The freeman. (Fremont [Ohio]) 1849-1850, 1850-05-04
March %, 1850.
AN ACT

AN ACT
To provide for taxing banks and banking companies
Sec. l. Be 1t enacted by the General As
sena6ly of the State of Ohio, That the CASH
ier or president of every banking institution
in this State, whose charter does not prescribe
any particular mode of taxation for the same,
and every banking institution hereafter estab-
lished in this State, shall, annually, within ten
days after the fifteenth day of November,
make out, under oath, and transmit by mail
or otherwise, to the Auditor of State, state
ment, showing the amount of the capital stock
of said bank actually paid in and existing un-
diminished by losses and the amount of sur
plus or contingent fund then on hand, deduct
ing, however from such surplus or contingent
fund, the amount of money paid for real es-
tate belonging to said bank: and upon which
il pays taxes in any other manner than that
which is hereinafter provided.
Sec. q The Auditor of state shall, annual
", as soon as he receives such statement as
certain the total per centum of taxation asses
sed for all purposes on money at interest at
the place where such bank is located, and
shall Immediately thereafter, assess upon such
capital stock and contingent fund, per CEN
tum of tax equal to that so ascertained.
SEC. 8. That so soon as the amount of such
tax is ascertained, the said Auditor shall inform
such bank thereof, and the said bank shall pay
the same to the Treasurer of state, upon the
order of the Auditor, and shall have a lien
upon the stock of each of its stockholders for
the reimbursement of his her share of the
stock sopaid.
SEC. 4. That if any existing bank, the char
ter of which does prescribe any particular
mode of taxation for the same, shall by 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 Au-
ditor of state, such bank shall thereafter, for
the purpose of taxation, be subject to the pro-
visions 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 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 in
to the post Office letter containing such state
ment, addressed to the Auditor of state, at
Columbus, shall be deemed a compliance with
the provisions of said section.
SEC. 6. That if any branch of the State
Bank of Ohio shall suffer its specie and sight
funds in the eastern cities, as provided in the
ffty-fouth ar lion of the act to which this is
an amendment, TO fall 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 re-
turn proportional amount of its circulation,
which circulation when so returned, shall be
burned; and thereupon the board of control
shall declare proportional amount Of the stock
of said branch extinguished
Sec. Z. That any branch of the State Bank
of Ohio, when 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 receipt of
said circulation, burn the same, and thereup-
on declare proportional amount of the stock
of said branch extinguished, but in no case
shall said branch be permitted to reduce the
amount of her safety fund
Sec. All laws and pats of laws inconsist-
ent with the provlsiens of this act are hereby
repealed.
BENJAMIN F. LETTER,
Speaker of the House of Reps.
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