True American. [volume] (Steubenville [Ohio]) 1855-1861, 1856-04-30
!. q. RAGAN, Editor and Proprietor.

for IN this act. No Independents bank
shall be organized Auuder this ac. with
less capital than fifty thousand dolla,s; nor
shall the capital stock of any such bank
ever be increased to any sum exceeding
two hundred thousand dollars, except as
specially provided for in this act. At
least fifty per cent of the capital stock of
each company shall be paidin gold and
silver coin, or their equivalents; one half
Of which fifty per cent at least shall be in
gold and silver coin, and shall be in.the
actual possession and bonafde the proper
ty of the company at the time of the COM
mencement of its banking business, and
at The place designated for carrying on
such business, and the remainder of the
capital stock Of such bank shall be paid
in, in installments, each of at least ten per
cent on the whole amount of the capital
subscribed, as frequently as once in every
four successive months, from the time
of commencing business until the whole
amount Of such capital shall be paid up.
Provided, that the directors of the bank of
Ohio may extend the time for The pay.
ment of such deferred installmeuts, or any
part of them, TO the branch banks ,swhen
satisfied that The public interest does not
require them to be paid as frequently as
above provided for, and the governor may
grant 10 the independent banks the like
extension for the same cause.
SECTION 6. If any shareholder or his
assignee shall fall to pay any installmen'
on his stock when the same shall be re-
quirod 10 be paid, the directors may sell
said stock at public aucliou, having given
three weeks previous notice thereof, in a
newspaper published in the county where
the bank is located, to any person who
will pay the highest price therefor, no
Jess than the amount then due thereon
and the excess, if any, after paying the
expenses of the sale, shall be refunded ia
The delinquent slockholder. Ii no bidder
can be found who will pay for such stock
the amount due thereon to the bank, ant
costs of advertisement and sale, the amount
previously paid shall be forfeited to tn.
bank and such stock may be subsequent
y sold in such manner as the director:
may order,
SECTION 7. The board of bank com
missioners shall examine the certificate.
of the formation of banks, transmitted t.
them as required by the fourth section o
this act, and shall, by one of their owl
members or other SPECIAL agent appointed
by them for that purpose, who shall no
be slockholder in any of the bank form
ed under this act, Immediately proceed Il
examine The condition of each OF thu
banks which shall have transmitted to sal,
board the required certificate; and it shal
be The especial duty Of such agent to care
fully count or otherwise ascerta the d
mount of money paid in on account of it
capital stock, to Ascertain the name an
place Of residence of each of the director
"f such bank, and that their stockholders
directors and officers are men of respons
billily and integrity, and entitled to tn
i public confidence, and the amount Of car
! ital stock of which each is the bona fd
owner, whether such bank has compile
with all the requirements of this act nc
cessary 10 entille the bank 10 engage in tn
business of banking, and shall cause to b
made and attested BY the oath of major
ity of the directors, and by the cashier q
such bank, statement Of all the materia
facts necessary TO enable the board c
bank commissioners to determine whethe
such bank is lawfully entitled to CON
: mence the business Of banking under tn
provisions Of this act, and such agent sha
Immediately report to the beard Of ban
: commissioners such statement and hi
proceedings in the premises.
Section s. If, upon careful exam
: nation Of the certificates of association
7 and the reports and statements Of the spt
: cial agents appointed TO ascertain wheihe
the banks so organized have compile
with the provisions ofthis act If it shall ar
pear that any such banks have been form
led, and that their stockholders, director
and officers are men ofresponsibility, an
integrity,and entitledlo public confidence
: and that such banks or any of them az
? lawfully entitled 70 commence the bus
y ness Of banking, the commissioners sha
! certify the same 10 the governor, VIII
q shall, Il he be satisfied thal the law h,