Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1877-09-13
THE FREE BANKING ACT.
AN ACT
TO AUTHORIZE FREE BANKING.

SECTION 1. Be it enacted By Ms Genera
assembly Of the State Of Ohi0: That any
number of natural persons, not less than five,
| may engage in the business of banking, with
all the rights, privileges and powers conferred
! by, and subject to the restrictions Of this act.
| SEC. 2. Persons associating to form a
banking company shall, under their hands and
seals, make certificate which shall specify:
Firsi-The name assumed by such company,
and by which it shall be known in its deal
ings; also the rame of the place where its
banking operations shall be carried on, at
! which place such banking company shall keep
an office for the transaction of business.
Second-The amount of the capital stock of
said company, and the number of shares into
! into which the same is divided.
Third-The name and place of residence,
and the number of shares held by each mem
| Der of the company.
Fourth-The time when such company
| shall have been formed.
| Such certificate shall be acknowledged be-
| fore justice of the peace or notary public,
and transmitted to the secretary of state, who
shall record and carefully preserve the same in
his office; and a copy. thereof, duly certified,
snail be by him returned to and recorded by
the recorder of the county where such CON-
pany is to be established, in book to be kept
times during office hours be kept open for
inspection of any person wishing to examine
the same. Copies of said record, duly certified
by either of those officers, may be used as
evidence in all courts and places, for and
against any such company, and shall be con-
elusive evidence of the existence of such
banking company.
SEC. 3. The capital stock of each company
hereby authorized shall be at least twenty-five
thousand dollars, and may be increased, from
time to time, as may be deemed expedient.
SEC. 4. At least fifty per centum of the
capital stock of every company shall be paid
in before it shall be authorized to commence
business, and the remainder of the capital
stock of such company shall be paid in in
stallments of at least ten per centum each on
the whole amount of the capital, as frequently
as one instalment at the end of each succeed
ing month from the time it shall be authorized
to commence business; Provided, that the
amount so paid in shall be not less than
twenty five thousand dollars.
SEQ. 5. Whenever any company herein
authorized shall furnish to the auditor, gov
ernor and secretary of state satisfactory evil
dence that said company has complied with
the preceding sections of this act, said auditor,
governor and secretary of state shall furnish
to said'company a certificate of such fact, un-
ucT llciT Hduu, anu uuucr Iut great seal vi Tic
state, which shall be recorded in the Office of
tie secretary Of state, in the same book in
which is required to be recorded the certificate
provided for in the second section of this act
SEC. 6. Every company formed under this
act, after having procured the certificate re-
quired in the fifth section of this act, shall be
and hereby is created body polite and cor
porate, with succession, until the repeal of this
act, and by its name shall have power to con-
tract, and to prosecute and defend suits and
actions OF every description, az fully as natu-
raj persons; to loan money, buy, sell and
discount bills cf exchange, notes, and all other
written evidences of debt, except such as may
be herein prohibited; to receive deposits, buy
and sell gold and silver coin and bullion, col
lect and pay over money, and transact all
other business properly appertaining to bank
ing, subject to the provisions and restrictions
of this act; may acquire, hold and convey
such real estate as may be necessary to the
convenient transaction of its business, and no
more, but may, however, acquire title to any
real estate pledged 10 secure any debt previ-
ously contracted, or purchased on an execution
or order of sale to satisfy any Judgment or