LAWS OF OHIO 
 
 Relating to 
 
 BANKS, TRUST COMPANIES 
 SAFE DEPOSIT COMPANIES 
 DEPOSITARIES, COLLAT- 
 ERAL LOAN COMPANIES 
 and DEALERS IN SECURITIES 
 
; ' fs abe” 5 fe 
 ‘€ hie Jaws, Statutes elec. 
 tr -— aoe 
 
 LAWS OF OHIO 
 
 Relating to the incorporation, examination 
 management, and conduct of 
 
 BANKS, TRUST COMPANIES 
 
 SAFE DEPOSIT COMPANIES 
 
 DEPOSITARIES and DEALERS 
 IN SECURITIES 
 
 CoLumMBus, Ou1o: 
 THE F. J. Heer Printinc Co. 
 1914. 
 
 Bound at the State Bindery. 
 
Compiled under supervision of 
 Department of Banks, 1913. 
 
 EMERY LATTANER 
 
 Superintendent 
 
PAARY KM 
 
 SUPERINTENDENT OF BANKS. 
 
 SECTION 710. The governor, with the advice and con- 
 sent of the senate, shall appoint a superintendent of banks, 
 who shall hold his office for the term of four years and until 
 his successor is appointed and qualified. The superintend- 
 ent may be removed by the governor at any time. (99 v. 
 287 Sec. 78.) 
 
 SECTION 711. The superintendent of banks shall exe- 
 cute the laws in relation to banking companies, savings 
 banks, savings societies, societies for savings, savings and 
 loan associations, savings and trust companies, safe deposit 
 companies and trust companies and every other corporation 
 or association having the power to receive, and receiving 
 money on deposit, chartered or incorporated under the laws 
 of this state. Nothing in this chapter contained shall apply 
 to building and loan associations. (99 v. 287 Sec. 79.) 
 
 SECTION 712. With the approval of the governor, the 
 superintendent of banks may employ from time to time nec- 
 essary clerks and examiners to assist in the discharge of the 
 duties imposed upon him by law. With such approval, he 
 may remove any such clerks or examiners. - He shall sum- 
 marily remove the deputy superintendent of banks, and any 
 examiner, clerk or deputy connected with the department 
 of the superintendent of banks upon the violation by any 
 such officer, examiner or clerk of,any of the provisions of 
 section 717 of the General Code. (103 v. 379 Sec. 12.) 
 
 SECTION 713. The superintendent of banks shall fix 
 the salaries of the deputies, assistants, clerks and examiners 
 at such rates per annum as the governor approves. Upon 
 
 vouchers approved by the superintendents of banks, such 
 
 salaries shall be paid monthly by the treasurer of state upon 
 the warrant of the auditor of state. (101 v. 276 Sec. 1.) 
 
 SECTION 714. The actual and necessary traveling ex- 
 penses of the superintendent of banks and of the deputies, 
 assistants, clerks and examiners incurred in the discharge 
 of their official duty shall be paid monthly by the treasurer 
 of state upon the warrant of the auditor of state. Vouchers 
 therefor shall be fully itemized, approved by the super- 
 intendent of banks and countersigned by the auditor of 
 state. (101 v. 276 Sec. 1.) 
 
 SECTION 715. All expenses incurred by the superin- 
 tendent of banks in the performance of the duties imposed 
 upon him by law, including the salary of such superintend- 
 ent, his deputies, assistants, clerks and examiners, shall be 
 paid from funds appropriated therefor, (101 v. 276 Sec. I.) 
 
 (3) 
 
 Superin- 
 
 tendent of 
 banks, ap- 
 pointment 
 and term, 
 
 General 
 duties. 
 
 Clerks and 
 examiners. 
 Appointment 
 and removal. 
 
 Salaries of 
 clerks and 
 examiners, 
 
 Traveling 
 expenses, 
 
 Expenses paid 
 from appro- 
 priation, 
 
Bond of 
 superin- 
 tendent, 
 
 Superintendent 
 nor examiners 
 shall be in- 
 terested in, or 
 borrow money 
 from banks, 
 
 Certificates 
 and copies; 
 evidence, 
 
 ‘Office. 
 
 Official seal. 
 
 How proceed- 
 ings shall be 
 brought. 
 
 Copies of 
 records and 
 papers evi- 
 dence. 
 
 Salary of su- 
 perintendent, 
 
 4 
 
 SECTION 716. Before entering upon the discharge of | 
 his duties, the superintendent of banks shall give bond to 
 the state in the sum of fifty thousand dollars with sureties 
 approved by the governor, conditioned for the faithful dis- 
 charge of his official duties. Such bond, with the approval 
 of the governor and the oath of office indorsed thereon, shall 
 be filed with the secretary of state and kept in his office. 
 (103 i; B28iSeec 8, > 
 
 SECTION 717. Neither the superintendent of banks nor 
 the examiners appointed by him shall be interested directly 
 or indirectly in any national banking association or in any 
 bank or other corporation or association under their super- 
 vision, or be engaged in the business of banking. Neither 
 the superintendent of banks, the deputy superintendent of 
 banks, or any examiner, deputy or clerk connected with the 
 department of the superintendent of banks shall directly or 
 indirectly borrow money from any corporation, person or 
 association under the supervision of the superintendent of 
 banks: (-103°v. 370 S66, 720) 
 
 SECTION 718. Each certificate or other instrument 
 executed or ordered made by the superintendent of banks 
 in pursuance of authority conferred upon him by law, and 
 sealed with the seal of his office, or copies thereof duly 
 authenticated under such seal, shall be received in evidence 
 in all courts of the state. (99 v. 288 Sec. 89.) 
 
 SECTION 719. The superintendent of banks shall be 
 furnished by the state suitable rooms at the seat of govern- 
 ment for conducting the business of his office. (99 v. 288 
 SEC00.) 
 
 SECTION 31. The seal of the superintendent of banks 
 shall be one and three-fourths inches in diameter, shall have 
 engraved thereon the coat of arms of the state, and shall be 
 surrounded by the words: “The superintendent of banks 
 of the state of Ohio.” (103 v. 405 Sec. 1.) 
 
 SECTION 732. All suits or proceedings brought by the 
 superintendent of banks under authority of law, or to col- 
 lect any penalty or forfeiture, shall be brought in the name 
 of the state upon his relation, and shall be conducted under 
 the direction and supervision of the attorney general. (99 
 V4 291 Dee. 102.) 
 
 SECTION 733. Copies of all records and papers in the 
 office of the superintendent of banks, certified by him, and 
 authenticated by his seal of office, shall be evidence in all 
 cases equally and with like effect as the original. (99 v. 
 261: Dee 103;) 
 
 SECTION 2250. The salary of the superintendent of 
 banks shall be five thousand dollars per annum. (99 v. 288 
 
 Dee. 62.) 
 
 * NOTE.—Section 85 of the Thomas Banking Act provided for the bonding 
 of the examiners in the sum of $10,000 each, but this provision seems to have 
 been omitted in the re-enactment of this section. 
 
5 
 
 SECTION 2260. The salary of the superintendent of When payable. 
 banks shall be payable semi-monthly. (65 v. 3 Sec. 1.) 
 
 SECTION 743. At the end of each fiscal year, the su- Annual 
 perintendent of banks shall make an annual report to the report. 
 governor, which report shall exhibit: 
 
 a. A summary of the state and condition of every 
 incorporated bank, savings bank, savings and trust com- 
 pany, safe deposit and trust company, society for savings, 
 savings society, or other corporation included within this 
 chapter, from which reports have been received during the 
 year, with an abstract of the whole amount of capital re- 
 turned by them, the whole amount of their debts and liabili- 
 ties, the total amount of means and resources, separating the 
 reports of the various kinds of corporations, and specifying 
 the amount of lawful money held by them at the time of 
 their several returns, and such other information in relation 
 to such banks, societies and associations as in his judgment 
 may be required; 
 
 b. A statement of the banks, societies or associations 
 whose business has been closed during the year, the amount 
 of their resources and liabilities, and the amount paid to 
 the creditors thereof ; 
 
 c. The names and compensation of the deputies, as- 
 sistants, clerks and examiners employed or appointed by 
 him, and the whole amount of expenses of the banking de- 
 partment during the year; 
 
 d. The amount of fees and charges received from 
 such banks, societies and associations, and penalties col- 
 lected and paid into the state treasury; 
 
 e. A statement of the banks, societies or associations 
 liquidated or in process of liquidation by the superintend- 
 ent of banks, and the status of affairs of each of said 
 banks, societies or associations at the time of said report, 
 including the amount of their resources and liabilities and 
 the nature of the same and the amounts paid the creditors. 
 (IoI v. 276 Sec. 1.) 
 
 SECTION 744. Such reporis shall be printed in like Report shall 
 manner and the expense thereof paid as provided by law >e printed. 
 for the publication of the reports of state officers. To1 v. 
 
 347-) 
 EXAMINATIONS. 
 
 SECTION 720. In case a corporation, company, society Pxpenaeatot 
 or association requests the superintendent of banks to make special. ex- 
 a special examination under the provisions of this chapter, 
 the expenses thereof shall be paid by the corporation, com- 
 pany, ee association making the request. (99 v. 289 
 
 RCO, 
 
Examination 
 upon request. 
 
 Moneys re- 
 ceived for spe- 
 cial examina- 
 tions, how 
 deposited. 
 
 Restrictions 
 as to com- 
 pensation. 
 
 Examinations 
 twice each 
 year. 
 
 Superinten- 
 dent or 
 examiner may 
 administer 
 oaths, 
 
 May summon 
 witnesses, 
 
 6 
 
 SECTION 721. When requested in writing upon the 
 authority of the board of directors or the stockholders of 
 any banking institution to make an examination of such 
 bank, the superintendent of banks shall comply therewith, 
 if in his opinion such examination is desirable. (99 v. 289 
 
 80.8.) 
 
 SECTION 722. The moneys received by the superintend- 
 ent of banks for special examinations shall be deposited and : 
 paid by him into the state treasury to the credit of the bank- 
 ing department fund to reimburse all sums advanced from 
 the treasury for such expenses. (99 v. 289 Sec. 94.) 
 
 SECTION 723. Neither the superintendent of banks nor 
 any examiner, clerk or person employed in his office shall 
 take or receive directly or indirectly compensation for serv- — 
 ices or extra services rendered in the banking department 
 other than that allowed by law. (99 v. 289 Sec. 95.) 
 
 SECTION 724. At least twice each year, and also when 
 requested by the board of directors or trustees thereof, the 
 superintendent of banks or an examiner appointed for that 
 purpose shall thoroughly examine the cash, bills, collaterals 
 or securities, books of account and affairs of each bank, sav- 
 ings bank, safe deposit and trust company, savings and loan 
 society or association incorporated under any law in this 
 state. Such examination shall be made in the presence of 
 the members of the executive committee or a majority 
 thereof. He shail also ascertain if any such corporation, 
 company, society or association is conducting its business in 
 the manner prescribed by law and at the place designated in 
 its articles of incorporation. (99 v. 289 Sec. 96.) 
 
 SEcTION 725. For the purpose of such examination, the 
 superintendent of banks or such examiner may administer 
 oaths to and examine any officer, agent, clerk, customer, 
 depositor or shareholder of such corporation, company, as- 
 sociation or society touching its affairs _and business. (99 
 
 v. 289 Sec. 96.) 
 
 Section 726. The superintendent of banks may sum- 
 mon in writing under his seal any such officer, agent, clerk, 
 customer, depositor, shareholder or any person resident of 
 the state to appear before him and testify in relation there- 
 to. Whoever, being so summoned, neglects or fails to ap- 
 pear at the time and place specified in the summons, or, 
 having appeared, refuses to be sworn or refuses to answer 
 any pertinent and legal question, shall forfeit and pay one 
 hundred dollars to be recovered with costs by the superin- 
 tendent of banks and paid into the state treasury to the 
 credit of the banking fund. (99 v. 290 Sec. 97.) 
 
7 
 
 SECTION 727. If a person summoned to appear before 
 the superintendent of banks and give testimony under the 
 provisions of this chapter neglects or refuses to answer any 
 pertinent or legal question that may be put to him by the 
 superintendent touching the matter under examination, the 
 superintendent shall apply to the probate court or court of 
 insolvency of the county in which such inquiry is conducted 
 to issue a.subpoena to such person to appear before him. 
 
 (99 v. 290 Sec. 98.) 
 
 SEcTION 728. Upon such application, the probate judge 
 or judge of the court of insolvency shall issue a subpoena 
 for the appearance of such person or persons forthwith be- 
 fore him to give testimony. Whoever, being so subpoenaed, 
 fails to appear, or appearing, refuses to testify, shall be sub- 
 ject to like proceedings and penalties for contempt as wit- 
 nesses in actions pending in the probate court or court of 
 insolvency. (99 v. 290 Sec. 08.) 
 
 SECTION 729. The officers of any such corporation, 
 company, society or association shall submit its books, pa- 
 pers and concerns to the inspection and examination of the 
 superintendent of banks or any deputy, or duly appointed 
 examiner, and on refusal so to do or to be examined on oath 
 touching the affairs of such corporation, company, society 
 or association, the superintendent of banks may forthwith 
 take possession of the property and business of such corpo- 
 ration, company, society or association and liquidate its 
 affairs and remain in possission of its property and busi- 
 
 Proceedings 
 for refusal 
 to attend and 
 testify. 
 
 Penalty. 
 
 Duty of off- 
 cers as to in- 
 spection of 
 books. 
 
 ness until its affairs be finally liquidated, as hereinafter 
 
 provided. (1or v. 276 Sec. 1.) 
 
 SECTION 730. Whenever it appears from the report of 
 such corporation, company, society or association, or the 
 superintendent of banks has reason to believe that its cap- 
 ital is impaired or reduced below the amount required by 
 ‘law, he shall make examination thereof and ascertain the 
 facts. If he finds such impairment or reduction of capital, 
 he shall require such corporation, company, society or as- 
 ae to make good such deficiency. (99 v. 291 Sec. 
 100. 
 
 SECTION 731. If such corporation, company, society 
 or association refuses or fails after written notice to make 
 good the deficiency appearing or found to exist, the super- 
 intendent of banks may forthwith take possession of the 
 property and business of such corporation, company, so- 
 ciety or association until its affairs be finally liquidated by 
 him, as hereinafter provided. (ror v. 276 Sec. T.) 
 
 SECTION 734. All examinations: required to be made 
 by the superintendent of banks under the provisions of this 
 chapter shall be made without previous notice to the corpo- 
 ration, company, society or association to be examined. 
 (99 v. 291 Sec. 104.) 
 
 Deficiency to 
 be made 
 good. 
 
 Liquidation in 
 case of in- 
 solvency, 
 
 Examinations 
 shall be made 
 without pre- 
 vious notice, 
 
Expenses of 
 special ex- 
 amination. 
 
 Annual fees to 
 be paid on or 
 before Nov. 15, 
 
 Initial fee. 
 
 Foreign trust 
 companies. 
 
 Penalty if not 
 paid on or be- 
 fore Nov. 15, 
 
 8 
 
 SEcTION 735. When an examination is made at the 
 special instance and request of such corporation, company, 
 society, or association, the expense incurred and the ser- 
 vices performed shall be paid by the one examined, and the 
 charges collected shall be paid into the state treasury by 
 the superintendent of banks to the credit of the banking 
 fund. (99 v. 291 Sec. 105.) 
 
 FEES TO-BE*PAID: TO; TEHEy SUPERINTENDENT. 
 OF BANKS BY BANKS. 
 
 SECTION 736. That for the purpose of maintaining the 
 department of the superintendent of banks and the pay- 
 ment of expenses incident thereto, and especially the ex- 
 penses of inspection and examination, the following fees 
 shall be paid to the superintendent of banks of Ohio: 
 
 (a) Each company, firm, corporation, person, asso- 
 ciation and copartnership which under the laws of Ohio 
 is subject to inspection and examination by the superin- 
 tendent of banks, shall pay to the superintenednt of banks 
 on or before the fifteenth day of November in each year 
 the sum of thirty dollars, and in addition thereto one 
 seventy-fifth of one per cent of the total aggregate resources 
 of such company, firm, corporation, person, association or 
 co-partnership in excess of one hundred thousand dollars 
 as shown by the report of the condition of each such com- 
 pany, firm, corporation, person, association or co-partner- 
 ship made last before October fifteenth of such year; pro- 
 vided, however, that in no event is such total fee to exceed 
 the sum’of twelve hundred and fifty dollars in any one year. 
 
 (b) Each company, firm, corporation, person, associa- 
 tion and copartnership desiring and intending to transact 
 business in this state, which will be subject to inspection and 
 examination by the superintendent of banks, shall pay to 
 the superintendent of banks for the preliminary exam- 
 ination required by law to be made by the superintendent 
 of banks a fee of thirty dollars, such fee to be paid before 
 a certificate is granted to such company, firm, corporation, 
 person, association or co-partnership, authorizing it to com- 
 mence business in this state. 
 
 (c) Each foreign trust company desiring and intend- 
 ing to do business in this state shall pay to the superintend- 
 ents of banks a fee of fifty dollars for issuance to it of a 
 certificate authorizing it to transact business in this state. 
 Such fee to be paid before such certificate is issued. (103 
 V.:180. See.) 
 
