall, at any time, pay out on 
 loans or discounts, or in purchasing of drafts or bills of exchange, 
 or in payment of depositors, nor shall it in any other mode put in 
 circulation, the notes of any bank or banking company either in or 
 out of this State, which notes shall not at that time be receivable at 
 par in payment of debt.?, and by the company so paying out or cir-
 
 27 
 
 culating such notes, nor shall it knowingly pay out or put in circu- 
 lation any notes issued by any bank or bunking company which, at 
 the time of such paying out or puling in circulation is not redeem- 
 ing its notes in gold and silver, nor any notes issued by any bank 
 out of this State of a denomination less than five dollars. 
 
 SEC. 64. All notes, bills, and other evidences of debt, excepting 
 bills of exchange, discounted by any banking company, shall be 
 made by the terms thereof, or by special endorsement, payable solely 
 to such company, and no such evidence of debt shall be assignable 
 except for collection, or for the following purposes : 
 
 First To pay and redeem the circulating notes of such com- 
 pany. 
 
 Second To pay other liabilities of the said company; and after 
 such liabilities shall have been discharged 
 
 Third To divide among the shareholders on their stock. 
 
 SEC. 65. All transfers of the notes, bonds, bills of exchange, and 
 other evidences of debt owing to any banking company, or of depos- 
 its to its credit ; all assignments or mortgages or other securities on 
 real estate, or of judgments or decrees in its favor; all deposits of 
 money, bullion, or other valuable thing for its use, or for the use of 
 any of its stockholders or creditors ; all payments of money to either, 
 made after the commission of an act of insolvency or in contempla- 
 tion thereof, with a view to prevent the application of its assets in the 
 manner prescribed by this act, or with a view to the preference of 
 one creditor to another, except in payment of its circulating notes, 
 shall be held utterly null and void. 
 
 SEC. 66. If the directors of any banking company which shall 
 have availed itself of any of the privileges granted by this act, shall 
 knowingly violate, or knowingly permit any of the officers, agents or 
 servants of such company, to violate any of the provisions of this 
 act, all the rights, privileges and franchises of said company, derived 
 from this act, shall thereby be forfeited; such violation shall, how- 
 ever, be determined and adjudged by a court of competent jurisdic- 
 tion, agreeably to the laws of this State and the practice of such court, 
 before the corporation shall be declared dissolved ; and in case of such 
 violation, every director who participated in, or assented to the same, 
 shall be held liable in his personal and individual capacity for all 
 damages which the company, its shareholders, or any other persons, 
 body politic or corporate, shall have sustained in consequence of such 
 violation. 
 
 SEC. 67. Every president, director, cashier, teller, clerk or agent 
 of any banking company, who shall embezzle, abstract, or wilfully 
 misapply any of the moneys, funds, or credits of such company, or 
 shall, without authority from the directors, issue or put in circulation 
 any of the notes of such company, or shall, without such authority, 
 issue or put forth any certificate of deposit, draw any order or bill of 
 exchange, make any acceptance, assign any note, bond, draft, bill of 
 exchange, mortgage, judgment or decree, or shall make any false en- 
 try on any book, report or statement of the company with an intent 
 in either case to injure or defraud such company, or to injure or de-
 
 28 
 
 fraud any other company, body corporate or politic, or any individu- 
 al person, or to deceive any officer or agent appointed to inspect the 
 affairs of any banking company in the Slate, shall be deemed guilty 
 of a misdemeanor, and upon conviction thereof, shall be confined in 
 the penitentiary at hard labor, not less than five nor more then ten 
 years. 
 
 SEC. 68. The Stockholders of the Bank of Geauga of the 
 Western Reserve Bank of the Columbiana Bank of New Lisbon 
 of The Lafayette Bank of Cincinnati, and of the Ohio Life Insur- 
 ance and trust Company shall, in each case be considered as hav- 
 ing associated and formed a company for the purpose of banking 
 under the provisions of this act, with such amount of capital stock, 
 by such name and at such place, within the county where such 
 banking company is now located, as shall be determined on by a 
 majority of the directors or trustees : and after making, acknowl- 
 edging and filing with the county recorder a certificate setting forth 
 the name, amount of capital, and the place of banking of such com- 
 pany, and transmitting to the Board of Commissioners a copy there- 
 of as prescribed in the seventh section ; and after baid commission- 
 ers shall have examined the condition of such company, and found 
 that as to the amount of its capital, its gold and silver coin, or their 
 equivalent, on hand, the requirements of this act have been com- 
 plied with, such company shall be authorized to recommence, and 
 during the time limited by this act, carry on the business of bank- 
 ing, subject to the limitations, resirictions and liabilities herein pre- 
 scribed ; and on depositing with the Treasurer of State, (subject, in 
 case such company shall elect to become a branch, of the State 
 Bank of Ohio to the order of the Board of Control,) certificates of 
 funded debt, or money to an amount equal to the amount required 
 of new companies formed and organized under the provisions of 
 this act, as compared with the amount of their circulating notes, 
 such company may immediately proceed to issue its notes of circu- 
 lation to any amount within the limits in such cases prescribed by 
 this act : But when the Board of Control or the Treasurer of State, 
 as the case may be, shall be prepared to furnish notes for circula- 
 tion, the notes previously issued by such company shall not be re- 
 issued or in any way put in circulation by such company, but shall 
 be transmitted to the Treasurer of State, or to the Board of Con- 
 trol, to be destroyed, as in the case of defaced or mutilated notes, 
 and new notes received in lieu thereof: Provided, however, that 
 the capital set apart for banking purposes by the Ohio Life Insur- 
 ance and Trust Company, and the capital of the Lafayette Bank 
 of Cincinnati, may each extend to any sum not less than three hun- 
 dred thousand dollars, nor exceeding one million dollars; but the 
 circulating notes of neither of said companies shall at any time ex- 
 ceed six hundred and fifty thousand dollars. In determining the 
 number, qualifications and liabilities of the directors or trustees of 
 the two last named companies, they shall each be governed by their 
 respective acts of incorporation : and the Ohio Life Insurance and 
 Trust Company shall in all things except as to its banking opera- 
 tions, be governed by its original charter.
 
 29 
 
 SEC. 69. That the Bank of Wooster, at Wooster, the Bank of 
 Massillon, at Massillon, the Bank of Norwalk, at Norwalk, the Bank 
 of Circle ville, at Circleville, the Clinton Bank of Columbus, at Co- 
 lumbus, the Bank of Xenia, at Xenia, and the Bank of Sandusky at 
 Sundusky, rnay, within one year from the passage of this act, and 
 whenever two-thirds of the directors, or the owners of a majority of 
 the capital stock, of any such bank, shall elect to do so, become an 
 incorporated bank under the provisions and during the time limited 
 by this act, and as such, be entitled to use and enjoy all the privile- 
 ges, and be subject to all the liabilities and restrictions of the same : 
 Provided, that the banks named in this section may, as far as the 
 liabilities of their directors incurred previous to their acceptance 
 of the provisions of this act, and as to their qualifications, be gov- 
 erned by the provisions of their several original acts of incorpora- 
 tion until the expiration of their respective charters ; provided also, 
 that the acceptance of the provisions of this act by the Ohio Life In- 
 surance and Trust Company, shall not be construed to take away, or 
 abridge, the banking powers now enjoyed by said company, under 
 its act of incorporation, after the franchises granted by this act shall 
 have expired. 
 
 SEC. 70. That before any banking institution, named in the next 
 preceding section, shall be entitled to the privileges granted by this 
 act, the board of commissioners, or the board of control, as the case 
 may be, shall appoint some suitable person to examirle the assets, 
 moneys, credits, effects, and liabilities of such bank, and report the 
 same to the commissioners, or board of control; and every such 
 bank shall be considered as having a capital equal to the amount of 
 its existing capital not exceeding the amount authorized by the act 
 incorporating the same, deducting any amount of losses, bad debts, 
 or debts not well secured, that may exist, greater in amount than 
 the surplus property of said bank, undivided and on hand ; provided 
 that each of the banks, named in the preceding section, shall be al- 
 lowed to fill up its capital stock by new subscriptions or otherwise, 
 to the amount authorized by the law creating the same ; and, provi- 
 ded further, that the bank of Xenia, and the bank of Sandusky, shall 
 be authorized to receive subscriptions to the capital stock of their 
 respective institutions, to any amount not exceeding one hundred 
 thousand dollars, in addition to the amount authorized by their re- 
 spective acts of incorporation. 
 
 SEC. 71. That before any banking institution, named in the sixty- 
 ninth section of this act, shall be entitled to enjoy the privileges in 
 this act granted, it shall deposit with the proper board, the amount 
 of safety fund required by this act ; and every such banking insti- 
 tution shall, whenever seven or more institutions shall have been 
 formed for that purpose, including those designated by name in this 
 act, that may have accepted and complied with its provisions be- 
 come, and thereafter be considered, a branch of the State Bank of 
 Ohio ; and, as such enjoy all the rights and privileges, and be sub- 
 ject to all the liabilities and restriciions provided for in the same ; 
 provided that any of the banks named in the sixty-ninth section of
 
 30 
 
 his act, may, after examination and report, as provided in the next 
 preceding section of this act, elect to become an independent bank ; 
 arid upon compliance with the rules and regulations prescribed for 
 the government of independent banks, as far as may be applicable, 
 such banking company shall be entitled to all the privileges, and be 
 subject to all the restrictions of this act. 
 
 tit:c. 72. That whenever any branch of the State Bank of Ohio 
 shall desire to close the business of such branch and withdraw the 
 capital thereof, it may be lawful to do so with the consent and under 
 the direction of the board of control, but not otherwise. 
 
 SEC. 73. The commissioners appointed by the fifth'section of this 
 act shall each be entitled to receive two dollars for each day actually 
 employed, and the like sum for each fifty miles they shall travel in 
 the performance of the duties enjoined on them by this act, which 
 compensation shall be paid out of any moneys in the Treasury not 
 otherwise appropriated, on the order of the Auditor of State ; and 
 the Auditor shall assess an equal portion of the amount so paid on 
 each banking company that shall have availed itself of the privileges 
 granted by this act ; and each special agent appointed by said com- 
 missioners to examine and report the condition of any company, as 
 provided in the tenth section, shall receive the same compensation 
 as is allowed to a commissioner, for his services, which shall be paid 
 by the company whose condition he was appointed to examine. 
 SEC. 74. Whenever, by the terms of this act, it shall be required 
 to publish a notice in a newspaper of any particular county, and 
 there is no newspaper at such time printed in such place, a notice 
 printed in a newspaper of general circulation in such county for the 
 time required, shall be considered as sufficient notice ; and when- 
 ever to comply with the provisions of this act, an oath is required, 
 an affirmation shall, in all such cases, be considered a sufficient com- 
 pliance with the same ; and whenever the term funded debt is used 
 in this act, as applicable to the debts of this State, it shall be con- 
 strued to mean all the debts of this State due upon certificates of debt 
 on State bonds, and drawing not less than five per cent, per annum 
 interest. 
 
