The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-03-05

1t their own members, or other special agent
appointed by themfo that purpose, who shall not
be a stakeholder in any of the companies foimed
this act, Immediately TO proceed TO exam
inc the condition of each OF the banking COM
panies which shall have transmitted to the said
board the required certificate and il shall be the
duty of such agent 10 carefully count,
or otherwise ascertain, the amount of money
paid in on account of its capital stock, TO ascer-
tain the name and place of residence Of each Of
the directors of such company, and the amount
of capital stock of which each l. is the bona fde
owner, whether such company has complied with
all the requirements of this act necessary 10 en-
title the company to engage in the business OF
banking; and he shall cause to be made, and at
tested by the oath of the majority of the dlrec-
tors, and by the cashier of such company, n
statement OF all the material facts necessary to
enable the board of commissioners TO determine
whether such company is lawfully entitled TO
the business of banking under the provisions of
this act; and such agent shall Immediately report
TO the board al bank commissioners such state
ment, and his proceedings in tho premises.
SEC. IL. If, upon a careful examination and
comparison of the certificates Of association, and
the reports and statements of the special agents,
appointed TO ascertain whether the banking com
panies, authorized ny this act, have complied
with its provisions, it shall appear that any num-
Der OF companies have been formed, and are
lawfully entitled 10 commence the business of
banking, provided The number of such companies,
and the amount of their capital collectively, in
any district, shall not exceed the number and
the amount of capital assigned 10 such district,
nor in any county, the number assigned to such
county; the commissioners shall certify the same
TO the governor, who shall, if he be satisfied that
the law has, in all respects, been complied with,
issue his proclamation, setting forth that such
companies are authorized to and car
ny On the business of banking, at the places Sc
verally designated in their certificates of associ-
alton; but if the commissioners shall find that a
number Of banking companies shall have been
formed, and shall have complied with all the re-
QUESTIONS of this act, preliminary 10 the COM
mencement of the business Of banking, in any
district, greater than the number assigned TO such
district, then the commissioners shall determine
which of such companies are to be preferred, and
certify the same to the governor as in this sec.
ton provided, and in forming such determination
they shall apply the following rules, in the order
which they stand:
TrSt-They shall avoid depriving any county
in which one or more Of such companies arc
formed, of at least one.
Sccond-They shall prefer such companies az
have the largest capital, provided at least 30pe1
ct. thereof shall have been paid in.
Tird-They shall prefer the company O
companies whose stock is in the largest proper
tion, owned by citizens of the county in which
such company is formed.
F~o"rh--They shall prefer the company o
companies whose stock is in the largest proper
ton, owned by the citizens of the State.
Bh-They shall prefer companies c~onstitu
ted by the most respectable stockholders. Anc
in case more companies shall have been formed
and shall have compiled with all the require
ncnts Of this act, preliminary 10 the commence
racat OF business, in any county, than the nun
Der assigned TO such county, the commissioners
in determining 10 which a preference shall b
f given, shall observe the foregoing rules, eXcep
ting the first, in the order III which they stand
And if after reducing the number of banking
companies, in any district. to the number assign
ed TO such district, it shall be found that sucI
companies have, collectively, a greater amour
f of capital than the amount apportioned 10 sucl
district, then the commissioners shall bring I'll,
aggregate capital within the prescribed limits
by reducing the capital which each colnpan,
shall be authorized TO employ in equal ratio, OIL
tho amount thereof, over the minimum amour
prescribed for such companies.
Sec. IL. After the end of two years from
the date Of this act, any banking company form
ed in any district may increase its capital stool
TO any amount not exceeding five hundred thou
sand dollars, nor exceeding the amount of capi
tai assigned 10 each district and remaining unap
f propriated; and in case more than one bankin,
f company shall apply for an increase of its CAPT
tai stock, and the amount Of the proposed in
| crease shall exceed the whole amount of capi
tai unapproprated in such district, then the com
missionors shall assign such unappropriated ca
pital equally 10 the companies demanding tn
] same, but any new company formed in any coun
ty, having no banking company in the same, sha.
. be preferred at any time before such capital
9 fnallj appropriated.
j IN RELATION TO II STATE BANK OF OHIO.
$ Sec. l3. Whenever, from an inspection {
the certificates transmitted by banking comp
: MES to the board of bank commissioners, il sha
. appear that any number of said companies, nc
: less than seven, inclusive of such existing CON
: panies as are by this act especially authorized t
resume or continue banking operations under il
!; provisions, have made their election 10 transac
: their banking operations as branches ofthe Stat
Bank of Ohio, and have complied with the re
quirements of this act, preliminary TO the com
q mencement Of banking operations, then sal
! commissioners shall Immediately notify each {
Q said companies thereof, and within Ten days a
u tor IaraivinO ct1ch lnttcn fhox- chill oooL -.
point, in such manner as The directors therct
d shall prescribe, one person TO be a member {
$ the board of control of the State Bank Of Ohio
J and any two or more of such banking companiC
3 may unite in the appointment Of the same pc
$ son. But no person who is not citizen Of til
United States, and a resident Of this State, an