The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-04-16
LAWS OF OHIO.
PUBLISHED BY AUTHORITY.
AN ACT to authorize Free Banking.

three, may engage m the business OF Dank-
ing, with all the rights, privileges and pow
ers conferred by and subject to the restric-
tions of this act.
BANKS-How ESTABLISHED.
Sec. 9. Persons associating to from a
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 lis banking operations
shall be carried OH, at which place such
banking company shall keep an Office for
the transaction of business and for the re-
demption of its circulating notes. Second
the amount of tho 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.
Such certificate shall be acknowledged be-
fore Justice ofthe Peace or Notary Pub
lie, 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 ex-
anime the same; and copy of said re-
cord, duly certified, shall be by the Re-
cordertransmitted TO the Secretary ofState.
who shall record and carefully preserve
the same in his office; copies thereof, duly
certified by either those officers, may be
used as evidence in all courts and places
for and against any such company. and
shall be conclusive evidence Of the legal
existence Of such banking company.
Sec. 3. The capital stock Of each com.
pany hereby authorized, exclusive of the
securitles OF such company, deposited with
The Auditor of State Tor the redemption o.
the notes of circulation of such company
shall be at least twenty-five thousand dol.
lars, and shall not exceed five hundred
thousand dollars; and any such company
may, from time to time, increase its capita
sock 10 any amount not exceeding five
hundred thousand dollars.
Sec. 4. Every such banking company
before commencing business, shall have
paid in, and remaining in its possession
bona fde, the property of such company
for the sole purposes of such company
sixty per centum Of its entire capital stock
and the residue shall be paid in, in such
instaiiments as may be required by the di'
rectors of any such company.
SEC. s. Whenever any company here
in authorized, shall furnish ic the Auditor
Governor and Secretary Of State, satlsiac'
;ory evidence that such company nss
complied with the preceding sections ol
this act, said Auditor, Governor and Sec
retary 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 office of the Sec
retary of State, in the same book in winch
is required to be recorded the certificate
provided for in the second section OF TINS
act. ra t- ..a
Sec. 6. The Auditor is hereby author.
lied and required to cause to be engraved
and printed in the best manner to guard a
gainst counterfeting, such quantity of cir
culating notes. in the similitude of bank
notes, in blank. Of the different denomna'
tions herein authorized, as he may, from
time to time. deem necessary 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 provided and kept for that purpose in
the office OF said Auditor, under his direc-
ton, by such person or persons as the
said Auditor shall appoint for that purpose,
so that each denomination of such circu-
lating notes shall be of the same slmilitude,
and bear the uniform signature Of such reg
lister, or one Of such registers.
Sec. 7. Whenever any company, form
ed for the purpose of banking, under the
provisions of this act. shall lawfully trans
fer 10 the Auditor of State, any portion oi
the public stock issued or to be issued by
the State OF Ohio, or by the United States,
such company shall be entitled to receive
from the Auditor an equal amount of such
circulating notes of different denomna,
tons, registered and countersigned as a.
foresaid; but such public stock shall in all
cases be, or be made to be, equal to a
stock of this State producing at least five
per centum interest per annum; and j
shall not be lawful for the Auditor to take
such stock at rate above its par value
nor above its current market value; Provi'
ded, that the Auditor shall not furnish to
such company circulating notes to an
amount more than three times the amount
Of the capital stock Of such company, act
ually paid in and remaining in such bank
undiminished by losses. The plates, dies
and materials to be procured by the Audi
tor for the printing and making Of the cir
culating notes provided for hereby, shal
remain in his custody and under his direc
tion; and the expenses necessarily incur
red in executing the provisions of this act
shall be audited and settled by the Auditor