The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-06-17
LAWS OF OHIO.
(oonoLuDED rRoM LAST wEEK.)

establishing its agency in New York,
shall when required blythe proper officer
Abe State Of Ohio, discharge the duties
Of transfer agent Of tho State, and re-
csive and disburss for the State all mon
eys necessary 10 be rcoeived and dis.
bursed in that city, in the payment of
the public debt and interest thereon.
without compensation or charge for such
service, and until such moneys shall be
actually paid out for such purpose or
purposes, and said commissioners, shall,
IL they deem necessary, take such good
and sufficient security as they may deem
proper, to secure the repayment of said
moneys, which shall be taken in the
name Of the State of Ohio, and deposit
ted in the Office Of the Auditor of
State.
BRANCH BANK.
SIC. 20. Natural persons, not less
IN number than 1--WE may associate and
form Branches Of the Bank of Ohio, for
the purpose Of carrying on the bust
ness Of banking, each at such place in
this State as shall be designated in the
certificate hereinafter required to be
made. subject 10 the contingencies re-
strictions, conditions and liabilities pre-
soribed in this act.
SEC. Fl. Persons assoeiating to form
= branch shall, under their hands and
seals make q certificate, which shall
specify,
First-The name assumed by such
branch, 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 o~petionsra
shall be carried on;
MSecond-The amount Of the capital
stock Of such branch and the number
Of shares into which the same is divi-
ded;
Thifd-The name and place of resi-
dencs and the number of shares held by
each member Of the company;
Fonrth-The time when such COM
pany shall have been formed;
Which certificate shall be acknowl-
edged before q justice of the peace or
notary public, and shall be recorded by
the recorder of the county where such
branch is to be established, in a book
to be kept by him for that purpose,
which shall at all times during Office
hours be kept open for the inspection of
any person wishing to examine the same;
one copy Of which certificate, duly GER
titled, shall be transmitted to the Sec
rotary Of State, who shall record and
carefully preserve the same in his Office,
and another to the Bank Commissioner
in this act named, until the organization
of the Bank Of Ohio, and thereafter to
said bank.
SEC. %. No branch shall be permit
ted to commence or carry on the bust
ness of banking under this act, unless
its capital stock shall be at least one
hundred thousand dollars, nor shall the
capital stock of any such branch ever
be increased to exceed four hundred
thousand dollars, except as specially
provided for in this act. At least fifty
per cent. of the capital stock of each
branch shall be paid in gold aud 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 fde the pro-
perty Of the branch at the time of the
commencement of its banking business,
and at the place designated for carrying
On such business, n the remainder oil
the capital stock of such branch shall
be paid In, in installments, each of AT
least ten percent. on the whole amount
of the capital subscribed. as frequently
az once in every four successive months
from the time Of commencing business
until the whole amount Of such capital
shall be paid up; Provided, hat the
directors Of the Bank of Ohio may ex.
tend the time for the payment of such
deferred installments, or any part Of
them, to the branches, when satisfied
that the public interest does not require
them to be paid as frequently as above
preyidsd for.
Snc. %. IF any shareholder or his
assignee shall fail to pay any install
msnt 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 there.
Of, In q newspaper published in the coun-
ty where the branch is located, to any
person who will pay the highest price
therefor not less than the amont unpaid
thereon; and the excess if any,, after
paving the expenses of the sale, shall
be refunded to the delinquent stock.
holder. If no bidder can be found who
will pay for such stock the amount I'm
paid thereon to the branch, and costs o
advertisement and sale, the amount pre-
yiously paid shall be forfeited to til,
branch, and such stock may be subse
quently sold in such manner as the branch
may order.
SEC. "a. No branch shall be organi
zed under this act, in the county o
Hamilton, with a less capital than fr'
hundred thousand dollars; which ma,
be increased to any sun not exceeding
one million Of dollars.
Nor either of the counties of Cuyaho
ga, or Lucas, with q capital less thai
three hundred thousand dollars, nor il
either of the counties of franklin o.
Montgomery, with a capital less thar
two hundred thousand dollars, which
may be Increased to any sum not exceed
ing six hundred thousand dollars.
SEC. Is. Any existing independent
bank, banking company, branch of tn
State Bank Of Ohio or free bank creates
by the laws of this State, and authoriz
ed to issue notes for circulation, may
after the organization of the Bank o
Ohio, become a branch of the Bank o
Ohio, upon full compliance with all tn
requsitions Of this act necessary t.
ereate . branch of such bank. TIL
directors of any sueh existing banl
organizing as such brHneh under this aci
may do and perform aIIthe ass requil
ed of stockholders to perfect such OIL
Plantation. and after the full organize