Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-05-12
ube 1)orta9e 5eutinel.
RrsAmUEL ID. HARRIS, Jr.
PUBLIsHED BIZ AUTHORITY,

Il a Ws S OF @. HI o..
80 PUBLISHED By AUTHORITY,
mo. All s..
AN. ACT s.
10 sntkoriss Frss Banking.
.sec l.. BE 1t enacted By the General
Asssnsbly Of the State Of Ohio, That any
number Of natural persons, not less than
three, may engage in the business of bank.
ing, with all the rights, privileges and pow
ers conferred by and subject to the restric.
lions Of this act. e.5f
Banks --ho,c established.
IS Sec. Persons associating to form a
banking company shall, under their hards
aud seals, make certificate, which shall
specify: First-tbe name assumed by such
company, and by which it shall be known
in its dealings; also, the name of the place
where its banking operations shall be car
ried on, at which place such banking com
pany sha' I keep an Office for the transaction
Of business and for the redemption Of its
circulating notes. Second-the amount Of
the capital stock Of such company, and the
number ofsahares into which the same is d.
vided. Third the name and place of res
idence, and the number of shares held by
each member Of the company Fourth :
the time when such company shall have
been formed Such certificate shall be ac-
knowledged before Justice al the Peace
or Notary Public, and shall be recorded by
the Recorder oil the county where such COM
pany is to be established, in book to be
kept by him for that purpose, which shall
at al times, during office hours, be kept
open for inspection Of any person wishing
70 examine the same; and copy of said
record dlly: certified, shall be by the Re-
corder transmitted TO the Secretary of State,
who shall record and carefully preserve the
same in bis office; copies thereof, duly GER
tilted byeithero 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 existence Of
such banking company.
Sec. g. The capital stock of each COM
pany hereby authorized, exclusive Of the Sc
eurities Of such company, deposited with
the Auditor of State for the redemption OF
the notes Of circulation of such company,
shall be at least twenty-five thousand dol
lars, and shall not exceed FIVE hundred
thousand dollars; andany such company
may, from time TO fine, increase its capital
stock to any amoant not exceeding 6se hun
dred thousand dollars
Sec. 4. Every such banking company,
before commencing business, shall have
paid in, and remaining in its possession,
bona fde, the property Of such company,
for the sole purpose Of such company, sixty
per ccnfum Of lis entire capital stock, and
The residue shall be paid in, in such install
nnents as may be required by the directors
Of any such company.
Sec. s.. Whenever any company here-
ii authorized, shall furnish to the Auditor,
Governor, and Secretary Of State, satisfac-
tory evidences that such company has COM
Piled with the preceding sections Of this
act, said Auditor, Governor, and Secretary
shall furnish TO such company a certificate
Of such fact, under their hands and under
tie great seal Of the State, which shall be
recorded IN the office Of the Secretary of
State. II, tlle same book in vi hich is required
10 be recorded the certificate provided for in
the second section Of this act.
Sec. 6. The Auditor is hereby authors
ised and required to cause to be engraved
and printed in the best manner, to guard
.eainst counterfeiting, such quantity Of cir
c1iatino Noes in the similitude of bank
notes. in, blank. of the different denomina-
siops herein authorized. as be may, from
time "a, time. deem necessary TO carry into
effect the provisions of this act, and Of such
form q he NAV prescribe. Such blank cir
cnlat;no mote. shall be countersiened, num-
bered and registered, in proper books to be
,,rovided and kent for that purpose in the
afI;ee Of said. Auditor. under his direction,
hy. .uch nerson or. persons as the said Au-
d;.or .b.ii .anno;n. for that purpose. 40 that
s..t 80. d.noa,;na tion Of such circulating notes
.hslI 1 A {. e The same similitude. and bear the
,,n;far. sf, s;ensrure of sucb register or one