 SECTION 736-1 Every company, firm, corporation, per- 
 son, association or co-partnership which fails or neglects 
 to pay the fee provided by paragraph ‘‘a” of section 1 of 
 this act on or before the fifteenth day of November of each 
 year shall be subject to a penalty of one hundred dollars 
 for each day after said date that such fee remains unpaid. 
 
9 
 
 The superintendent of banks shall maintain an action against 
 the delinquent company, firm, corporation, person, associa- 
 tion or co-partnership in the common pleas court of Frank- 
 lin county, Ohio, or of the county in which the business of 
 ‘such company, firm, corporation, person, association or co- 
 partnership is carried on, for the collection of such fee and 
 the penalty herein imposed. (103 v. 180 Sec. 2.) 
 
 SECTION 736-2. The superintendent of banks shall pay 
 all money received by him under the provisions of this act 
 into the state treasury to the credit of the general revenue 
 fund of the state. (103 v. 181 Sec. 3.) 
 
 REPORTS. 
 
 Section 737. Not less than four times during each 
 calendar year each banking company, savings bank, savings 
 and trust company, safe deposit and trust company, society 
 for savings, or savings society, chartered or incorporated 
 under any law in this state, and every person or co-part- 
 nership doing a banking business shall make a report to the 
 superintendent of banks. Such report shall be made at 
 such times as required by the superintendent on forms pre- 
 scribed and furnished by him, and, so far as possible, they 
 shall be made on the same day on which reports are re- 
 quired from national banking associations by the comp- 
 troller of the currency. (99 v. 292 Sec. 108.) 
 
 SECTION 738. Such reports shall be verified by the 
 oath or affirmation of the president, vice-president, cashier, 
 secretary or treasurer thereof, and shall exhibit in detail, 
 and under appropriate heads, a true statement of the re- 
 sources, assets and liabilities of such banking company, 
 savings bank, society or association, at the close of busi- 
 ness of any past day by him specified, which day shall be 
 the same for all corporations required to make such reports. 
 
 (99 v. 292 Sec. 109.) 
 
 SECTION 739. Such reports shall be transmitted to the 
 superintendent within ten days after the receipt of the re- 
 quest therefor from him, and shall be published in a news- 
 paper in the city, town or county where the company is lo- 
 cated, and, if there is none, then in a newspaper of gen- 
 eral circulation in an adjoining county. A copy of such 
 publication shall be furnished to the superintendent of 
 banks. (99 v. 292 Sec. I10.) 
 
 SECTION 740. The superintendent of banks may call 
 for special reports whenever in his judgment they are neces- 
 sary to inform him fully of the conditions of any com- 
 panies, societies and corporations, which reports shall be 
 verified as provided by this chapter for other reports to the 
 superintendent. (99 v. 292 Sec. 111.) 
 
 All fees 
 turned over to 
 treasurer of 
 state, 
 
 Reports of 
 banking com- 
 panies to the 
 superintendent 
 of banks, 
 
 How reports 
 shall be veri- 
 fied. 
 
 Reports shall 
 be published 
 in newspapers. 
 
 Special re- 
 ports, 
 
Penalty for 
 failure to 
 make reports. 
 
 Constitution 
 of Ohio—1912, 
 
 Use of word 
 bank, banking, 
 etc., prohibited 
 unless super- 
 vision sub- 
 mitted to. 
 
 Detailed state- 
 ment to be 
 
 filed with sec- 
 retary of state. 
 
 ‘ 
 
 Io 
 
 SECTION 741. Every company,,corporation, society or 
 association failing to make and transmit to the superintend- 
 ent of banks any “of the reports required by this chapter, or 
 failing to publish the reports as required by law, shall forth- 
 with be notified by the superintendent, and, if such failure 
 continues for ten days after receipt of such notice, such 
 delinquent company, society or association shall be subject 
 to a penalty of one hundred dollars for each day after the 
 time required for making such report. In case of delay 
 or refusal to pay the penalty herein imposed for failure to ~ 
 make and transmit a report, the superintendent shall main- 
 tain an action against the delinquent company, society or 
 association, for the recovery of such penalty, and all sums 
 collected by such action or paid as such penalty shall be 
 paid into the state treasury to the credit of the banking fund. 
 (99 v. 292 Sec. 112.) 
 
 PRIVATE BANKS. 
 
 Const. Art; XTHI,) «Sec3: “Cast Paragraph) 
 
 * * * No corporation not organized under the laws of this 
 state, or of the United States, or person, partnership or association 
 shall use the word “bank,” “banker” or “banking,’ or words of 
 similar meaning in any foreign language, as a designation or name 
 under which business may be conducted in this state unless such 
 corporation, person,. partnership or association shall submit to in- 
 spection, examination and regulation as may hereafter be provided 
 by the laws of this state. 
 
 SECTION 744-1. That no corporation not organized 
 under the laws of this state, or of the United States, or 
 person, partnership or association, shall use the word 
 “bank” “banker” or “banking” or “trust” or “trust com- 
 pany”, or words of similar.meaning in any foreign language, 
 as a designation or name under which business may be con- 
 ducted in this state unless such corporation, person, partner- 
 ship or association shall submit to inspection, examination 
 and regulation, as provided in this act. The superintendent 
 of banks shall execute all laws in relation to corporations 
 organized under the laws of this state or of the United 
 States, persons, partnerships and associations using the 
 word “bank”, “banker” or “banking”, or trust” or “trust 
 company’, or words of similar meaning in any foreign 
 language as a designation or name under which business is 
 conducted in this state. (103 v. 379 Sec. 1.) 
 
 SECTION 744-2. Every corporation not organized under 
 the laws of this state, or of the United States, or person, 
 partnership or association using the word “bank”, “banker” 
 or “banking” or “trust” or “trust company” or words of 
 similar meaning in any foreign language as a designation 
 or name under which business may be conducted in this 
 state, now transacting or hereafter desiring to transact a 
 banking business in this state, shall, under oath file with 
 the secretary of state a full, complete detailed statement of, 
 
II 
 
 1. Name of the bank or proposed bank. 
 
 2. <A copy of the articles of co-partnership or agree- 
 ment, under which the business of the bank is being or is 
 to be conducted, which shall be executed and acknowledged 
 by all of the parties interested therein, and at least one of 
 whom shall be at all times a resident of the state of Ohio. 
 If the banking business is being or is to be transacted or 
 carried on by an individual, such individual shall at all 
 times, while engaged in such banking business, be a resi- 
 dent of the state of Ohio, and the statement herein re- 
 quired shall show such. 
 
 3. The county and city or village in which the bank 
 is to be located, and the business carried on. 
 
 4. A statement of the responsibility and the net worth 
 of the individual members of such corporation, person, 
 partnership or association. 
 
 5. If not disclosed in the articles of co-partnership 
 or agreement, then the name of the officers, agents or em- 
 ployes in active charge of the management of the business 
 of the bank. Every such corporation, person, partnership 
 or association now doing a banking business in this state 
 shall on or before January 1, 1914, file with the secretary 
 of state a detailed statement as provided herein. The 
 secretary of state in filing said statements shall be governed 
 by the provisions of.sections 9705 and 9706 of the General 
 Code of Ohio. 
 
 No such corporation, person, partnership or association 
 shall transact business except such as is essential or neces- 
 sarily preliminary to its organization until it has been au- 
 thorized by the superintendent of banks. 
 
 In authorizing said banks to commence business and 
 issuing a certificate to that effect, the superintendent of 
 banks and such corporation, person, partnership or associa- 
 tion shall be governed by the provisions of sections 9720, 
 9721, 9722 and 9723 of the General Code. (103 v. 
 270 Sec, 2.) 
 
 SECTION 744-3. If upon examination of the facts 
 which may come to the knowledge of the superintendent of 
 banks, whether by means of a special commission appointed 
 by him for the purpose of inquiring into the conditions of 
 such applicants or otherwise, the superintendent of banks 
 finds that such person or firm is lawfully entitled to com- 
 mence business, he shall give a certificate under his hand 
 and official seal that they or he have complied with the law, 
 and are authorized to commence business. But the super- 
 intendent of banks may withhold such certificate when he has 
 reason to believe that such person or firm has been formed 
 for any other purpose than the legitimate business herein 
 contemplated, or that the character and general fitness of 
 the person or firm named in the application are not such 
 as to command the confidence of the community in which 
 such bank is proposed to be located, or that the public 
 convenience and advantage will not be promoted by its 
 
 Information 
 to be filed. 
 
 Certificate of 
 authority to 
 commence 
 business. 
 
When superin- 
 tendent au- 
 thorized to take 
 possession of 
 property and 
 business of a 
 corporation, 
 person, ete., 
 for purpose of 
 liquidation. 
 
 Posting of no- 
 tice that bank 
 is private 
 bank. 
 
 : 12 
 
 establishment. If the superintendent of banks withholds 
 a certificate for any of the reasons named in this section, 
 an appeal may be made to a board composed of the gover- 
 nor, attorney general and superintendent:of banks, whose 
 decision shall be final. (103 v. 379 Sec. 3.) 
 
 SECTION 744-4. Upon becoming satisfied that a cor- 
 poration not organized under the laws of this state, or of 
 the United States, or person, partnership or association, 
 using the word “bank’’, “banker”, or “banking” or “trust” 
 or “trust company”, or words of similar meaning in any 
 foreign language, as a designation or name under which 
 business is conducted in this state, has refused to pay its 
 depositors in accordance with the terms on which such de- 
 posits were received, or that such corporation, person, 
 partnership, or association has become otherwise insolvent, 
 or that it is conducting its business in an unsafe or unau- 
 thorized manner, or from any report or éxamination pro- 
 vided for by law, the superintendent shall have reason to 
 conclude that such corporation, person, partnership or 
 association is in an unsound or unsafe condition to trans- 
 act the business for which it was organized, or that it is 
 unsafe for it to continue business, the superintendent of 
 banks forthwith may take possession of the property and 
 the business of such corporation, person, partnership, or 
 association, until its affairs be finally liquidated as pro- 
 vided by law. The superintendent of banks shall not take 
 possession of the property and business of any such cor- 
 poration, person, partnership or association which was do- 
 ing business in this state prior to the time of the passage 
 of this act for the failure to comply with the provisions 
 of this act, as to transactions made prior to the passage of 
 this act or renewals or settlements and adjustments of such 
 transactions, where the examination provided for in this 
 act discloses, or any such corporation, person, partnership, 
 or association, shows to the satisfaction of the superintend- 
 ent of banks, that the interests of its depositors, creditors 
 and stockholders will not be endangered by permitting it 
 to transact its regular business. (103 v. 379 Sec. 4.) 
 
 SECTION 744-5. Every such corporation, person, part- 
 tnership or association shall post in the room in which it 
 transacts its business, and in plain view of its customers, 
 a printed list of all the owners of, and parties interested 
 in, such bank, and statement that the bank is a private 
 bank. Should the interests of any members of such corpora- 
 tion, partnership or firm, or of an individual doing a bank- 
 ing business under the provisions of this act, change either 
 by death, devise, sale or otherwise, then and in that case 
 the superintendent of banks of the state of Ohio shall be 
 notified of such change and notice printed and posted in 
 the room of any such bank as herein provided. No such 
 bank shall advertise by newspaper, letterhead, or in any 
 other way, a larger capital than has been actually paid in. 
 
 (TOs Vi970 Bet. 5.) 
 
13 
 
 SECTION 744-6. That all persons, partnerships or as- 
 sociations that shall engage in business under the purview 
 of this act, shall have printed on all their advertising matter 
 and business stationery, the word “unincorporated” imme- 
 diately following the name of the firm or business title. 
 
 The depositors in any bank shall have first lien on the 
 assets of such bank, in case it is wound up to the amount 
 of their several deposits, and for any balance remaining 
 unpaid, such depositors shall share in the general assets 
 of the owner or owners alike with the general creditors. 
 Every such corporation, person, partnership, or association 
 shall keep as a reserve at least fiften per cent of the total 
 deposits; such reserve may be in lawful currency kept in 
 the vaults of the bank, or may be invested in the securities 
 named in the paragraphs b and c of section 9758, or the 
 bonds of any city or county within this state, or kept sub- 
 ject to demand in other banks or trust companies designated 
 by such bank with the approval of the superintendent of 
 banks of Ohio. (103 v. 379 Sec. 6-) 
 
 Section 744-7. That all reports received from per- 
 sons, partnerships and associations engaged in, and all ap- 
 plications received from persons, partnerships or associa- 
 tions desiring to engage in business within the purview of 
 this act, shall be kept on file in the office of the superintend- 
 ent of banks, and open to the inspection of all persons, 
 at the discretion of the superintendent of banks. (103 v. 
 
 370 SeG, 7:3) 
 
 Section 744-8. Upon the failure of any person, per- 
 sons, partnership or association coming within the purview 
 of this act, to comply with it in any particular, the super- 
 intendent of banks shall proceed at once to take charge 
 of their affairs and proceed with their dissolution with 
 full power and authority as provided for other cases in sec- 
 sion. a-Of this act... (103 v:. 379: Sec.. 8.) 
 
 SECTION 744-9. Sections 720, 724, 725, 729, 734, 735, 
 737, 738, 740, 741, 742, 742-1, 742-2, 742-3, 742-4, 742-5, 
 742-6, 742-7; 742-8, 742-9, 742-10, 742-II, 742-12, 742-13, 
 742-14, 742-16 and 743 of the General Code of Ohio shall 
 refer to and include every and all corporations not or- 
 ganized under the laws of this state or of the United States, 
 persons, partnerships and associations using the word 
 “pank”, “banker” or “banking” or “trust” or “trust com- 
 pany” or words of similar meaning in any foreign language 
 as a designation or name under which business is or may 
 be conducted in this state, and every such corporation, per- 
 son, partnership or association shall be governed by and 
 shall conduct all their business and transactions as provided 
 in said sections in the same manner as if such corporations, 
 persons, partnerships or associations were specifically men- 
 tioned in each of said sections; and every such corporation, 
 person, partnership or association shall do and perform 
 
 Word “unin- 
 corporated”’ 
 
 upon all ad- 
 vertising, sta- 
 tionery, etc. 
 
 Depositors 
 shall have first 
 lien upon all 
 assets. 
 
 Reserve, 
 
 Reports filed 
 in office of 
 superintendent 
 of banks, 
 
 Dissolution, 
 
 Sections of 
 general code 
 governing con- 
 duct and busi- 
 ness of bank- 
 ing institu- 
 tions, incor- 
 porated and 
 private. 
 
Private banks 
 not compelled 
 to publish 
 reports, 
 
 Penalty for 
 certifying 
 check without 
 deposit suf- 
 ficient to 
 cover, 
 
 ine and im- 
 prisonment for 
 false certi- 
 fication. 
 
 Penalty for 
 receiving or 
 permitting an 
 employe to re- 
 ceive deposits 
 when bank is 
 insolvent. 
 
 14 
 
 all things required by each and all said sections, and the 
 superintendent of banks shall have the power and authority 
 over such corporations, persons, partnerships and asso- 
 ciations, as is given to him over banking corporations in 
 Ohio by said sections; and each and every other section 
 of the General Code of Ohio providing for the inspection, 
 examination and regulation of banking corporations, ex-. 
 cept the provisions as to capital stock and the amount of 
 loans -and investments computed on the basis of Capital 
 stock, and except the provisions for the publication of re- 
 ports, shall be held to apply to each and every such corpora- 
 tion, person, partnership or association so far as the said 
 sections and parts of sections may be applicable. (103 v. 
 
 290 SOC: ) 
 
 SECTION 744-10. Whoever, being connected with or 
 serving, or being an officer, employe, agent or director of 
 a corporation not organized under the laws of this state, 
 or the United States, or person, partnership or association 
 using the word “bank”, “banker”, or “banking” or “trust” 
 or “trust company”, or words of similar meaning in any 
 foreign language as a designation or name under which 
 business is conducted in this state, wilfully certifies a check 
 drawn on such corporation, person, partnership or associa- 
 tion and fails forthwith to charge the amount thereof 
 
 against the account of the person, firm or corporation draw- 
 
 ing it, or wilfully certifies a check drawn upon such corpo- 
 ration, person, partnership or association, unless the per- 
 
 - son, firm or corporation drawing it has on deposit with such 
 
 corporation, person, partnership or association an amount 
 of money subject to the payment of such check and eqaul 
 to the amount specified therein, or resorts to a device, re- 
 ceives a fictitious obligation in order to evade that provision 
 of this section, or.certifies a check before the amount thereof 
 has been regularly entered to the credit of the drawer 
 thereof upon the books of such corporation, person, part- 
 nership or 1ssociation, shall be fined not more than five 
 thousand collars or imprisoned in the penitentiary not less 
 than one year nor more than five years, or both. (103 v. 
 
