Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-05-12

ihat time paid in, nor in value, estimating
.he same al their current price in the city
Of New York, below the amount of circu.
lating notes siiil 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; md
whenever any such company, being desi-1 8
yous of relinquishing i,slbanking business,
shall have paid atsleast eighty. five per een-g
,um of the. he.maximnm amount OF its circulat>
ing notes. and shall have delivered the same
TO the Auditor OF State, 10 be destroyed,and
shall have provided means and given secu.
rity 10 the satisfaction Of the Treasurer.
Secretary, and Auditor Of Sta.e. for the
redemption of its outstanding notes OF cir
cuiaiion, Of the place where the office OF
such company was established, and shall
have given notice thsteof.by ads dsertisement.
for rsix consecutive monhls,i in two newspa-s
2ors of general circulation, published in
Columbus. and at least -one, published IN
the city, town.. or villnge where the office
ef such conpany is located, ii shall be law
fal foF the Auditor Of State 10 re.tIansfer
and delisersto such company, all the cer.s
tlicaies OF funded debs previously pledged
with him by such company, and thereupon..
allthe corporate powers of such company
except such as shah be necessary to close
up its affairs, shall cease. 5gsto7 ~
SEcs Do. Each company. shall bs liable
rospay the holder of every bill or note put
iIiacirculation asmoney by such company.
the payment of which shnll have been de-.
mended and refused, andiupon oil its cireu-6
fssing notes or bills Wi heut such demand
and refusal, after such company shall have
suspended generally, the payment of lis
notes or bills IN gold or silver coin, dama-
gas thereon. lieu Of interest, atihe rate
offifteen per cen,um per annum from the
time of such refusal or suspension, as the
case may be. until suck company shall re-
sume the payment of lis notes in gold or
silver coin, and shall, in case Of such gen.
eral suspension, have given three weeks
nosaee Of such resumption in one newspa-
per IN general circulation in the county
where the principal office Of such banking
som2any Is located, aad ia one newspaper
published in the city of Columbus; provi-
ded. that nothing in this act contained,
shall be construed so as 10 authorize acon-sa
tipuance of banking business under this
acis after the year 1872. a
SEC 43.5The president and cashier of
every company formed pursuant TO the
provisions Of this act. shall at alEtimes keep.
n true and eorrect list of the names Of all
the shareholders Of such company. and the
ameunt OF stock owned by each. and shall
file ascopy of such list ainsthe Office Of the
Recordersaf the. county where any office
OF such company may be located. and also
in the ntfice Of such company. and also in.
the office Of the Auditor oi State, in the
months Of january and July, in every
yeasfs
SEC. Al No banking company shall
commence The business of banking under
this act until such company shall bavs de-
posted with the auditor The securities re-
quired by law, equal in amount to sixty
penscentum ofsthe scnpital stock Of such
banking company alasatt r. z,z
SEC. 40. Nobnnking company, rs such.
shall issue or pun in circulation any circu-
1aiing note or notes of said company, un-s.
}esssfhe sau,e shall be made payable on de-
mand and without Interest," and every vio-a >
f,tipn of This section. by any officer or
member ofsa banking company. eor any.
officer snr ageni thereof, shall be deemed
and adjadged a misdemeanor. punishable :
BY fine or imprisonment or both, ingthe
di crelion of sthe. court having cognizancea
thereof; each bank established by virtue
ofsihis act. shall be subject to the provis-
ions oil .san act 10 restrain banks from to-
king nsnrr.o passed March 10. 1850. a
SEc 46. If any bank or banking CON-
rany. shall purchase, buy in, or take up
directly or indirsctly.an of sheir circula-
ting notes of an amount less; than what is Il
due thereon. ait the stockholders of any /
Sucir bankaor banking company, shall be
liable in their individual and 10 their corr
poraie capacity. for oil sum or sums for
which any srch circulating bills or notes
shall be so purchased. below their par val-
e.Aand any interest thatsmay sat athe time |
he due shereen.a together with twenty-five
per ceniDm penalty upon al such sum or
sums. .essh7 Esssi - s5s5z q 81 ssss 5oza
SEC. III ALI laws now ia force which
are applicahle TO the bunking companies I
herein authorized, nnd which conflict with /
the provisions Of this ACT. are. repealed, so
far rs the snfne NAV be applicable 10 the
banking companies herein authorized. ess
JOHN F.. MORSE.
Speaker Of the House of Representatives, 80
. GIIARLES4G e. CONYERS, e#s Il
sssa S. ss's aSpeaser the Senate
Marci. 81, 1851. 35s
ArD1roa's 0FErcE. PonrAeE Co.,
Ravenne, May II, 1851. Il
hereby certify that the foregoing are
true copies of the acts passed by the Gene
'ai Assembly Of Ohio as certified TO by the /
Secretary Of State. rs !ya#ss.jr,.- .5s.;.
~ JOHN G. MCBRIDE, Auditor. =
The New Constitution Abroad.
The Water Cure Journal by Fowl En-