Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1845-02-28

required 10 have or pay IN any addi-
tiunal au.ovnt OF capital stock.
SEC. .. Ii any shar eholder or his
assie nee. shall fail TO pay any-insinlm-nt
on h,s stock, when .he same IS required
by the foregoing section 10 be paij, the
directors may sell said stock, at pubic
auction. having given three weeks pre-
vinus n Itice thereof, in "a newspaper pub.
lished in the county where the company
is located, 10 any person who Wi / pay
the highest price therefor, and not less
than the amount due thereon; aud the
excess, ir any. after paying the expenses
of sale. shall be refunded TO the delin,
qucnt stakeholder. II no bidder can be
found, who will pay for such stock the
amount due thereoa. to tho company. and
cos's of advertis emon: and safe, the a
noun previously paid shall Le forfeited
20 the company; and such stock may be
subsequently sold, i'm such manner as
the directors moy order.
SEC. 10. After the expiration of two
months, aud within three mouths from
the date OF this act, the board OF bank
commissioners shall examine the coitifi-
Gates OF the formation of banking com
panies, transmitted TO them as required
by the seventh section Of this aci, and
shall by one OF their own members, or
other special agent appointed by them
for tina, purpose, who shall not be q
stock holder in any Of the companies
formed under this act, Immediately pro-
coed To examine The condition oil each OF
the banking compal les which shall have
transmitted TO the said board the reauir ed
certificate; and i, shall be the especial
duty o! such agent To ca refully count or
otherwise ascertain the amount OF mon.
ely paid in on account Gifts capital stoct
To ascertain The name and place of resi-
dence of each Of tho directors of such
company, and the amount Of capital
stock at which zach is the Bona fide
owner whether such company has com
Piled with oil the requirements of this
act necessary TO enliile the company to
engage il tn, business Of banking, and
he shall cause TO be made and utiested
by the oath OF the majority Of tho direc-
tors, and by the cashier oil such company,
a statement OF all the material fact ne
cessary 10 enable the board OF commits
sioners to determine whether such com
pany is lawfully entitled 10 commence the
|
IF this act. and such agent shall immcdi
ttely report 10 the board OF bank COMM, :
'ioners TO dete rhine whether such COM
pany is lawfully entitled 10 commence
the business Of banking un CIR the pros
visions OF this act, and such agent shall
Immediately report to the boird of bank
commissioners such statement: and his
proceedings in tho premises.
Sec. IL. Ii upon a careful cxamina
Ton and comparison, OF the certificates
Ut association, and the reports and siale-
menis OF The special agents, appointed ~
'scertain whc her the banking companies,
" taorIZed by this act, have complied with
rs provisions, 1t shall appear that a "
Number OF companies have been formed,
| ana are lawfully entitled 10 commence
the business Of banking. provided tho
nuinber Il such companies, and The amour,
If their capital collectively, in any dis.
Irict, shall not exceed the number and the
amount of capital assigned 10 such district
nor in any coun y; the commissioners shall
certify the same 10 the governor, who
shall II he be satisfied iha. The law has. in
all respe is. been complied with, issue his
proc nation, &c ting forth that such 90 u
panics are authorised 10 commence an
carry on the business Of banking, at the
places severaly designated in their ceri,
ict'es OF association. But If the commits
sioners shall find that number OF bank
ing companies. shall have been formed,
and shall hive complied with all the requi.
sitions OF this act, preliminary 10 The com.
mcncenent o. the business Of banking. in
any district, greater than the number as
signed 10 such district, then The commits,
sloners shall cttermine which of sucl,
compan e. are 10 be preferred, land CERT
| iy the same to the Governor as in this
section provided, and in forming such de
termination, they shall apply The follow.
ing rules, in the order hch ihey stand
FTSt-They shall avoid depriving any
county in which one or mo re Of such
companies are formed, of at leasl
one.
Second They sh,ll pr efcr such com.
panies as have the largest capital, pro-
v.dsd' at least thirty per cent, thereof
| shall have been paid in
IMm-They shall prefer the com
pany or companies whose stock is in The
largest proportion, owned by citizens o
the county III which such company !,
formed
Fourth They sh,lI prefer the com
pany or companies whose st ok is in tn,
largest proportion, owncl by Inc cni.
z ms Of the State.
Fhh--They shall prefer companie:
constituted by the most responsible
stockholders. And IN case more com
panles shall have been formed, and shil
have complied with all The requirements
OF ihis net, preliminary TO the commence
ment OF business, in any county, than
the number assigned 10 such county, tho
commissioners, ia determining 10 which
q preference shall be niYen shnn IL