Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1856-05-22

case may be, which certificate shall be aeknowl.
edged before justice Of the peace or notary
public, and shall be recorded by the recorder
of the county where such bank is to be eslab-
lished, in book to be kept by him for that
purpose, which shall at all times during Office
hours be kept open for the inspection of any
person wishing to examine the same one copy
Of which certificate. duly certified, shall be trans
mitted to the Secretary Of State, who shall re-
cord and carefully preserve the same in his Of
fee, and another to the board of bank commits
sioners.
Section 5. No company shall be permitted
to commence or carry on the business Of bank.
under this act, as branch OF the bank of Ohio
unless its capital stock shall be at least one hun
dred thousand dollars, nor shall the capital
stock Of any such branch ever be increased to
exceed four hundred thousand dollars except
as specially provided for in this act, No inde-
pendent bank shall be organized under this act
with less capital than City thousand dollars;
nor shall the capital stock of any such bank ev-
er be increased to any sum exceeding two hun.
dred THOUSAND dollars, except AS specially pro-
vided for in this act, At least fifty per cent Of
the capital stock of each company shall be paid
in gold and sive coin or their equivalent one
half CT which fifty per cent, at least shall be in
gold and silver coin and shall be in the actual
possession and bona ile the property of the
company at the time Of the commencement Of
its banking business, and the place designated
for carrying on such business, and the remain
der Of the capital stock of such bank shall be
paid in, in instalments, each Of at least ten per
cent, on the whole amount of the capital sub
sCribed as frequently as once in every four
successive months, from the time Of commenc-
ing business until the whole amount of such cap
ital shall be paid up Provided, hat the direct
ors Of the bank of Ohio may extend the time
for the payment of such deferred instalments,
or any part of them, to the branch banks, when
satisfied that the public interest does not re-
quire them 10 be paid as frequently as above
provided for, and the governor may grant to the
Independent banks the like extension for the
same cause.
Section 6. Ifany shareholder or his assignee
shall fail to pay any instalment on his stock
when the same shall be required to be paid, the
directors may sell said stock at public auction.
having given three weeks previous notice there
of, in newspaper published in the county
where the bank is located, to any person who
will pay the highest price therefor, not less than
the amount then due thereon; and the excess,
if any, after paying the expenses of the sale.
shall be refunded to the delinquent stockholder.
If no bidder can be found who will pay for
such stock the amount due thereon to the bank
and costs of advertisement and sale, the amount
previously paid shall be forfeited to the bank
and such stock may be subsequently, sold in
such manner as ihe directors may order.
Section 7. The board of bank commissioners
shall examine the certificates Of the formation
OF banks, transmitted to them as required by the
fourth section of this act, and shall, by one of
their own members or other special agent ap-
pointed by them for that purpose, who shall
not be a stockholder in any of the banks form
ed under this act; Immediately proceed to ex
amin the condition Of each Of the banks which
shall have transmitted to said board .he requi-
red certificate and it shall be the special duty
of such agent to carefully count or otherwise
ascertain the amount of money paid in on ac-
count Of its capital stock, to ascertain the name
and place Of residence Of each of the dire ctors
of such bank, and that their stockholders, d.
rec.ors and officers are men of responsibility
and integrity, and entitled to the public conf
dence. and the amount of capital stock of which
each is the bona fde owner, whether such
bank has complied with all the requirements OF
this act necessary to entiLle the baLk to engage
in the business Of banking, and shall cause to
be made and attested by the oath famajority
of the directors, and by the cashier of such bank
a statement of all the material facts necessary
to enable the board OF bank commissioners to
determine whether such bank is lawfully enti-
tied to commence the business of banking under
the provisions of this act and such agent shall
Immediately report to the board Of bank com
mssioners such statement and his proceedings
in the premises.
Section 8. If, upon careful examination Of
the certificates of association, and the reports
and statements of the special agents appointed
to ascertain whether the banks so organized
have complied with the provisions of this act
it shall appear that any such banks bave been
formed and that their stockholders, directors
and officers are men Of responsibility and integ'
rity, and entitled to public confidence and that
such banks or any Of them so lawfully entitled
To commence the business OF banking, the COM