The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1856-05-07
ga@s Of @biu.
PUBLIsaED BY AUTHORITY.
mo. II4.j AN ACT,

SECTION 1. Belt enacted 6y the Cen
erat assembly Of tie State Of Ohio,
That it shall be lawful for natural indi-
vidual persons, not fewer in number in
any case than five, to associate and form
companies for the purpose of carrying 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, however, to the contingencies,
restrictions, conditions, and liabilities
prescribed in tLis act.
SECTION 2. To carry into effect the pro-
visions of this act, Wm.W. Scarborough,
80 of Cincinnati, Franklin T. Backus, of
Cleveland, Chauncey n. Olds, of Circle
vile, j. r. Finn, of Columbus, aud
Samuel orrer. of Dayton, shall be, and
they are hereby appointed commission
So ers, and they, or a majority of them,
after taking an oath diligently, faithful
~ and impartially to perform the duties
assigned them by this act, a certificate
of which oath shall be fled and carefully
preserved in the Office of the Secretary
of State, shall constitute a board, to be
designated the board of bank commits
sioners; which board shall continue until
the organization Of the Bank of Ohio, as
hereinafter provided for, and thereafter
the duties which they are required to
perform by this act, in the organization
of branches of the Bank of Ohio, shall
be performed by said bank, and the
duties in the organization of independ-
ent banks which they are required by
this act to perform, shall devolve on and
be performed By the Auditor; Treasurer,
and Secretary of State, who shall be COM
.missioners to perform 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.
SECTION g. Said commissioner shall
meet in the city of Columbus, at such
time, within thirty days after the second
Tuesday of October next, as shall be ap-
pointed by the governor, who shall notify
each member of his appointment, and of
the time andplace of meeting; they shall,
when met, appoint one of their number
to be their president, who shall, under
the order of the board, sign all official
documents; and they shall cause a fair
and true record of all their official pro-
.ceedings to be kept a book to be provided
for that purpose.
SEcr1oN 4. Persons associatiDg to
form q bank shall under their hands and
seals, make a certificate, which shall spe-
scifyy
First-The name assumed by such
bank, and by which it shall be known in
its dealings, in which name shall be
included the name of the city, village or
town in which its banking operations
shall be carried Oh;
Second-The amount of the capital
stock of such bank, and the number of
shares into which the same is divided;
Third-The name and place of resi-
dence and the number of shares held by
eeaeh member of the company;
Fourth-The time when such compa-
ny shall have been formed;
Fifth-That such company has elected
TO carry on its operations as an independ-
;eut bank, or, as a "branch of the BaAk
of Ohio.n as the case may be, which GER
fiHcate shall be acknowledged before a
a. justice of the peace or notary public, and
shall be recorded by the recorder of the
county where such bank is to be estab-
Iished, In q book to be kept by him for
that purpose, which shall all times du-
ring Office hours be kept open for the in
spection ofany person wishing tic examine
the same; one copy of which certificate,
duly certified, shall be transmitted to the
Secretary of State, who shall record and
carefully preserve the same in his Office,
and another to the board of bank COM
missieners.
SECTION s. No company shall be per-
mitted to m or carry on the bust
ness of banking under this act, as a
branch of the bank of Ohio, unless its
capital stock shall be at least one hun
dred thousand dollars, nor shall the cap
ital stock of any such branch ever be in
~ ASo< 49,
dollars, except as specially provided for
in this act. No independent bank shall
be organized under this act with a less
capital than fifty thousand dollars; ncr
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 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 6de the
property of the company ct the time of
the commencement Of its banking bust
ness, and at the place designated for
carrying on such business, and the re-
mainder of the capital stock of such bank
shall be paid in, in installments, each of
atleast ten per cent. on the whole amount
- of the capital subcribed, 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 ex-
tend the time for the payment of such
deferred installments, or any part of
then, to the branch banks, when satisfied
that the public interest does not require
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.
SECTION eff any shareholder or his
assignee shall fail to pay any installment
on his stock Whensthe same shall be re-
CURED to be paid, the directors may sell
said stock at public auction, having
given three weeks previous notice there
Of, In a newspaper published in the coun-
ty where the bank is located, to any per-
son who viii pay the highest price there
for, not less than the amount then due
thereon; and the excess, if any, after
paying the expenses of the sale, shall be
refhnded to the delinquent stakeholder.
Ifnn hlader can be found who will parI