 379 Sec; 10.) 
 
 SECTION 744-11. Whoever, being connected with or 
 serving, or being an officer, employe, agent or director, of 
 a corporation not organized under the laws of this state, 
 or of the United States, or person, partnership or associa- 
 tion, using the word “bank”, “banker” or “banking” or 
 “trust” or “trust company” or words of similar meaning 
 in any foreign language, as a designation or name under 
 which business is conducted in this state, receives, or per- 
 mits an employe to receive money, checks, drafts or other 
 property as a deposit therein when he has knowledge that 
 it is insolvent, or wilfully and fraudulently issues or puts 
 forth a certificate of deposit, draws an order or a bill of 
 exchange, makes an acceptance, assigns a note, bond, draft, 
 
15 
 
 bill of exchange, mortgage, judgment of decree, or makes 
 a false entry in a book, report or statement of such corpo- 
 ration, person, partnership or association, or fictitiously bor- 
 rows or solicits, obtains or receives money for said cor- 
 poration, person, partnership or association not in good 
 faith intended to be and not the property of such corpora- 
 tion, person, partnership, or association, with intent to 
 defraud or injure such corporation, person, partnership or 
 association, or another corporation, or person, or to deceive 
 an officer or such corporation, person, partnership or asso- 
 ciation or an agent appointed to examine the affairs of such 
 corporation, person partnership or association, or publishes 
 a false statement or report relating to the financial condition 
 of such corporation, person, partnership or association, with 
 intent to defraud or injure it or another corporation or per- 
 son, shall be fined not more than five thousand dollars or 
 imprisoned in the penitentiary for more than ten years, or 
 both. (103 v: 379 Sec. II.) 
 
 SECTION 744-12. That whenever any of the funds of 
 the state, or of any of the political subdivisions of the state, 
 shall be deposited under any of the depository laws of the 
 state, every corporation, person, partnership and association 
 coming within the purview of this act shall be permitted to 
 bid upon and be designated as depositories of such funds, 
 upon furnishing such surety or securities therefor as is pre- 
 scribed by the laws of the state of Ohio; provided, how- 
 ever, that there shall not be deposited with any such cor- 
 poration, person, partnership, or association by any such 
 political subdivision an amount in excess of $500,000, nor 
 in any event an amount in excess of fifty (50) per cent. of 
 the amount of the funds of such political subdivision so at 
 any time to be deposited. (103 v. 379 Sec. 13.) 
 
 SECTION 744-13. This act shall go into effect July first, 
 1914, except that every corporation not organized under the 
 laws of this state or of the United States, person, partner- 
 ship or association, using the word “bank”, “banker” or 
 “banking” or “trust” or “trust company” or words of sim- 
 ilar meaning in any foreign language, as a designation or 
 name under which business is conducted in this state, shall, 
 on and after September first, 1913, make reports to the su- 
 perintendent of banks of Ohio in the manner and form 
 as provided in sections 737, 738, and 741 of the General 
 Code of Ohio which shall apply to and govern all such cor- 
 porations, persons, partnerships or associations ; provided 
 further that at any time after September first, 1913, the 
 superintendent of banks of Ohio, when he has reason to be- 
 lieve from any report made by any such corporation, per- 
 son, partnership or association, or otherwise, that such 
 corporation, person, partnership or association is in a fail- 
 ing or insolvent condition he may make an examination of 
 . any such corporation, person, partnership or association as 
 provided by section 730 of the General Code, and upon his 
 
 Penalty for 
 false entry, 
 fraudulent 
 
 certificate of 
 deposit, etc, 
 
 Right to bid 
 for deposit of 
 public funds. 
 
 Private banks 
 must make 
 reports and be 
 subject to in- 
 spection on 
 and after 
 Sept. 1, 1913, 
 other pro- 
 visions effective 
 July 1, 1914. 
 
Statements 
 must be filed 
 with secretary 
 of state on or 
 before Jan- 
 uary 1, 1914, 
 
 Possession by 
 superin- 
 tendent. 
 
 16 
 
 finding any such corporation, person, partnership, or asso-. 
 ciation to be insolvent or in a failing condition he may take 
 charge of the same and’ proceed to liquidate its affairs as 
 provided by law for the liquidation of banking corporations 
 of this state; provided further that section 2 of this act shall 
 go into effect on January first, 1914. (103 v. 379 Sec. 15.) 
 
 LIQUIDATION, - 
 
 SECTION 742. Whenever in this act it is provided that 
 the superintendent of banks may take possession of the 
 property and business of any corporation, company, com- 
 mercial bank, savings bank, safe deposit company, trust com- 
 pany, or any combination of two or more of such classes of 
 business or society for savings, or banking association, do- 
 ing business under the provisions of the banking laws of this 
 state, to liquidate its affairs, the superintendent of banks 
 
 -*. shall take possession of and administer the assets of such 
 
 Notice of in- 
 solvency, 
 
 Administration 
 of ‘trust, 
 
 company or association as herein provided. (r1o1 v. 276 
 
 een hs) 
 
 SECTION 742-1. Upon taking possession of the prop- 
 erty and business of any such corporation, company, society, 
 or association, the superintendent of banks shall forthwith 
 give written notice of such fact to all banks, trust com- 
 panies, associations and individuals holding or in possession 
 of any assets of such corporation, company, society or as- 
 sociation. No bank, trust company, association or individual 
 knowing that the superintendent of banks has taken posses- 
 sion of such company or association, shall have a lien or 
 charge for any payment advanced or any clearance there- 
 after made, or liability thereafter incurred against any of 
 the assets of the corporation, company, society or associa- 
 tion of whose property and business the superintendent of 
 banks shall have taken possession. Such corporation, com- 
 pany, society or association may with the consent of the 
 superintendent of banks, resume business upon such con- 
 ditions as may be approved by him. (1o1 v. 276 Sec. 1.) 
 
 SECTION 742-2. Upon taking possession of the prop- 
 erty and business of such corporation, company, society or 
 association, the superintendent of banks is authorized to col- 
 lect money due to such corporation, company, society or 
 association, and to do such other acts as are necessary to 
 preserve its assets and business, and shall proceed to liqui- 
 dates the affairs thereof, as hereinafter provided. The su- 
 perintendent of banks shall collect all debts due and claims 
 belonging to it, and upon the order of the common pleas 
 court in and for the county in which the office of such cor- 
 poration, company, society or association was located, may 
 sell or compound all bad or doubtful debts, and on like or- 
 der may sell all the real estate and personal property of 
 
 \ 
 
17 
 
 such corporation, company, society or association, on such 
 terms as the court shall direct; and the superintendent of 
 banks upon the terms of sale or compromise directed by the 
 court, shall execute and deliver to the purchaser of such 
 real or. personal property, such deeds or instruments as 
 shall be necessary to evidence the passing of the title; and 
 if said real estate is situated outside the county in which 
 the office of the corporation, company, society or asso- 
 ciation, was located, a certified copy of such order author- 
 izing and ratifying said sale shall be filed in the office of 
 the recorder of the county within which said property is 
 situated; and may, if necessary to pay the debts of such 
 corporation, company, society or association, enforce the 
 individual liability, if any, of the stockholders. The super- 
 intendent of banks may under his hand and official seal 
 appoint one or more special deputy superintendents of 
 banks as agent or agents to assist him in the duty of liqui- 
 dation and distribution, a certificate of appointment to be 
 
 filed in the office of the superintendent of banks and a- 
 
 certified copy in the office of the clerk of the county in 
 which the office of such corporation, company, society or 
 association was located. The superintendent of banks shall 
 require from such agent or agents such surety for the faith- 
 ful discharge of their duties as he may deem proper. All 
 bonds given shall be deposited with the secretary of state 
 and kept in his office. (103 v. 528 Sec. 1.) 
 
 SECTION 742-3. The superintendent of banks shall 
 ‘cause notice to be given by advertisement in such newspa- 
 per as he may direct weekly for three consecutive months, 
 calling on all persons who may have claims against such 
 corporation, company, society or association, to present 
 the same to the superintendent of banks, and to make 
 legal proof thereof at a place and within a time not ear- 
 lier (later) than the last day of publication to be therein 
 specified. The superintendent of banks shall mail a similar 
 notice to all persons whose names appear as creditors upon 
 the books of the corporation, company, society or asso- 
 ciation, If the superintendent of banks doubts the jus- 
 tice and validity of any claim, he may reject the same and 
 serve notice of such rejection upon the claimants, either 
 by mail or personally, and an affidavit of the service of 
 such notice, which shall be prima facie evidence. thereof, 
 shall be filed in his office. An action upon a claim so re- 
 jected must be brought within six months after such ser- 
 vice. Claims presented and allowed after the expiration 
 of the time fixed in the notice to creditors, shall be entitled 
 to be paid the amount of all prior dividends therein if 
 there be funds sufficient therefor and share in the dis- 
 tribution of the remaining assets in the hands of the super- 
 intendent of banks equitable applicable thereto. (IOI v. 
 
 a7 Oaset. T.) 
 
 2B Sy, 
 
 Superintend- 
 ent may ap- 
 point special 
 deputies to 
 assist in 
 liquidation. 
 
 Notice to 
 creditors. 
 
18 
 
 eon, _. SECTION 742-4. The expenses'incurred by the super- 
 how paid. intendent of banks in the liquidation of any bank in accord- 
 
 ance with the provisions of this act, shall include the ex- 
 penses of deputy or assistants, clerks and examiners em- 
 ployed in such liquidation, together with reasonable attor- 
 ney fees for counsel employed by said superintendent of 
 banks in the course of such liquidation. Such compensa- 
 tion of counsel, of deputies or assistants, clerks and exam- 
 iners in the liquidation of any corporation, company, so-. 
 ciety or association, and all expenses of supervision and 
 liquidation shall be fixed by the superintendent of banks, 
 subject to the approval of the common pleas court of the 
 county in which the office of such corporation, company, 
 society or association was located on notice to such cor- 
 poration, company, society or association. ‘The expense 
 of such liquidation shall be paid out of the property of 
 such corporation, company, society or association in, the 
 hands of said superintendent of banks, and such expenses 
 shall be a valid charge against the property in the hands of 
 said superintendent of banks and shail be paid first, in 
 the order of priority. (101 v. 276 Sec. I.) 
 
 Inventory. SECTION 742-5. Upon taking possession of the prop- 
 erty and assets of such corporation, company, society or 
 association, the superintendent of banks shall make an in- 
 ventory of the assets of such corporation, company, society 
 or association in duplicate,—one to be filed in the office of 
 the superintendent of banks, and one in the office of the 
 clerk of the county in which the office of such corporation, 
 company, society or association was located; upon the ex- 
 piration of the time fixed for the presentation of claims, the 
 superintendent of banks shall make in duplicate a full and 
 complete list of the claims presented, including and specify- 
 ing such claims as have been rejected by him, of which one 
 shall be filed in the office of the superintendent of banks, 
 and one in the office of the clerk of the county in which the 
 office of such corporation, company, society or association 
 was located. And the superintendent of banks shall in like 
 manner make and file supplemental lists showing all claims 
 presented subsequent to the filing of the first list—such sup- 
 plemental lists to be filed at least fifteen days before the 
 declaration of any dividend, and in any event such supple- 
 mental lists shall be filed at intervals of not exceeding six 
 months. Such inventory and list of claims shall be open at 
 all reasonable times for inspection. (101 v. 276 Sec. 1.) 
 
 Denoai-ot SEcTION 742-6. The moneys collected by the superin- 
 anes 260% tendents of banks shall be from time to time deposited in 
 
 one or more state banks of deposit, savings banks, or trust 
 companies, subject to his order as herein provided. (101 
 Be rie oa 
 
 Dividends; Section 742-7. At any time after the expiration of 
 when and 4, the date fixed for the presentation of claims, the superin- 
 
19 
 
 tendent of banks may, out of the funds remaining in his 
 hands after the payment of expenses, declare one or more 
 dividends, and after the expiration of one year from the 
 first publication of notice to creditors, he may declare a 
 final dividend,—such dividends to be paid to such persons 
 and in such amounts and upon such notice as may be di- 
 rected by the common pleas court of the county in which 
 the office of such corporation, company, society or associa- 
 tion was located. (ror v. 276 Sec. 1.) 
 
 SECTION 742-8. Objections to any claim not rejected 
 by the superintendent of banks may be made by any party 
 interested by filing a copy of such objection with the super- 
 intendent of banks, who shall present the same to the com- 
 mon pleas court of the county in which the office of such 
 corporation, company, society or association was located, 
 upon written notice to the party filing the same, said notice 
 setting forth the time and place of the:presentation. The 
 court upon return day of said notice shall hear the objec- 
 tions raised to said claim, or refer the determination of 
 said objections to a referee for report, or upon demand of 
 either the superintendent of banks or the party filing the 
 objections direct that the issues be tried before a jury. The 
 court may make proper provision for unproved and un- 
 claimed deposits. (101 v. 276 Sec. 1.) 
 
 SECTION 742-9. Whenever any such corporation, 
 company, society or association of whose property and busi- 
 ness the superintendent of banks has taken possession, as 
 . aforesaid, deems itself aggrieved thereby, it may at any 
 time within ten days after taking such possession apply to 
 the common pleas court of the county in which the office 
 of such corporation, company, society or association was 
 located, to enjoin further proceedings, and said court, 
 after citing the superintendent of banks to show cause why 
 further proceedings should not be enjoined, and hearing 
 the allegation and proofs of the parties and determining 
 the facts, may, upon the merits, dismiss such application 
 or enjoin the superintendent of banks from further pro- 
 ceedings, and direct him to surrender such business and 
 property to such corporation, company, society or associa- 
 tion. (101 v. 276 Sec. 1.) 
 
 SECTION 742-10.. No receiver shall be appointed by 
 any court, nor shall any deed of assignment for the benefit 
 of creditors be filed in any probate court or court of insolv- 
 ency, within this state, for any incorporated bank, savings 
 bank, savings and trust company, safe deposit and trust 
 company, society for savings, savings society, or. any combi- 
 nation of same doing business under the laws of this state 
 except upon notice to the superintendent of banks, unless 
 m case of urgent necessity it becomes in the judgment of 
 the court necessary so to do in order to preserve the assets 
 of such corporation, company, society or association. The 
 
 Rejected 
 claims, 
 
 Enjoining su- 
 perintendent. 
 
 Institution 
 may appoint 
 receiver upon 
 authority of 
 court. 
 
20 
 
 superintendent of banks may within five days after the 
 service of such notice upon him take possession of such 
 corporation, company, society or association, in which case 
 no further proceedings shall be had upon such application 
 for the appointment of receiver or under such deed of as- 
 signment, or, if a receiver has been appointed or such as- 
 signee shall have entered upon the administration of his 
 trust, such appointment shall be vacated or such assignee 
 shall be removed upon application of the superintendent of . 
 banks to the proper court therefor, and the superintendent 
 of banks shall proceed in all such cases to administer the 
 assets of such corporation, company, society or association 
 as herein provided. (101 v. 276 Sec. I.) 
 
 Liquidation by SECTION 742-11. Whenever the superintendent of 
 
 Pe dene banks shall have paid to each depositor and creditor of 
 such corporation, company, society or association (not in- 
 cluding stockholders) whose claim or claims as such de- 
 positor or creditor shall have been duly proved and al- 
 lowed, the full amount of stich claims, and shall have made 
 proper provision for unclaimed or unpaid deposits or divi- 
 dends, and shall have paid all the expenses of the liquida- 
 tion, the superintendent of banks shall call a meeting of the 
 stockholders of such corporation, company, society or as- 
 sociation, by giving notice thereof for thirty days in one 
 or more newspapers published in the county wherein the 
 office of such corporation, company, society or association 
 was located. (101 v. 276 Sec. 1.) 
 
 Pega SecTION 742-12. At such meeting the stockholders | 
 
 intendent, shall determine whether the superintendent of banks shall 
 continue to administer its assets and wind up the affairs 
 of such corporation, company, society or association, or 
 whether an agent or agents shall be elected for that pur- 
 pose; and in so determining the said stockholders shall 
 vote by ballot in person, or by proxy, each share entitling 
 the holder to one vote and the majority of the stock shall 
 be necessary to a determination. In case it is determined to 
 continue the liquidation under the superintendent of banks, 
 he shall complete the liquidation of the affairs of such cor- 
 poration, company, society or association, and after pay- 
 ing the expenses thereof shall distribute the proceeds among 
 the stockholders in proportion to the several holdings of 
 stock, in stich manner and upon such notice as may be di- 
 rected by the common pleas court of the county in which 
 the office of stich corporation, company, society or asso- 
 ciation was located. (101 v. 276 Sec. 1.) 
 
 Final lquida. SECTION 742-13. In case it is determined to appoint 
 ‘ischarge of an agent or agents to liquidate, the stockholders shall there- 
 or upon select such agent or agents by ballot,—a majority of 
 the stock present and voting, in person or by proxy, being 
 necessary to a choice. Such agent or agents shall file with 
 
 the superintendent of banks a bond to the state of Ohio in 
 
21 
 
 such amount and with such suretiés as shall be approved by 
 the superintendent of banks for the faithful performance of 
 all the duties of his or their trust, and thereupon the super- 
 intendent of banks shall transfer to such agent or agents 
 all the undivided or uncollected or other assets of such 
 corporation, company, society or association then remain- 
 ing in his hands; and upon such transfer and delivery the 
 said superintendent of banks shall be discharged from all 
 further liability to such corporation, cgmpany, society or 
 association and its creditors. (1oI v. 276 Sec. 1.) 
 