 SEC. 75. The act entiled " An act to regulate banking in Ohio," 
 passed March 7, 1842, and an act entitled " An act to amend the act 
 entitled an act to regulate banking in Ohio," passed February 21, 
 1843, are hereby repealed ; provided, that the Bank of Sandusky, 
 the Lafayette Bank of Cincinnati, the Bank of Xenia, the Bank of 
 Wooster, and the Bank of Norwalk, shall be subject to all the provis- 
 ions of their respective original charters, and all amendatory acts 
 relating to the same respectively, not heretofore or by this act repeal- 
 ed, until they respectively conform to and accept the provisions of 
 this act; provided, further, that nothing contained in this act shall be 
 so construed as to permit any of the banks of this State to issue notes 
 of a less denomination than five dollars, except such banks as shall 
 accept of and comply with the provisions of this act. 
 
 JOHN M. GALLAGHER, 
 Speaker of the House of Representatives. 
 DAVID CHAMBERS, 
 
 February 24, 1845. Speaker of the Senate.
 
 31 
 
 AN ACT 
 
 SUPPLEMENTARY TO THE ACT TO INCORPORATE THE STATE BANK 
 OF OHIO, AND OTHER BANKING COMPANIES. 
 
 SEC. 1. Be it enacted by the General Assembly of the State of 
 Ohio, That the duties imposed, and the powers conferred by the "act 
 to incorporote the State Bank of Ohio, and other Banking companies," 
 on the commissioners named in the fifth section of that act, so far 
 as such powers and duties relate to banks, or newly formed banking 
 companies, electing to become branches of the State Bank of Ohio, 
 shall, from after the time of passing this act, devolve upon, and be 
 exercised by the board of control of the State Bank of Ohio. 
 
 SEC. 2. If, after a careful examination of the condition, and the 
 responsibility of the Stockholders and directors of any such banks, 
 or newly formed banking company, the board of control shall be of 
 opinion that its condition is unsound, or that the character of its 
 stockholders or directors, for responsibility and integrity, is such as 
 not to entitle such bank, or banking company, to public confidence, 
 and that the admission of such bank, or banking company, to com- 
 mence, and carry on banking business, as a branch of the State Bank 
 of Ohio, will jeopardize the safety of the other branches, or indi- 
 viduals who may deal with such bank, or banking company, said 
 board, or a majority of its members concurring, may refuse to cer- 
 tify to the governor that such bank, or banking company, is entitled 
 to commence, or to carry on the business of banking, and in such 
 case, the board of control shall lay before the bank commissioners 
 first named in the fifth section of the above recited act, (who for 
 this purpose, shall be continued in office until all the banks author- 
 ized by said act shall be organized,) a full statement of all the facts 
 disclosed by such examination, and the reasons which shall have in- 
 duced said board of control to believe that the admission of such bank, 
 or banking company, will jeopardize the safety of the other branches, 
 or of individuals ; and if said commissioners, or a majority of them, 
 shall concur with the board of control, such bank, or banking com- 
 pany, shall not be authorized to commence, or to carry on the bu- 
 siness of banking ; but if a majority of said commissioners shall be 
 of opinion that such bank, or banking company, is in a sound con- 
 dition, that its stockholders and directors are entitled to public con- 
 fidence, and that the requirements of the above recited act, prelimi- 
 nary to the commencement of banking operations under said act, 
 have been in all respects, complied with, they shall so certify to the 
 governor, who shall govern himself accordingly as in other cases 
 arising under said act. 
 
 SEC. 3. This act shall take effect and be in force from and after 
 the time the board of control, a majority of said board concurring, 
 shall file their assent to its provisions with the Secretary of State. 
 
 ELIAS F. DRAKE, 
 Speaker of the House of Representatives. 
 SEA BURY FORD, 
 
 January 6, 1H46 Speaker of the
 
 32 
 
 AN ACT 
 
 IN RELATION TO THE STATE BANK OF OHIO, AND OTHER BANK- 
 ING COMPANIES. 
 
 SEC. 1. Be it enacted by the General Assembly of the State of 
 Ohio, That if any branch of the State Bank of Ohio, now or hereaf- 
 ter established, shall neglect or refuse to comply with any order of 
 the board of control, requiring such branch to reduce its circulation 
 or other liabilities, or to provide a larger amount of specie or other 
 means, or to pay in its stock, or to do, or cease to do, any other mat- 
 ter, or thing which said board of control may deem necessary for 
 the f-ecurity of such branch, or any other branch, or branches, said 
 board of control, or any member thereof, acting for said board, may 
 apply to any judge of the supreme court, court of common pleas, 
 president judge of the court of common pleas, any judge of a supreme 
 court, or to the supreme court, or court in bank, in session, by peti- 
 tion, or bill in chancery, addressed to the judges of the supreme court, 
 in which the State Bank of Ohio shall be made party, petitioner, or 
 complainant, and the branch implicated defendant, setting forth the 
 substance of such order, or orders, and such neglect, or refusal, on 
 the part of the branch, its officers, or agents, to comply therewith ; 
 and if the President, or any member of the board of control, shall 
 make affidavit of the truth of the facts therein stated, it shall be the 
 duty of such judgn, or court, to allow an injunction and to enjoin 
 such branch, its officers, and agents, and all others in its employ, or 
 connected therewith, from doing, or suffering, or permitting to be 
 done, any business whatever, as a bank, and from intermeddling with, 
 or in any manner disposing of, the books, papers, money, choses 
 in action, assets, or property of the branch, whatsoever, until the fur- 
 ther order of the supreme court or court in bank. 
 
 SEC. 2. The petition, or bill in chancery, may be ordered by the 
 judge, or court, allowing the injunction, to be filled in any county of 
 this State, and the supreme court shall hear and determine the same 
 as in other cases. 
 
 SEC. 3. Upon the allowance of such injunction, the property, 
 credits, securities, liens and assets, of every description, of such 
 branch, shall forthwith vest in the board of control, who shall ap- 
 point a receiver, to take possession of the same, as provided by the 
 twenty-fifth section of the act incorporating the State Bank of Ohio, 
 and other Banking Companies, passed February twenty-four, eigh- 
 teen hundred and forty-five ; a certificate of appointment of such re- 
 ceiver, shall be sufficient authority to him to take possession of the 
 books, property, 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, 
 property, and rights, with the aid of the county, if required ; and 
 said board and receiver, shall as far as applicable, be governed by 
 all the provisions of said act, as provided in cases of suspension ; and 
 upon the dissolution of the injunction or a discontinuance of such 
 suit by the board, all the rights and property of such branch, shall 
 be restored to and vest in said branch.
 
 33 
 
 SEC. 4. The forfeiture mentioned in the sixty -first section of the 
 act to which this is an amendment, shall only be established by an 
 action in the name of the person or persons from whom the illegal 
 interest has been taken, and the amount, when recovered, shall go to 
 the use of common schools for the proper county. 
 
 SEC. 5. If any banking company, formed under the act to incor- 
 porate the State Bank of Ohio and other banking companies, shall 
 have assumed, at the time of their formation, or subsequently thereto, 
 an amount of capital greater than the minimum amount of capital 
 required by said act, and if there shall have not been actually paid 
 in, on account of capital stock, such excess over the smallest amount 
 required by said act, such banking company, whether a branch of 
 the State Bank of Ohio, or independent banking company, may, by 
 a vote of the stockholders owning a majority of the stock of such 
 company, relinquish all, or such part of such stock over the minimum 
 amount required by said act, and give notice of such relinquishment, 
 if a branch of the State Bank of Ohio, to the board of control ; if an 
 independent banking company, to the bank commissioners. 
 
 SEC. 6. If any such banking company shall have assumed, at the 
 time of its formation, or subsequently thereto, a greater amount of 
 capital than the smallest amount required by said act, and if any in- 
 stallment or installments, required by said act to be paid on said capi- 
 tal, shall remain unpaid after the time when, by the terms of said act, 
 such installment or installments should have been paid, the board of 
 control, if such delinquent company be a branch of the State Bank 
 of Ohio, or the bank commissioners, if an independent bank, shall, 
 on receiving satisfactory proof of such delinquency, declare so much 
 of such capital as shall not have been paid up to have been relin- 
 quished by such banking company, but not reducing thereby the 
 capital stock of such company below the minimum amount required 
 by said act for the formation of such banking companies. 
 
 SEC. 7. In case of a voluntary relinquishment of capital stock, 
 or of a relinquishment for the non-payment of installments, as provi- 
 ded in the two preceding sections, the board of control, or the bank 
 commissioners, as the case may require, shall give notice of such 
 relinquishment by publication thereof for three consecutive weeks, in 
 two newspapers having the most general circulation, published in 
 Columbus, and from and after such publication such relinquished 
 capital shall be considered an appropriated capital, subject to be as- 
 sumed by any banking company, formed or to be formed, as in case 
 of banking capital that shall not have been appropriated. 
 
 SEC. 8. In case when there shall remain in any banking district 
 unappropriated capital, bnt not sufficient for the formation of a new 
 banking company, a banking company may be formed in any county 
 in said district, with a capital, if a branch of the State Bank, of not 
 less than one hundred thousand, if an independent banking company, 
 not less than fifty thousand dollars, and the additional capital, over the 
 amount of the unappropriated capital of such district, may be trans- 
 ferred from such other banking district or districts as shall have re^
 
 34 
 
 maining an amount of unappropriated capital less than the minimum 
 amount required by said act for the formation of a banking company ; 
 provided that no such transfer of capital shall be made until after the 
 expiration of two months from the passage of this act, nor shall any 
 such transfer be made unless the bank commissioners and board of control 
 of the State Bank of Ohio shall concur in the opinion that such trans- 
 fer is required by the public convenience and the commercial interests 
 of the State. 
 
 SEC. 9. The first four sections of this act shall be in force from 
 and after the acceptance of the same, by members of the board of 
 control, representing a majority of the stock of the State Bank of Ohio. 
 
 JOSEPH S. HAWKINS, 
 Speaker of the House of Representatives. 
 CHARLES B. GODDARD, 
 
 February 24, 1848. Speaker of the Senate. 
 
 AN ACT 
 
 TO AMEND THE ACT SUPPLE MENTAKY TO THE ACT TO PREVENT 
 UNAUTHORIZED BANKING AND THE CIRCULATION OF UN- 
 AUTHORIZED BANK PAPER. 
 
