Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1851-05-08
Published by James Harper.l
NAMa N1 NNAN.
AN ACT
To authorize Free Banking.


than three, may engage in the bushes
Of banking, with all the rights, priv
leges and powers conferred by and sui
lject TO the restrictions of this act.
BANKs-How ESTABLISHED.
! Sec. 2. Persons associating TO forr
a banking company, shall, under thei
hands and seals, make certificate
which shall specify-First: The nam
assumed by such company, and b
which il shall be known in IFS dealings
also, the name of the place where il
banking operations shall be carried on
at which place such banking compan,
shall keep an Office for the transaction
of business and for the redemption o
IFS circulating notes. Second: Tht
amount of the capital stock of sucl
company, and the number of shares in
to which the same is divided. Third
The name and place of residence, and
the number of shares held by each mem.
ber of the company. Fourth: The time
when such company shall have been
formed-such certificate shall be ac-
knowledged before a Justice of the Peace
or Notary Public, and shall be recorded
by the Recorder ofthe 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 per-
son 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 conclusive evidence OF the le-
gal existence of such banking company.
Sec. 8. The capital stock of each
company hereby authorized, exclusive
of the securities of such company, de-
posted with the Auditor of State, for
the redemption of the notes of circula-
ton of such company, shall be at least
twenty-five thousand dollars, and shall
not exceed five hundred thousand dol
lars; and any such company may, from
time to time, increase its capital stock
TO any amount not exceeding five hun
dred thousand dollars.
Sec. 4. Every such banking compa-
nv, before commencing business, shall
have paid in, and remain in its posses
sion, bona ide, 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 installments as may be
by the directors of any such
Sec. 3. 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 sec;
tions OF this act, said Auditor, Governor
and Secretary, shall furnish to such
company a certificate of such fact, un-
der their hands and under the great seal
of the State, which shall be recorded in
the office of the Secretary of State, il
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 en-
graved and printed in the best manner
to guard against counterfeiting, such
quantity of circulating notes, in the
similitude of bank notes, in blank, of
The different denominations herein au-
as he may, from time to time,
deem necessary 10 carry into effect the
provisions of this act, and of such form
as he may prescribe. Such blank circu-
Iating notes shall be countersigned,
numbered and registered in proper
books, to be provided and kept for that
purpose in the office of said Auditor, un-
der his direction, by such person or per.
sons as the Auditor shall appoint for
that purpose, so that each denomination
Of such circulating notes shall be of the
same similitude, and bear the uniform
signature of such register, or one of such
register.
Sec. z. Whenever any company,
formed for the purpose of banking. un-
der the provisions of this act, shall law
fully transfer to the Auditor ofState 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 entitled to receive from The Auditor
an equal amount of such circulating
notes of different denominations regis
tered and countersigned as aforesaid;
but such public stock shall in all cases
be, or be made to be, equal TO L stock
of this State producing at least five per
centum interest per anHNnAs and il shall
not be lawful for the Audit6r 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, actually paid in and remain
ing in such bank, undiminished by loss
es. The plates, dies and materials 10
be procured by the Auditor for the prin-
ting and making of the circulating notes
provided for hereby, shall remain z h:s
custody and under his direction; and the
expenses necessarily incurred in exc
cutting the provisions Of this act shall be
audited and settled by the Auditor, and