 SECTION 742-14. Such agent or agents shall convert 
 the assets coming into his or their possession into cash, and 
 shall account for and make distribution of the property of 
 such corporation, company, society or association as herein 
 provided in the case of distribution by the superintendent 
 of banks, except that the expenses thereof shall be subject 
 to the direction and control of the common pleas court of 
 the county in which the office of such corporation, com- 
 pany, society or association was located. (101 v. 276 
 
 Dee hs) 
 
 SECTION 742-15. In case of death or removal or re- 
 fusal to act of any such agent, or agents, the stockholders 
 may elect a successor as hereinbefore provided who shall 
 have the same powers and be subject to the same liabilities 
 and duties as the agent, or agents, originally elected. (101 
 
 VereO eC, FT.) 
 
 SECTION 742-16. Dividends and unclaimed deposits 
 remaining in the hands of the superintendent of banks for 
 six months after the order for final distribution shall be 
 by him deposited in one or more state banks of deposit, 
 savings banks or trust companies to the credit of the super- 
 intendent of banks in his name of office, in trust for the 
 several depositors or creditors entitled thereto. The super- 
 intendent of banks may pay over the moneys so held by 
 him to the persons respectively entitled thereto, upon being 
 furnished satisfactory evidence of their right to the same. 
 In cases of doubt or conflicting claims he may apply to the 
 common pleas court of the county in which the office of 
 such corporation, company, society or association was lo- 
 cated for an order authorizing and directing the payment 
 thereof. He may apply the interest earned by the money 
 so held by him towards defraying expenses of the pay- 
 ment and distribution of such unclaimed deposits or divi- 
 dends to the depositors and creditors entitled to receive 
 the same, and he shall include in his annual report to the 
 governor a statement of the amount of interest earned by 
 such unclaimed dividends. (tor v. 276).SEC. 15) 
 
 _ SECTION 9749. On becoming satisfied that a corpora- 
 tion has refused to pay its depositors in accordance with the 
 terms on which such deposits were received (if received 
 
 Distribution 
 of remaining 
 assets by 
 agent. 
 
 Inability of 
 agent to act. 
 
 Final distribu- 
 tion by super- 
 intendent. 
 
 Possession 
 and liquida- 
 tion; reasons 
 for. 
 
Notice of ap- 
 pointment, 
 
 Voluntary 
 liquidation, 
 
 22 
 
 under the provisions of this chapter, Chap. 2, Div. V, Title 
 IX), or that such corporation has become otherwise in- 
 solvent, or that its capital has been impaired for a period of 
 ninety days, or is conducting its business in an unsafe or 
 unauthorized manner, or if from any examination or report 
 provided for by this chapter the superintendent shall have 
 reason to conclude that such corporation is in an unsound 
 or unsafe condition to transact the business for which it 
 was organized, or that it is unsafe for it to continue business,” 
 the superintendent of banks forthwith may take possession 
 of the property and business of such corporation until its 
 affairs be finally liquidated, as herein provided. The super- 
 intendent of banks shall not take possession of the prop- 
 erty and business of any such corporation which was in- 
 corporated under the laws of this state and transacting 
 business at the time of the passage of this act for failure to 
 comply with the provisions of this act, as to transactions 
 made prior to the passage of this act or renewals or settle- 
 ments and adjustments of such transactions, where the ex- 
 aminations provided for in this act disclose, or any such 
 corporation shows to the satisfaction of such superintendent 
 of banks, that the interest of its depositors, creditors and 
 stockholders will not be endangered by permitting it to 
 continue to. transact its regular business. (101 v. 276 
 
 ete Bad 
 
 Section 9750. Notice of the appointment of such re- 
 ceiver shall be given by advertisement in some newspaper 
 published in the city, village or county where such cor- 
 poration is located, for six consecutive weeks, calling upon 
 all persons who have claims against it to present them to 
 such receiver, and make legal proof thereof. (99 v. 278 
 See. AB.) 
 
 Section 9747. A corporation organized under this 
 chapter, may go into liquidation and be closed by the vote 
 of its stockholders owning two-thirds of its stock in number 
 and amount. When a vote to go into liquidation is taken, 
 the board of directors shall cause notice of such fact to be 
 certified under seal of the corporation, by its president 
 and secretary, treasurer or cashier, to the superintendent of 
 banks, and publication thereof to be made for a period of 
 four weeks in a newspaper published in the city, village or 
 county in which the corporation is located, that it is closing 
 up its affairs, and notifying creditors to present their claims 
 against the corporation for payment. (99 v. 277 Sec. 39.) 
 
23 
 
 ORGANIZATION AND MANAGEMENT OF BANKS 
 IN GENERAL. 
 
 Const. XIII, Sec. 3: 
 
 Dues from private corporations shall be secured by such 
 means as may be prescribed by law, but in no case shall any stock- 
 holder be individually liable otherwise than for the unpaid stock 
 
 owned by him or her; except that stockholders of corporations au- 59 
 
 thorized to receive money on deposit shall be held individually 
 responsible, equally and ratably, and not one for another, for all 
 contracts, debts and engagements of such corporation, to the ex- 
 tent of the amount of their stock therein, at the par value thereof, 
 in addition to the amount invested in such shares. * * * 
 
 Cuap. 2, Div. V, Trr_e IX, GENERAL CODE. 
 
 SECTION 9702. Any number of persons, not less than 
 five, a majority of whom are citizens of this state, may asso- 
 ciate and become incorporated to establish a commercial 
 bank, a savings bank, a safe deposit company, a trust com- 
 pany, or to establish a company having departments for 
 two or more, or all of such classes of business, upon the 
 terms and conditions and subject to the limitations herein- 
 after and by law prescribed. (99 v. 269 Sec. 1.) 
 
 SECTION 9703. Such persons shall subscribe and ac- 
 knowledge before an officer authorized to take acknowledg- 
 ments of deeds, articles of incorporation, the form of which 
 shall be prescribed by the secretary of state, which must 
 contain : 
 
 a. The name by which such corporation is to be 
 known, which shall begin with the word “The” and end 
 with the word “bank” or “company”. 
 
 b. The place where its business is to be transacted, 
 designating the particular city, village or township. 
 
 c. The purpose for which it is formed, whether that 
 of a commercial bank, savings bank, safe deposit company, 
 trust company, or a combination of two or more or all, of 
 such classes of business. . 
 
 d. The amount of its capital, which shall be divided 
 
 into shares of one hundred dollars each. (102 v.29 
 Sec. 1.) 
 
 SECTION 9704. The capital stock of a commercial bank 
 shall not be less than twenty-five thousand dollars; of a 
 savings bank, not less than twenty-five thousand dollars ; 
 of a commercial bank and savings bank, not less than 
 twenty-five thousand dollars; of a safe deposit company, 
 not less than twenty-five thousand dollars; of a commercial 
 bank and safe deposit company, not less than twenty-five 
 thousand dollars; of a savings bank, commercial bank and 
 safe deposit company, not less than fifty thousand dollars ; 
 of a trust company, not less than one hundred thousand 
 dollars; of a trust company and safe deposit company, not 
 less than one hundred thousand dollars; of a trust com- 
 
 Double lia- 
 
 bility of 
 
 stockholders 
 
 constitution 
 9 
 
 “, 
 
 Incorpora- 
 tion of 
 banks. 
 
 Articles of 
 incorporation, 
 
 Capital stock, 
 
Certificate of 
 
 clerk of court. 
 
 Duties of sec- 
 retary of state. 
 
 Certified copy 
 of articles, 
 
 Enumeration 
 of powers. 
 
 24 
 
 pany and savings bank, not less than one hundred thousand 
 dollars; of a trust company, savings bank and safe deposit 
 company, not less than one hundred and twenty-five thou- 
 sand dollars; and of a trust company, savings bank, com- 
 mercial bank and safe deposit company, not less than one 
 hundred and twenty-five thousand dollars. (99 v. 269 
 SeCeae) 
 
 SECTION 9705. The official character of the officer: 
 before whom the acknowledgment of articles of incorpora- 
 tion is made, shall be certified by the clerk of court of 
 common pleas of the county in which the acknowledgment 
 is taken, and the articles shall be filed in the office of the 
 secretary of state. If they are in conformity to law, the 
 secretary of state shall record them, and furnish one certi- 
 fied copy thereof to the incorporators of such corporation, 
 and another certified copy to the superintendent of banks, 
 to be by him filed in his office. (99 v. 269 Sec. 3.) 
 
 SEcTION 9706. The secretary of state shall not file or 
 record any stich articles of incorporation in which the name 
 of the corporation is likely to mislead the public as to the 
 character or purpose of the business authorized by its 
 charter, or is the same as one already adopted or appro- 
 priated by an existing corporation of this state, or so 
 similar thereto as to be likely to mislead the public, uniess 
 the place of business of such company is to be located in a 
 county other than the one in which the corporation bearing 
 such similar name is then doing business, and the corpora- 
 tion so adopting such name adds thereto the words “of 
 Ppdts ds tage oe Oy a Oy ” (indicating thereby the name 
 of the city, village or township in which its principal place 
 of business is situated). (99 v. 269 Sec. 3.) 
 
 SEction 9707. A copy of such articles of incorpora- 
 tion, duly certified by the secretary of state, shall be prima 
 facie evidence of the existence of such corporation; and all 
 certificates thereafter filed in the office of the secretary of 
 state relating to such corporation shall be recorded. (99 
 Vi220G: SECr Se) 
 
 SEcTION 9708. Upon such filing of the articles of 
 incorporation, the persons who subscribe them, their asso- 
 ciates, sticcessors, and assigns, by the name designated 
 therein, shall become a body corporate with succession, and, 
 as such, shall have power: 
 
 a. To adopt and use a corporate seal, and to alter it 
 at pleasure. 
 
 b. To contract and be contracted with; 
 
 c. To sue and be sued; 
 
 d. To adopt regulations for the government of the 
 corporation, not inconsistent with the constitution and laws 
 of this state; 
 
25 
 
 e. To do all needful acts, to carry into effect the ob- 
 jects for which it was created. (99 v. 270 Sec. 4.) 
 
 SECTION 9709. Regulations of the corporation may be 
 adopted or changed by the assent thereto, in writing, of 
 two-thirds of the stockholders, in number and amount or 
 by a majority of the stockholders, in number and amount, 
 at a meeting held for that purpose, notice of which has been 
 given for that purpose by the president or secretary or any 
 two directors personally or by written notice to each stock- 
 holder, or by publication, for thirty days, in some news- 
 paper of general circulation in the county in which the 
 corporation is located. (99 v. 270 Sec. 4.) 
 
 SECTION 9710. The person named in the articles of 
 incorporation of any such company, or a majority of them, 
 shall order books to be opened for subscription to the capi- 
 tal stock of the company in the manner provided for other 
 corporations. An installment of ten per cent. on each share 
 of stock shall be payable at the time of making the subscrip- 
 tion, and an installment of forty per cent. on each share of 
 stock shall be payable as soon thereafter as may be required 
 by the board of directors, the remaining fifty per cent. 
 being payable in the manner hereinafter required. (99 v. 
 270, SEC:.5. ) 
 
 SECTION 9711. As soon as the capital stock of such 
 corporation is fully subscribed and ten per cent. thereo 
 paid in, the subscribers of the articles of incorporation, or 
 a majority of them, shall so certify in writing to the secre- 
 tary of state, and thereupon give notice to the stockholders, 
 in the manner provided for other corporations, to meet for 
 the purpose of choosing not less than five nor more than 
 thirty directors, who shall continue in office until the time 
 fixed for the annual election, and until their successors are 
 elected and qualified. But if all subscribers are present in 
 person or by proxy, such notice may be waived in writing. 
 (102-¥,°171 Sec. 1.) 
 
 SECTION 9712. At the time and place apnointed, direc- 
 tors shall be chosen in the manner provided for other cor- 
 porations. (99 v. 271 Sec. 7.) 
 
 SECTION 9713. Unless the regulations of the corpora- 
 tion otherwise provide an annual election for directors shall 
 be held on the second Wednesday of January of each year. 
 If for any cause, directors are not elected at the annual 
 meeting, or other meeting called for that purpose, they may 
 be chosen in the manner provided for other corporations. 
 
 (99 v. 271 Sec, 8.) 
 
 SECTION 9714. In all other respects, such corporation 
 shall be created, organized, governed and conducted in the 
 manner provided by law for other corporations in so far 
 
 Regulations, 
 how adopted. 
 
 Opening of 
 subscription 
 books, 
 
 Certificate of 
 subscription. 
 
 Directors. 
 
 Annual 
 elections. 
 
 General pro. 
 visions; when 
 applicable. 
 
Authorization 
 of superin- 
 tendent. 
 
 Monthly in- 
 stallments on 
 capital stock. 
 
 Failure to pay 
 installments; 
 sale of stock, 
 
 Surplus from 
 sale, 
 
 Superin- 
 tendent may 
 take pos- 
 session. 
 
 Ze 
 
 as not inconsistent with the provisions of this chapter. (99 
 V. 271 Se€.0:) 
 
 SECTION 9715. No such corporation shall transact 
 business except such as is incidental and necessarily pre- 
 liminary to its organization, until it has been authorized by 
 the superintendent of banks. (99 v. 271 Sec. Io.) 
 
 SECTION 9716. The entire capital stock of such cor- 
 poration shall be subscribed and at least fifty per cent. of 
 each share paid in before it may be authorized to commence 
 business. The remainder of its capital stock shall be paid 
 in in monthly installments of at least ten per cent. each on 
 the whole amount of the capital, payable at end of each 
 succeeding month from the time it is authorized by the 
 superintendent of banks to commence business. The pay- 
 ment of each installment shall be certified under oath to 
 the superintendent of banks by the president, secretary, 
 treasurer, or cashier of such corporation. (102 v. I71 
 
 Sec. 17) 
 
 SECTION 9717. When a stockholder or his assigns fails 
 to pay an installment on his stock, as required by the pre- 
 ceding section. to be paid, or for thirty days thereafter, the 
 directors for such company may sell his.stock at public sale 
 for not less than the amount due thereon, including costs 
 incurred, to the person who will pay the highest price ° 
 therefor, having first given the delinquent stockholder 
 twenty days’ notice of such sale personally, or if no per- 
 sonal notification can be given, then by mail at his last 
 known address as appears from the corporate record, and 
 having advertised the sale for a like period in a paper of 
 general circulation within the county in which the corpora- 
 tion is located. If no bidder can. be found who will pay for 
 such stock the amount due thereon, with costs incurred, 
 such stock shall be sold as the directors order, within six 
 months for not less than the amount then due thereon with 
 all costs of sale. (99 v. 271 Set. 12.) : 
 
 Section 9718. Upon a sale of stock, any surplus over 
 the amount due thereon to such corporation, with interest 
 and costs incurred, shall be paid over to the original stock- 
 holder, or his assigns. (99 v. 272 Sec. 13.) 
 
 Section 9719. If the cancellation of the stock of any 
 delinquent holder reduces the capital of the corporation 
 below the minimum required by law, the capital of such 
 corporation shall be increased by additional subscription to 
 the minimum required by law, within sixty days from the 
 
 ‘date of such cancellation; in default of which the superin- 
 -tendent of banks may forthwith take possession of the 
 
 property and business of such corporation until its affairs 
 be finally liquidated, as herein provided. (101 v. 276 
 Sec. ried 
 
27 
 
 SECTION 9720. When a certificate is transmitted to the 
 
 Preliminary 
 
 superintendent of banks, signed by the president, secretary ¢xamination 
 
 or treasurer of such corporation, notifying him that the 
 entire capital stock of such corporation is subscribed, that 
 fifty per cent. thereof has been duly paid in, and that such 
 corporation has complied with all the provisions of law 
 required to be done before it can be authorized to commence 
 business, the superintendent of banks shall examine into 
 its affairs, ascertain especially the amount. of money paid 
 in on account of its capital, the name and place of residence 
 of each director, the amount of capital stock of which each 
 is the owner in good faith, and whether such corpotation 
 has complied with all the provisions of law required to 
 entitle it to engage in business. (99 v. 272 Sec. I5.) 
 
 SECTION 9721. If upon such examination of the facts 
 referred to in section 9720, and of any other facts which 
 may come to the knowledge of the superintendent of banks, 
 whether by means of a special commission appointed by 
 him for the purpose of inquiring into the condition of such 
 corporation or otherwise, the superintendent of banks finds 
 that such corporation is lawfully entitled to commence busi- 
 ness, he shall give it a certificate under his hand and official 
 seal that it has complied with all of the provisions required 
 by law, and is authorized to commence business. But the 
 superintendent may withhold such certificate when he has 
 reason to believe that the stockholders have formed such 
 corporation for any other purpose than the legitimate busi- 
 ness herein contemplated, or that the character and general 
 fitness of the persons named as stockholders in the certifi- 
 cate are not such as to command the confidence of the 
 community in which such bank is proposed to be located, 
 or that the public convenience and advantage will not be 
 promoted by its establishment. If the superintendent of 
 banks withholds a certificate for any of the reasons named 
 in this section an appeal may be made to a board composed 
 of the governor, attorney general and superintendent of 
 banks whose decision shall be final. (102 v. 171 Sec. 1.) 
 