 SEC. 1. Be enacted by the General Assembly of the State of 
 Ohio, That it shall be unlawful for any Bank or incorporated com- 
 pany, doing a banking business, or exchange brokers, or private 
 banker, or other person or persons, who shall receive money on de- 
 posit, or exchange one kind of bank bills for another, with a view 
 of profit, to issue, pay out or give in exchange for other money, so 
 as to go into circulation in this State, any circulating notes or bills, 
 except the notes or bills of the banks of this State, issued according 
 to law. 
 
 SEC. 2. Any Bank, incorporated company or other person de- 
 scribed in the first section of this act, who shall offend against the 
 provisions of said section, shall forfeit and pay a sum equal to one 
 half the amount of the notes and bills so paid out, to be recovered 
 and paid over for the use of the State, in the manner prescribed by 
 the " act to prohibit unauthorized banking and the circulation of un- 
 authorized bank paper," passed March 12, 1845. 
 
 SEC. 3. The provisions ^of this act shall not be construed to ex- 
 tend to the paying out of notes or bills by any person or persons in 
 his or their ordinary business in nowise connected with the business 
 of any banking broker or dealer, nor to the paying out or exchang- 
 ing such notes or bills by any bank, banking company or person de- 
 scribed in the first section of this act, when suoh notes or bills shall 
 be paid out or exchanged in good faith to be taken out of the State 
 of Ohio, and when such bank, company or person has good reason 
 to believe, and does believe, that the same will not be put in circula- 
 tion within this State.
 
 35 
 
 SEC. 4. Every note, bond, bill of exchange, draft, check or other 
 evidences of debt discounted, bought or otherwise obtained by any 
 bank or corporation, private company or individual described in the 
 first section of this act, and paid for in the first section contrary to the 
 true intent and meaning of this act, and shall be held and adjudged 
 null and void, and no suit or action for the recovery thereof shall be 
 sustained by any court in this State ; and all contracts, promises, 
 and agreements founded in whole or in part on the payment, ex- 
 change or putting forth of such bank notes contrary to the provisions 
 of this act, shall be held and adjudged utterly null and void. 
 
 SEC. 5. This act to take effect and be in force from and after the 
 rst day of June next. 
 
 JOSEPH HAWKINS, 
 Speaker of the House of Represntatives. 
 
 CHARLES B. GODDARD. 
 February 24, 1848. Speaker of the Senate. 
 
 AN ACT 
 
 TO RESTRAIN BANKS FROM TAKING USURY. 
 
 SEC. 1. Be it enacted by the General Assembly of the State of 
 Ohio, That the fourth section of an act entiled an act in relation to 
 the State bank of Ohio, and other banking companies, passed Feb- 
 ruary 24, 1848, be and the same is hereby repealed, and the sixty- 
 first section of an act entitled " an act to incorporate the State Bank 
 of Ohio, and other banking companies," passed February 24, 1845, 
 is hereby re-enacted as far as the same may have been repealed by 
 the enacting of the said fourth section above recited. 
 
 SEC. 2. Whenever any person or person shall have paid to a bank- 
 ing institution of this State a sum of money for the loan or forbear- 
 ance of which such banking institution shall have charged, received, 
 reserved or taken illegal interest, and such person or persons shall 
 omit or neglect to bring suit therefor within six months from the time 
 of such payment, it shall be lawful, and it is hereby made the duty 
 of the prosecuting attorney of the county in which such banking in- 
 stitution is located, to institute suit against such banking institution in 
 an action of debt in the name of the State of Ohio, and prosecute 
 the same to final recovery for the amount of the debt or demand on 
 which such illegal interest shall have been charged, reserved or tak- 
 en as aforesaid, and all moneys so recovered shall be paid over for the 
 benefit of common schools in the county in which such bank is loca- 
 ted ; Provided, that the prosecuting attorney shall be entitled to charge 
 and retain a commission of twenty per centum on the first thousand 
 dollars, and five per centum on the excess over one thousand dollars 
 of all moneys so by him collected and paid over as aforesaid, and pro- 
 vided such suit shall be commenced within eighteen months from 
 the payment of such principal sum.
 
 36 
 
 SEC. 3. It shall not be lawful for any banking institution in this 
 State to charge, reserve, receive or take more than six per centum 
 in advance on the discount or purchase of any note, bill of exchange 
 or evidence of debt payable at any place within the State of Ohio, 
 nor charge, receive, reserve or take under any pretext whatever, on 
 the discount or purchase of any note, bill of exchange or evidence 
 of debt payable at a place without this State, any per centage or sum 
 greater than six per cent, interest in advance, and the actual cost to 
 such bank of converting the proceeds of such note or bill of ex- 
 change into available funds at par, when the current rate of exchange 
 is not in favor of the place of payment ; provided that such banking 
 institution may charge and receive on the discount or purchase of 
 notes, bills of exchange, or certificates of deposites, bona fide, drawn 
 upon or payable at a place within the State other than the place of 
 such discount or purchase, a reasonable sum for the collection there- 
 of, not however exceeding one fourth of one per cent, thereon. 
 
 SEC. 4. It shall not be lawful for any banking institution in this 
 State, in the discount or purchase of notes or bills of exchange on 
 time, drawn on any place without the State, and while the current 
 rate of exchange is in favor of such place and against the place where 
 such bank is located, to charge, reserve, receive, or take any per 
 centage or sum by way of discount or interest, which when added to 
 the current premium of exchange in favor of such place of payment 
 ta the date of such discount or purchase shall produce to said bank 
 a net profit of more than at the rate of twelve per centum per annum, 
 on the money so paid or loaned by such bank, and when the current 
 premium of exchange as aforesaid shall be equal to or exceed the rate of 
 twelve per centum per annum, it shall be unlawful for such bank to 
 charge, reserve or receive any discount or interest on such note or 
 bill of exchange. 
 
 SEC. 5. The discount or purchase by any banking institution in 
 this State of any note or bill of exchange on time, or other evidence 
 of debt on time, payable at a place without the State, when the offi- 
 cer or agent of such bank knows or has reason to believe that the 
 parties to such paper will not be prepared, or do not intend to pay 
 the same at the place of payment, or when any device is resorted to 
 in order to secure to said bank a greater profit than it could realize 
 from the discount or purchase of such paper if made payable at its 
 own counter, shall be deemed and held usurious and unlawful with- 
 in the meaning of this act ; Provided that nothing contained in the 
 third and fourth sections of this act shall in any way impair or affect 
 any right conferred upon any bank heretofore incorporated or organ- 
 ized. 
 
 BENJAMIN F. LEITER, 
 Speaker of the House of Representatives. 
 CHARLES C. CONVERS, 
 
 March 19, 1850. Speaker of the Senate.
 
 AN ACT 
 
 TO PROVIDE FOR TAXING BANKS AND BANKING COMPANIES. 
 
 SEC. 1. Be it enacted by the General Assembly of the State of 
 Ohio, That the cashier or president of every banking institution in 
 the State, whose charter does not prescribe any particular mode of 
 taxation for the same, and every banking institution hereafter establish- 
 ed in the State, shall annually, within ten days after the fifteenth day 
 of November, make out, under oath, and transmit by mail, or other- 
 wise, to the Auditor of State, a statement showing the amount of the 
 capital stock of said bank actually paid in and existing undiminishedby 
 losses, and the amount of surplus or contingent fund then on hand; 
 deducting, however, from such surplus or contingent fund, the 
 amount of money paid for real estate belonging to said bank, and upon 
 which it pays taxes in any other manner than that which is hereinafter 
 provided. 
 
 SEC. 2. The Auditor of State shall, annually, as soon as he receives 
 such statement, ascertain the total per centum of taxation assessed 
 for all purposes, on money at interest, at the place where such bank 
 is located, and shall, immediately the/eafter, assess upon such capital 
 stock and contingent fund, a per centum of tax equal to that so as- 
 certained. 
 
 SEC. 3. That so soon as the amount of such tax is ascertained, 
 the said auditor shall inform such bank thereof, and said bank shall 
 pay the same to the Treasurer of State, upon the order of the audi- 
 tor, and shall have a lien upon the stock of each of its stockholders 
 for the reimbursement of his or her share of the tax so paid. 
 
 SEC. 4. That if any existing bank, the charter of which does 
 prescribe any particular mode of taxation for the same, shall, by a 
 vote of the stockholders owning a majority of its stock, consent to 
 the provisions of this act, and file the evidence of such consent with 
 the Auditor of State, such bank shall thereafter, for the purpose of taxa- 
 tion, be subject to the provisions of this act, and shall be exempt 
 from the payment of any other tax imposed by its charter. 
 
 SEC. 5. If any cashier or president of a bank, liable to be taxed 
 under the provisions of this act, shall neglect or refuse to furnish 
 the statement required by the first section of this act to the Auditor 
 of State, such president or cashier, so neglecting and refusing, shall 
 forfeit to the State a sum equal to three per cent, upon the capital 
 stock of such bank to be recovered by an action of debt, in any prop- 
 er court : Provided however, that putting into the post office a letter 
 containing such statement, addressed to the Auditor of State, at Co- 
 lumbus, shall be deemed a compliance with the provisions of said 
 section. 
 
 SEC. 6. That if any branch of the State Bank of Ohio shall suf- 
 fer its specie and sight funds in the eastern cities, as provided in the 
 fifty-fourth section of the act to which this is an amendment, to fall
 
 38 
 
 below thirty per cent, of the amount of its circulation, and remain so 
 for thirty days, it shall be the duty of the board of control to require 
 said branch to return a proportional amount of its circulation, which 
 circulation, when so returned, shall be burned ; and thereupon the 
 board of control shall declare a proportional amount of the stock of 
 said branch extinguished. 
 
 SEC. 7. That any branch of the State Bank of Ohio, when a 
 majority of its shareholders shall so determine, may with the consent 
 of the board of control, return her circulation in any amount not to 
 exceed forty per cent, and the board of control shall, upon the re- 
 ceipt of said circulation, burn the same, and thereupon declare a pro- 
 portional amount of the stock of said branch extinguished ; but in no 
 case shall said branch be permitted to reduce the amount of her safe- 
 ty fund. 
 
 SEC. 8. All laws and parts of laws, inconsistent with the provisions 
 of this act, are hereby repealed. 
 
 BENJAMIN. F. LEITER, 
 Speaker of the House of Representatives. 
 CHARLES C. CONVERS, 
 
 Speaker of the Senate. 
 
 March 23d, 1850.
 
 
 BY-LAWS. 
 
 ARTICLE 1. SEAL. 
 
 SEC. 1. The Board of Control shall have a seal, on which shall 
 be engraved " The State Bank of Ohio," to be kept by the President, 
 and to be used by him and the Secretary when necessary. 
 
 ARTICLE 2. OFFICERS. 
 
 SEC. 1. All officers shall be elected by ballot, and the majority 
 of votes given shall be necessary to constitute a choice. 
 
 SEC. 2. Each voter shall place upon his ballot the number of 
 votes to which by law he is entitled. 
 
