The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1877-09-13
AN ACT
To authorize Free Banking.

SROnoN |, Be 10 enacted by tho General ASSEMBLY
Ct Tho State Of Ohie, That any number OF natural
ptrsOns, not less than 1ve, may engage IN the bust
ness of mixing, with al he rights privileges and
powers conferred by, and subject to the restrictions
of, this act
SEo. 2 Persons assoClating TO form banking
company shall, under their hands and seals, make
a certificate which shall specify:
FirSt--The nsme assumed by such company, and
by which II shall he known IN Its dealings; also
the name OF the place where its banking
operations shall be carried on, ut which place such
banking company shall keep an office for the trans
action OF business,
SecOnd-The amount Of the capital stock of said
com any, aud the number Of shares into which the
b4ne II divided.
Ti1d-The name and place OF residence, and the
humber Of shares ned by each member of the
Company
FOuGh-TLe time whGI snCh company shall have
beeu io.mei
SuCu certificate shall he Acknowledged before q
justice III the pcace or nutorY plblic, and trans.
mi tea "a the sc ctIry uI HNic VINO shall record
and careiuly PrsuIve ,hr sam W his otli'e; aud
copy NE en-, duly certified rha he by him re-
turned Ia and Tc,mdld ny The recorder OF the
county where sch Cnnplny If IN be esta bshed, In
| n book To be hep by hlm Tor tnH purpose, which
snail at all Times during tllce hours o. Kept open
| l0F Inspection OF any prr'On shlng To examine
lhe same. Copies oi said reco u, duly certified by
eilher OF those officers may be nsed MS evidence IN
| all courts and places, Tor aud against any suCh
| COmLBhy, ana shall be conclusive evidence OF the
existence OF such banking company.
eEO D. Inc capital STOCK Of each company hereby
authorized snail De At 'eaSt Twenty-Five thousand
40 hrri abG may be increased, iTOm Time to time,
| us may oe ueemeu e&peulent
| oEo' - Al leasJ n'ty per centnm OF the capital
s.oCh vi every company snall by paid IN before II
snl oe auIhS ,ized u commence business, ana lhe
IemaiDuer OF Ihe capital STOCK Ol suCh company
sha.l PC pnd IN lnsIa lIments oil ~ least ten per
Sentulu eaCh on lne Whoe amount OF the capllal,as
~, queIIy as une INSTRUMENT ~ tne end Ol cach
succeeding mOhth from lhe ume IL snail De author
ILeu W commence Onslnessi PROVIDED, that the
IIounI 80 pau III snail DC nor ess than twenty-five
'u0Isanu uUIaIs'
SEQ whenever any company hereln author
ileu slali iurilsn 10 tGe AUDITOR governor, and
eo,leCaly VI stale, SATISFACTORY evidence that sald
W CWVuPauy nas CVhpneu win Ihe preceding sectlons
vi lus aC salu AUDITOR governor aud secretary Ol
state snall lurnlsh 10 salq company cefun ATE oi
sucI @ iacI uLuer tnelr hand, ana under the great
seal % vi tue elale, Whlch snail pc recorded In the
Whlch ls required 10 be recorded the certificate
provided ior IN the second section of this act
eko, .. Every company formed under thls act, af-
e[ @ having procured tne cel lihcale required In the
nun seceOh O TINS act snail be and hareby ls crea
eu pouy PolluC ana corporate win sucCt sslOn,
unt tile lepeal Vi thls AcC ana Oy lts name snail
nlt9 n PomeI W ConudCb ana 10 prosecute ana de-
lonu suls alu ACTIONS OF every description as iully
a. az nauL"I petso4si 10 Joan money, Duy' sell and
discount Dllls Ol ex hange, notes. aud all other
written evidences OF oeb, except such as may be |
neieln PIoniOlIeu tor'celVe deposits, Ouy ana ee
solu s anu slYeI com ana 0ullOni coliect and pay |
oLeI money anu Transact all Otner business prop
oiy aPP>5 5'aulug 10 banking, su'JocI 10 lne pr0Yi-
n, anu RESTRICTIONS OF ihs acli may acquire,
anu 0onvey suCn real estate As mas pe neces-
sal{ ~ Ine convenient transaction Oi lts business,
saI Sdn no more put may however atqare ute to any
Ieai essate pledged to secure any debt previously
W @ OF purchased on an execution or order
vi suie W satlsiy any Judgment or decree IN It's
latort Vi Whch snail have been conveyed to 1t in