 SECTION 9722. The corporation shall cause such cer- 
 tificate to be published in some newspaper printed in the 
 city, village or county where it is located, once a week for 
 four successive weeks, or if no newspaper is published in 
 such county, then in a newspaper published at the nearest 
 county seat. (99 v. 272 Sec. 17.) 
 
 SECTION 9723. Hereafter, all corporations incorpo- 
 rated as commercial banks, savings banks, savings societies, 
 societies for savings, savings and loan associations, safe 
 deposit companies, trust companies, and savings and trust 
 companies, or a corporation having departments for two or 
 more, or all of such classes of business, shall be incorpo- 
 rated and organized with a capital stock, and under the 
 provisions of this chapter. The secretary of state shall not 
 
 by superin- - 
 tendent, 
 
 Certificate of 
 superin- 
 tendent. 
 
 Publication of 
 certificate. 
 
 Duty as to 
 filing articles, 
 
Transfers 
 of stock, 
 
 Increase of 
 capital stock. 
 
 Reduction of 
 capital stock. 
 
 Monthly 
 meetings, 
 
 Executive 
 committee, 
 
 Minutes of 
 executive 
 committee. 
 
 28 
 
 file or record articles of incorporation for such a corpora- 
 tion, unless in accordance therewith. (99 v. 272 Sec. 18.) 
 
 SECTION 9724. The shares of stock of such corpora- 
 tion shall be deemed personal property and shall be trans- 
 ferred on its books in such manner as the regulations and 
 by-laws of the corporation direct. (99 v- 273 Sec. 19.) 
 
 SECTION 9725. A corporation doing business under the: 
 provisions of this chapter, may increase its capital stock as 
 provided for other corporations. In case of such increase, 
 the board of directors first shall offer such additional stock 
 pro rata to all stockholders of record, at such price, not less 
 than par, as they deem best for the interest of the corpora- 
 tion. Shares remaining unsold then may be sold to any 
 person on the same or better terms. (99 v. 273 Sec. 20.) 
 
 SECTION 9726. Such a corporation may reduce the 
 amount of its capital stock in the manner provided for 
 other corporations, but notice of such reduction shall be 
 published in a newspaper of: general circulation in the city, 
 village or county, in which it is doing business. No reduc- 
 tion shall be made to an amount less than the minimum 
 amount of capital stock required for such corporation, nor 
 shall such reduction be valid or warrant the cancellation of 
 stock certificates until it has been approved by the super- 
 intendent of banks. Such approval shall not be given 
 except upon a finding by him that the security of existing 
 creditors of the corporation will not be impaired. (99 v. 
 279 SeCeaia 
 
 SECTION 9727. The corporate powers, business and 
 property of corporations formed under this chapter, shall 
 be exercised, conducted and controlled by the board. of 
 directors, which shall meet at least once each month. Such 
 board shall consist of not less than five nor more than thirty 
 directors, to be chosen by the stockholders,.and hold office 
 for one year and until their successors are elected and 
 qualified. (99 v. 273 Sec. 22.) 
 
 SECTION 9728. The board of directors may appoint an 
 executive committee to consist of at least three of its mem- 
 bers, with such duties and powers as are defined by the 
 regulations or by-laws who shall serve until their successors 
 are appointed. Such executive committee shall meet as 
 often as the board of directors require, which shall not be 
 less frequently than once each month, and approve or dis- 
 approve all loans and investments. All loans and invest- 
 ments shall be made under such rules and regulations as the 
 board of directors prescribe. (99 v. 273 Sec. 23.) 
 
 SECTION 9729. Minutes shall be kept of the meetings 
 of such excutive committee, including records of loans and 
 investments, to be submitted to the board of directors for 
 
29 
 
 approval at each meeting. The minutes and records of such 
 committee shall be kept on file. No loan shall be made, 
 directly or indirectly, to an officer, or member of the execu- 
 tive committee of such a corporation, unless duly authorized 
 by a majority of the members of the board of directors. 
 Such authorization shall be recorded on the records of their 
 proceedings, and all loans when so authorized and made to 
 officers, or members of the executive committee shall be 
 made and secured in the same manner as loans to other 
 persons.” "(99.V..273 Sec: 23;)-- 
 
 SECTION 9730. In elections of directors, and in decid- 
 ing questions at meetings of stockholders, each stockholder 
 shall be entitled to one vote for each share of stock held by 
 him. Any stockholder also may vote by proxy duly author- 
 ized in writing. (99 v. 274 Sec. 24.) 
 
 SECTION 9731. Every director must be the owner and 
 holder of at least five shares of stock in his own name and 
 right, unpledged and unincumbered in any way, and at 
 least three-fourths of the directors must be residents of this 
 state: -(09: V.-274 Seci-25.) 
 
 SECTION 9732. Every director shall take and subscribe 
 an oath that he will diligently and honestly perform his 
 duties in such office, not knowingly violate, or permit to be 
 violated, any provisions of this chapter, and that he is the 
 owner in good faith of the number of shares of stock of the 
 company required to qualify him for such office, standing 
 _ in his own name, on its books. (99 v. 274 Sec. 26.) 
 
 SECTION 9733. Any vacancy in the board of directors 
 ‘may be filled by the board for the unexpired term. (99 v. 
 27fAisec. 27.) 
 
 SECTION 9734. The officers of such corporation, be- 
 fore entering upon the discharge of their duties, shall give 
 bond to the corporation in the amount required by the 
 directors and with surety to be approved by them, for their 
 fidelity and good conduct and for the safe keeping and 
 proper application of the funds of the corporation and of 
 such moneys and other property as may be placed in their 
 charge. .The directors may require an increase of the 
 amount of such bonds whenever they deem it necessary. 
 The directors as such shall not be required to give bond. 
 
 (99 v. 274. Sec. 28.) 
 
 SECTION 9735. The board of directors of such cor- 
 poration may declare a dividend of so much of its net 
 profits as they deem expedient. Before such dividend is 
 declared, not less than one-tenth of the net profits of the 
 company for the preceding half-year, ox for such period 
 as is covered by the dividend, shall be carried to a surplus 
 fund until such fund amounts to twenty per cent of its 
 capital stock. 
 
 Elections, 
 
 Directors; reg- 
 ulations, 
 
 Oath of 
 directors. 
 
 Vacancy. 
 
 Bond of 
 officers, 
 
 Declaring 
 dividends. 
 20% surplus 
 fund. 
 
Net profits. 
 How 
 ascertained. 
 
 Annual ex- 
 amination, 
 
 How stock as- 
 signed or 
 transferred. 
 
 Record of 
 stockholders, 
 
 Banks here- 
 tofore incor- 
 porated, 
 
 30 
 
 In order to ascertain the net profits from which such a 
 dividend may be made, in the amount* of profit and loss 
 there shall be charged and deducted from the actual profits: 
 
 (1) All ordinary and extraordinary expenses, paid or 
 incurred, in managing the affairs and transacting the busi- 
 ness of the corporation. 
 
 (2) Interest paid, or then due, on debts which it 
 owes. 
 
 (3). Ali taxes dae. 
 
 (4) All losses sustained by the corporation. In com- 
 puting its losses, debts owing to it which have become due 
 and which are not in process of collection and on which 
 interest for one year or more is due and unpaid, unless 
 same are well secured, and debts upon which judgment was 
 recovered, but has been more than two years unsatisfied, 
 and on which also for said period of two years, no interest 
 was paid, unless same are well secured, shall be included. 
 (103 v. 270 Sec. I.) 
 
 SECTION 9736. A committee of at least two directors 
 or stockholders annually shall be appointed by the board 
 of directors to thoroughly examine, or to superintend the 
 exaniination of, the assets and liabilities of the corporation, 
 and to report to the board of directors the result of such 
 examination. A copy thereof attested and verified under 
 oath by the signatures of a majority of such committee 
 forthwith shall be filed with the superintendent of banks. 
 (99 v. 274 Sec. 30.) 
 
 SECTION 9737. The stockholders of such a corporation 
 may provide and determine the conditions upon which 
 shares of its stock shall be assignable and transferable, and 
 such shares shall be assignable and transferable only ac- 
 cording to rules and regulations and upon conditions such 
 as the stockholders for that purpose make and establish. 
 
 (99 v. 275 Sec. 34.) 
 
 SECTION 9738. A book shall be provided and kept by 
 every such corporation, in which shall be entered the name 
 and residence of each stockholder, the number of shares 
 held by each, the time when each person became a stock- 
 holder; also, all transfers of stock, stating the time when 
 made, the number of shares and by whom transferred, 
 which book shall be subject to the inspection of the direc- 
 tors, officers and stockholders of the corporation at all times 
 during the usual hours of transacting business. (99 v. 275 
 
 Sec. 34.) 
 
 SECTION 9739. Banks, savings banks, savings societies, 
 societies for savings, savings and loan associations, safe 
 deposit companies, trust companies, savings and trust com- 
 panies, and combinations of any two or more of such corpo- 
 rations, heretofore incorporated under any law of. this 
 
 state, may continue business and the exercise of powers 
 
 * Originally read “account.” 
 wf 
 
31 
 
 they now have without prejudice to any rights acquired 
 under the act under which they were incorporated; and 
 there shall be saved to such associations and corporations 
 all the rights, privileges and powers heretofore conferred 
 
 upon them. (99 v. 275 Sec. 35-) 
 
 SECTION 9740. A corporation formed to combine two 
 or more classes of business under this chapter, shall keep 
 separate books of accounts for each class. Receipts, invest- 
 ments and transactions relating to each of such classes of 
 business shall be governed by the provisions and _ restric- 
 tions herein specifically provided therefor. (99 v. 275 
 
 wie. 45.) 
 
 SECTION 9741. Banks, savings banks, savings societies, 
 societies for savings, savings and loan associations, safe 
 deposit companies, trust companies, savings and trust ‘com- 
 panies, and combinations of any two or more of such corpo- 
 rations, heretofore incorporated in this state which have 
 paid in the amount of capital stock required by this chapter 
 to enable them to commence business, if they so elect, may 
 avail themselves of the privileges and powers herein con- 
 ferred, by signifying such election and declaration under 
 their seal, attested by the signature of the president and 
 secretary, to the secretary of state and the superintendent 
 of banks, which such secretary shall record, and his certifi- 
 cate be evidence thereof. When such election and declara- 
 tion is so recorded, it shall confer all the privileges and 
 powers conferred by this chapter, and from that time such 
 association or corporation shall be governed by its provis- 
 
 ions. (99 v. 276 Sec. 36.) 
 
 SECTION 9742: Such election and declaration shall be 
 made only when authorized by a vote of at least two-thirds 
 of the capital stock at a meeting of stockholders, thirty 
 days’ notice of which meeting, and of the business to come 
 before it, has been given by a majority of the directors in a 
 newspaper published and of general circulation in the 
 county where such association or corporation has its prin- 
 cipal place of business. But after April 1, IQIO, every such 
 corporation or association im all respects must conform its 
 business and transactions to the provisions of this chapter. 
 
 (99 v. 276 Sec. 36.) 
 
 SECTION 9743. When a corporation which has adopted 
 the provisions of this chapter, or a corporation hereafter 
 incorporated, desires to enlarge the objects or purposes for 
 which it was formed, so as to combine one or more of the 
 different classes of business herein authorized with that for 
 which it is already incorporated, or desires to diminish the 
 objects or purposes for which it was formed, or desires to 
 modify such objects in any other respect, it may do so by 
 amendments to its articles of incorporation in the manner 
 provided for other corporations. (99 v. 276 Sec. 36.) 
 
 Separate 
 books for 
 each. class 
 of business. 
 
 How banks 
 heretofore 
 
 organized to 
 be governed, 
 
 Declaration of 
 acceptance, 
 
 Amendments. 
 
Investments 
 heretofore 
 made, 
 
 Advertisement 
 of capital 
 prohibition, 
 
 Penalty. 
 
 Consolidation, 
 
 Manner of 
 consolidation, 
 
 State, Use 
 of word 
 restricted. 
 
 32 
 
 SECTION 9744. Nothing in this chapter shall affect the 
 legality of investments heretofore made, or of transactions 
 heretofore had, but the superintendent of banks may re- 
 quire the change of investments for those named herein, as 
 it can be done by the sale or redemption of securities so 
 invested in, in such manner as to prevent loss or injury to 
 the bank. No renewal or extension of such a loan or invest- 
 ment shall be made by such a corporation unless it be 
 approved by the superintendent of banks. (99 v. 276 
 
 ent as Fa) 
 
 SECTION 9745. It shall be unlawful for a commercial 
 bank, savings bank, safe deposit company, trust company, 
 or combination of any two or more of such incorporations, 
 or any other corporation governed by the provisions of this 
 chapter, to advertise by newspaper, letter head, or in any 
 other way, a larger capital than actually has been paid in. 
 
 (99 v. 277 Sec. 38.) 
 
 Section 9746. <A corporation violating the provisions | 
 of the preceding section, shall forfeit and pay to the state 
 of Ohio five hundred dollars for each and every such offense, 
 to be recovered with costs of suit in an action, to be prose- 
 cuted by the superintendent of banks, before any court of 
 competent jurisdiction in the county wherein it is located. 
 All moneys collected for penalties under this section shall 
 be paid into the state treasury, to the credit of the banking 
 department fund. Two or more violations of the provisions 
 of such section may be joined in the same prosecution. (99 
 
 VST 7 ele aha) 
 
 Section 9748. A corporation which in good faith is 
 winding up its business for the purpose of consolidating 
 with another may transfer its assets and liabilities to the 
 corporation with which it is in process of consolidation. 
 No such consolidation in amy way shall affect the rights of 
 creditors in the collection of their claims against such cor- 
 porations or either of them. (99 v. 277 Sec. 40.) 
 
 SECTION 9752. Any corporation doing business under 
 this chapter may consolidate with another, also. doing busi- 
 ness under this chapter, in the manner provided by law for 
 the consolidation of savings and loan associations and safe 
 deposit and trust companies. (99 v. 278 Sec. 45.) 
 
 SECTION 9752-1. It shall be unlawful for any bank not 
 organized or transacting business under the provisions of 
 Part Second, Title 7, Division 5, Chapter 2, of the General 
 Code, and all persons, corporations, firms or partnerships 
 doing the business of bankers, brokers or savings institu- 
 tions, not organized or transacting business under the pro- 
 visions of this chapter, to use the word “State” as a portion 
 of the name or title of such bank, corporation, firm, or 
 partnership. (102 v. 56.) ° 
 
33 
 
 SECTION 9752-2. Any violation of the provisions con- 
 tained tin the preceding section shall subject the party 
 chargeable therewith to a penalty of fifty dollars for each 
 day during which it is committed or repeated, to be recov- 
 ered with costs of suit in an action, to be prosecuted by 
 the Superintendent of Banks, before any court having juris- 
 diction of such bank or of such person, corporation, firm or 
 partnership. All moneys collected for penalties under this 
 section shall be paid into the state treasury, to the credit 
 of the banking department fund. (102 v. 56.) 
 
 COMMERCIAL BANKS. 
 
 SECTION 9753. A commercial bank may purchase, 
 lease, hold and convey real estate only as follows: 
 
 a. Real estate whereon is erected or may be erected a 
 building or buildings useful for the convenient transaction 
 of its business, and from portions of which, not required 
 for its use, a revenue may be derived; but the cost of such 
 building or buildings and the real estate whereon they are 
 erected, in no case shall exceed sixty per cent. of its paid-in 
 capital and surplus: 
 
 b. Such as is mortgaged or conveyed to it in good 
 faith by way of security for loans made by or money due 
 to such corporation: 
 
 c. Such as has been purchased by it at sales upon the 
 foreclosure of mortgages owned by it, or on judgments or 
 decrees obtained or rendered for debts due to it, or in 
 settlements effected to secure such debts. All real property 
 referred to in this paragraph shall be sold by such corpora- 
 tion within five years after it vested therein, unless upon 
 application by the board of directors, the superintendent of 
 banks extends the time within which such sales shall be 
 made; 
 
 d. Such corporation also shall have power by lease to 
 acquire a suitable building for the convenient transaction of 
 its business, and from portions of which, not needed for its 
 own use, a revenue may be derived. (99 v. 279 Sec. 46.) 
 
 SECTION 9754. A bank doing business as a commercial 
 bank, shall not lend, including overdrafts, to any one per- 
 son, firm or corporation, more than twenty per cent. of its 
 
 What real 
 estate may 
 be held, 
 
 Loan to one 
 person limited. 
 
 paid-in capital and surplus, unless such loan be secured by 
 
 first mortgage upon improved farm property in a sum not 
 to exceed sixty per cent. of its value. The total liabilities, 
 including overdrafts, of a person, company, corporation, or 
 firm to any bank, either as principal debtor or as security 
 or indorser for others, for money borrowed, at no time shall 
 exceed twenty per cent. of its paid-in capital stock and sur- 
 plus. But the discount of bills of exchange drawn against 
 actually existing values, and the discount of commercial or 
 business paper actually owned by the person, company, cor- 
 poration or firm negotiating it, shall not be considered as 
 money borrowed. (99 v. 279 Sec. 47.) 
 
