The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1851-04-17

" - Nu0I1Nt " AlG - NhAH NNo
z BANKs-How EsrABLIEHED.
SIC. =. Persons associaliug 10. form a
banking company shull. under the hands aud
seals, make a ceriicate, Which shall specI-
fy-First-the name assumed by such, COM
pany, and by which il shall be known IN It's
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 It's circulating
notes. Second-lhe amount of the capital
stock o fsuch company, and the number OF
shares into which the sumo IS dlvidod'-
Third-the name aud place Of residence, and
the number Of shares held by each IN
Of the company. Fuurth-Phe time when
such company shall have been formed L.
Such certificate shall be acknowledged be-
fore a Justice Of tue Peace or Notary Puplic,
and shall be recorded by the Recorder Of the
county where such company is 10 be eslub-
lished, in book To be kept by him for that
purpose, which shall at all times, during Of
iice hours, be kept open for inspection OF any
person wishing 10 exanln the same; and a
copy ofsaid record, duly certified, shall be
BY the Recorder transmitted to the Secreta-
~ of State, who shall record n dcareiully
preserve the same in his office; copies there
Of, duly certified by either Of those officers,
may be used as evidsIce IN ull courts and
places, for and against any such company,
and shall be conclusive evidence OF the legal
existence OF such banking company. 4.
% SEC. 3. The capital stock Of each compR-
ny hereby authorized, exclusive Of the secu-
rites ofsuch company deposited with the Au-
ditor of State for the redemption Of the notes
of circulation of such company, shall be al
least twenty-five thousand dollars, and shall
not exceed five hundred thousand dollars;
and any such company may, from time to
time, increase It's capital stock to ANY amount
not exceeding five hundred thousand dollars.
SEC. A. Every such banking company,
before commencing business, shall have paid
in, and remaining in It's possession, bona
tde. the property Of such COMPANY, for the
sole purposes OF such company, sixty per
cen,um Of It's entire capital stock, aud The
residue shall be paid in, IN such lnstallments
as may by required be The directors of any
such company.
Sec, 5 Whenever any company herein
authorized, shall furnish the Auditor, Cow
eTnor and Secretary, Of State. satisfactory
evidence that such company has complied
with tho preceding sections Of this act, said
Auditor, Governor aud Secretary shall fur
nish 20 such company u certificate OF such
fact, under their hands aud under the great
seal OF the State, which shall be recorded IN
Z the office o the Score afy Of Sta.e, IN the
same BOOK in which is required to be recor-
ded the certificate provided for IN the second
section Of this act.
SEC. g.. The Auditor is hereby uuihori-
zed and required 10 cause TO be engraved
and printed IN the best manner, 10 guard ~
gainst counterielting, such quantity OF err
culating notes, IN the sImilltude Of bank
notes, IN blank, of The different denOmuna-
tions herein authorized, rs he may, from
time to time, deem necessary to carry into
effect the provisions Of this net, aud OF such
form as he may prescribe. Such blank err
culatlng notes shall be counterslgned, num-
bered aud registered IN proper books, 10 DO
provided aud kept for that purpose IN the Of
fce of said Auditor, under his direction, by
such person or persons us the SAID Auditor
shall appoint for that purpose, so that encl
denomination of such circulating notes sliull
be of the same slmilitude aud bear the uni
form signature Of such register, or ono Of
such registers.
Sec. 7. Wenever any company, formed
for the purpose of banking, under the provls
ions Of this act, shall lawlully transfer to The
Auditor Of State, my portion OF The public
stock issued, OF 10 be Issued by the State d
OhiO, or by the United States. such compa'
ny shall be eutitled to receive from the Au-
dltor an equal amount OF such circulating
hOles of different denominations, registered
and cuunlerslgned MS atoresnid;' but such
public stock shull IN all cases be, or be made
TO be, equal to a stock Of this State prOduc'
ing al least five per contum interest per an
NUM-; and il shall not be- lawful for the Au
ditor TO take such stock at II rate above III
par value, nor above lis current market ynl
ne; Provided, that the Auditor shall not fur
nish 10 such company circulating notes Il
an amount more than three times the amour
Of the capital stock Of such company, actual
sly paid IN and remaining In such bank, IN
diminished by losses. The plates, dies an,
materials to be procured by the Auditor TO
tho printing and making of the circulating
notes provided for hereby, shall lenain il
his custody and under hts direction; and the
gAVVHoGo uIAiooaNll W NNfNhhli
the provisions of this net, shall be audited
and senled by tho Auditor, and paid Out Of
any moneys in the treasury, not otherwise
appropriated; and, for tho purpose Of reim-
burslng the same, the said Auditor is here
by authorized and required to charge against
and receive from such company applying for
such circulating notes, such rate per conlum
thereon as may be Sufficient for that purpose,
and as may be just aud reasonable.
SEC 3. Every such company is hereby
authorized, after having executed such cir
culating notes IN the manner herein requir-
cd, 10 make them obligatory proniissory
notes, payable on demand at It's place of bu-
Siness, within the State; to loun and cir
culate the same az money, according to the
ordinary course of banking business, as reg
ulated by the laws and usages of this Suite.
SEC. D. Every such company shall cause
10 be executed aud signed, by the president
and cashier thereof, the circulating notes
received from the auditor of State, and sucI
notes shall thereaiter..be obligatory promls
sorry noles of such company, IN l,s cnrpo
rate capacity, payable on demand, al its usu
al place Of bus ness.
SEC. 10. Every company formed unde
this act. after having procured the c%ertlicOt
required in the fifth section Of tins act, sim
be, and hereby is, created u body polite NJ
corporate, with Succession until the year Gig
teen hundred aud soventy-two aud lhereaft'
until the repeal of this act, aud by lis nun
shall have power to contract, and 10 pros
cute aud defend suits aud actions Of eve
description as fully ms natural PERSONS;
loan money, buy, sell, and discount bills