 SEC. 3. The President of the Board of Control shall be elected 
 annually at the regular meeting in May, and shall give bond, with 
 security, to the acceptance of the Executive committee, in the penal- 
 ty of fifty thousand dollars, conditioned that he will faithfully and 
 honestly perform his official duties. 
 
 SEC. 4. The Secretary shall give bond, with security, to the accep- 
 tance of the Executive committee, in the sum of ten thousand dollars, 
 conditioned that he will faithfully and honestly perform his official 
 duties, and account for all money and property of the State Bank of 
 Ohio and branches, which shall corne to his hands. 
 
 SEC. 5. The officers' bonds shall be deposited with the Secretary 
 of State. 
 
 SEC. 6. The Secretary may at any time be dismissed, by a vote 
 of the Board of Control, or the Executive committee. 
 
 SEC 7. In case of the sickness, death, resignation, removal, or 
 absence of the President or Secretary, it shall be the duty of the 
 Executive committee forthwith to appoint a President or Secretary, as 
 the case may be, to hold such office until the disability be removed, 
 or until the next meeting of the Board. Each officer, so appointed, 
 shall give bond and security as aforesaid. 
 
 SEC. 8. The President and Secretary shall keep separately an ac- 
 count of notes received from engravers -- of those returned by 
 branches, and delivered for circulation. 
 
 SEC. 9. The Secretary shall open and keep a general ex- 
 pense account, and also an expense account with each Branch. He 
 shall have the custody of the safety fund, and the evidences belong- 
 ing thereto. 
 
 SEC. 10. That a majority of the Directors of each Branch of the 
 State Bank of Ohio shall be residents of the county in which such 
 Branch is located ; and the seats of those removing, reducing the 
 number of residents within the county below a majority, shall be 
 vacated.
 
 40 
 
 SEC 11. It shall be the duty of the President, on the first day of 
 each regular session of the Board of Control, to communicate in 
 writing to the members thereof, all such matters in relation to the ad- 
 ministration of the State Bank of Ohio, and of the several Branches 
 thereof, or any of them, as in his opinon may be useful and proper ; 
 and also to recommend such measures for the action of the Board of 
 Control, as he may deem just and expedient. 
 
 ARTICLE 3. MEETINGS, &c. 
 
 SEC. 1. The regular meetings of the Board of Control shall be 
 on the third Mondays of May and November, but the Executive 
 committee may call special meetings. 
 
 SEC. 2. Except in cases otherwise directed by the act of incor- 
 poration, a majority of the members of the Board of Control shall be 
 competent for the transaction of business, provided the whole num- 
 ber convened at the opening of the session, shall not be less than 
 two thirds of the members. 
 
 SEC. 3. On all questions any member may require the yeas and 
 nays, and in such case the names shall be recorded. 
 
 SEC. 4. At the request of any member or members his or their 
 respectful protest may be entered upon the journal. 
 
 ARTICLE 4. EXPENSES. 
 
 SEC. 1. Each branch established at or since the session of the 
 Board held May 20th 1847, or that may hereafter be established, 
 shall pay towards office expenses, books, &c., in the proportion of 
 seventy-five dollars for one hundred thousand of capital ; and when 
 the stock of any Branch has been, or may hereafter be increased, the 
 like proportion upon such increase ; and such amount shall be distrib- 
 uted to the Branches previously organized in the ratio of their capi- 
 tal stock respectively. 
 
 SEC. 2. The expenses of the office and all others, except for 
 plates and notes for circulation, shall be assessed upon the Branches 
 in proportion to their capital respectively. Branches admitted since the 
 last assessment shall in addition to the amount specified in the fore- 
 going section, pay their due proportion of these expenses, reckoning 
 from the time each may have received notes for circulation. The 
 amounts before paid by Branches shall be deducted. 
 
 SEC. 3. The expenses for plates and notes for circulation shall be 
 added together from the commencement to the time of the assess- 
 ment, and each Branch shall be charged therefor in the ratio of their 
 circulation to which each by its capital is entitled by law, reckoning 
 the capital of those which have, or may be permitted to suspend the 
 payment of capital, and which have actually suspended, and remain 
 suspended, further payment, than sixty per cent. ; at the amount paid. 
 
 SEC. 4. In making up the expenses of plates and notes, the Sec- 
 retary shall add all notes for circulation which have been received by 
 any Branch in lieu of mutilated, torn, and defaced notes returned, 
 to the amount to which such Bank is entitled by its capital.
 
 SEC. 5. The Secretary shall apportion expenses according to the 
 preceding principles, and the amount shall be paid to the President. 
 Each apportionment shall exhibit the basis of circulation, and the 
 amount to be paid. 
 
 SEC. 6. The books shall be balanced and closed to the first day 
 of the month in which the Board shall hold its regular meeting. The 
 expenses since the prior regular meeting shall be laid before the 
 Board, and audited. Between the time of closing and balancing the 
 books as aforesaid, and the adjournment of the Board, the President 
 shall deliver no notes for circulation to any of the Branches, unless by 
 its special order. 
 
 SEC. 7. That each Branch pay all its postages to and from the Board 
 of Control. 
 
 ARTICLE 5. SAFETY FUND. 
 
 SEC. 1. The safety fund shall immediately be invested agreeably 
 to the act of incorporation ; and if invested in bonds and mortgages, 
 the interest shall be seven per cent., and shall be paid semi-annually 
 on the first Mondays of May and November. 
 
 SEC. 2. Forms shall be furnished by the President to the Branch- 
 es ; and every instance powers of attorney shall be taken to confess 
 judgment, and suffer a decree in case the interest shall not be punc- 
 tually paid, or the principal when required. 
 
 SEC. 3. An agent shall be appointed by the board or Executive 
 committee, to examine titles and furnish abstracts thereof, offered as 
 security for the safety fund. His opinion in favor of the goodness and 
 validity of the title shall appear in every abstract, and his appraise- 
 ment accompanying the same, together with the valuation as the same 
 appears on the duplicate for taxation. The President may fill va- 
 cancies in the office of this agency in the recess of the Board and 
 Executive committee. 
 
 SEC. 4. The abstract of title, and the bond and mortgage, shall 
 be submitted to the Directors of the Branch, and their acceptance in 
 writing had thereto before the Board of Control or Executive com- 
 mittee shall authorize the loan. 
 
 SEC. 5. The borrower shall defray the expense of the abstract 
 and other preliminary matters. 
 
 SEC. 6. If the safety fund shall not be invested by the Branch 
 within ninety days after it shall be deposited to the credit of the Board 
 of Control, the President may withdraw it, and with the approbation 
 of the Board of Control or Executive committee, invest the same in 
 stocks of this State or the United States. 
 
 SEC. 7. The Secretary may receive and endorse on any bond and 
 mortgage given for safety fund any amount not less than one hundred 
 dollars. When the whole amount shall be paid he shall give a power to 
 release the mortgage of record. He may, with the approbation of 
 the Board, Executive committee, or the President, and on the evi- 
 dence that the Board of Control has credit with the Branch to the 
 full amount, and that all interest is paid, assign to the Branch, or other 
 person or persons, on its request, in writing, any bond and mortgage 
 
 6
 
 42 
 
 taken for safety fund in the same Branch, but invariably without re- 
 course to the State Bank of Ohio, expessed clearly in such assign- 
 ment. 
 
 SEC. 8. With the monthly statement, on each dividend day, each 
 Branch shall furnish a statement of the interest, paid and unpaid on 
 the bonds and mortgages for safety fund ; and it shall be the duty of 
 the secretary, under the direction of the President, without any un- 
 necessary delay, to cause suits to be instituted upon all the bonds and 
 mortgages upon which the interest has not been paid, which shall be 
 prosecuted to judgment when once commenced, unless principal and 
 interest shall both be paid ; and when suit shall once be commenced, 
 no loan of safety fund shall afterward be made to such delinquent. 
 
 SEC. 9. The executive committee shall have power, on applica- 
 tion of a Branch to receive in exchange for a bond and mortgage, 
 another bond and mortgage ; and to receive one description of stock in 
 exchange for another description, given as security for the safety fund. 
 
 ARTICLE 6. POWERS AND DUTIES OF EXECUTIVE COMMITTEE. 
 
 SEC. 1. The Executive committee shall consist of five members, 
 of whom the President shall be ex-officio one, to be elected annual- 
 ly, by ballot, at the regular meeting in May. 
 
 SEC. 2. When the Board of Control is not in session, its powers 
 and duties shall devolve upon the Executive committee. The Exec- 
 utive committee shall not, however, contravene, alter or amend any 
 by-Jaw, rule or order of the Board. 
 
 SEC. 3. It shall be the duty of the Executive committee to ascer- 
 tain, by the appointment of a special agent whether any branch which 
 may have been required by the Board or Executive committee to re- 
 duce its circulation or other liabilities, or to do or not to do any other 
 matter or thing, shall have complied with such order or orders ; and 
 in every case when any such branch shall neglect, refuse or fail to 
 comply therewith, it shall be the duty of said committee forthwith after 
 ascertaining such neglect, refusal or failure, to institute such legal 
 proceedings in the name of the State Bank of Ohio against such 
 Branch as they shall deem necessary and proper to enforce a com- 
 pliance with such order or orders, and to secure from loss as well the 
 other Branches as the dealers with such delinquent Branch. 
 
 SEC. 4. When any vacancy shall happen in the Executive 
 committee, the residue, or majority of the members shall fill such va- 
 cancy ; and the person or persons so appointed shall hold the office 
 until the next meeting of the Board. 
 
 SEC. 5. Whenever the Executive committee shall be satisfied 
 that any Branch is so conducting its affairs, or is in such condition as 
 to endanger the safety of its creditors, or subject to probability of loss 
 the other Branches, said committee may make an order requiring 
 such Branch to reduce its liaoilities by suspending further discounts, 
 reducing the amount of its notes in circulation, or otherwise in such 
 a manner and to such extent as said committee shall deem necessary 
 to secure from loss the other branches, or the dealers with such
 
 43 
 
 Branches ; and such Branch shall, upon receiving such order, forth- 
 with comply therewith ; but such Branch may appeal from such or- 
 der to the Board of Control, which shall be convened by the Presi- 
 dent with the least possible delay, on receiving notice from such 
 Branch of such appeal. Such Branch shall, nevertheless continue to 
 comply with the order of said committee until the same shall be mod- 
 ified or rescinded by the Board of Control. If the orders of said 
 committee shall be approved of by the Board of Control, the expen- 
 ses shall be paid by such appealing Branch. 
 
 ARTICLE 7. QUALIFICATIONS OF MEMBERS OF THE BOARD. 
 
 SEC. 1. No officer of any Bank other than a Branch, shall be a 
 member of the Board. 
 
 ARTICLE 8. DUTIES OF BRANCHES. 
 