 S8Rsr? 
 
Unauthorized 
 deposits 
 deemed 
 
 loans, 
 
 General reso- 
 lution as to 
 real estate. 
 
 Powers. 
 
 Investment of 
 capital, sur- 
 plus and de- 
 posits, 
 
 34 
 
 SECTION 9755. The deposits of funds in a bank or 
 trust company, not duly designated as a depository by the 
 board of directors as hereinafter provided, shall be held to 
 be a loan within the meaning of the preceding section. (99 
 
 V. 279: Sec. 47.) 
 
 SECTION 9756. Loans by a commercial bank upon 
 mortgage or other forms of real estate security, shall not 
 be made until after the adoption of a general resolution 
 by a two-third vote of the board of directors, stating to 
 what extent its officers may loan on real estate. The ag- 
 gregate amount of such loans shall not exceed fifty per 
 cent. of the capital, surplus and deposits of such corpora- 
 tion, except that, if a bank combines the business of a 
 commercial and savings bank, it may lend up to sixty per 
 cent. of its capital stock, surplus and deposits upon real 
 estate security, after the adoption of a general resolution 
 authorizing it by two-thirds vote of the board of direc- 
 tors. Such loans shall be upon real estate, situated in 
 this state, or in states immediately adjacent thereto, and 
 inclusive of prior incumbrances shall not exceed forty per 
 cent. of the value of such real estate, if unimproved, and 
 if it is improved, sixty per cent. of its value. The im- 
 provements shall be kept adequately insured. (99 v. 279 
 Sec. 48.) 
 
 SECTION 9757. A commercial bank may receive de- 
 posits on which interest may be allowed. All deposits in 
 such banks shall be payable on demand without notice, 
 except when the contract of deposit otherwise provides. 
 A commercial bank also may loan money on personal se- 
 curity, discount, buy, sell or assign promissory notes, drafts, 
 bills of exchange, and other evidences of debt, and buy and 
 sell exchange, coin and bullion. (99 v. 280 Sec. 49-) 
 
 SECTION 9758. Subject to the provisions of the pre- 
 ceding section commercial banks may invest their capital, 
 surplus and deposits in, or loan them upon: 
 
 a. Personal or collateral securities. 
 
 b. Bonds or other interest-bearing obligations of the 
 United States, or those for which the faith of the United 
 States is pledged to provide payment of the interest and 
 principal, including bonds of the District of Columbia; also 
 in bonds or other interest-bearing obligations of any for- 
 eign government. 
 
 c. Bonds of interest-bearing obligations of this or 
 any other state of the United States. 
 
 d. The legally issued bonds or interest-bearing obli- 
 gations of any city, village, county, township, school dis- 
 trict or other district, or political subdivision of this or 
 any other state or territory of the United States and of 
 Canada. 
 
 e. Mortgage bonds or collateral trust bonds of any 
 regularly incorporated company, which has paid, for at 
 
35 
 
 least four years, dividends at the rate of at least four 
 per cent. on their capital stock. Such loan shall not ex- 
 ceed eighty per cent. of the market or actual value of such 
 bonds, the purchase of which first has been authorized by the 
 directors. All such securities having a fixed maturity shall 
 be charged and entered upon the books of the bank at their 
 cost to the bank, or at par, when a premium is paid, and 
 the superintendent of banks shall have the power to require 
 any security to be charged down to such sum as in his 
 judgment represents its value. The superintendent of banks 
 may order that any such securities which he deems unde- 
 sirable be sold within six months. 
 
 f. Notes secured by mortgage on real estate, where 
 the amount loaned thereon inclusive of prior incumbrances 
 does not exceed forty per cent. of the value of the real 
 estate if unimproved, and if improved sixty per cent. of its 
 value, including improvements, which shall be kept ade- 
 quately insured. Not more than fifty per cent. of the 
 amount of the paid in capital, surplus and deposits of such 
 bank at any time shall be invested in such real estate secu- 
 rabies, “i102 -v. 173+Sec. 1.) 
 
 SECTION 9759. Commercial banks shall keep as re- 
 serve at least fifteen per cent. of their total deposits, at 
 least six per cent. of that part of such deposits «which is 
 payable on demand, and at least four per \cent; of: that 
 part of such deposits which are time deposits shall be kept 
 in the vaults of the bank in lawful money, national bank 
 notes or bills, notes, and gold or silver certificates issued 
 by the United States. That part of such reserve not s0 
 kept, shall be kept, subject to demand, in other banks or 
 trust companies, designated by resolution of the board of 
 directors for that purpose, a copy of which upon its adop- 
 tion, shall be forthwith certified to the superintendent of 
 banks, and the depository thus designated shall be subject 
 to the approval of the superintendent of banks. 
 
 If the superintendent of banks withholds his approval, 
 appeal may be made to a board to~be composed of the gov- 
 ernor, the attorney general and the superintendent of banks, 
 whose decision shall be final. (ro2 vy. ASSES Lt) 
 
 SECTION 9760. When the reserve of a commercial 
 bank falls below the amount required by the preceding sec- 
 tion, it shall not make new loans or discounts, otherwise 
 than by discounting or purchasing bills of exchange, pay- 
 able at sight or on demand, nor make dividends of its profits, 
 until the reserve required by law is restored. The super- 
 intendent of banks shall notify any bank whose reserve falls 
 below the amount required, immediately to make such re- 
 serve good. In case the bank fails for thirty days there- 
 after to make good its reserve, the superintendent of banks 
 may forthwith take possession of the property and_ busi- 
 ness of such commercial bank until its affairs be finally 
 liquidated, as herein provided, (1or v. 284 Sec. 1.) : 
 
 Reserve fund, 
 
 Restoring of 
 reserve fund. 
 
Purchase of 
 own stock. 
 
 What real 
 estate may 
 be held. 
 
 Deposits, rate 
 of interest. 
 
 Reserve fund. 
 
 Investments, 
 
 36. 
 
 SEcTIoN 9761. No commercial bank, savings bank, 
 safe deposit company or trust company shall loan money 
 on the security or pledge of the shares of its capital stock; 
 nor be the purchaser or holder of any such shares, unless 
 such security or purchase be necessary to prevent loss upon 
 a debt previously contracted in good faith. Stock so ac- 
 quired, shall within six months from the time of its pur- 
 chase, be sold or disposed of at public sale on thirty days’ 
 notice from the superintendent of banks, and in default 
 thereof the superintendent of banks may forthwith take 
 possession of the property and business of such corporation 
 until its affairs be finally liquidated, as herein provided. 
 (Foi ¥- 284 Sete i) 
 
 SAVINGS BANKS. 
 
 SECTION 9762. A savings bank may purchase, lease, 
 hold and convey real estate for the purposes and in the 
 manner herein before provided as to commercial banks, and 
 subject to like restrictions and limitations. (99 v. 281 
 
 leery 
 
 SECTION 9763. A savings bank may receive on deposit 
 any sum of money offered for that purpose by any person, 
 firm, society or corporation, or by any municipal corpora- 
 tion, township, school district, county or state, or other 
 body politic, or which is ordered to be deposited by any 
 court of this or any other state, or of the United States, 
 having custody of money, and make investments thereof in 
 the manner provided herein. It also may credit and pay 
 such rates of interest thereon as may be agreed upon. (99 
 V7 201-eCe 5G.) 
 
 SECTION 9764.* Savings banks shall keep as a reserve 
 the same percentage of their deposits as commercial banks, 
 subject to the same restrictions as to such reserve, except 
 that one-half of the reserve required to be kept in the vaults 
 of the bank may be invested in the securities named in par- 
 agraphs b and c¢ of section ninety-seven hundred and fifty 
 eight, and the bonds of any city or county within this state. 
 When the reserve of a savings bank: required to be kept in 
 its vaults exceeds five hundred thousand dollars, the amount 
 in excess thereof may be invested in bonds or other inter- 
 est bearing obligations of the United States. (99 v. 282 
 ee 5.) 
 
 SECTION 9765. A savings bank may invest the residue 
 of its funds in, or loan money on, discount, buy, sell or 
 assign promissory notes, drafts, bills of exchange and other 
 evidences of debt and also invest its capital, surplus and 
 deposits in, and buy and sell the following: 
 
 * Amended. New provisions effective May, 1914. 
 
37 
 
 a. The securities mentioned in section ninety-seven 
 hundred and fifty-eight, subject to the limitations and re- 
 strictions therein contained, except that savings banks may 
 loan not more than seventy-five per cent of the amount of 
 
 the paid-in capital, surplus and deposits on notes secured by. 
 
 mortgage on real estate. But all loans made upon personal 
 security shall be upon notes with two or more signers or one 
 or more indorsers, payable and to be paid at a time not ex- 
 ‘ceeding six months from the date thereof. In the aggre- 
 gate, not exceeding thirty per cent. of the capital, surplus 
 and deposits of a savings bank shall be so invested. 
 
 b. Stocks, which have paid dividends for five consec- 
 utive years next prior to the investment, bonds, and promis- 
 sory notes of corporations, when this is authorized by .an 
 affirmative vote of a majority of the board of directors or 
 by the executive committee of such savings bank. No pur- 
 chase or investment shall be made in the stock of any other 
 corporation organized or doing business under the provis- 
 ions of this chapter. The superintendent of banks may or- 
 der any such securities which he deems undesirable to be 
 sold within six months. 
 
 c. Promissory notes of individuals, firms or corpora- 
 tions, when secured by a sufficient pledge of collateral ap- 
 proved by the directors, subject to the provisions of sec- 
 tions ninety-seven hundred and fifty-four and ninety-seven 
 hundred and fifty-five. (99 v. 282 Sec. 57.) 
 
 SECTION 9766. When the reserve of any savings bank 
 falls below the amount required, it shall be governed by 
 the provisions of section ninety-seven hundred and sixty. 
 (99 v. 282 Sec. 58.) 
 
 SECTION 9767. The board of directors shall prescribe 
 the terms on which deposits shall be received and paid out, 
 and the mode of transacting, managing and conducting the 
 affairs and business of the bank. (99 v. 283° 5eG- 50, ) 
 
 SECTION 9768. A pass book shall be issued to each de- 
 positor in the savings department, containing the rules and 
 regulations adopted by the board of directors governing 
 such deposits, in which shall be entered each deposit made, 
 the interest allowed thereon, and each payment made to 
 each depositor. By accepting such book the depositor as- 
 sents and agrees’ to the rules and regulations therein con- 
 tained. (99 v. 283 Sec. 60.) 
 
 __ SECTION 9769. No payment or check against any sav- 
 ings bank account shall be made or paid unless accompanied 
 by and entered in the pass book issued therefor, except for 
 good cause and on assurance satisfactory to the officers of 
 the bank; but nothing herein shall prevent savings banks 
 issuing time certificates of deposit or certificates for deposit 
 specially issued according to the rules and regulations gov- 
 erning savings deposits. (99 v. 283 Sec. 61.) 
 
 Decrease of 
 reserve fund. 
 
 Terms govern- 
 ing deposits. 
 
 Pass books. 
 
 Payment of 
 checks, 
 
Provisions as 
 to minors. 
 
 Limit to lia- 
 bility of any 
 one person, 
 
 Savings 
 societies 
 organized 
 under act of 
 1867 may con- 
 tinue business 
 under General 
 Code. 
 
 May invest 
 their funds 
 in county 
 
 or municipal 
 bonds and 
 charge 8% 
 interest on 
 loans, 
 
 May invest 
 in land or 
 buildings. 
 
 May invest 
 in steamship 
 first mort- 
 
 gage bonds. 
 
 38 
 
 SECTION 9770. When an account is opened in a sav- 
 ings bank by a minor it shall be payable to such minor, and 
 payment to him shall be as valid as if he were of legal 
 age. (99 v. 283 Sec. 62.) 
 
 SECTION 9771. The total liabilities, including over- 
 drafts of any person, company, corporation, or firm to a 
 savings bank, either as principal debtor or as security or 
 indorser for others, for money borrowed, at no time shall 
 exceed twenty per cent. of the paid up capital and surplus 
 of such corporation. But the discount of bills of exchange 
 drawn against actually existing values, and the discount of 
 commercial or business paper actually owned by the person, 
 company, corporation or firm negotiating it shall not be con- 
 sidered as money borrowed. (99 v. 283 Sec. 63.) 
 
 SECTION 9810. Associations incorporated under the act 
 entitled “an act to incorporate savings societies,” passed 
 April 16, 1867, and the act passed March 19, 1868, entitled 
 “an act to amend an act entitled, ‘an act to incorporate 
 Savings societies’, passed April 16, 1867,” may continue 
 their business under such acts, and without prejudice to any 
 right acquired. Such institutions and other savings and 
 loan institutions organized under the laws of this state, if 
 they so elect may continue their business under this chap- 
 ter, (Tit. IX Div. V, Chap. 3) by signifying such election, 
 under their seal, to the secretary of. state, and conforming 
 their action thereto. The secretary shall record it, and his 
 certificate be: evidence thereof. (R.0S. Sec. 2814.) 
 
 SECTION 9811. Savings societies organized and doing 
 business under the Acts named in the preceding section, in 
 addition to investments authorized in such acts, may invest 
 
 their funds in the bonds of a county or municipal corpora- 
 
 tion issued in pursuance of any law of this state, and 
 charge interest on loans of not more than eight per cent. 
 payable semi-annually. (R. S. Sec. 3812.) 
 
 SECTION 9812. Societies for savings, duly incorporated 
 by the General Assembly,’ and doing business under their 
 respective acts of incorporation, may invest in land, and 
 in the erection of buildings thereon, for the purpose of 
 their business, such sums as the trustees thereof deem nec- 
 essary, not to exceed five per cent of the amount of the 
 deposits held by them and also rent any ae of such build- 
 ings not needed for their own use. (R. S. Sec. 3813.) 
 
 SECTION 9813. Savings societies, and savings and loan 
 associations organized, or doing business under the laws 
 of this state, in addition to the powers heretofore conferred 
 upon such corporations in addition to the investment here- 
 inbefore authorized, may loan and invest the funds, moneys 
 and property owned or received by such company respect- 
 ively, and to the respective amounts to which they are 
 
39 
 
 limited in other loans and investments, in legally authorized 
 first mortgage bonds of steamship companies. Such mort- 
 gage shall be upon steel steamships, or steamships for the 
 carriage of freight, or package, freight and passengers com- 
 bined upon the great lakes and connecting waters, of at 
 least five thousand tons carrying capacity, each. Such bonds 
 shall be issued at the time of the completion and enrollment 
 of the steamship or steamships, or within five years there- 
 after. The mortgage by express terms shall state that at 
 least ten per cent. of the total issue of such bonds shall be 
 retired, annually, beginning within two years from the date 
 thereof, and the mortgage liability against such property 
 shall not exceed one half of its actual cost. The terms of 
 such mortgage and the duties of the trustee thereof shall be 
 the same as is provided in sections 9823 and 9824. (R. S. 
 Sec. 3821aa.) 
 
 SECTION 9814. Before a dividend, or interest on de- 
 posits, is paid by such societies, they must have a surplus 
 fund equal to not less than five per cent. 3f the whole 
 amount of deposits, and gradually increase such fund to 
 an amount equal to ten per cent. of the amount of de- 
 
 posits. (R. S. Sec. 3815.) 
 
 SECTION 9815. All “societies for savings” and “say- 
 ings societies” now doing business, whose charters are sub- 
 ject to alteration or repeal, may continue their business 
 under their respective charters, after the expiration thereof, 
 ‘subject, however, to the repeal of any such charter, and to 
 such amendments, alterations, rules, and regulations as may 
 be prescribed, from time to time, by any laws of the state. 
 (R. S. Sec. 3814.) 
 
 SAFE DEPOSIT COMPANIES. 
 
 SECTION 9772. A safe deposit company may purchase, 
 lease, hold and convey real 
 may be erected a building or buildings useful for the con- 
 venient transaction of its business, including fire and bur- 
 glar proof vaults and safes, and from portions of which, not 
 required for its own use, a revenue may be derived. The 
 cost of such buildings and the real estate whereon they are 
 erected in no case shall exceed fifty per cent. of the paid-up 
 capital and surplus of the corporation. Any sum not so in- 
 vested in buildings and real estate may be invested in the 
 manner provided herein for the investment of the funds of 
 savings banks. (99 v. 283 Sec. 65.) 
 
 SECTION 9773. A safe deposit company may receive 
 property of every kind for safe keeping, collect and dis- 
 burse the interest or income or principal of securities on 
 such terms as are agreed upon, and also act as agent, for 
 the purpose of registering, countersigning or transferring 
 
 At least 10% 
 must be re- 
 tired 
 annually. 
 
 Must have 
 
 surplus fund 
 equal to 5% 
 of deposits. 
 
 May continue 
 business 
 under old 
 charter. 
 
 What real 
 estate may be 
 
 estate whereon is erected or held 
 
 Powers to 
 act as agent. 
 
Powers of 
 safe deposit 
 and trust 
 companies, 
 
 May act 
 as agent 
 or trustee. 
 
 Courts may 
 order money 
 deposited with 
 company. 
 
 May receive 
 money or 
 property held 
 in trust. 
 
