The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1856-07-02
LAWS OF OHIO.
PUBLISHED BY AUTHORITY.
AN ACT.
To incorporate the Bank of Ohio and other

AN ACT,
To incorporate the Bank OF Ohio and other
Banks.
SECTION /. Be it enacted by the General is
sen,dly of the State Of Ohio, That it shall be
lawful for natural individual persons, not few
er in number in any case than five, TO associate
and form companies for the purpose of carry
ing on the business of banking, each at such
place in this State as shall be designated in
Its articles of association and in the certificate
hereafter required to be made, subject, howev-
er to the contingencies, restrictions, conditions
and liabilities prescribed in this act
SECTION 2. To carry into effect the provi-
sions of this act, VIM. w Scarborough, OF
Cincinnati Franklin T. Backus, of Cleveland
Chauncey n. Olds, of Circleville, J. R. Finn,
of Columbus, and Samuel Forrer, of Dayton,
shall be, and they are hereby appointed COM
missioners, and they, or majority of them,
after taking an oath diligently, faithfully and
impartially to perform the duties assigned
them by this act, a certificate OF which oath
shall be filed and carefully preserved in the
I Office of the Secretary of State, shall consti-
tute board, to be designated the board OF
bank commissioners; which board shall con-
| tinue until the organization of the Bank OF
l Ohio, as hereinafter provided for, and there
after the duties which they are required to per-
form by this act in the organization of branches
! of the Bank of Ohio, shall be performed by
4 said bank and the duties in the organization
! of independent banks which they are required
| by this act TO perfom, shall devolve on and be
performed by the Auditor, Treasurer, and Sec.
I. retary of State, who shall be commissioners TO
perform such duties, and If any~of said com.
missioners shall refuse TO serves shall die OF
resign. his place shall be filed by the general
assembly, by joint resolution, if in session, and
| if not, by the governor.
+. .SgeEIoS>.s3. Said commissioners shall meet
| in tie city of Columbus at such time, within
thirty days after tho second Tuesday Of Octo-
Der next, as shall be appointed by the governor
who shall notify each member of his appoint
ment, and of the time and place of meeting;
! they shall, when met, appoint ono of their
number to be their president, who shall, under
the order of the board, sign all official docu-
ments; and they shall cause a fair and true
! record of all their official proceedings to be
kept i'll a book to be provided for that purpose.
| SECTION 4. Persons associating TO form a
bank SHALL under their hands and seals, make
a certificate, which shall specify,
First-The name assumed by such bank,
and by WHICH it shall be known in it's dealings,
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,s and the number of shares into
which the same is divided;
Thrd-The name and place OF residence and
the number of shares held by each member OF
the company
/ Fourth--The time whenanch company shall
have been formed;
! Fifth-That such company has elected TO
carry on its operations as an Independent bank,
or, as : lsanch of the Bank of Ohio" as'the
case may be, which certificate shalt be acknowl-
edged before a justice of the peace or notary
! public and shall be recorded by the recorder
of the county where such bank isto be estab-
| tlished, in book TO be kept by him for that
/ purpose, which shall at all times during Office
/ hours be kept open Cor the inspection Of any
! person wishing to examine the same; one copy
| of which certificate, duly certified, than be
/ transmitted to The secretary of state. oshall
record and carefully preserve the same in his
| office, and another to the board of bank COM
missioners.
| sEcTIoS 5. No company shall be permitted
fte.roInmence or carry on the business of bank
! ing klder this act, as a branch of the bank of
Ohio, unless its capital stock shall be at least
one. hundred thousand dollars, nor shall the
] capital stock of any such branch ever be in
creased 10 exceed four hundred thousand dol
llars, except as specially provided for in this
act. No independent bank shall be organized
under this act with a less capital than City
Thousand dollars; nor shall the capital stock
lof any such bank ever be increased to any sum
exceeding two hundred thousand dollars, ex
lcept 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 gold 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 bu.
/ siaess 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 bust
/ ness until the whole amount of such capita
shall be paid up. Provided, that the directors
of the bank of Ohio may extend the time fol
the payment of such deferred installments, o,
any part Of them, to the branch banks, when
4 satisfied that the public interest does not re-
quire them to be paid as frequently as above
! provided for, and the governor may grant t.
! the independent banks the like extension fol
the same cause. s3la. sHssa "a *
( Section 6. If any shareholder OF his as
lsignee shall fail to pay any installment on his
stock when the same shall be required to be
] paid, the directors may sell said stock atspub
! lie auction, having given three weeks previous
notice thereof, in a newspaper published in the
dcounty where the hank is located, to any per
Ison who will pay the highest price therefor
not less than the amount then due thereon
and the excess; if any, after paying the ex-
\ ipenses of the sale, shall be refunded to the dc.
/ llinonerit stockholder. If no bidder can bt
1 found who will pay for such stock the amount
due thereon to the bank, and eosts Of adver-
tisement and SALE the amount previously paid