 SEC. 1. Each Branch, on the first Monday of every month, in- 
 cluding the business of that day, shall immediately forward to the 
 office of the Board of Control, under the oath of the Cashier, or per- 
 son acting as such, an abstract of the condition of the Branch, accord- 
 ing to the forms prescribed by the Board of Control, or the Executive 
 Committee, and the Secretary shall, as soon as practicable, send an 
 abstract of the whole to each Branch. 
 
 SEC. 2. At the same time, and verified by oath as aforesaid, each 
 Branch shall send to the office a full list of its stockholders, designating 
 therein the amount owned by each, and showing who are Directors; 
 provided, that when the stockholders are the same as in the last pre- 
 ceding statement, the fact may be so stated. Also, in like manner 
 verified, an alphabetical list of notes and bills past due on that day, 
 and designating the parties and setting . forth the amounts ; and the 
 Secretary shall, as soon as may be, furnish each Branch with a 
 schedule of the whole of such bills and notes past due. 
 
 SEC. 3. That the Cashier of each Branch shall return, with trie 
 February monthly statement, his certificate of the fact of each Direc- 
 tor having been duly sworn, or affirmed, and that such oath, or affir- 
 mation, has been duly filed with the Recorder of the county, and the 
 date of such filing ; and a like certificate, at the succeeding monthly 
 statement, next after the appointment of any Director to fill a vacancy. 
 
 SEC. 4. On each dividend day, or within the week preceding, the 
 Directors of each Branch, or a committee appointed by them from 
 their own body, shall make a thorough examination of the books, ac- 
 counts, notes and bills of the Bank, and count, or otherwise ascer- 
 tain the specie and all notes on hand, and make a report thereof 
 to the Board of Control, designating the amount of specie, the amount 
 of currency, of bills and notes, and all descMfcpn of assets found in 
 and belonging to the Branch. 
 
 SEC. 5. Each Branch shall quarterly, on the first Mondays in 
 January, April, July and October, and at such times as the Board of 
 Control or Executive Committee shall require, transmit to the Board 
 of Control an alphabetical list, containing the names and places of
 
 44 
 
 residence of each person, company, or firm, indebted or in any way 
 liable to the Branch ; the amount and nature of such indebtment or 
 liability, and when due and where payable ; and in case of a company 
 or firm, the names and places of residence. 
 
 SEC. 6. Each Branch shall be subject to examination, and be 
 examined by an agent, who shall be a member of the Board of Con- 
 trol, or an officer thereof, once a year, at least, and oftener, if deemed 
 necessary. All agents or examiners shall be appointed by the Execu- 
 tive Committee ; or, in the absence of said committee, the President 
 shall have power to make such appointment, if he deem it necessary. 
 No previous notice shall be given to a Branch of such intended exam- 
 ination. The money shall be counted, or otherwise ascertained, the 
 accounts examined fully, the value of assets ascertained as nearly as 
 practicable, and a detailed report made to the office of the Board of 
 Control as soon as convenient. 
 
 SEC. 7. The Executive Committee shall furnish general instruc- 
 tions to the agents as to the mode of conducting the examination, and 
 special ones, should they deem the latter necessary. 
 
 SKC. 8. Upon the application, in writing, of two or more stock- 
 holders in any Branch, and upon cause shown, it shall be the duty 
 of the Board of Control, or Executive Committee, to have a special 
 examination of the branch implicated; and upon the return of such 
 report, the board or committee aforesaid shall institute such proceedings 
 as may be deemed necessary. 
 
 SEC. 9. Each examiner of a Bank shall be entitled to receive 
 from the Bank examined three dollars per day, and his actual traveling 
 and living expenses for the time employed in traveling to and from 
 said Bank in making said examination ; provided, that when two or 
 more Banks are examined by the same examiner at the same time, 
 the whole time and expenses shall be equitably divided between them. 
 
 SEC. 10. If any Branch shall purchase, or receive by forfeiture 
 or otherwise, such proportion of its capital stock as to leave in the 
 Hands of other stockholders an amount less than the proportion to the 
 amount of circulating notes received from the Board of Control, re- 
 quired by law or by order of the Board or Executive Committee, such 
 Branch shall immediately return to the said Board such amount of its 
 notes for circulation, as shall be required to restore the proper ratio 
 between its capital stock and of its circulation ; and when such stock 
 shall be sold, such notes shall be returned to the Branch. 
 
 SEC. 11. No Branch shall by itself, or in combination with other 
 Banks or Branches, establish an agency at any place in this State, or 
 elsewhere, for carrying on the ordinary business of Banking. 
 
 SEC. 12. That individuals or companies holding deposits belong- 
 ing to a Branch, are liable to such Branch within the meaning of the 
 sixty-second sectionJjH^ie Bank law. 
 
 SEC. 13. Each flKftch shall, in its monthly reports, designate the 
 name of every Bank-W Banker in the city of New York, or else- 
 where, with whom it shall have deposits or notes, or bills for collec- 
 tion, and the amounts with each. No deposit shall be deemed equiv- 
 alent to specie, if the Board of Control or Executive Committee shall
 
 45 
 
 deem such Bank or Bankers irresponsible, and not of established 
 credit, nor unless such deposit shall have been in good faith made by 
 such Branch, in money actually belonging thereto. 
 
 SEC. 14. That upon every piece of paper discounted by a Branch, 
 at least two persons, corporations, or firms, of known responsibility, 
 not connected as partners, or collateral security to at least ten per cent, 
 more than the amount discounted, shall be required, and that no dis- 
 count shall be made or note or bill purchased by a Branch without the 
 concurrence of at least two of its Directors. 
 
 SEC. 15. That the President of each Branch, upon all notes here- 
 after issued, shall write his name lengthwise upon the face of each 
 note in such a manner, that his first name, or the initial thereof, shall 
 be to the left, and his surname to the right of the centre thereof. 
 
 SEC. 16. That each Branch on each dividend day shall set apart 
 at least one per cent, on the capital, to be taken out of the net profits 
 of the preceding six months, if so much has been made or earned, as 
 a contingent fund, uritij that fund shall amount to ten per cent, upon 
 the whole capital ; and no dividend shall be made by a Branch to 
 diminish or impair such contingent fund, without a special order of 
 the Board of Control ; provided, that any excess over and above one 
 per cent, so set apart at any former dividend day, may be taken into 
 account in fixing the amount of subsequent per centum of said con- 
 tingent fund. 
 
 SEC. 17. That when it shall be made to appear, to the satisfaction 
 of the Directors of a Branch, that any note or notes issued by it have 
 been wholly or in part destroyed, and a full indemnity shall be ten- 
 dered to the Branch issuing the same, such Branch shall redeem such 
 note or notes in full ; and when such destroyed notes shall be so re- 
 deemed, the President shall deliver others to the Branch, to an equal 
 amount and of the same denomination. 
 
 SEC. 18. It shall be the duty of each Branch to keep on hand at 
 all times, at least thirty per cent, in coin, or its equivalent, on its notes 
 in circulation, in compliance with the organic law, at least twenty per 
 cent, of which shall be in coin in vault ; provided, that when the spe- 
 cie in vault falls below that amount, but not below the amount required 
 by law, the Branch shall have forty days to make up such deficiency 
 of coin ; but should said deficiency not be procured and placed in 
 the vault by that time, then said Branch shall cease discounting, and 
 cease to issue notes for circulation, until said circulation is reduced so 
 as to have twenty per cent, in specie upon the amount thereof. 
 
 ARTICLE 9. MUTILATED NOTES, &c. 
 
 SEC. 1. A record shall be kept of the amount and denomination 
 of all mutilated, torn, or defaced notes, returned by the Branches to 
 the Board of Control. 
 
 SEC. 2. Mutilated, torn and defaced notes may be returned at 
 such times and in such amounts as shall be ordered by the Board of 
 Control, or Executive Committee, and shall be burnt to ashes, as re- 
 quired by the twentieth section of the act of incorporation. Reports
 
 46 
 
 thereof shall be rendered in writing and filed, and the Branch, unless 
 ordered to the contrary by the Board of Control, or Executive Com- 
 mittee, may receive an equal amount of new notes of the same de^ 
 nomination. The President may deliver the new notes to the person 
 returning the mutilated, torn and defaced ones, so soon as the same 
 shall be burnt as aforesaid, without an order from the Directors or 
 Cashier of the Branch for that purpose. 
 
 ARTICLE 10. RULES FOR CLOSING AND WITHDRAWING. 
 
 SEC. 1. Whenever any Branch shall desire to close its business 
 and withdraw its capital.it shall, by an order of its stockholders owning 
 a majority of its stock, by a special meeting called for the purpose, 
 adopt a resolution to that effect, a certified copy of which shall be filed 
 in the office of the Board of Control ; and from the time of filing 
 such Branch may return its notes received for circulation, cancelled 
 or otherwise, and shall be credited for the amount returned ; and such 
 notes shall be burnt to ashes, as is provided by law in case of torn, 
 defaced, and mutilated notes. 
 
 SEC. 2. From the time said copy shall be filed, and as the notes 
 of such Branch shall be returned, it shall be deemed to have its cap- 
 ital reduced inversely, as the capital authorised the issue of such 
 notes, and no more notes shall be issued by the President to such 
 Branch. 
 
 SEC. 3. As the notes of a Branch so closing its business and 
 withdrawing its capital shall be returned, an amount of its safety fund 
 equal to ten per cent, thereon, shall be assigned or returned to said 
 Branch by the Secretary, without recourse to the State Bank of Ohio. 
 
 SEC. 4. When the circulation of such closing and withdrawing 
 Branch shall be reduced and returned as aforesaid to the office of the 
 Bo ird, ninety per cent, upon the circulation to which by its capital it 
 was entitled, the whole of the safety fund of such Branch may be 
 assigned and transferred to it, on its giving security satisfactory to the 
 Board of Control, or the Executive Committee, for the redemption of 
 its outstanding notes of circulation. 
 
 SEC. 5. Before any Branch shall be permitted to withdraw its 
 entire capital and close its business, any loss, by insolvency or other- 
 wise, of any Branch or Branches, shall be accurately ascertained by 
 a committee to be especially appointed for that purpose by the Board 
 of Control, or the Executive Committee, whose duty it shall be to 
 report the proportion to be paid by the Branch or Branches seeking 
 to close its business and to withdraw its capital ; and such proportion 
 shall be deposited with the Board of Control, or otherwise secured, 
 as said Board or the Executive Committee shall direct. 
 
 ARTICLE 11. CONTRIBUTION, &c., TO FAILING BRANCHES. 
 