 How trust 
 money loaned 
 or invested, 
 
 40 
 
 the certificates of stock, bonds or other evidence of indebt- 
 edness of any corporation, association, municipality, state 
 or public authority, on such terms as are agreed upon. 
 
 (99 v. 283 Sec. 65.) 
 
 SECTION 9816. Safe deposit and trust companies by 
 
 lease or purchase may provide a proper and secure fireproof 
 
 building or buildings and fire and burglar proof vaults, or 
 safes, receive on deposit for safe keeping, government 
 securities, stocks, bonds, coins, jewelry, plate, valuable 
 books, papers, documents and other property of every kind, 
 collect and disburse the interest or income upon such prop- 
 erty received on deposit as produces interest on income, 
 and collect and disburse the principal of such of the prop- 
 erty as produces interest or income when it becomes due, 
 upon terms prescribed by such company so receiving the 
 property. 2 CR. S.s5ec. 382142) 
 
 SECTION 9817. Such companies also may act as agent 
 or trustee for the purpose of registering, countersigning 
 or transferring the certificates of stock, bonds, or other evi- 
 dences of indebtedness of a corporation, association, munici- 
 pality, state or public authority, upon such terms as are 
 agreed upon: (R. S. Sec: 38214.) 
 
 Section 9818. Any court in this state, including pro- 
 bate courts, may by order, decree or otherwise, direct 
 moneys or properties under its control, or paid into court 
 by parties to an action or legal proceedings, or which are 
 brought into court by reason of an order, judgment or de- 
 cree, in equity or otherwise, to be deposited with a safe- 
 deposit and trust company, by such court designated, upon 
 terms, and subject to such instructions as are expedient. 
 But such company shall not be required to assume or exe- 
 cute a trust without its own consent. (R. S. Sec. 3821a.) 
 
 SEcTIoN 9819. Such companies also may receive and 
 hold moneys, or property in trust, or on deposit from ex- 
 ecutors, administrators, assignees, guardians, trustees, cor- 
 porations or individuals upon such terms and conditions as 
 may be agreed upon between the parties. (R. S. Sec. 
 382Ta.) 
 
 SEction 9820. All moneys or properties received in 
 trust by such companies, unless by the terms of the trust 
 some other mode of investment is prescribed, together with 
 the capital of the company, shall be loaned on or invested 
 only in the authorized loans of the United States, or of the 
 State of Ohio, or cities, counties, or villages of. this state, 
 or the stocks or bonds of any state in the Union that for 
 five years previous to such investment being made, regularly 
 has paid the interest on its legal bonded debt in lawful 
 money of the United States, or cities, counties or villages 
 of such states, which so paid the interest on their legal 
 
4I 
 
 bonded debts, or stocks of national banks organized within 
 this state, or the first mortgage bonds of a railroad com- 
 pany within the states above named, which earned and paid 
 regular dividends on its stock for five years next preceding 
 such loan, or investment, or first mortgages on real estate 
 in this state or of individuals with a sufficient pledge of 
 any of such securities, or they may be loaned to this state, 
 or to a county, city or village therein. (R.S. Sec. 38214.) 
 
 SecTIon 9821. No loan shall be made, directly or in- 
 directly, to an officer, employe, or trustee of such a com- 
 pany, and not more than ten per cent of its capital may be 
 invested in one security or loan, except in providing a 
 building and vaults. Real estate not needed by such com- 
 panies for the transaction of their business, which. is ac- 
 quired by foreclosure of mortgage or by levy of execution, 
 shall be offered for sale, and if practicable be sold within 
 two years after it is so acquired. (R. S: Sec. 38212.) 
 
 SECTION 9822. Safe deposits and trust companies or- 
 ganized, or doing business under the laws of this state, in 
 addition to the powers heretofore conferred upon such 
 corporations, in addition to the investments hereinbefore 
 authorized, may loan and invest the funds, moneys and 
 property owned or received by such companies respectively 
 and to the respective amounts to which they are limited in 
 other loans and investments, in legally authorized first mort- 
 gage bonds of steamship companies. Such mortgage shall 
 be upon steel steamships or steamships for the carriage of 
 freight, or package, freight and passengers combined upon 
 the great lakes and connecting waters, of at least five thou- 
 sand tons carrying capacity, each. Such bonds shall be 
 issued at the time of the completion and enrollment of the 
 steamship or steamships, or within five years thereafter. 
 The mortgage by express terms shall state that at least ten 
 per cent of the total issue of such bonds shall be retired, 
 annually, beginning within two years from the date thereof, 
 and the mortgage liability against such property shall not 
 exceed one-half of its actual cost. (R.S. Sec. 3821aa.) 
 
 _ SECTION 9823. The terms of such mortgage shall 
 specifically state that the mortgagor shall not suffer any 
 steamships so mortgaged to be indebted at any time in an 
 amount in the aggregate exceeding five per cent of its 
 actual cost, and that the failure of the mortgagor forthwith 
 to procure the release of mechanics’, laborers’, admiralty, 
 statutory or other liens, claims or charges against such 
 steamship, shall constitute a default in the provisions of the 
 morigagée. -(R. S: Sec: 382124.) 
 
 SECTION 9824. The trustees of such mortgage shall 
 be required to protect such lien by attending to the record- 
 ing thereof, and causing the property covered to be insured 
 against all risks on vessel property ordinarily covered by 
 
 Limit on 
 loans or 
 investments. 
 
 Investments in 
 first mortgage 
 bonds of 
 steamship 
 companies. 
 
 Terms of the 
 mortgage. 
 
 Insurance of 
 property 
 mortgaged. 
 
Accounts of 
 trust money 
 to be kept 
 separate, 
 
 Trust depart- 
 
 ment, 
 
 Must maintain 
 
 reserve of 
 fifteen per 
 cent, 
 
 May be ap- 
 pointed 
 trustee, 
 
 Capital held 
 as security. 
 
 42 
 
 such insurance, including marine risks and disasters gen- 
 eral and particular average, collision, liability, protection 
 and indemnity insurance, and insurance against liability for 
 injuries to persons in insurance companies, and under forms 
 of policies approved by the trustees for an amount equal 
 to the full insurance value of such steamship or steamships. 
 Such insurance shall be made with loss payable to the trus- 
 tee and the policies deposited with him. (R. S. Sec. 
 3821aa. ) 
 
 SECTION 9825. All money or property held~in trust 
 shall constitute a deposit in the trust department, and the 
 accounts thereof shall be kept separate, and such funds and 
 the investment or loans of them be especially appropriated 
 to the security and payment of all such deposits, and not 
 subject to other liabilities of the company. (R. S. Sec. 
 382Ib.) © 
 
 SECTION 9826. For the purpose of securing the ob- 
 servance of the preceding section, such companies shall 
 have a trust department in which all business pertaining 
 to such trust property shall be kept separate and distinct 
 from its general business. (R. S. Sec. 382rb.) 
 
 SECTION 9827. Such a company shall keep on hand in 
 lawful money of the United States as a reserve, an amount 
 equal to fifteen per cent of all deposits, payable on demand 
 or within ten days. When such reserve is below such per 
 cent of such deposits, the company shall not make new 
 loan, nor pay a dividend of its profits until the required 
 proportion between the aggregate amount of its deposits 
 and reserve is restored. But clearing house certificates 
 representing specie or lawful money especially deposited in 
 the vault of such company or the United States sib-treas- 
 ury for the purpose of a clearing house association of 
 which it is a member, may be recorded as a part not ex- 
 ceeding one-third of such reserve, if one other third of 
 such fifteen per cent consists of bonds of the United States 
 or this state, the absolute property of the company, and 
 the remaining third of such fifteen per cent is in lawful 
 money of the United States. (R. S. Sec. 3821b.) 
 
 SECTION 9828. Such company may be appointed trustee 
 under any will or instrument creating a trust for the care 
 and management of property, under the circumstances, in 
 the manner, and subject to the control by the court having 
 jurisdiction thereof, as in the case of a legally qualified 
 person. (R. S. Sec. 3821b.) 
 
 SECTION 9829. ‘The capital stock of such company, 
 with the liabilities of the stockholders existing thereunder, 
 shall be held as security for the faithful discharge of the 
 duties undertaken by virtue of the foregoing and following 
 provisions, and surety shall be required upon the bonds 
 filed by the company, as in other cases. (R.S. Sec. 3821b.) 
 
43 
 
 SEcTION 9830. In proceedings in the probate court, 
 or elsewhere, connected with any authority exercised under 
 such provisions, all accounts, returns and other papers may 
 be signed and sworn to in behalf of such company by an 
 officer thereof duly authorized by it. The answers and ex- 
 amination under oath, of such officer, shall be received as 
 the answers and examination of the company. The court 
 may order and compel any of its officers to answer and 
 attend such examinations as if they were parties to the pro- 
 ceedings or inquiry, instead of such company. Such a com- 
 pany shall not be required to receive or hold property or 
 moneys, or to execute a trust contrary to its own desire. 
 
 CRA eoee..3o2Tb.) 
 
 SECTION 9831. In the management of money and prop- 
 erty held by it as trustee, under the powers conferred by 
 law, such company shall invest such money and property 
 in a general trust fund of the company. But it shall be 
 competent for the authority making the appointment, upon 
 conferring it to direct whether such money and property 
 shall be held separately or invested in a general trust fund 
 of the company. The company always shall follow and be 
 entirely governed by the directions contained in any will or 
 instrument under which it acts. (R.S. Sec. 382rb.) 
 
 SECTION 9832. No money, property or securities re- 
 ceived or held by such a company under the provisions of 
 law establishing a trust department, shall be mingled with 
 the investments of the capital stock or other moneys or 
 property belonging to it, or be liable for its debts or obliga- 
 tions. -(R. S. Sec. 382rb.) 
 
 SECTION 9833. Each stockholder of such company 
 shall be held individually liable for all contracts, debts and 
 engagements thereof, to the extent of unpaid dues on the 
 shares of stock by him or her owned. (Const. Art. XTII, 
 Began, Ole 302TD:) 
 
 SECTION 9834. Within six months after the incorpora- 
 tion of such company, its trustees must notify the auditor 
 of state of the date of the organization. Within ten days 
 after the annual meeting thereof in each year, under oath, 
 such trustees shall make a complete statement of the con- 
 dition of the company, in which they. shall specify the 
 different kinds of its liabilities, and assets, stating the 
 amount of each kind. which statement shall be filed with 
 the auditor of state, and published in his annual report. 
 The trustees also shall publish it in a newspaper of general 
 circulation in the county in which the principal office of 
 the company is located. (R. S. Sec. 3821b.) 
 
 SECTION 9835. Such auditor, at any time, through an 
 expert appointed by him, may make a full examination of 
 the affairs and condition of every such company. (R. S, 
 Sec. 3821b.) 
 
 How papers 
 executed. 
 
 How money 
 held in trust 
 invested. 
 
 Trust money 
 not mingled 
 
 or held for 
 
 debts, 
 
 Liability of 
 stockholders. 
 
 Trustees must 
 notify auditor 
 of organiza- 
 tion, 
 
 Auditor may 
 examine 
 affairs at 
 any time, 
 
By-laws; 
 dividends. 
 
 Stock to be 
 paid up. 
 
 Increase of 
 
 capital stock. 
 
 Assignment 
 and transfer 
 of stock, 
 
 Loans and 
 investments 
 in stock, 
 
 Limit of 
 
 investment 
 or loan, 
 
 44 
 
 SECTION 9836. By their by-laws, as often as they deem 
 proper, the trustees of such company may make and declare 
 dividends of its profits after paying its expenses and setting 
 aside the reserve hereinbefore required, and such other 
 amount as they deem advisable wherewith to meet any con- 
 tingency in its business. The dividends authorized herein 
 shall be payable to the shareholders within twenty days 
 after the time they are so declared. (R.S. Sec. 3821b.) 
 
 SECTION 9837. No such company shall begin business 
 until all of its authorized capital has been paid up in cash. 
 CRS isec..2821b,3 
 
 SECTION 9838. A safe deposit and trust company may - 
 increase its capital stock as provided by sections eighty-six 
 hundred and ninety-eight and eighty-six hundred and ninety- 
 nine with respect to corporations for profit, and in case of 
 such increase, either by preferred or common stock its 
 board of directors may sell such increase, or additional 
 stock, at such price, not less than par, as they deem best 
 and to the company’s interests.. (R. S. Sec. 3821b.) 
 
 SECTION 9839. The stockholders of such company may 
 provide and determine conditions upon which its shares of 
 stock shall be assignable and transferable, and they shail 
 be assignable and transferable according to the rules, reg- 
 ulations, and on such ‘conditions as the stockholders for 
 that purpose make and establish, and not otherwise. (R. S. 
 Sec. 3821b.) 
 
 Section 9840. Any safe deposit and trust company 
 duly organized and exclusively engaged in the business of 
 a safe deposit and trust company, may loan or invest moneys 
 or properties received in trust by it together with its cap- 
 ital, in the following securities, in addition to those now 
 authorized by law: The stocks of gas light and coke com- 
 panies, gas companies which have paid regular dividends 
 thereon for five years next preceding such loan or invest- 
 ment, and are located in the county in which such safe 
 deposit and trust company is located, or in which it has its 
 principal office. (R.S. Sec. 3821g.) 
 
 SECTION 9841. But no investment of moneys or prop- 
 erties held in trust by such company, or investment of any 
 part of its capital shall be made in the stock of a gas light 
 and coke company, gas company, gas and electric light com- 
 pany, or street railway company, unless authorized by its 
 board of directors by resolution entered upon its minutes. 
 Not more than ten per cent. of the capital of a safe deposit 
 and trust company shall be invested or loaned in any one 
 security or loan. (R. S. Sec. 3821.) 
 
45 
 
 COMBINATION OR CONSOLIDATION OF SAFE 
 DEPOSIT AND TRUST COMPANIES, 
 AND SAVINGS AND LOAN 
 ASSOCIATIONS. 
 
 Section 9842. Any company now incorporated under 
 the laws of this state, as a savings and loan association, 
 with a paid up capital stock of not less than two hundred 
 thousand dollars, and doing business in Ohio, or any com~- 
 pany heretofore so organized as a safe deposit and trust 
 company, also may engage in business as a safe deposit 
 and trust company, under and in accordance with the pro- 
 visions governing safe deposit and trust companies. (R. 
 
 S. Sec. 3821g¢.) 
 
 SECTION 9843. But no’such company shall engage in 
 business as a safe deposit and trust company, until the 
 holders of at least two-thirds in amount, of its capital stock 
 vote in favor of so doing, at a meeting of the stockholders 
 called for the purpose of considering that question. If such 
 stockholders vote in favor of a resolution to engage in 
 business as a safe deposit and trust company, as provided 
 herein, the president and secretary of such corporation 
 shall make a certificate under its seal, showing the action 
 of the stockholders, the number of shares voted in favor 
 of the proposition, and file it in the office of the secretary 
 of state. Thereupon such corporation shall possess the 
 powers, and be subject to the regulations, obligations. lia- 
 bilities and conditions which safe deposit and trust com- 
 panies have and are subject to, under the law of their 
 creation. (R. S. Sec. 382Igg.). 
 
 SECTION 9844. Any corporation organized to exercise 
 the powers granted to savings and loan associations or to 
 safe deposit and trust companies, when not less than one- 
 fourth of the capital stock of each is held by the same per- 
 sons, and their boards of directors, or trustees are composed 
 in whole or part of the same persons, may consolidate 
 themselves into a single corporation under a name and on 
 such terms as is approved by not less than two-thirds of 
 the stockholders of each company. (95 v. 531 P. 1.) 
 
 Section 9845. The proceedings to effect such consoli- 
 dation shall be the same as those provided by law for the 
 consolidation of railroad companies. (95 v. 531 P. 2.) 
 
 SECTION 9846. When the agreement of consolidation 
 is so made and perfected and it or a copy thereof, is filed 
 in the office of the secretary of state, the companies, parties 
 thereto, shall be held and taken to be one company possess- 
 ing all the rights, privileges, powers and franchises of the 
 several companies, but subject to the provisions of law 
 relating to the different branches of business of such new 
 
 What com- 
 panies may 
 exercise pow- 
 ers of safe 
 deposit and 
 trust com- 
 panies. 
 
 Consent of 
 stockholders; 
 certificate. 
 
 Consolidation 
 of companies. 
 
 Proceedings, 
 
 Status of com- 
 panies after 
 consolidation. 
 
Officers; title 
 to property, 
 
 Right of 
 creditors. 
 
 When fees 
 need not be 
 paid. 
 
 Powers of 
 such com- 
 panies, 
 
 Capital re- 
 quired; 
 deposit. 
 
 46 
 
 company, as though conducted by separate companies. (95 
 
 ‘W.25 31. P. 3.) 
 
 SECTION 9847. The directors and other officers named 
 in the agreement of consolidation shall serve until the first 
 annual election, the time for which shall be named in the 
 agreement. On filing such agreement or of such copy, all 
 and singular the property, and rights of every kind of the, 
 several companies shall thereby be transferred to and vested 
 in such new company, and be as fully its property as they 
 were of the companies parties to such agreement. (95 Vv. 
 
