The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1851-04-14

onAH the directors DC 30 llaOle 0y Inc Dy.bWS
Of such company. adopted by its stockhoid-
en- to regulate such liabilities; and il shall !
be the duty Of the auditor, treasurer and Sc
cretary Of State, or a majority Of them. as |
often as once in each year, to appoint some
suitable person in the vicinity Of each bank
ing company, who shall not bel stocknoidet
III any bank OF this State, who shau nave
power to make thorough examination inlo
all the affairs of the bank which he may op
appointed to examine, and, IN so uolns' "
examine any Of the officers ana egtnS oi
such bank, on oath; and sEch agent snali
make detailed report OF the condition OF
such bank 10 the suditor OF State; and the
banking companies herein authorized Shall
be subject to any other visitorial powers au-
thorized BY lsw; and every agent sppointed
az in this section provided, shall receive for
his services at the rate OF two dollars for
each day by him employed in such examin-
alton, and two dollars for every twenty-five
miles he shall necessarily travel in the per-
formance Of his duty, which shall be paid Sy
the banking company by him examined.
SIC. Al. Whenever any banking compa-
ny, being desirous to diminish the amount ol-
its circulating notes, shall delivertoth the audit
or of State any portion Of such notes, not
less in amount. ot any one time than five
thousand dollars, to be destroyed, the audit
or shall destroy The same. as prescribed IN
this act, and shall, thereupon, trSnsier and
deliver to such company certificates OF fun
ded debt deposited with him by such com
pany, to an amount equal to the amount Of
notes so delivered up; Provided that the
amount Of such certificates remaining with
the auditor shall not thereby be reduced be-
low the amount Of the capital stock Of such
company at that time paid in, nor in value,
estimating the same at theircurreEt price
in the city OF New York, below the amount
Of circulating notes still retained by such
company; nor shall the auditor be required
TO re-transfer such certificates in fractional
sums OF less than one thousand dollars; and
whenever any such company, being desirous
of relinquishing its banking business, shall
have paid ut least eighty per centum o
the maximum amount Of its circulating
notes, and shall have delivered the sa me tt
the auditor Of State, to be destroyed, ant
shall have provided means and gwen securi
~ 10 the satisfaction of the treasurer, secre'
tsry and auditor Of State, for the redemption
OF its outstanding notes Of circulation, a
the place where the office Of sucf
company was established, and shall have
given notice, thereof by advertisement for 81,
consecutive months, in two newspapers o
Sge neral circulation. published in Columbus
and at least one, published In he city, towr
or village where The Office Of such conpan,
IL located, il shsll b. lawful for the audi;o
of State TO n rp-trdnslrr end deliver to sucl
company all the certificates Of funded debts
previously pledged with him by such com
pany, and thertupon all the corporate pow
srs of such company, except such as shal
be necessary 10 close up its affairs, shal
cease. e-.,oi :.
SIC. AZ. Each company shall be liabl'
TO pay the holder Of every bill or note, pu
In circulation as money by such company
the payment of which shall have been de
manded and refused, ntlupon all its circr
lating notes or bills, without such deman
and refusal after such company shall have SUI
pended generally, the payment OF its not.
or bills in gold or silver coin, damages there
on in lieu OF interest, at the rate OF fiiiee
per sentumper annum from the time OF sue
refusal or SUSPENSION, as the case may be, III
til.such company shall resume the paymeI
of its notes Ia gold or silver coin, and sha
in case OF such genera suspension, have 6
ven three weeks notice of such resumptio
in one newspaper in general circulation
the county where the principal office
such banking company is located, and
one ne wspa per published in the city OF G.
iumbus; provided that nothing in his u
contained shall be construed SO as 10 autho
ize the continuance OF banking buslne
under this act after the year 1917.
SEC. 43. The president and cashier
every company formed pursuant 10 the pr
visions of this act, shall ut all times, ke'
a true and correct list Of the names Of i
the shareholders OF such company, and I
amount Of stock owned by each, and sb'
file 4 copy Of such list in the office oi
recorder Of the county, where any Office
such company may be located, and also
the Office OF the auditor of State, In
months Of January and July in every ye
SEC. "A. No banking company shdll CO.
mence the business OF banking under Il
act. until such company shall have dep
tied with the auditor the securities requi
by law, equal in amount to sixty per {.
tun Of the capital stock Of such bank
company. n. 6ss .4
SIC. as No banking company, as su
shall issue or pul in circulation any circu
ting note or notes Of said company uni
The same shall be made payable on demt
and without interest, and every violat
of this section, by Sny officer or member
banking company, or any oihcer or az
thereof. shall he deemed and adjudgeC
misde rreanor, punishable by fine or imp
onment, or both, in the discretion Of
court having cognizance thereof; each p
esta blished by virtue Of this act, shall
subject TO the provisions Of ian act to
strain banks from taking usury," pas
March 10, 1850. rs ~
SEC. 46. If any bank or banking G.
pany shall purchase, buy in or take up, di
tIy or indirectly, any Of their ciTcula
notes Of an amount less than what is
thereon, all the stockholders Of uny 8
bank OF banking company, shalt be Ii
In their individual and in their corpo
sapacity for all sum or sums for which
auch circulating bills or notes shall be
purchased, below tfeit par value, and
interest that may at ths time be due u
ON. together with twent, five per cen
penalty upon all such sum or sums.
gro. az. Alllaws now 10 force "
are apDlicuble TO the banking compS
herein an,hoized, and which contiict,
Il YIsu