The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-06-16
by MlTCHENER & MATHEWS
= LAW OF OHIO.
A BILL TO REGULATE BANKING.

udtons, limitations, conduonS ana PROVISIONS cOnlan-
ed in this act and such other acts of regular banking
as are nuw in force, may hereafter be enacted, in
this State t2 ..I.
Sec 2. No company, or association of persons, shall
be incorporated to caryOn she business Of banking with
in this Stats without being first regularly formed, and
having made application TO theLegisature by petition
for act of ofincOrpoation, stating in said petition the
names and residences of the persons composing such
company association the amount capital stock 10
be invested, and the place of doing business; ard
tce such application shall be given by publication in
some newspaper of general circulation printed in the
county in which is proposed to locate such bank for
at least thirty days next preceding the session Of the
General Assembly to which application is made.
Sec. g. Every such bank or corporation for banking
purposes, shall have power
First: To have succession, by lis corporate name
from the date ofits creation during the term for which
it may be created 4t
Second: TO sue and be sued complain aud defend
IN any court oflaw equity.
Third: To make and use a common seal, and alter
the same at pleasure. . ...
Fourth: To purchase and hold such real estate, and
no more as shall be necessary for its banking house;
and such personal property as shall be necessary to
the transaction of its business.
Fifth: To elect, annually, the first Monday of
January president, and board of not less than four
nor more than nine directors as the stockholders may
determine who shall be citizens of this State and ma
joy of whom shall be residents Of the county in which
the bank located and such president and directors
shall appoint the cashier and other officers and agents
ofsuch bank or corporation.
Sixth: To have and Keep an office Of discount and
deposit in the place Of its location, and at no other
place; to receive deposits and to issue certificates there
for to loan money and 10 discount bills of exchange,
promissory notes, aud other negotiable paper, or oo
cations for payment Of sum ofnoney certain; Also TO
issue bills bank notes for current circulation. payable
to bearer demand at its banking house, or office OF
discount and deposite, and 10 draw issue drafts or
checks on individuals companies, or corroratonspay-
able 10 order, at such time and place the directors
for the time being, shall deem expeden such drafts or
chorks not oelng for the purpose of current circulation.
Seventh: To make bylaws, not inconsistent with a.
ny law ofhis State, Of the United States, for the
management of properly or the regulation of ITS at
fairs.
Sec. a. Every such bank, that may be incorporated
under this act before it makes any loans and discounts,
or shall be entitled 10 have registered as hereinafter
PROVIDED any notes bills for circulation or issue or
pay out any notes whatever, the business
of banking shall have subscribed and paid in in good
faith, the whole amount ofs capital as a permanent
investment for the business of banking, and be actual
" possessed oft as banking capital, the whole of
which shall be in gold or silver coin.
Sec. 5 The capital stock so paid in. shall be exam
ine, and ascertaned to the bona de capital Of
such bank, BY the bank commissioners and said COM
mssloneis, after being fully satisfied that such bank
has complied. in good ab with all the terms and con.
dons above named, and the creating it, shall make
transmitted to the register. and the other delivered to
the president such bank and presentation of such
certificate to tho register and not Before such bank
shall he vested with all the privileges and be subiectto
all the conditions. restrictions and limitations of this
act and shall bs entitled TO have numbered and regis
tered such amount Of notes for circulation, in proper
ton to its capital stock, as is prescribed by this act
Sec g. Every president cashier drector, other
officer of such bank, shall take an OATH or affirmation,
that he will faithfully diligently honestly and impartial
", discharge and perform all The duties enioinad
him by law, such officer of such bank: and that he
will faithfully observe, and carry into effect, the prov
sons of this act according TO the best ofhis skill and
bilities. H .
Sec Z. It shall not be lawful for the president, d.
rectors trustees cashier other officers clerk or agent
ofHny bank;
FIRST: To make dividend except from the profits ari~
sing from the business Of the bank
Second To divide, withdraw, or in any manner pay
10 the stockholders any ofthem any part of the cap
a stock reduce such capital stock without tn
sent of the &c neral Assembly;
Third: To apply any portion OF the funds, property,
assets or effects of their bank. directly indirectly, to
'he purchase ofshares ofis Stock or to the pur-
chase of stock in any other bank. company eoTpo'
ration;
Fourth, To make any loan or discount, upon the
pledge of its stock security, The pledge ofany
stock of any other bank. cumpanv corporation; TO
receive any such shares in paYmen: Of any debt due to
their bank;
Fifth; To receive from any other stock corpo ration,
in exchange for the shares notes bonds or other evil
dences OF debt ofiheir own institution shares Of the
capital stock of such other corporaen or 10 receive in
such exchange the notes, bonds, other evidence Of
debt, issued by such corporations provided, nothing
herein shall be constructed TO prevent any bank
from receiving circulating notes of any other bank
in deposit. or in payment ofdebts;
Sixth. To discount or receive any note or other evil
decce ofdeb in payment Of fanv stock of their bank
nj wi nj nj
pFoviding the means of making such payment M
Seventh; To discount, or receive any note. other
evidence ofdebi, with ntbnt oenabing nnv stock hol-
der in their bank to withdraw any part of the money
paid by him, on his stock; .nms
Eighth: To loan, discount, 10 any storkholder or
director, upon any note, or other evidence Of debt
1" permit any director stakeholder to become Ii ble
IN any orm to their bank, 10 greater amount than one
halfth capital stock Of such stockholder ID director
actually possessed by HIM:
Ninth. TO loan i0any one individual whether stock
holder, or otherwise upon any noe or other evidence
Of debit or to anv one or individuals comprising
firm, in the aggregate; or to permit any individual or
firm, individuals comprising firm, in the aggregate
TO become indebed to such hank at any one time TO
gf'ater amount than the following proportions,
FIRST 1.-THE capital stobk of such hank amount 10 one
G. hundred thousand dollars then such liability shall not
exceed the SUN of eight thousand dollars; a.u
Secondi Irthe capital stock be over one hundred
drcd thousand dollars and not exceeding hundred
thousand dollars then such liability shall not exceed the
sum of ten thousand dollars: oa h.lr
Third; 1.-THE capital stock be over three hundred thou
sand dollars and not exceeding FIVE hnndred thousand