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


issued BY such banking company shall be paid
by the person procuring the protest to DO
made, and such company shall be liable there
for, but no part of the stocks pledged by such
company to the auditor shall be applied to the
payment of such fees; and all expenses in
Cured in conducting the sale of any such
pledged stocks, and advertisements thereof
shall be paid out ofthe proceeds Of such sales.
Sec. 40 The stockholders collectively, of
any banking company, shall at no time be Ii
able to such company, either as principal debt
or sureties, or both, to an amount greater than
two-ffths of the amount of capital stock actu-
ally 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 it shall be the duty of the au-
ditor, treasurer and secretary State, or ma
iority of them, as often as once in each year,
to appoint some suitable person in the vicini-
ty of each banking company, who shall not be
a stockholder in any bank of this State, who
shall haze power to make thorough examin-
alton into all the affairs of the bank which he
may be appointed to examine, and, in so doing, |
to examine any of the officers and agents of
such bank, on oath; and such agent shall
make 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 visitorial powers authorized by
law; and every agent appointed, as in this sec
ton provided, 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 he shall necessari-
" travel, in the performance of his duty, which
shall be paid by the banking company BY him
examined
Sec. Al. Whenever any banking company,
being desirous to diminish the amount of its
circulating notes. shall deliver to the auditor
of state any portion of such notes, not less in
amount at any one time than five thousand
dollars, to be destroyed, the auditor shall des
troy the same, as prescribed in this act, and
shall thereupon, transfer and deliver to such
company, certificates of funded debt deposit
ed with him by such company, 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 below the amount of the capital
stock of such company at that time paid in,nor
in value. estimating the same at their current
price in The city of New York, below the amount
of eli culating notes still retained BY such COM
pany; 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, ,beingdesirous ofrelinquish-
ing its bankingbusiness, ,qall have at least eigh
ty, five per centum of the maxium amount
of its circulating notes, and shall have deliver
ed the same to the auditor of State, to be des-
troyed, and shall have provided means and
given security to the satisfaction of the treas
urer, secretary and auditor of State, for the
redemiion of its outstanding notes of cireula-
ton, at the place where the office of such com
pany was established, and shall have given no.
tice thereof, by advertisement for six consecu-
tive months, in two newspapers of general cir
culation, published in columbus, and at least
one, published in the city, town, or village
where the Office of such company is located, II
shall be lawful for the auditor of State to re-
transfer and deliver to such company, all the
; certificates of funded deqts previously pledged
, with him by such company, and thereupon,al al
> the corporate powers of such company, except
such as shall be necessary to close up its at
fairs, shall cease.
Sec. ~. Each company shall be liable tc
paw the holder of every bill or note put in cir
culation as money by such Co, the paymen
I, of which shall have been demanded and re
fused, and upon all its circulating notes or bill
J without such demand and refusal, after sucl
company shall have suspended generally, thu
!, payment of its notes or bills in gold or silve
!, coin, damages thereon in lieu of interest, a
! the rate of fifteen per eentum per annum iron
J the time Of such refusal or suspension, as tn
y case may be, uatil such company shall resum
u the payment of its notes in gold or silver colr
and shall in case of such general suspension
: have given three weeks notice Of such resump
, ton in one newspaper in general circulation
Il in the county where The princi pal office {
r such banking company is located, and in on
> newspaper published in the city of Columbus
J. provided that nothing in this act containe
- shall be construed so as to authorize contlI
.e uance of banking business under this act aftt
: the year 1872.
IN Sec. 49, The president and cashier of e
'e cry company formed pursuant to the provi
4 ions of this act shall. at all times, keep trr
a. and correct list of the names Of all the shar
s' holders of such company, and the amount
as stock owned by each, and shall file a copy
OF such list in the Office of the recorder of Il
m county where any office of such company ma
'r' be located, and also in the Office of the audit
or of State, in the months of January and Jul
:. in every year.
be Sec. a. No banking company shall col
er mence the business of banking under this a.
oy until such company shall have deposited wi
e. the auditor the securities required by la
en- equal in amount to sixty per centum of t
IN capital stock of such banking company.
Oh Sec 45. No banking company, as sue
be shall issue or put in circulation any circulate
as note or notes of said company, unless the sar
nd shall be made payable on demand and vii
er out interest, and every violation of this sectit
eir by any officer or member of banking CO. &C
ok panv, or any officer or agent thereof, shall
erT' deemed and adjudged a misdemeanor, Pr
eh ishable by fine or imprisonment, or both, in
ID discretion of the court having cognizan
ed thereof; each bank established by virtue
ed this act, shall be subject 10 the provisions
ny AN act to restrain banks from taking usul
uT passed March 10, 1850.
lcn Sec. 46 If any bank or banking compa
mo m shall purchase, buy in or take up, directly
her indirectly, any of their circulating notes of