Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1856-09-25
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AN ACT. t5
To incorporate the Bank of Otio and other
R,nks


AN ACT. 81
To incorporate the Bank of Otio and other
SEC. I. Be it enacted by the General Assem-
bly, Of the State Of Ohio, That il shall be lawft
for natural individual persons, not fewer
number in any case than FIVE. to associate an
form companies for the purpose of carrying o
the business of banking, each at such place i
this state shall be designated in its article
Of associst ton, and in the certificate hereinafte
required to be made, subject, however, to tn
Contingencies, restrictions, conditions, and liza
b;lities prescribed in this act.
Sec 2 To carry into effect the provision
of this act, VIM. w. Scarborough of Cincinnati
Franklin T. Backus, of Cleveland, ,Chauncey N
Olds, Of Circieville, J. R. Finn, Of Columbus
and Samuel Forrer, of Dayton, shall bs, an.
tbey are hereby appointed commissioners AM
they. or . majority Of them, after taking al
oath diligently. faithfully and impartiaIly &
perform the duties assigned them by this act,
certificate of which oath shall be filed and car e
fully preserved in the Office of the secretary o
etste, shall constitute board 10 be designated
the board Of bank commissioners; which boarC
shall continne until the organization of the
Bank OF Ohio, as hereinafter provided for, anC
thereafter the duties which they are required tc
branches of Bank Of the Ohio, shall be performed
By mid bank & the duties in the organization Of
independent banks which they are required BY
this act TO perform, shall devolve on and be per
formed oy the auditor, treasurer and secretary
of state, who shall be commissioners to pe- form
such duties and if any Of said commissioners
shall refuse to serve, shall die or resign, his
place shall be filled by the General Assembly,
by joint resolution, if in session, and if not by
the governor.
Secs. Said commissioners shall meet in the
city Of Columbus, at such time, within thirty
days after the second Tuesday of October next,
as shall be appointed by the governor, W ho shall
notify each member of his appointment, and of
the time and place of meeting; they shall, when
met, appoint one OF their number TO be their
president, who shall, under the order of the
ooard,sign all official documents; and they shall
cause fair and true record of all their official
proceedings TO be kept in book 10 be provided
for that purpose.
Sec. 4. Persons associating to form bank
shall, under their hands and seals ma ke certif
cate which shall specify,
First-The name assumed by such bank, and
by which il shall be known in its dea lings, in
which name shall be included the name of the
city, village or town in which its banking
operations shall be carried on;
-Second-The amount Of the capital stock OF
such bank and the number of fshares into which
the same is divided;
Third-The name and place Of residence and
the number of shares held by each member Of
the company;
Fourth-The time when such company shall
have been formed;
FiHh-That such company has elected to
carry on It's operations an independent bank,
or, as a "branch Of the Bank OF Ohio :" as the
case may be, which certificate shall be ac-
knowledged before justice of the peace or no.
tary public, and shall be recorded by the record
er ofthe county where such bank is to be es;ab-
lirhed, 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
transmitted to the secretary ofstate, who shall
record and carefully preserve the same in his
office, and another 90 the board of bank COM
Inissioners.
Sec. S. No company shall be permitted to
commence or carry on the business Of banking
under this act, ss u branch of the Bank of Ohio,
unless its capital stock shall be at least one
hundred thousand dollars. nor shall the capital
OF stock any such branch ever be increased to
exceed four hundred thousand dollars, except as
specially providedforinthis act. No independent
bank shall be organized under this act with
less capital than fifty thousand dollars;nor shall
the capital stock Of any such bank ever be in
creased TO any sum exceeding two hundred
thousand doilors, except as specially provided
for in this act. AT least fifty per cent. of the
capital stock OF each company shall be paid in
gold and silver coin, or their equivalent; one
half of which fifty per cent. at least shall be in
rolk and silver coin, and shall be in the actual
possession and bona fide the property of the
company at the time of the commencement of
its banking business. and at the place designa-
ted for carrying on such business, and the re-
mainder Of the capital stock OF such bank shall
be paid in, in installments, each Of at least ten
per cont on the whole amount of the capital
subscribed, as frequently once in every four
successive months, from the time of commen-
cling 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 of p. yment Of such deferred installmenis or
any part of them, to the branch banks, when
satisfied that the public interest does not re-
quire them to be paid as frequently as above
provided for, and the governor may grant to
the independent banks the like extension for
the same cause.
Sec. 6. IL any shareholder or his assignee
shall fail to pay any installment on his stock
when the same shall be required to be paid, the
directors may sell said stock at public auction,
having given thee weeks previous notice there
of in q newspaper published in the county
where the bank is located, to any person who
will pay the highest price therefor mot less than
the amount then due thereon; and the excess,i
ary after paying the expenses OF the sale, shall
be refunded to the delinquent stockholdcr. II
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
he crde
Sec. Z. The board Of bank commissioners
shall examine the certificates of the formation
of banks. transmitted TO them as required bv
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 q stakeholder in any Of the banks formed
Under this act, Immediately proceed to examine
the condition OF each OF The banks which shall
have transmitted to said board the required GER
.i6cate;and it shall be the especiul duty OF such
agent to carefully count or otherwise ascertain
the amount OF money paid in on account of its
capital stock, to ascertain the name and place
of residence of each ofthcdirectors ofsuch bank
and that their stockholders, directors and off
GERS are men of responsibility and integrity .ant
entitled to the public confidence, and the
amount Of capital stock OF which each is the
bona fde owner, whether such bank has com
piled with all the requirements Of this &C
business OF banking, and shall cause to be ma d.
and attestcd by the oath of a majority Of the
directors, and by the cashier Of such bank,
statement of all the material facts necessary Z
enable the board of bank commissioners t.
Determine whether such bank is lawfully enti
Sled to commence the business of bpnkiDg unde
she provisions OF this act and snch agent shnl
Immediately report to the board Of bank com
missioners such statement and his proceeding
in the premises.
Sec. g. II. upon q careful examinatian o
the certificates of association, and the report
and statements of the special agents appointe
to ascertain whethor the banks SO organize'
have complied with the provisions OF this act,i
shall appear fthat any such banks have bee
formed, and that their stockholders, director
and officers are men of responsibility and integ
ritz, and entitled to public confidence, and tina
such banks or any Of them are lawfully entitle
10 commence the business Of banking, the CON
missioners shall certify the same to the govern
or, who shall, il he be satisfied that the law ba
in all respects been complied with, iss1e h
corf hat urb ha N ks n