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authority to do business in Ohio. Annually thereafter, upon the filing of the annual statement herein provided for, if the supervisor shall be satisfied as aforesaid, he shall issue a renewal of such certificate of authority. And said authority shall be revoked whenever the supervisor on investigation or examination finds that such company, partnership or association is not transacting business in accordance with law, or that the statement of its condition and affairs required under the provisions of this act are false and fraudulent, or for failure to file the annual statement. 94 0. L. I47.

($ 3821u.) Sec. 4. Interest on securities deposited

Every such company, partnership or association may collect and use the interest of any securities so deposited, so long as it fulfills its obligations and complies with the provisions of this act. It may also exchange them for other securities of equal value and satisfactory to the treasurer. 94 0. L. I47.

($ 3821v.) Sec. 5. Agents to be licensed -

It shall be unlawful for any agent of every such company, partnership or association to transact business in this state without being first regularly appointed thereby and being licensed by a certificate of authority issued by the supervisor. 94 O. L. 147

($ 3821w.) Sec. 6. Annual statement of business-Fees

When proceedings to be instituted against

companyEvery such corporation, partnerthip and association doing business in this state shall, annually hereafter, and on or before the tenth day of January, file with the supervisor under oath of the president and secretary, or other managing officer, in the form by said supervisor required, a statement of its business for the twelve months next preceding the thirty-first day of December. Such abstract thereof as the supervisor may require shall be posted for sixty days in the principal office of such company, partnership or association, and also published in some newspaper having a general circulation in the county in which the principal office or place of business of such company, partnership or association is situate. And the said supervisor shall verify said report by an examination of the affairs of said company, partnership or association, and he may make quarterly examinations of the affairs of said company, partnership or association, if he deem the same necessary, and he shall receive as fees for the same the sum of ten dollars per day and necessary expenses for the actual time employed in making such examination, which shall be paid by the company, partnership or association examined; and if, upon such examination, it shall appear that such company, partnership or association is not carrying on its business in accordance with law, or that its affairs are being improperly managed, the supervisor, after notice to such company, partnership or association of at least ten days, shall institute proceedings in quo warranto against said company, partnership or association in the manner provided by law. 94 0. L. 47.

($ 3821x.) Sec. 7. Supervisor of companies; duty and

compensation --DeputyThe acting and deputy inspector of building and loan associations is hereby made ex-officio supervisor of bond investment companies. It shall be his duty to see that all the laws of this state relating to such companies, partnerships or associations are faithfully executed, and as compensation for his services as such supervisor he shall receive the sum of twelve hundred dollars per year. The supervisor may appoint a deputy, who shall be authorized to perform the duties attached by law to the office of supervisor, during his absence or disability, and shall receive a salary of nine hundred dollars per year.

He shall also appoint such other clerks or examiners as may be provided for by law. 94 O. L. I47.

($ 382ly.) Sec. 8. Fees

Every such company, partnership or association shall pay to the supervisor the following fees, which shall be paid into the state treasury, to wit: For filing each application for admission to do business in this state, one hundred dollars; for each certificate of authority, and annual renewal of same, fifty dollars; for filing each annual statement, twenty-five dollars; for issuing license to each agent, two dollars; for each copy of paper filed in his office, fifty cents per folio; for affixing seal and certifying any paper, one dollar. Provided, however, that the supervisor may retain from the fees so received by him up to the close of the fiscal year ending February 15, 1902, a sum sufficient to pay the salaries and necessary expenses provided for in this act up to said time. 94 O. L. 147.

($ 3821z.) Sec. 9. Penalty

Any officer, agent or representative of any such company, partnership or association who shall attempt to place or sell any certificates, debentures or other investment securities or transact any business whatsoever in the name of or on behalf of such company, partnership or association when such company, partnership or association has failed or refused to comply with the provisions of this act, or shall fail to file with the supervisor of bond investment companies the statement or report herein provided to be filed, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be fined not less than one hundred dollars nor more than one thousand dollars for each offense, or be imprisoned in the county jail for not less than thirty days nor more than six months, or both. 94 O. L. I47.

