Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1857-05-19

TO commence or garry on the business OF
banking under this act, unless It's capital
stock shall be at least. one hundred thous-
aud dollars, nor shall the capital stock Of
any such branch ever be increased to ex-
ceed four hundred thousand dollars, except
as specially provided for in this act AT
least City per cent. of the capital stock of
each branch 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 pos
session and bona fide the property of the
branch at the time of the commencement
of its banking business, and at the place
designated for carrying on such business,
and the remainder of the capital stock of
such branch shall bepaid in, ininstallments,
each of at least ten per cent. on the whole
amount of the capital subscribed, as fre-
quently as once in every four successive
months, from the time of commencing bu-
siness until the whole amount of capital
shall be paid up: Provided, that the di-
rectors of the Bank of Ohio may extend
the time for the payment of such deferred
installments, or any part of them, to the
branches, when satisfied thatthe public in
terest does not require them to be paid rs
frequently as above provided for.
SEC. %. If any shareholder or his as
signee shall fail to pay any installment on
his stock when the same shall be required
to be paid, the branch may sell said stock
at public auction, having given three
weeks previous notice thereof, in news
paper published in the county where the
branch is located, to any person who will
pay the highest price therefor, not less
than the amount unpaid thereon, and the
excess, If any, after paying the expenses
Of the sale, shall be refunded to the de-
lnquent stakeholder. If no bidder can
be found who will pay for such stock the
amount unpaid thereon to the branch, and
costs of advertisement and sale, the amount
previously paid shall. be forfeited to the
branch, and such stock may subsequently
be sold in such manner as the branch may
order.
SEC "a. No branch shall be organized
under this act in the county Of Hamilton,
with less capital than five hundred thou
sand dollars; which may be increased to
any sum not exceeding one million of dol
lals.
Nor in either of the counties Of Cuya-
IOSd, pI ILuCflSJ Will ltSS Jlidu
three hundred thousand dollars, nor in Ell
ther of the counties of Franklin or Mont
gomery, with a capital less than two hun
dred thousand dollars, which may be in
creased to any sum not exceeding six hun
dred thousand dollars.
Sec. 25. Any existing independent
bank. banking company, branch of the State
Bank of Ohio or free bank, created by the
laws of this State, and authorized to issue
notes for circulation, may, after the organ
ization of the Bank of Ohio, become a
branch of the Bank of Ohio, upon full
compliance with all the acquisitions of this
act necessary to Greats a branch of said
bank. The directors of any such existing
bank, organizing as such branch under
this act, may do and perform all the acts
required of stockholders to perfect such
organization; and after the full organiza-
ton of any such existing bank as branch
of the Bank of Ohio such original corpo-
ration shall be held to be dissolved, except
for the purpose of collecting its assets and
the final settlement of its affairs in the man
ner provided in It's charter Provided,
that, nothing in this section contained
shall be so construed as to require the Bank
of Ohio to admit any such Independent or
free bank TO become branch of the Bank
of Ohio, unless the directors Of the Bank
of Ohio shall be satisfied that the admis-
sion of such branch will not ieapordize the
interests of the public, or of the Bank of
Ohio
CONCLUDED NEXT WEEK. .,