 SEC. 1. So soon as the Board of Conlrol, or the Executive Com- 
 mittee, shall be satisfied from a report of one or more members of the 
 Board by either appointed, that any Branch has suspended the pay-
 
 ment of its notes in gold and silver, a requisition shall be made upon 
 the Branches, fn proportion to the circulation to which they are sev- 
 erally entitled, for an amount in the notes of such failing Branch, or 
 in specie and checks upon one of the specie paying Banks in New 
 York, Philadelphia, Boston, or Baltimore, sufficient in their judgment 
 to meet the redemption of the notes of such insolvent Branch, and so 
 from time to time until all the notes of such Branch shall be redeemed, 
 according to the requirements of sections twenty-five and twenty-six 
 of the act of incorporation. 
 
 SEC. 2. Should any Branch neglect or refuse to furnish the pro- 
 portion of notes of such failing Branch, or of specie or checks upon 
 the Banks aforesaid, according to such apportionment, such neglect 
 or refusal shall be deemed an act of insolvency, and such neglecting 
 or refusing Branch shall be dealt with accordingly. 
 
 SEC. 3. The receiver or receivers shall make monthly returns to 
 the Board of Control, under oath, of the true state and condition of 
 such failing Branch, as nearly as can be ascertained. He or they 
 shall return monthly the notes on hand of such failing Branch, which 
 shall be credited to the circulation of the Branch, and which shall be 
 burnt to ashes, as in the case of mutilated, torn, and defaced notes, 
 received at the office. 
 
 SEC. 4. The receivers shall be allowed a reasonable compensation 
 for services, to be paid out of the assets of the failing Branch ; and in 
 case these are insufficient, the same shall be paid by the other Branch- 
 es, in proportion to the circulation to which they are severally entitled. 
 
 ARTICLE 12. EXPENSES OF COLLECTION, AND FOR COPIES. 
 
 SEC. 1. The expenses of collecting bonds and mortgages, given 
 for safety fund, shall be defrayed and paid by the Branch to which 
 they may belong, and shall be deemed a deficit in its safety fund to 
 the amount, to be supplied by a credit on the books of the Branch ; 
 and a certificate of such credit shall be forwarded to the Board of 
 Control. 
 
 SEC. 2. When copies from the office shall be wanted for evidence, 
 or other legitimate purpose, they shall be furnished at the rate of ten 
 cents for every hundred words ; and when the seal shall be required, 
 fifty cents in addition may be charged. All fees thus received shall 
 be credited to the State Bank of Ohio. 
 
 ARTICLE 13. PENALTY FOR VIOLATING BY-LAWS, &c. 
 
 SEC. 1. If any Branch of the State Bank of Ohio, or its officers, 
 shall knowingly and wilfully violate any of the by-laws adopted by 
 the Board of Control, or neglect or refuse to yield obedience thereto, 
 or any resolution which has been or may hereafter be passed by said 
 Board, it shall be the duty of said Board, if in session, or the Execu- 
 tive Committee in its vacation, in their discretion, to forthwith order 
 such Branch to cease discounting, and to return to the Board of Con- 
 trol such amount of its circulating notes as may be deemed necessary
 
 48 
 
 to make it for the interest of such Branch to submit to and comply 
 with the by-laws and resolutions as aforesaid; and in case such 
 Branch shall neglect or refuse to obey such last mentioned order, 
 thereby endangering the safety of said Branch, or others, the Board 
 of Control, or Executive Committee, may forthwith proceed to deal 
 with such Branch by injunction, or in any other manner authorized 
 by law. 
 
 ARTICLE 14. AMENDMENTS, &c. 
 
 SEC. 1. These by-laws may be altered, amended, or rescinded, 
 at any meeting of the Board of Control, two-thirds of the members 
 present agreeing thereto. 
 
 S?,c. 2. All by-laws and resolutions of a general nature, hereto- 
 fore passed, are hereby repealed. 
 
 Form of Bond. 
 
 Know all men by these, presents, That I, 
 
 of bind and oblige myself to 
 
 pay unto the State Bank of Ohio, or order, 
 
 dollars, being part of the Safety Fund of said Bank, on demand, 
 with interest at the rate of seven per cent, per annum. The interest 
 to be paid* on the first Monday next, to that 
 
 time, and from that time semi-annually. 
 18 
 
 [Seal.] 
 
 Form of the Warrant of Attorney. 
 
 Know all men by these presents, That I, the above bounden 
 
 authorize and empower any attorney 
 
 at law, or solicitor in chancery, to appear for me in any court of 
 record, to waive all notices and the issuing of process, and to confess 
 judgment for the amount specified in the above bond, and for interest 
 and costs ; and also to waive process and to appear to a petition or bill 
 in chancery, to foreclose the mortgage of the same date collateral 
 thereto ; and in any court of chancery, to consent that a final decree 
 be entered against me for the amount specified in said mortgage, and 
 for interest and costs. And my said attorney or solicitor is further 
 authorized and empowered to release all errors and all right and ben- 
 efit of appeal, writs of error, or other proceedings in law and equity, 
 to prevent delayer hinder execution upon the judgment so to be con- 
 
 *If the bond be executed after the first Monday of May, and before the first 
 Monday of November, fill the blank with the words " of November ;" ; nd if after 
 the first Monday of November, then fill the blank with the words "of May."
 
 49 
 
 fessed, or the proper process to enforce the decree so to be entered. 
 Witness my hand and seal, this day of 
 
 A. U. 18 
 fmr. [Seal.] 
 
 N. B. The above bond and power are to be on the same sheet. 
 
 Know all men by these presents, That 
 
 of in the county of in the 
 
 State of Ohio, for the consideration of 
 
 dollars, to in hand, paid by the State Bank of Ohio, the re- 
 
 ceipt whereof is hereby acknowledged, do hereby give, grant, bar- 
 gain, sell, release, convey and confirm unto the said The State Bank 
 of Ohio, and its assigns forever, the following described 
 of land situated in and described as 
 
 follows, to wit : 
 
 *5 .-{./ni'Tc-} 
 
 And the said for himself, his heirs, 
 
 executors and administrators, covenants and promises to and with the 
 said The State Bank of Ohio, and its assigns, that he will well warrant 
 and forever defend the premises aforesaid, unto the said The State 
 Bank of Ohio, and its assigns, against the demands of all persons 
 whomsoever. 
 
 To have and to hold the above described premises with the appur- 
 tenances, unto the said The State Bank of Ohio, and unto its assigns 
 forever; provided, and this deed is upon the condition, that if the 
 said shall and do well and truly pay, 
 
 or cause to be paid, unto the said The State Bank of Ohio, the sum 
 of dollars, being part of the 
 
 Safety Fund of said Bank, on demand, with interest at the rate of 
 seven per cent, per annum ; the interest to be paid* 
 
 semi-annually, agreeably to a bond this day executed by 
 the said to said Bank, then this obligation 
 
 to be void, otherwise to be and remain in full force. 
 
 In testimony whereof have hereunto placed hand and seal, 
 this '*0ftt1onivday of niio*<>? 18 
 
 .bn*c* t *>'! *oi ii-ji/ia a^ogi-ioin bu*: [Seal.] 
 
 [Seal.] 
 
 *If the mortgage be executed after the first Monday of May, and before the 
 first Monday of November, fill the bbmk with the words, "on the first Monday 
 of November next to that time, and from that time" and so with the first Monday of 
 May, if the mortgage shall be executed after the first Monday of No ember. 
 
 tr
 
 50 
 
 Form of Acknowledgment by Husband and Wife. 
 
 The State of Ohio, County, ss. 
 
 I hereby certify, that on this day of 
 
 A. D. 18 , before me personally appeared 
 
 grantors named 
 
 in the foregoing instrument, and acknowledged the signing and sealing 
 thereof, to be their voluntary act and deed ; and the said 
 
 wife of the said 
 
 having been by me examined, separate and apart from her husband, 
 and the contents of said instrument then by me made known to her, 
 did, upon such separate examination, declare that she did voluntary 
 sign, seal arid acknowledge the same, and that she was then still sat- 
 isfied therewith. 
 
 
 Form of Certificate of Deposit of Safety Fund. 
 
 Bank 
 No. 18 
 
 There has been placed to the credit of the Board of Control in this 
 Branch, being part of its Safety Fund, the sum of 
 
 dollars, which is subject to the check 
 or order of the President or Secretary. 
 
 Form of an Order by the President and a majority of the 
 Directors for Notes. 
 
 Bank 18 
 
 at all notes for c 
 f Control to 
 or to his order. 
 
 Ordered, That all notes for circulation for this Branch be delivered 
 by the Board of Control to Cashier, 
 
 President. 
 > Directors. 
 
 nsd 
 
 Form of Certificate for the payment of interest on Bonds 
 and Mortgages given for Safety Fund. 
 
 Bank 18 
 
 I certify that the interest has been paid on the bond and mortgage 
 of for $ 
 
 and that the interest has not been paid on the bond and mortgage 
 of 
 
 Cashier.
 
 Resolved, 1, That it be recommended to the several Branches to 
 return no person as a member of the Board of Control unless he have 
 the qualifications of a Director, or be Cashier of the Branch he rep- 
 resents, or be the representative of some other Branch. 
 
 Resolved, 2, That a telegraphic despatch from a Branch, containing 
 the certificate of the Cashier, (or other person acting as such,) of the 
 appointment of a member of the Board of Control, shall be received 
 as evidence of the fact of the appointment. 
 
 Resolved, 3, It is the duty of each Branch to receive in payment 
 of debts, the notes of all the Branches; and when the same cannot 
 be identified by reason of the fading out of the ink, it shall not be 
 again paid out or put into circulation in any manner. The Branch 
 which is the holder of such paper, shall return the same to the Board 
 of Control, at any of the meetings of said Board, and the President 
 shall appoint a committee of three experienced Cashiers, to whom all 
 such paper shall be delivered for examination. If said committee 
 shall be able to identify said paper, or any part thereof, they shall re- 
 port that fact, and the name of the Branch to which it belongs, to the 
 Board ; whereupon the Branch to whom said committee decides it to 
 belong, shall redeem the same. If said committee shall not be able 
 to decide to what Branch the faded paper belongs, they shall care- 
 fully count the same, and report the same to the Board for its further 
 order, with the name of the Branch which has redeemed it, to the 
 Board; and the Branch shall thereupon receive credit therefor ; and 
 the amount so credited shall be charged to a separate account of non- 
 identified paper, and the expense thereof shall be adjusted among the 
 Branches in the same manner as the cost of notes for circulation is 
 adjusted. 
 
 Resolved, 4, That any two members of the Board, whose Branches 
 have returned torn, mutilated and defaced notes, be constituted com- 
 mittees to count, burn and report the same. 
 
 Resolved, 5, That the practice, if it exists, of loaning considerable 
 sums to corporations, with or without individual names attached, ought 
 to be abandoned. 
 
 Resolved, 6, That fictitious, nor any other than legitimate and bona 
 fide bills of exchange, should never be purchased or discounted by a 
 Branch. 
 
