The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1856-05-22
L A w s" OF OHIO.
PUBLIsIIED By AUTHORITY,
tNc. il4] AN ACT, sf''
To incorporate the Bank of Ohio and other
EFsaL Fsii Banks. ,-.-s 4 't-. -s

ASscHipty OF We Dt0te ~ OHtO, 1ndb IL SNAIL
be lawful for natural individual persons, not
fewer in number in any case than FIVE, to
associate and form companies for the purpose
ofcanying on the business Of banking, each
at such place in this State as shall be desig-
mated in its articles of association, and in
the certificate hereafter required to be made,
subject, however, to the contingencies, re-
strictions. conditions, and liabilities prescri-
bed in this act.
= SEcrIoN 2. To carry into effect the pro-
visions of this act, VIM w. Scarborough,
of Cincinnati; franklin T. Backus, of CleVe-
land, Chauncey N. Olds, OF Circleville, j.
R. Finn. of Columbus, and Samuel Forrer,
of Dayton, shall be, and they are hereby ap-
pointed commissioners, and they, or a ma
jority oi them, after taking an oath diligent-
ly, faithfully aad impartially to perform the
duties assigned them by this act, certificate
of which oath shall be filed and carefully pre-.
served in the Office of the Seer tary of State,
shall constitute board, to be designated the
board of bank commissioners which board
shall continue until the organization of the
Bank of Ohio, as hereinafter provided for,
and thereafter the duties which they are re-
qured to perform by this act, in the organi-
zation of independent banks which they are
required by this act to perform, shall devolye
on and be performed by the Auditor, Treasur-
er, and Secretary of State, who shall be COM
missioners to perform such duties, and ifany
of said commissioners shallrefuse to serve,
shall die or resign, his place shall be filled
by the general Assem- bly,, by joint resolution,
if in session, and ifnot, by the governor.
SECTION 3. Said commissioners shall
meet in the city OF Columbus, at such time,
within thirty days q iter the second Tuesday
OF October next, us shall be appointed by
the governor, who shall notify each member
of his appointment, and Of the time and
place of meeting; they shall, when met, ap-
point one Of their number to be their presi-
dent, who shall under the order of the board,
sign all official documents; and they shall
cause fair and true record of all their off
cial proceedings to be kept in a book to be
provided for that purpose. s..4s-sq...g,s s.aaf
| SECTION 4. Persons associating TO form
bank shall, under their hands and seals,
make certificate, which shall specify,
First-The name assumed by such bank,
and by which it shall beaknown in its deal.
Iings, in which name shall be included the
name Of the city, village or town in which
its banking operations shallbe carried on;
Second-The amount OF capital stock Of
| such bank, and the number of shares into
which the sameis divided: hi. ss.s ss.
Third The name and place of residence
and the number Of shares held by each. mem
Der Of the company; '- a s-@ a-sf
Fourth--The time when such company
shall have been formed; rT Z .s.i9 .gss
Fiith--That such company has elected to
carry on its operations as an independent
bank, or, as d "branch Of the Bank Of Ohio,'
as the case may be, which certificate shall
be acknowledged before justice of the
peace or notary public, and shall be recorded
by the recorder of the county where such
bank is, TO established, in book to be Kept
by him for that purpose, which shall at oil
times during Office hours to be kept open for
the inspection of any person wishing to ex.
anime the same; one copy OF which certif-
cate, duly certified, shall be transmitted to
the Secretary OF State, who shallrecord and
carefully preserve the same in his Office, and
another to the board of bank commission.
erSs H. ,5s.sq ( gs,.g.,. a.. .-..,. . --s ,.
SECTION 5. No company shall be per
mitted to commence or carry ON the bust.
ness OF banking under this act, as ii branch
of the Bank OF Ohio unless the capital stock
s1all be at least one hundred tAousand dol
lars.sn shall the capital stock ofany branch
ever be increased to exceed four hundred
thousand dollars, except as specially provi. |
ded for lin this act. No independent bank
shall be organized under this, act with less
capital than,ffty thousand dollars, nor shall |
the capital stock Of any such bank be in.
creased to any SUN exceeding two hundred |
thousand dollars, except as specially proyi.
,ded for in this act. AT least fifty per cent
OF the capital stock of each company shall
be paid!n gold and silver coin,or their, equev.
alent; one half Of which fifty per cent at |
least shall be in gold and silver coin, and
shall be in the actual possession and bunal
ide the property of the company at the time
of the commencementsotits its banking bust.
mess, aud atthe place designated for carry
ing on such business, aud the remainder OF
the capital stock of such bank shall be paid
in in instailments, each oe 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 ofI
Ohio may extend the time for the payment
of such deferred installments, or any part
of them, to the branch banks, when satisfied
that the public interest does not require
them to be paid as frequently as above pro-
vided for, and the ex-governor may grant to the
independent banks The like extension for
the same cause.
Section 6. If'any shareholder'by his asi
signee shall fail to pay any installmenti 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 thereof, in U newspaper pubs
lished In the county where the bank jis loea.
ted, 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 safe, shall be re-
funded to the delinquent stockhoider.a Ifnol
bidder can be found wha.s will pay for such
stock the amount due. thereon to the bank,
and costs OF advertisement and sale, tie
amount previously paid shalibe forfeited toll
the bank; and dsuehastock 7 may begsubsquent-
" sold IN such mstners ss the directors may
order, .8ss VA.
sEorio,s l. The board Jf bank commits.
sioneFs shall examine the cestifcatesiof thei
formationio OF ban ks, transmitaadte thema
required By the fourth section Of this aei,
and shall, by one DC theif own members OF
other special agent appointed hy them for
that purpose. who shah not be- Z stool khoidefI |
iir any or the bnI1ks formed under this aes, |
immediately ufoceed u examine, the eondi-