The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1851-04-14
Laws OF OHIO.
By AUTHORITY.
AN ACT
To authorize Free Banking:

90
sSEc. /, BE Il enacted By The General
assembly. of The Stale of Ohio, That
any number Of natural persons, not less
than three, may engage in the, business
Of banking, with all the rights, privileges
and powers conferred by and subject to
the restrictions Of this act.
BANKS -znow ESTABLISHED.
SIC. 2. Persons associating to form
q banking company, shall, under their
hands and seals, make certificate, which
shall specify-First: The name assumed
BY such company. and by. which it shall
be known in its dealings; also, the name
Of the place where its banking operations
shall be carried on, at which place such
banking company shall keep an Office for
the transaction Of business and for the
redemption of its circulating notes.
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
time when such company shall have been
formed certificate shall be acknowl-
edged before 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 book
to be kept by him for that purpose, which
shall at all times, during Office hours, be
kept open for inspection of any person
wishing to examine the. same; and copy
of said record, duly certified, shall be by
the Recorder transmitted to the Secretary
of State, who shall record and carefully
preserve the same in his Office; copies
thereof, duly certified by either of those
officers, may be used as evidence in all
courts and places, for and against any
such company, and shall be conclu-
siye evidence Of the legal existence of
snch banking company. 4
SEC. 8. The capital stock Of each COM
pany hereby authorized, exclusive of the
securities of such company, deposited
with the Auditor Of State, for the re-
demption of the notes of circulation of
such company, shall be at least twenty
FIVE thousand dollars: and shall not exceed
FIVE hundred thousand dollars; and any
such company may, from time to time,
increase its capital stock to any amount
not exceeding FIVE hundred thousand dol
lars.
SEC. 4. Every such banking company.
before commencing business, shall have
paid in, and remaining in its possession,
bona fide, the property of such company,
for the sole purposes of such company,
sixty per centum ofits entire capital stock,
and the residue shall be paid in, in suchin-
stalments as may be required by the di-
rectors of any such company.
Sec. 5. Whenever any company here
in authorized shall furnish to the Audi
tor, Governor and Secretary Of State,
satisfactory evidence that such company
has complied with the preceding sections
of this act, said Auditor, Governor and
Secretary, shall furnish to such company
a certificate of such fact, under their
hands and under the great seal of the
State, which shall be recorded in the Of
fee Of the Secretary of State, in the same
book in which is required to be recorded
the certificate provided for in the second
section of this act.
SEC. 6. The auditor is hereby author
lied and required to cause to be engra-
we'd and printed in the best manner to
guard against counterfeiting, such guam
tity Of circulating notes, in the similitude
of bank notes, in blank, of the different
denominations herein authorized, as he
may from time to time, deem ne
cessary to carry into effect the provisions
of this act, and of such form as he may
prescribe. Such blank circulating notes
shall be countersigned, numbered and
registered in proper books, to be provi-
ded and kept for that purpose in the Office
of said Auditor, under his direction, by
such person or persons as the said Auditor
shall appoint for that purpose, SO that
each denomination of such circulating
notes shall be the similitude, and bear the |
uniform signature Of such register, or
one Of such registers. !
SEC. 7. Whenever any company,
formed for the purpose of banking un-
der the provisions Of this act, shall law
fully transfer to the Auditor of State, any
portion Of the public stock issued, or to
be issued by the State Of Ohio, or by the
United States, such company shall be en-
titled to receive from the Auditor an c.
quail amount of such circulating notes of
different denominations, registered and
countersigned as aforesaid; but such pub
lie stock shall in all cases be, or be made
to be, equal to stock of this State pro-
ducing at least FIVE per centum interest
per annum; and it shall not be lawful for
the Auditor to take such stock at a rate
above its par value, nor above its current
market value; Provided, that the Auditor
shall not furnish to such company cir
culating notes to an amount more than
three times the amount of the capital stock
OF such company, actually paid in and
remaining in such bank, undiminished by
losses. The plates, dies and materials to
be procured by the Auditor for the print
ing and making Of the circulating notes
provided for hereby, shall remain in his
custody and under his direction; and the
expenses necessarily incurred in executing
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