 Resolved, 7, That the Branches be requested to retain from circu- 
 lation, and return to the Branches which issued them, any notes 
 which, from mutilation or fading of the filling up, have the appear- 
 ance of losing or being about to lose their identity.
 
 INDEX, 
 
 A. 
 
 ACCOUNT of non-identified notes to be kept 51 
 
 AC KNO WLEDGMENT of ar tic les of associations to be made 5 
 
 ACTION not given to recover debts on prohibited notes 35 
 
 AFFAIRS of State Banks may be closed, and how 30, 46 
 
 AFFIDAVIT made to obtain injunction 
 
 AGENT to examine Branches- 
 
 to examine titles 
 
 to examine funds of associations 
 
 to examine old Banks 
 
 AGENCIES shall not be established 
 
 AMENDMENT to By-Laws allowed 
 
 APPEAL allowed from Board to Bank Commissioners 
 
 from Executive Committee to Board of Control 
 
 Expenses of, how paid 
 
 ARTICLES of Association, how made 
 
 ASSENT of old Banks to become new required 
 
 of the Board of Control to law January 6, 1846-- 
 
 February 24, 1848 
 March 23, 1850- - 
 
 ASSETS of insolvent Bank, how to be disposed of 
 
 what to be done with, on injunction being allowed 
 cannot be assigned in contemplation of insolvency 
 
 ASSIGNMENT of Bank stock, how made 
 
 of debts conditionally permitted 
 
 of bonds and mortgages may be, given for a 
 
 safety fund 41 
 
 ASSOCIATION for banking 3,4 
 
 AUCTION stock may be sold at, to pay instalments 7 
 
 AUDITOR of State to act as commissioner 06 
 
 B. 
 BALLOT .officers to be elected by- ,-,,- W ,^-, T ~~ 89
 
 53 
 
 BANKS incorporated and general powers 23 
 
 how many allowed 4 
 
 circulation of limited 11 
 
 capital, how much 3 
 
 failing, how to proceed r 13, 46 
 
 may wind up, and how 30, 46 
 
 must have 30 per cent, in specie and deposits-- 37 
 
 may not take usury except in certain cases 36, 35 
 
 may purchase notes, bills, &c. 26 
 
 restriction in purchasing notes, bills, &c. 36 
 
 must receive each other's notes for debts 23 
 
 cannot circulate depreciated notes-- 26 
 
 cannot circulate notes of foreign Banks 34 
 
 cannot pledge or exchange notes -U3-W 24 
 
 certain old may join in association 28 
 
 may by consent be taxed- 37 
 
 may take 12 per cent on foreign bills 36 
 
 what discount may be charged on domestic bills 36 
 
 how stock may be in part extinguished 38 
 
 BANK COMMISSIONERS who and oath- 5 
 
 to regulate number of Banks 8 
 
 their compensation 30 
 
 to appoint agents to examine associations 29 
 
 old continued for special purposes 31 
 
 BANK DIRECTORS number, andi how elected 21 
 
 must declare dividends 24 
 
 amount they may be liable for, collectively 12 
 
 violating charter works forfeiture of franchise-- 27 
 
 knowingly violating charter individually liable- - 27 
 
 majority of must be residents of the county 38 
 
 BANK DISTRICTS number of,&c. 3 
 
 BANK STOCK to be divided into shares of $100- 20 
 
 cannot be taken as security for debts 21 
 
 each share to have a vote 21 
 
 directors to own how much 21 
 
 maybe extinguished 38 
 
 when received by branch, what consequence -- 44 
 
 Banks have a lien upon for debts 20 
 
 of other companies cannot be purchased 21 
 
 BEARER all notes payable to 10 
 
 BILLS IN CHANCERY may be filed against branches in 
 
 certain cases 32 
 
 BILLS OF EXCHANGE, &c. may be bought and sold- 22 
 
 what interest allowed on 36 
 
 discount at 6 per cent, and ? per cent for collecting 36 
 
 purchasing at discount not illegal 26 
 
 fictitious not to betaken 51
 
 54 
 
 BOARD OF CONTROL incorporated, powers and duties 9, 10 
 
 may extend time of paying stock 6 
 
 created Bank Commissioners, and powers 3.1 
 
 when to meet 40 
 
 noofficerof an independent Bank to be memberof 43 
 
 telegraphic despatch to be evidence of member of 51 
 
 BOND President and Secretary to give 10,39 
 
 receivers to give 13 
 
 form of a safety fund 48 
 
 BOOKS to be kept to show delivery of notes 11 
 
 when to be closed and balanced 41 
 
 to be opened for non-identified paper 51 
 
 BRANCHES incorporated and general powers 22 
 
 may take forfeited stock 7 
 
 limited in the purchase of stock ' 21 
 
 must set off State tax-- 26 
 
 violating charters, franchises forfeited 27 
 
 must deposit safety fund- 11 
 
 may take seven per cent, on safety fund 12 
 
 must invest safety fund-- 41 
 
 notes furnished to, and amount--- 11 
 must not issue except of specified denominations 22, 23 
 
 each to contribute in case of insolvency 13, 46 
 
 may be restricted, and how 32, 44 
 
 may be examined and must pay examiners-- 44 
 
 must not exchange notes 24 
 
 failing, how sustained 13, 46 
 
 must furnish abstracts of condition 43 
 
 must return that directors have been sworn 43 
 
 must return alphabetical list of debtors generally 44 
 
 must pay postage 41 
 
 acting improperly, subject to order of Exec. Com. 42 
 
 general duties under by-laws 43 
 
 what amount of specie, &c., to be kept on hand- 45 
 
 may close business, and how 46 
 
 may agree to be taxed differently 37 
 
 may take interest or profit on foreign bills of 12 p. c. 36 
 
 may take a reasonable sum for collections 36 
 
 must furnish statement of interest paid and unpaid 42 
 
 Directors must examine, and when 43 
 
 BY-LAWS- 39 
 
 maybe amended, and how 48 
 
 Penalty for violating 47 
 
 I 
 
 n 
 U 
 
 CAPITAL amount authorized 3 
 
 minimum 5,6
 
 55 
 
 CAPITAL Continued. 
 
 cannot be withdrawn 
 
 may be withdrawn, and how 
 
 may be increased after two years . 8 
 
 not paid in may be relinquished, and how 33 
 
 CERTIFICATE members of associations to make 5 
 
 of appointment member of Board by telegraph 51 
 
 CIRCULATION in proportion to capital 11 
 
 in proportion to coin,&c. 23 
 
 notes for, how obtained 11 
 
 denominations 11, 22 
 
 maybe restricted and reduced 10, 32 
 
 may be withdrawn in part, and how 38 
 
 may be reduced by order of Exec. Committee 42 
 
 COLLECTIONS what may be charged for 36 
 
 of safety fund to be paid by branches-- 47 
 
 COMMISSIONERS Bank appointed-- 5 
 
 to regulate the number of Banks 8 
 
 their compensation 30 
 
 their powers to be exercised by the B. of Control 31 
 
 old continued for special purposes 31 
 
 COMMITTEE Board of Control to appoint Executive-- 10 
 
 of General Assembly to examine State Banki-^- 9 
 
 must be appointed in case of insolvency 13 
 
 may be appointed to examine branches 9 
 
 to identify defaced notes 51 
 
 of two to burn paper , _-__ H, 45 
 
 any two members of the Board are to burn 51 
 
 COMMITTEE EXECUTIVE see Executive Committee 10, 42 
 
 CONTINGENT FUND to be kept by branches 45 
 
 COPIES from office must be paid for 47 
 
 CORPORATIONS Board of Control created a, and name- 10 
 
 all Banks created and powers defined 22 
 
 should not receive large loans 51 
 
 CONTRIBUTION to failing branches - 13, 46 
 
 COSTS of collection may be taxed 36 
 
 ^ JH of copies from office 47 
 
 COUNTIES what to form Bank districts --s533 ItSt 
 
 COURTS to adjudge violations of charter 27 
 
 may allow injunctions 32 
 
 D- </3 
 
 DEBTS bad defined in making dividends 24 
 
 by stockholders to Banks limited 23 
 
 general limitations of 26
 
 56 
 
 DEBTS Continued. 
 
 dividends to be retained for 
 
 are a lien on stock 
 
 created by foreign Bank notes cannot be recovered 
 
 bad, no dividend to be declared on 
 
 funded of Ohio, defined 
 
 lies for taking illegal interest 
 
 forfeited by taking illegal interest 
 
 evidence of, must be made payable to branch 
 
 DEBTORS alphabetical list to be furnished, and when-- 
 Directors and stockholders not to be too large to 
 
 Banks 12, 24, 26 
 
 delinquent list of to be furnished 43 
 
 DEPOSITS in the East, equivalent to specie 23 
 
 with whom, shall be specified -- 44 
 
 to be designated in returns 44 
 
 DIRECTORS how elected, &c. 21, 22 
 
 special election of, on notice 22 
 
 how much they may owe a Bank 12 
 
 must sign order for notes 11 
 
 a part of the, must be residents of the county- - 39 
 
 must examine the branch, and when 43 
 
 DISCOUNTS how to be secured - - 45 
 what interest, &c., may be taken on domestic bills 26, 36 
 
 devices to obtain more than lawful forfeit debt- 36 
 
 two directors must concur in making 45 
 
 DISTRICT BANK State divided in 12 3 
 
 DIVIDEND to be declared, and not on bad debts 24 
 
 made to diminish capital forfeits charter 19 
 
 when declared, contingent iund to be left 45 
 
 E. 
 
 ELECTIONS of officers to be by ballot 39 
 
 of directors, when holden-- 21, 22 
 
 each share of stock to give a vote, &c. 21 
 
 of members of the Board of Control 8 
 
 of the President to be annual 9, 39 
 
 of the Executive Committee, when 10, 42 
 
 EMBEZZLEMENT, how punished -- 27 
 
 ENDORSEMENT, of part of safety fund, permitted 41 
 
 special, of notes, bills, &c., to Banks 27 
 
 except for particular purposes, void 27 
 
 EXECUTIVE COMMITTEE how appointed and gene- 
 ral duties 10, 42 
 
 vacancies in, how filled 42 
 
 may call special meetings of the board 40 
 
 their duty when a branch fails 46
 
 57 
 
 EXPENSES of plates, &c., how paid 10, 40 
 
 of examining branches 44 
 
 of copies 47 
 
 of offices 10 
 
 of Bank Commissioners 30 
 
 of collecting safety fund 47 
 
 F. 
 