* FREE BANKING.

An act to authorize free banking, passed March 21, 1851, 49 v. 41. ($3821-64.) Sec. 1. Who may engage in banking

Any number of natural persons, not less than three, may engage in the business of banking, with all the rights, privileges, and powers conferred by and subject to the restrictions of this act.

BanksHow Established. ($ 3821-65.) Sec. 2. Certificate to be made-Copy to be

deposited with secretary of statePersons associating to form a banking company shall, under their hands and seals, make a certificate, which shall specify:

First. The name assumed by such company, and by which it shall be known in its dealings; also, the name 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, and for the redemption of its circulating notes.

Second. The amount of the capital stock of such company, and the number of shares into which the same is divided.

→ For repeal of statute to incorporate the State Bank and acts relating thereto, see 91 0. L. 396. For reference to old statutes relating to unauthorized banking, see memoranda of sec. tions 3821-1 to 63 in beginning of bock.

Third. The name and place of residence, and the number of shares held by each member of the company.

Fourth. The time when such company shall have been formed. Such certificate shall be acknowledged before a justice of th peace or notary public, and shall be recorded by the recorder of the county where such company 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 inspection of any person wishing to examine the same; and a copy of said record, duly certified, shall be by the recorder transmitted to the secretary of state, who shall record and carefully preserve the same in his office; copies thereof, 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 conclusive evidence of the legal existence of such banking company.

($ 3821-66.) Sec. 3. Capital stock

The capital stock of each company hereby authorized, exclusive of the securities of such company, deposited with the auditor of state for the redemption of the notes of circulation of such company, shall be at least twenty-five thousand dollars, and shall not exceed five hundred thousand dollars; ana any such company may, from time to time, increase its capital stock to any amount not exceeding five hundred thousand dollars.

(3821-67.) Sec. 4. Sixty per cent of stock to be paid

inEvery such banking company, before commencing business, shall have paid in and remaining in its possession, bona fide, the property of such company, for the sole purposes of such company, sixty per centum of its entire capital stock, and the residue shall be paid in in such installments as may be required by the directors of any such company.

($ 3821-68.) Sec. 5. Governor, auditor, and secretary of

state to furnish company a certificateWhenever any company herein authorized shall furnish to the auditor, governor, and secretary of state satisfactory evidence that such company has complied with the preceding sections of this act, said auditor, governor, and secretary shall furnish to such company a certificate of such fact, under their hands and under the great seal of the state, which shall be recorded in the office of the 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.

Secs. 6, 7, 8, and g.

[Repealed, April 24, 1879. 76 v. 72.]

($ 3821-69.) Sec. 10. Powers of the company

Every company formed under this act, after having procured the certificate required in the fifth section of this act, shall be, and hereby is created a body politic and corporate, with succession, until the year eighteen hundred and seventy-two, and thereafter, until the repeal of this act; and by its name shall have power to contract, and to prosecute and defend suits and actions of every description, as fully as natural persons; to loan money, buy, sell, and discount bills of 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, collect and pay over money, and transact all other business properly appertaining to banking, 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 to secure any debt previously contracted or purchased on an execution or order of sale, to satisfy any judgment or decree in its favor, or which shall have been conveyed to it in payment of any previous debt; but shall not hold any real estate, so acquired, longer than is necessary to avoid a loss of any part of the debt, interest, and costs for the collection or security of which it was acquired; but at any time before selling the same, upon being tendered by the last preceding owner, or his legal representative, such sum as shall be necessary to save such company from loss of any part of the debt, interest, taxes, costs, and other necessary charges for the collection or security of which said real estate was acquired, such company shall release to such owner, his legal representative or assigns, all its right, title and interest therein.

($ 3821-70.) Sec. II. Stock to be personal property, etc.

The capital stock of every company shall be divided into shares

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