The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1851-05-02
LAWS OF OHIO.
BIZ AuTEoRITv.
AM ACT

[CocIuded.l


notes issued by any such banking COM
pany, shall be paid by the person procu-
ring the protest 10 be made, and such
company shall BE- liable therefor, but no
part Of the stocks pledged by such CON-
pany to the Auditor, shall be applied to the
paymen, Of such fees; and all expenses
incurred in conducting the sale of any
such pledged stocks, and advertisements
thereof, shall be paid out ofihe proceeds
Of snch sales.
Sec. 40. The stockholders collective
", Of any banking company. shall at no
time be liable to such company, either as
principal debtors or suieties, or both, TO
an amount greater than iwo.fiiihs OF the
amount Of capital stock actually paid in
and remaining undiminished by losses or
otherwise, nor shall the directors be so
liable by the bylaws Of such company,
adopted by its stockholders, TO regulate
such liabilities; and il shall be the duty
Of the Auditor, Treasurer, and Secretary
Of State, or majority Of them, as ef,en
as once in each year, to appoint some
suitable person in the vicinity Of each
banking company, who shall not be a
stakeholder in any bank Of this State,
who shall have power to make thorough
examination into all the affairs Of the
bank which he may be appointed 10 exa
mine, and. 10 so doing, TO examine any
OF the officers and agents Of such bank,
on oath; and such agent shall make a
detailed report Of the condition Of such
bank TO the Auditor Of State; and the
banking companies herein authorized
shall be subject to any other visiiorial
powers authorized BY law; and every
sgen, appointed, as in this section provi.
ded, shall receive for his services at the
rate Of two dollars for each day by him
employed in such examination. and two
dollars for every twenty-five miles be
shall necessarily travel, in the perform.
ance Of his duty, which shall be paid by
the banking company by him examined.
Sec. 4l. Whenever any banking CON-
pany. being desirous to diminish the
amount of It's circulating notes, shall de-
liver TO the Auditor Of State any portion
Of such notes, not less in amount at any
one time than FIVE thousand dollars, TO be
desiEoyed. the Auditor shall destroy the
sames 40 preso<ibed in this act, and shall,
ihereupon, transfer and deliver TO such
company, certificates of funded debt de
posted with him by y-such company, to an
amount equal 10 the amount Of notes 50
delivered up; Ptoyided, that the amour,
Of such certificates remaining with the
Auditor, shall not thereby be reduced be-
low the amount Of the capital stock oI
such company al that time paid in, nor in
value, estimating the same at their cur.
rent price in the city Of New York, be
low the amount Of circulating nores still
retained BY such company; nor shalt 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 relin-
gushing its banking business, shall have
paid at least eighty 6ve per centum ofihe
maximum amount ofi.s circulating notes,
and shall have delivered the same to the
Auditor OF State, 10 be destroyed, and
shall have provided means and given Sc
curiiy TO the satisfaction Of the Treasu.
rer, Secretary, and Auditor of State, for
the redemption Of its outstanding notes
Of circulation, at the place where the Of
fee ofsuch company was established, and
shall have given notice thereof, by adver-
tisement, for six consecutive months, in
two newspapers Of general circulation
published in Columbus, and a, least one
published in the city, town, or village
where the Office Of such company is 10
Gated, it shall be lawful for the Auditor
ofState 10 re-iransfer and deliver 10 such
company, all the certificates Of funded
debis previously pledged with him by
such company, and thereupon, all The
corporate powers of such company ex.
cep, suchaas shall be necessary TO close
up iss affairs, shall cease.
Sec. 40. Each company shall be liza.
bic to pay the holder Of every bill or note
put in circulation as money BY such com.
pany, the payment Of which shall have
been demanded and refused, and upo,
al its circulating notes or bills, without
snch demand and refusal, after sucI
company shall have suspended generally
the payment Of its notes u bills, in gold
OF silver com, damages thereon, in lieu ol
interest, at the rate ofsfifteen per ceniun
from the time Of such refusal or suspen.
sion, as the case may be, until such com.
pany shall resume tho payment Of iis
notes in gold or silver coin, and shall
in case Of such general suspension, have
given three weeks notice of such re-
sumption in one newspaper in general
circulation in the county where The prin.
cipal Office Of such banking company is
located, and in one newspaper published
in the city Of Columbus; provided. tha,
nothing in this act contained, shall be
construed 90 as to authorize a continu.
ance Of banking business under this act,
after tie year 1872.
Sec. 40. The president and cashie,
Of every company formed puuuan. tc
the provisions Of this act, shall a. al