Fremont weekly freeman. [volume] (Fremont, Sandusky County, Ohio) 1850-1853, 1851-04-19

same and copy OF SAID record, duly certlh-
ed, 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 legal exis-
tence of such banking company.
! Sec 8. The capital stock Of each company
hereby authorized, exclusive of the securities
Of such company, deposited with the Auditor
iof State, for the redemption of the notes of
circulation Of such company, shall be nj least
twenty five thousand dollars, and shall not ex-
ceed five hundred thousand dollars; and any
such company may, from time to time increase
its capital stock 10 my amount not exceeding
FIVE hundred thousand dollars.
Sec 4. Every such banking company, be-
fore commencing business shall have paid in,
and remaining in its possesson, bona fde, the
property of such company, for the sole purpose
Of such company, sixty per centum Of its en-
tire capital stock, and the residue shall be paid
in, in such instalments as may be required by
the directors of any such company.
See 5. Whenever any company herein
authorized shall furnish to the Auditor, Gov
ernor and Secretary of State, satisfactory ev-
ldence that such company has complied with
/ the preceding sections of this act, said Audi
tor, 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 office of
the Secretary of State, in the same book in
which is required to be recorded the certif-
cate provided form the second section of this
act.
| -
Sec. 6, The auditor is hereby authorized
and requn ed to cause to be engraved and
printed in the best manner to guard against
counterfeiting, such quantity of circulating
notes. in the sinniitude of bank notesin blank,
lof the different denominations herein author
lied, as he may, from time TO time, deem nee
Iessary to carry into effect the provisions of
: this act, and of such form as he may prescribe
Such blank circulating notes shall be counter
signed, numbered and registered in proper
books, to be provided and kept for that pua-
pose 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 of the same similitude, and bear
the uniform signature of such register, or one
of such registers. le.s.5
Sec. Z. Whenever any company, formed
for the purpose of banking. under the provis-
ions of this act, shall lawfully 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 entitled to receive from the Auditor
! an equal amount of such circulating notes of
: different denominations, registered aad coun-
; tersigned as aforesaid but such public stock
J shall in all cases be, or be made to be, equal
to stock of this State producing at least FIVE
! per ceptum 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
] circulating notes TO an amount more than
three times the amount of the capital stock OF
e such company. actually paid in and remaining
! in such bank, undiminshed by losses. The
: plates, dies and materials to be procured by
: the Auditor for the printing and making of the
circulating notes provided for hereby, shall re-
main in his custody and under his dissection;
and the expenses necessarily incurred in exc
cutting the provisions of this act shall be audi-
ted and settled by the Auditor, and paid out
of any money in the treasury, not otherwise
appropriated; and, for the purpose of REIN.
bursing the same, the said Audito is hereby
authorized and required to charge against and
receive from such company applying for such
circulating notes, such rate per centum there
: on as may be sufficient for that purpose, and
as may be just and reasonable.
Sec. 8. Every such company is hereby an
thorized, after having executed such circula-
ting notes in the manner herein required. to
make them obligatory promissory notes, paya-
+ Bile on demand at lis place Of business within
the State;to loan and circulate the same as
money, according to the ordinary course of
r banking business, as regulated by the laws and
usages of this State
{ Sec. 8. Every such company shall cause
;; to be executed and signed, by the president
and cashier thereof, the circulating notes re-
ceived from the Auditor of State and such
notes shall thereafter be obligatory promissory
notes of such company, in its corporate capac-
ity, payable on demand, al its usual place Of
business.
See 10. Every company formed under
t this act after having procured the certificate
required inthe fifth section of this act, shall be
and hereby is, created body polite and cor
porate, with succession until the year eighteen
hundred and seventy-two. and thereafter, un-
til the repeal of this act and BY its name shall
have power to contract and to prosecute and
defend suits and actions of every description
as fully as natural persons; TO loan money, buy
sell, end discount bills of exchange, notes, and
all other written evidences of debt, except such
as may be herein prohibited; to receive de
posites, buy and sell gold and silver coin and
bullion, collect and pay over money, and trans
act all other business properly appertaining TO
banking subject to the provisions and restric-
~ &c I,IJ
vey such real estate may be necessary to
the convenient transaction of its busincs, and
no more; but may, however. acquire title to
4 any real estate pledged to secure any debt
S previously contracted or purchased on an exc
cution or order of sale, to satisfy any ludg-
: ment or decree in its favor, or which shall
S have been conveyed to it in payment of any
e previous debt; but shall not hold any real es-
t tate, so acquired, longer than is necessary to
p avoid loss of any part of the debt interest
y and costs for the colIpctipn- or Sacrrit1, nj