 FORFEITURE of debt for usury 26 
 
 defined, remedy, &c., :-j;i 
 
 for circulating foreign Bank notes, what 34, 35 
 
 for diminishing capital by dividends 19 
 
 for violating charter by officers-- 27 
 
 suit for, by whom prosecuted and for what use-- 35 
 
 FORMS: 4S 
 
 President to furnish 41 
 
 FUNDED debt, defined 30 
 
 FUND contingent to be kept by branches-- 45 
 
 FUND SAFETY see safety fund 11, 12, 13,26,36,41,42 
 
 ~ '<Io 
 
 Gt .U'O 
 
 GOVERNOR to issue proclamation of chartered Banks --438 U jf HI 
 
 '-Jhtri ;;jj,Jnb'>b 
 
 INJUNCTION - when branch may obtain-^-*.! Q3T A J ' I ifc 
 
 when and how State Bank can obtain '-'--- 32 
 
 INSOLVENCY what shall be deemed, and where assets 
 
 shall go 13 
 
 Board of Control failing to act may be coerced- 14 
 all acts of a branch after, or in contemplation of, 
 
 void 27 
 
 what the Board or Exec. Com. shall do in case of 47 
 
 INTEREST on safety fund goes to the branch {; ,1$ 
 
 paid and unpaid must be certified monthly 42 
 
 on loans 6 per cent, allowed in advance - 26 
 
 on the funded debt of the State not to be taxed- 26 
 
 purchasing bills at a discount not illegal 26 
 
 forfeiture for taking too much 26, 33 
 
 not to take more than 6 per cent, in advance and 
 
 costs 36 
 
 may take 12 per cent, as net profits on foreign bills 36 
 
 INSTALMENT, on stock, when and what amount to be paid 5 
 
 stock may be sold to pay 6, 7 
 
 L. 
 
 LIABILITIES of Banks total allowed - 23, 24 
 
 of individuals and companies 26, 44 
 
 of stockholeers and directors --- 12 
 8
 
 58 
 
 LIEN Banks shall not take on stock for discounts 21 
 
 Banks shall have for liabilities of stockholders-- 20 
 
 of insolvent Banks go to the Board of Control-- 10 
 
 LOANS must be made by two directors 45 
 
 how secured 45 
 
 on bills must be legitimate 51 
 
 to corporations not to be large 51 
 
 M. 
 
 MEETINGS of the Board of Control, when, regular 40 
 
 special may be called 40 
 
 of stockholders, votes regulated 21 
 
 at, of the Board, majority may transact business 40 
 
 MEMBERS of the Board of Control, how appointed, &c. -- - 9 
 
 any two of, may count and burn paper 11, 45 
 
 may be certified by telegraph-- 51 
 
 majority, of may transact business 40 
 
 number of votes of 10 
 
 MEMBERS of the Board of Bank Commissioners appointed 5 
 
 old continued 31 
 
 compensation 30 
 
 MEMBERS of the Exec. Com., how appointed and duties 10, 42 
 
 MISDEMEANORS defined, and officers guilty of, punished 27 
 
 MUTILATED PAPER to be returned and burnt 11, 45 
 
 any two members of the Board, &c,, a committee 
 
 to burn 51 
 
 N. 
 
 NAMES, corporate, must contain place of location 5 
 
 NEGOTIABLE Bank notes are by delivery-- 10,11 
 
 debts only are, for special purposes 27 
 
 NOTES, for circulation, Board of Control to furnish 9 
 
 must be made payable at branch 10 
 
 what amount on capital 11 
 
 denominations, &c.-- 22 
 
 must be received in payment of debts by all 23 
 
 must be withheld from circulation if specie reduced 23 
 
 how paid for 10, 40 
 
 circulation of, may be restricted and reduced -9, 32, 42 
 
 not to be paid out unless received at par 27 
 
 penalty for circulating foreign Bank -- 34, 38 
 
 mutilated, may be returned and burnt, and when 11, 45 
 
 faded may be returned to Board of Control 51 
 
 must be endorsed by President of branch when 
 
 reissued 45 
 
 must be delivered on written order--!- 11
 
 59 
 
 NOTICE defined 30 
 
 to be given before sale of delinquent stock- 6 
 
 Bank Commissioners to give Governor when 
 
 Banks are formed 7 
 
 may be given for election of directors 22 
 
 o. 
 
 OATH of directors wishing to bank 7 
 
 to be taken by directors and filed-- 21 
 
 of members of the Board of Control 9 
 
 of President - 10 
 
 of Cashier to abstract, list of officers, &c. 43 
 
 affirmation same as 30 
 
 OFFICERS members of the B. of Control, how appointed 9 
 
 of Bank Commissioners 5 
 
 .01 .-: of Executive Committee 10,42 
 
 of President and Secretary 9, 39 
 
 how elected-------- 39 
 
 punished for embezzlement 27, 2o 
 
 ____ ^ , . , '.MI : 01 
 
 ORDER written, necessary to obtain notes 11 
 
 made by Board of Control, how enforced 32 
 
 of the Board and Executive Committee must be 
 
 obeyed LJOfi-39al4lU^iX 48 
 
 >. >':M*'.\n\&) ^jnu 
 
 * :ii li.iilno" ho -biijocJ 
 
 PENALTY for embezzlement and fraud- 27 
 
 for not redeeming notes 13 
 
 for usury 32, 35 
 
 for paying out foreign Bank notes 'r7"T^~~ ^' ^ 
 
 for violating by-laws -- --'r.----~ 47 
 
 PENITENTIARY officers guilty of fraud to be confined in 27 
 
 PLACE of banking must be part of corporate name 3 
 
 PL ATES how paid for JU_^-u 10, 40 
 
 POSTAGE branches to pay 41 
 POWERS of the Board of Control generally and as Bank 
 
 commissions 9, 31 
 
 of Bank Commissioners ^ 7 
 
 of Executive Committee generally 10, 42 
 
 of thebranches 22 
 
 of attorney to confess, &c., safety fund 41 
 
 PRESIDENT, of the Board, when elected, and bond 9, 39 
 
 must make a communication 40 
 
 to appoint a committee to identify notes 
 
 expenses to be paid to 
 
 how to deliver new for mutilated notes 
 
 may withdraw safety fund 41 
 
 of a branch must write his name across notes 
 
 before reissued * - --- 46
 
 60 
 
 PROTEST may be entered ---------------------------- 40 
 
 PROCLAMATION, of Governor of Banks chartered-- 7 
 
 PROFITS to be divided and taxed -- - 24, 26 
 
 PROXIES, who may be-- 21 
 
 PURCHASERS Banks may be of real estate, stock ---- 21, 22 
 
 Banks cannot be, of stocks except to prevent loss 21 
 
 if Banks become, they must return circulation-- 44 
 
 Banks must not be. of fictitious bills, &c.-- 51 
 
 R. 
 
 REAL ESTATE Banks may purchase--- 22 
 
 RECEIVERS of insolvent Banks-- -------- 13, 32, 47 
 
 to be appointed when injunction allowed ----- 32 
 
 REDEMPTION of notes to be at the branch where issued-- 10 
 
 of notes of insolvent Banks provided for-13, 46. 47 
 
 REPEAL of certain acts ---------------------------- 38, 30 
 
 part of act Feb. 24, 1 845 ------ 35 
 
 REPORTS to be made to Auditor of State, when ---- 24 
 
 monthly, debtors, &c., general ----------- 43 
 
 RESOLUTIONS general--- 51 
 
 REVIVAL Gist sec. act Feb. 24, 1845- - 35 
 
 RULES for forming banking companies ----------------- 7 
 
 Board ot Control may prescribe forsettling balances 9 
 
 and by-laws ------------------------------- 39 
 
 SAFETY FUND what called and amount on circulation- 11, 12 
 in whose charge and how invested ----------- 12, 41 
 
 branches advancing for insolvent to be repaid 13 
 
 in State stocks not to pay tax ---------- ------ 26 
 
 belonging to insolvent Banks first converted ---- 12 
 
 may be sold or mortgaged, when ---- 13 
 
 expense of collecting, how paid ------------- 47 
 
 part of may be received -------------------- 41 
 
 bond given for may be assigned ----- 41 
 
 President may withdraw in certain cases ------ 41 
 
 interest must be paid on or suit - 42 
 
 Secretary to have custody of ----------------- 39 
 
 j j 
 
 SALARY President, Secretary and Executive Committee 
 
 may have ---------- 10 
 
 SEAL of the Board, how used ----- ---------------- 39 
 
 SECRETARY of the Beard of Control, elected when, duties 9, 39 
 
 of State, to be Bank Commissioner, &c. 5 
 
 SECURITY Bank stock not to be taken as ------------ 21 
 
 what required on discounts ----------------- 45 
 
 91 

 
 61 
 
 SHARES of Bank stock, how much, and assignable 20 
 
 how many each director to have, may be sold, &c. 21 
 
 may be sold for delinquency 6 
 
 when taken in payment, circulation must be with- 
 drawn 44 
 
 Banks have a lien on for debts 21 
 
 votes for each 21 
 
 SPECIE all notes must be paid in at the branch 10 
 
 proportion to circulation 6 
 
 when, withEastern deposits, below 30 p.ct., what 37 
 
 STATE BANK incorporated 10 
 
 STATEMENTS to be made to Auditor of State, when and how 24 
 
 to be made to Board of Control, when and how 43 
 
 STOCK -how much allowed and minimum 5 
 
 may be increased 8 
 
 may be sold for delinquency 6 
 
 may be purchased, when 21 
 
 may be assigned 20 
 
 time for payment may be extended 6 
 
 may be relinquished 33, 38 
 
 Banks have a lien on for debts 20 
 
 Banks shall not discount on 21 
 
 votes on 21 
 
 shall not be purshased only in certain cases T 21 
 
 when taken in payment, circulation returned- - - 44 
 
 STOCKHOLDERS debts of limited 19 
 
 extent of liability . 12, 24 
 
 delinquent, cannot vote 21 
 
 T. 
 
 TAX to be paid on profits not on State stocks 26 
 
 an act to tax Banks 37 
 
 TELEGRAPH certified, evidence in what cases 61 
 
 TITLES what kind, for safety fund 12 
 
 an agent to examine 41 
 
 TRANSFER of stock allowed, conditionally 20 
 
 of assets of insolvent Banks, void 27 
 
 of notes, bills, &c., for special purposes 27 
 
 of bonds and mortgages, safety fund 41 
 
 TRUST safety fund to be held in, by Board of Control-- 12 
 
 u. 
 
 USURY cannot be taken except on foreign bills 35, 36
 
 V. 
 
 VACANCIES in office of President, &c., how filled ------- 10, 39 
 
 in Executive Committee, how filled 
 in Bank Commissioners 
 in Bank Directors 
 VOTE regulated a* to member, &c. 
 
 delinquent stockholders cannot 
 
 Y. 
 
 YEAS and nays may be required 
 
 University of California Library 
 Los Angeles 
 
 This book is DUE on the la 
 
 42 
 
 5 
 
 22 
 
 10, 21 
 21 
 
 40 
 
 
 

 
 A 000 085 533 8
 
 \ 
 
 Uni\ 
 S