payIielt mem u any previous debt but thall not hold
ieal estate 50 acquired longer IMAM Is necessary
W aNoiu IOss OF any part OF the deOt Interest aud
Cosle IoI Ine COLLECTION or security oil which 1t was
a@SqulLteu, @ ouI at any Time before eehlng inc same
" uPGn OellR lendered Dy the last preceding owner
VI nie Iesal representative such sum as snail De
er f 10 save snch company rom loss Oh any
W tne ueOl, interest lakes, cosls' ana other
lIioeeay charges iOr lhe COhectlOn OF security OF
~ niIn ~ suCh Ieal estate WasACquled suoh company
naH i Ieiease 10 suGh owner, MIS- egil representa-
hsroy, "FsiRns' aL lIs IiBn's' Vite unu interest
SIoln:
M dii :. Ihe CiPCa bCooN ol eVcIy company snail
II b Iqto slases Oh one nuLuIeu uolaTs eacn
~ sndl Oe ueemeu peIsonh properly, hnu shall
I I W oh IIe Ooohs VI the company, 10
WI vi uhIneI % az lts oy,laws sha P!esCrOe each
20 aIn 1 nan nave en upon AZ lne sIoCk owned Dy
W ana no stock ehall pc transferred WIN"
tj, Iy une CVhsehI ol maJ0rliy ol the directors
ar 'ne Ho'uel 'nereOl lS lnuepleu w the COM {
81 ~,
~ - 80 stiJ
t"ui ti VI uis1quns eu UPON any palC oi is capIa
vooh vr put tne saine etcu5i9, pItn IN hlhd ana /
n tIOul. eneii " iequueu vi eIaleuOIuers us Vi
eVLs w noC M snaIenoluefs anu no 9auhlng company
nii Dg the noIHSr OF purchaser Oh any portion OF
~ aPltai sCVCA Vi IL OF 9ny oIner Incorporated
olnpany, unless such purchase thall De necessary
PIeIent Ioes upon ueOJ previously contracted IN =
y oou laltl, Ut security winch aI the Tune was /
et 81 Su a. auequate 10 insure tne payment 9l sueh
epti lDuepehueht Oh any len upOn such STOCK; and
sONh bO tudll III ChhG Db helu Dy ne 4
olPany 50 pl clablhg lOr longer perlo1 OF tlme
lan al1 inouIns, tue saine can oe SOU lor WnaJ n
lS sloCA GoslS az paf. i
oLo' o. IN all elecIlohs Ol directors ana IN deCl'
~ iI5 al qnesuons az spe nGeIings Ol Tue stOck- A
ouels eaCu snaIe snall enLltle inc owner JhereOl
> 1i Hne vOte; StochholueIs hay VOtN OY proxies 8
iay auInpllleu IN WrlLlng, out no olncer or EN-
iSyo S % VI 'hy nv company shall acI as proxy Il
DAO' ~ lne uualIe Vi every company, IOrmeu a
na organ!LeI 70 curry on the business oil banking '
hueI tnS PLOVhlOus Vi Inls aCI, snall Oe managed
ot lsss Inan thrcs nor more tn4n hVe olrectors
may He ueteInllneu ny majority IN interest OF
oT H. ulrgc.or sna, uu[lng tne
hOle Term Oh MIS- services, be resident oil this h
.ate' .S,a ine qllgcIors oil each banking company,
'ItUotlveyt sualI oWu hJ IeasI on. tehth Dl Ine q
lplta, SIOUX eacH uiFecter snail lake an OAJh tnat
w." ~ idi AZ tue uuIy ueVOiVes on MN, ulil- Ii
Sntly Hnu noHesuy administer the analrs Oh Jne q
ymPany, anu l0I knowingly YiOate, or WlllDgly a
sII ~ De VlOIaIeu, any oil ne PROVISIONS OF lhls
" .hat ne u tne ooaqlds owner ln MS own right q
, w ~ svOSs' sPSSiiSng Ihe amount elanuIns ~ G
= ualne % On 'ne DOCKS oil lhe company ana thaG ii
II ,l same is not nypolheeated, on in any lwayJ
edged, as security for any loan obtained, or for
ly oeDt owlng which oath, subscribed by himself n
iu ctrtngu I W I1e Onctf before whom u was Ia
~ sna,l oe n!cu and caTeluly preserved ln me
nGe W oI tne recorder Ot lhe county In which the v
tHAIng Il company Is located. f
o oho IL ine directors OIL any banking company h
st slecteu snal nOld lhelr places unu the hrst II
onuay III January next thereafter and until thelr
ccess0rs shal De ected and qualihed; al subse. a
leL eleCti9ls snail be held annually on the first
onaay OF Janpa y, at the Gffce OF the bank, and r.
y uliecV rs 80 elected email hold their places for
- yeaI ana until tner successors are elected and
imallneu' m put aly director removing from the r,
aye ". shan !uereDy yacate MS place. ANY vacancy b
lne DosrG snall De nled by appointment by the o.
naming directors the rector 80 appointed shall a
IA MS place until the next anAual election and IT,
any cause an election of directors shall not be ~
sde at the time appointed the company shall not q