Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1856-09-04
galus Of Ohio.
PUBLISHED BY AUTHORITY
THE BANK LAW.


To incorporate the Bank of Ohio and other Banks.
Section l. Be ii enacted by the General Assembly of
the State Of Ohio, That it shall be lawful for natural
divdura persons not fewer In number any case than
i've to associate and form companies for the purpose of
carrying on the business of banking each at such place
in this State shall be designated in its articles of
ciaton and in the certificate hereafter required be
made subject however to the contingencies restrictions
conditions and liabilities prescribed in this act.
Sec p To carry into effect the provisions of this act
Wm- W. Scarborough of Cincinnati, Frankn t. Backus
of Cleveland, Chauncey N 0lds of Cirreve J. R. Finn
of Columbus and Samuel Forrer of Dayton shall be- and
they are hereby appointed commissioners and they,
majority of them, after taking oath diligently, faith
fully and impartiay to perform the duties assigned them
by this act certificate of which oath shall be filed and
carefully preserved in the Office of the Secretary 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 hereinafter provi
ded for and thereafter the duties which they required
to perform by this act in the organization of branches
the Bank of Ohio, shall be performed by said bank and
the duties in the organization of independent banks
which they required by this act to perform shall de-
yGve and be performed by the auditor treasurer and
secretary of State who shs be perform
such duties and of said commissioners shall refuse
to shall die resign his place shall be filed by
the general assembly, by joint resolution, if in session.
and if not, by the governor.
Sec 3. Said commissioners shall meet in the city of
Columbus at such time, within thirty days after the
ond Tuesday of October next shall appointed by the
governor who shall notify each member his appoint
fent and of the time and place of meeting; they shall
when met appoint of their number to be their pres
dent who SHALL under the order of the board sign all of
record of all their official proceedings to be kept in book
to be provided for that purpose.
Sec 4. Persons assocating to form bank shali under
their hands and seals, make certificate, which shall
specify,
First-The name assumed by snch bank, and by which
it shall be known in its dealings in which shall be
included the of the city, village town in which
its banking operations shall be carried on;
SecondThe amount of the capital stock of such bank
and the number of shares into which the is di-
vided;
Third-The and place of residence and the num-
Der of shares held by each member of the company;
Fourth-The time when such company shall have been
formed;
Fifth-That such company has elected to carry its
operations independent bank ''branch of
the Bank of 0hio, the be, which certificate
shall be acknowledged before justice of the peace
notary public and shall be recorded by the recorder of
the county where such hank is to be established, in
book be kept by him for that purpose which shall at
all times during Office hours be kept for the inspec
ton O. person wishing to examine the same;
copy of which certificate duly certified shall be trans
mtted to the secretary of State who shall record and
carefully the in his Office and another to
the board of bank commissioners.
Sec 5. No company shall be permitted to commence
carry the business of banking under this act
branch of the bank of GhiO unless its capital stock shall
be at least hundred thousand dollars shall the
capital stock of such branch be increased to
ceed hundred thousand dollars except specially
provided for in this No independent bank shall be
organized under this act with less capital than fifty
thousand dollars; shall the capital stock of such
bank be increased to exceeding two hun
dred thousand dollars except specially provided for in
this act At least fifty per cent Of the capital stock of
their eauivacnt half of which fifty per cent least
shall be in gold silver con and shall be in the actual
and bona de the property of the company at
the time of the of its banking business
and at the place designated for carrying such business
and the remainder of the capital stock of such bank shall
he paid in instaments each of at least ten per cent
the whole amount of the capital subscribed frequently
s once in every four successive months from the time
of commencing business until the whole amount of such
captal shall be paid up Provided that the directors of
the bank Ohio extend the time for the payment of
such deferred nstaments any part of them to the
branch hanks when satisfied that the public interest does
not require them to be paid frequently above provi
ded for and the governor may grant to the independent
banks the like extension for the same cause.
Sec g. If any shareholder his assignee shall fail to
nav any nsallment his stock when the shall be
required paid the directors sell said stock at
public auction having given three weeks previous notice
Thereof newspaper published in the county where the
bank is located to person who will pay the highest
price therefor not less than the amount then due there
and the il any, after paving the expenses of
the SALE shall I've refunded to the delinquent stakeholder
II bidder be found who will pay for such stock the
tisement and sale the amount previously paid shall he
forfeited to the bank and such stock may be subsequent
ly sold in such manner as the directors may order.
Sect The board of bank commissioners shall examine
the certificates of the formation Of banks, transmitted to
them required by the fourth section of this act and
SHALL by of their members other special agent
appointed by them for that purpose, VINO Shall not be
sockhoder any of the banks formed under this act
immediately to examine the condition of each of
the hanks which shall have transmitted to said board the
required cercate and it shall be the especial duty of
such agent TO carefully count otherwise ascertain the
ascertain the and place Of residence of each OF
the directors of such bank and that their stockholders
directors and officers of responsibility and integ-
rity and entitled the public confidence and the amount
Of carita stock of which each is the bona de owner,
whether such bank has complied with all the require
rnens of this act necessary TO ente the bank to engage
in the business of banking and shall cause TO he made
and attested y the oath of majority Of the directors
and Iv the cashier of such bank, statement o ell the
material facts necessary TO enable the board OF bank com
rnissoners to determine whether such bank Is hwiny
entitled TO commence the business of banking under me
proysons of this act and such agent shall iminediatey
rnport to the board bank commissioners such state
,nent and his proceedings in the premises
Ser E. IL upon a careful examination OF the the GER
tcates of association and the reports and OF
the specia agents appointed to ascertain whciner te
tanks so organized have complied with the PROVISIONS OF
this act Il shall appear that any such hanks nave occ
6nrmcd and that their stockholders directors ana ocrs
arc ncn of responsibility and integrity, and enued 70
,,bIic confidence and that such banks or any OF the
i.vfv entitled to commence the business OF nhhihB'
,ho shall certify the same TO the soVeo
~ sh. n he be satisfied that the law has IN Az re-
snects been complied with, issue bis |
,ine forth that such banks authorized 10 coecs
and carry on banking, at the places severaiy
On their certificates of association.
sac q No hank shall organized under ths act as
branch Of the bank Of Ohio, in the county o. SI,
,;ti, less captal than five hundred thonsanu uos' LIE
wsIrb NAV be incrcssed to any sum NOT e"cse"'s Wv