 BBE 2.’ 4s) 
 
 SECTION 9848. The rights of creditors shall be pre- 
 served unimpaired and the respective companies deemed to 
 be in existence to preserve them. Debts, liabilities and 
 duties of either of such companies thenceforth shall attach - 
 to the new company and be enforced against it as if they 
 had been contracted by it. (95 v. 531 P. 4.) 
 
 SECTION 9849. When the articles of the constituent 
 companies are filed at the same time, by the same incor- 
 porators, and the capital stock named in the agreement of 
 consolidation- does not exceed the sum of the capital stocks 
 of the constituent companies the provisions of law as to 
 fees for filing them shall not apply, if the fees were duly 
 paid by the constituent companies and the agreement of 
 consolidation be filed within two years after the creation 
 of such companies. (95 v. 531 P. 5.) 
 
 TITLE GUARANTEE AND TRUST COMPANIES. 
 
 SECTION 9850. A title guarantee and trust company 
 may prepare and furnish abstracts and certificates of title 
 to real estate. bonds, mortgages and other securities, and 
 guarantee su -h titles, the validity and due execution of 
 such securities, and the performance of contracts incident 
 thereto, make loans for itself or as agent or trustee for 
 others, and guarantee the collection of interest and prin- 
 cipal of such loans; take charge of and sell, mortgage, 
 rent or otherwise dispose of real estate for others, and 
 perform. all the duties of an agent relative to property 
 deeded or otherwise entrusted to it. (R. S. Sec. 3821 ¢¢¢. ) 
 
 SECTION 9851. No such company shall do business 
 until its capital stock amounts to at least one hundred 
 thousand dollars fully paid up, and until it has: deposited 
 with the treasurer of state fifty thousand dollars in securi- 
 ties permitted by sections ninety-five hundred and eighteen 
 and ninety-five hundred and nineteen. Except such de- 
 posit, the capital shall be invested as the-board of directors 
 of such company prescribes. (R.S, Sec. 2821 ¢¢g¢9.) 
 
47 
 
 SECTION 9852. The treasurer of state shall hold such 
 fund or securities deposited with him as security for the 
 faithful performance of all guarantees entered into by such 
 company, but so long as it continues solvent he shall per- 
 mit it to collect the interest of, or dividends on, its securi- 
 ties so deposited, and to withdraw them or any part thereof, 
 on depositing with him cash or other securities of the kind 
 heretofore named so as to maintain the value of such de- 
 posit at fifty thousand dollars. (R. S. Sec. 382I1gg¢g.) 
 
 SECTION 9853. Any company so organized shall be 
 limited in its operation to only one county in this state, 
 which shall be designated in its application for a charter, 
 except, that if it desires to issue its policies of title insur- 
 ance in more than one county it may issue them in such 
 other county or counties upon depositing with the treasurer 
 of state an additional sum of fifty thousand dollars in 
 securities as above provided, for each additional county in 
 ’ which it proposes to operate. (R.S. Sec. 3821g¢g.) 
 
 SECTION 9854. If such a company has made deposits 
 with the treasurer of state as herein required, it may request 
 such treasurer to return to it securities in excess of the 
 amount so required, and he shall surrender such excess 
 to the company, taking proper receipts therefor. (R. S. 
 Sec. 3821g¢¢.) 
 
 SECTION 9855. All companies doing the business of 
 guaranteeing titles to real property shall comply with and 
 be governed by the foregoing provisions relating thereto. 
 But such companies heretofore organized and doing busi- 
 ness hereunder, may continue business without prejudice 
 to any rights thereby acquired or obligations incurred. (R. 
 S. Sec. 382I1¢¢¢.) 
 
 SECTION 9856. ‘Title guarantee and trust companies 
 shall make such reports to the auditor of state as are re- 
 quired of safe deposit and trust companies and be subject 
 to like examination and penalties. (R. S. Sec. 3821 g¢8.) 
 
 . TRUST COMPANIES. 
 
 SECTION 9774. A trust company may purchase, lease, 
 hold and convey real estate, exclusive of trust property, for 
 the purpose and in the manner provided by this chapter as 
 
 to commercial banks, and subject to like restrictions and 
 limitations. (99 v. 284 Sec. 66.) 
 
 SECTION 9775. Trust companies shall have the same 
 powers in the acceptance and execution of trusts which are 
 now conferred upon them by statute. (99 v. 284 Sec. 67.) 
 
 How deposit 
 held. 
 
 Operation 
 limited to 
 one county; 
 exception, 
 
 Treasurer to 
 surrender sur- 
 plus deposits. 
 
 Laws by which 
 such com- 
 panies goy- 
 erned, 
 
 Reports. 
 
 What real 
 estate may 
 be held, 
 
 Powers. 
 
Deposit of 
 court funds, 
 
 Liability of 
 capital and 
 property. 
 
 Additional 
 securities, 
 
 Deposits with 
 treasurer of 
 state, 
 
 When trust 
 
 deed or mort- 
 
 gage void, 
 
 48 
 
 SECTION 9776. Any court in this state, including pro- 
 bate courts, by order, decree or otherwise, may direct 
 moneys or properties under its control, or paid into court 
 by parties to any action or legal proceedings, or which are 
 brought into court by reason of an order, judgment, decree 
 in equity, or otherwise, to be deposited with such trust com- 
 pany as the court designates, upon such terms and subject 
 to such restrictions as may be deemed expedient. (99 v. 
 284 Sec. 68.) 
 
 SEcTION 9777. The capital of such corporation, with 
 all its property and effects, shall be absolutely liable in case 
 of default in any of such trust positions. The probate or 
 other court committing a trust to the custody of such corpo- 
 ration, whenever it deems proper, may require additional 
 security in any amount necessary. (99 v. 284 Sec. 69.) 
 
 SECTION 9778. No such corporation either foreign or 
 domestic shall accept trusts which may be vested in, trans- 
 ferred or committed to it by an individual, or court, until 
 its paid-in capital is at least one hundred thousand dollars, 
 and until such corporation has deposited with the treasurer 
 of state in cash fifty thousand dollars if its capital is two 
 hundred thousand dollars or less, and one hundred thousand 
 dollars if its capital is more than two hundred thousand dol- 
 lars, except that, the full amount of such deposit by stich 
 corporation may be in bonds of the United States, or of this 
 state, or any municipality or county therein, or in any other 
 state, or in the first mortgage bonds of any railroad corpo- 
 ration that for five years last past paid dividends of at least 
 three per cent. on its common stock. (99 v. 284 Sec. 69.) 
 
 SECTION 9779. The treasurer of state shall hold such 
 fund or securities deposited with him as security for the 
 faithful performance of the trusts assumed by such corpora- 
 tion, but so long as it continues solvent he shall permit it to 
 collect the interest on its securities so deposited. From time 
 to time said treasurer shall permit withdrawals of such 
 securities or cash, or part thereof, on the deposit with him 
 of cash, or other securities of the kind heretofore named, so 
 as to maintain the value of such deposit as herein provided. 
 
 (99 v. 284 Sec. 69.) 
 
 SECTION 9780. No such corporation, foreign or do- 
 mestic, authorized to accept and execute trusts, either di- 
 rectly or indirectly through any officer, agent or employe 
 thereof, shall certify to any bond, note or other obligation 
 to evidence debt, secured by any trust, deed or mortgage 
 upon, or accept any trust concerning property located wholly 
 or in part in this state without complying with the pro- 
 visions of this and the two preceding sections. Any trust, 
 deed or mortgage given or taken in violation of the pro- 
 visions thereof shall be null and void. (99 v. 284 Sec. 
 
 69.) 
 
49 
 
 SECTION 9781. Moneys or properties received on de- } 
 
 posits or in trust by such corporation, unless by the terms 
 of the trust some other mode of investment is prescribed, 
 together with its capital and surplus, excepting such as is 
 required to be kept as a reserve, shall be invested in or 
 loaned only on the following: 
 
 a. The securities mentioned in paragraphs J, c, d, e, f 
 
 of section ninety-seven hundred and fifty-eight, subject to. 
 
 the limitations and restrictions contained in said para- 
 graphs, except that trust companies shall not loan more 
 than sixty per cent. of the amount of their paid-in capital, 
 surplus and deposits on notes secured by mortgage on real 
 estate ; 
 
 b. Stocks, which have paid dividends for five consecu- 
 tive years next prior to the investment, and bonds of corpo- 
 rations when they are authorized by the affirmative vote of 
 the majority of the board of directors or of the executive 
 committee of such trust company; but the superintendent 
 of banks may order that any such securities which he deems 
 undesirable shall be sold within six months; 
 
 c. Promissory notes of individuals, firms, or corpora- 
 tions, when secured by a sufficient pledge of collateral, ap- 
 proved by the directors, subject to the provisions of sections 
 ninety-seven hundred and fifty-four and ninety-seven hun- 
 dred and fifty-five. (99 v. 285 Sec. 70.) 
 
 SECTION 9782. All moneys or properties received in 
 trust by such company, unless by the terms of the trust 
 some other mode of investment is prescribed, together with 
 the capital and surplus of such corporation, also may be 
 invested in ground rents, when authorized by a vote of the 
 board of directors. (99 v. 285 Sec. 70.) 
 
 SECTION 9783. Not more than twenty per cent. of the 
 capital and surplus of any such corporation shall be in- 
 vested in any one security or loan unless it be in bonds or 
 other interest bearing obligations enumerated in paragraphs 
 b, c and d of section ninety-seven hundred and fifty-eight, 
 or in providing a building and vaults. (99 v. 285 Sec. 
 
 70.) 
 
 SECTION 9784. No investment in notes secured by 
 mortgage on real estate shall be made by such corporation 
 except upon the approval of the board of directors. (99 
 v. 285 Sec. 71.) 
 
 SECTION 9785. No trust company shall lend any part 
 of its capital or surplus unless such loan be secured by 
 bonds or stocks as collateral in which it is allowed to invest 
 its capital, or by mortgage on real estate, where the amount 
 loaned inclusive of prior incumbrances thereon does not ex- 
 ceed sixty per cent. of the value of the real estate, including 
 Improvements, which shall be kept adequately insured; nor 
 
 4,R: YT. 
 
 How funds 
 invested. 
 
 Ground rents. 
 
 Limitation on 
 investments, 
 
 Real estate. 
 
 Loans, how 
 secured, 
 
Trust depart- 
 
 ment, 
 
 Reserve not 
 applicable to 
 trust funds. 
 
 General trust 
 fund. 
 
 Trust depart- 
 
 ment not 
 liable for 
 other debts. 
 
 Board of de- 
 
 posit officers, 
 
 Evidence, 
 
 50 
 
 shall such corporation lend to any one person, firm, associa- 
 tion or corporation more than twenty per cent. of its paid-in 
 capital and surplus. (99 v. 286 Sec. 72.) 
 
 SEcTIon 9786. All moneys or property held in trust 
 shall constitute a deposit in the trust department, and the 
 accounts and investments thereof shall be kept separate. 
 Such investment or loans shall be especially appropriated to 
 the security and payment of all such deposits, and not be 
 subject to any other liabilities of the corporation. For the 
 purpose of securing the observance of these requirements, it 
 shall have a trust department in which all business pertain- 
 ing to such trust property shall be kept distinct from its 
 general business. (99 v. 280 Sec. 73.) 
 
 SectTION 9787. Trust companies shall keep the same 
 reserve as is required of savings banks, but they shall not 
 be required to keep a reserve on trust funds. When the 
 reserve of a trust company falls below the amount required, 
 it shall be governed by the provisions of section ninety-seven 
 hundred and sixty. This section does not apply to money 
 or property held in trust. (99 v. 286 Sec. 75.) 
 
 SECTION 9788. In the management of money and prop- 
 erty held by it as trustee, under the powers conferred in the 
 foregoing sections, such trust company may invest them in 
 a general trust fund of the corporation. But the authority 
 making the appointment, upon the conferring of it, may 
 direct whether such money and property shall be held sepa- 
 rately or invested in a general trust fund of the corporation ; 
 except that such corporation always shall follow and be gov- 
 erned by all directions contained in any instrument under 
 which it acts. (99 v. 286 Sec. 76.) 
 
 Section 9789. No money, property or securities re- 
 ceived or held by such corporation under this chapter, 
 establishing a trust department, shall be mingled with the 
 investments of the capital stock or other moneys or prop- 
 erty belonging to it, or be liable for its debts or obligations. 
 (99 v. 286 Sec. 76.) 
 
 DEPOSITORY Laws. 
 
 SEcTION 321. There shall be a board of deposit, con- 
 sisting of the treasurer of state, superintendent of banks 
 and attorney general, which officers shall perform the duties 
 herein prescribed. The treasurer shall be chairman of 
 said board. The cashier of the state treasury shall be the 
 secretary to the board and shall keep its records. * A duly 
 certified copy of such records shall be prima facie evidence 
 of the matter appearing therein in any court of record. 
 (102 v. 33 Sec. I.) 
 
51 
 
 SECTION 322. The necessary expenses of the board of 
 deposit for books, stationery, printing and postage shall be 
 paid from the state treasury from a fund appropriated for 
 that purpose upon the order of the board certified by the 
 chairman and secretary; but such expenses shall not ex- 
 ceed $1,000.00 in any one year. (102 v. 33, Sec. 2) 
 
 SECTION 323. It shall be the duty of said board to 
 meet on the first Monday in April, rg1r, and every two 
 years thereafter, or as often as is necessary at the call of 
 the chairman, after this bill becomes operative, and desig- 
 nate such national banks within the state and banks’ and 
 trust companies doing business within this state, and in- 
 corporated under the laws thereof as the board deems 
 eligible to he made state depositories. (102 v. 33 Sec. 3.) 
 
 SECTION 324. Application of banks and trust com- 
 panies to be made a state depository for the deposit of 
 moneys of the state shall be made in writing and be filed 
 with the chairman of the board of deposit. Such applica- 
 tion shall contain a sworn statement showing the financial 
 condition of the bank or trust company at the date of the 
 application. Such application shall also specify the kind 
 of bond or bonds it will furnish as security. (102 v. 33 
 Secs 4:) 
 
 SECTION 325. Application of banks and trust com- 
 panies shall be carefully considered by the board of deposit 
 and its action on each application considered shall be en- 
 dorsed thereon by the words “Approved” or “Rejected” 
 and signed by each member of the board or a majority 
 thereof. A bank or trust company whose application has 
 been considered by the board and approved as herein pro- 
 vided shall be eligible to be a state depository. (102 y. 33 
 mee;.\5:) 
 
 SECTION 326. Treasurer of state shall not keep at any 
 one time more than fifty thousand dollars ($50,000.00) as 
 a reserve in the treasury vault, and all other moneys of the 
 state shall be deposited as hereinafter provided. (102 v. 
 33.Sec. 6.) 
 
 SECTION 327. There shall be two classes of deposi- 
 tories; one shall be known as active depositories and the 
 other as inactive depositories. The treasurer of state may 
 designate one or more banks or trust companies, or either 
 of them located in Columbus, Ohio, eligible under the pro- 
 visions of this act as active depositories ; money deposited 
 in the inactive depositories shall be used when money in 
 ae active depositories shall not he sufficient. (102 v. 33 
 
 2,7) 
 
 SECTION 328. All awards for the deposit of state 
 funds shall be made upon competitive bidding; bids shall 
 
 Expenses; 
 how paid. 
 
 Meetings; 
 designation 
 of deposi- 
 tories. 
 
 Applications. 
 
 Action of 
 board. 
 
 Reserve in 
 treasury. 
 
 Active and 
 inactive 3 
 depositories, 
 
 Competitive 
 bidding. 
 
Bids opened 
 in public. 
 
 Award, 
 
 Duty of 
 treasurer. 
 
 Limitation 
 on deposits. 
 
 Withdrawals. 
 
 Securities 
 specified, 
 
 52 
 
 be received by the treasurer of state every two years, begin- 
 ning between one o’clock p. m. on the first Monday in 
 March and closing at one o’clock p. m. on the third Monday 
 in March, 1911, and every two years thereafter. (102 v. 
 33 Set. 8.) 
 
 SEcTION 329. Each bid shall state whether it is for 
 an active or inactive deposit, amount bid for and rate of 
 interest, and must be accompanied by an application and 
 shall be sealed and plainly marked on the outside “BID 
 FOR DEPOSIT.” «Beginning at one o’clock p. m. on the 
 third Monday in March of each bidding period the bids 
 shall be opened by the treasurer of state at his office in the 
 presence of the public; all bids shall be preserved and be 
 open to public inspection at all times. (102 v. 37 Sec. 9.) 
 
 SECTION 329-1. Evidence of a combination among 
 bidders shall be deemed just cause for the rejection of any 
 or all bids. (102 v. 33 Sec. Io.) 
 
 SEcTIon 330. After bids have been opened the treas- 
 urer of state shall on or before the first Monday in April 
 of each bidding period award the state funds to the high- 
 est bidders. The treasurer of state shall deposit the state 
 funds in such banks and trust companies after such applica- 
 tions have been approved by the board of deposit. Should 
 additional state funds become available at any time during 
 the two years or until the next bidding period, it shall 
 be awarded to the highest bidders; first to the banks and 
 trust companies from which deposits have been withdrawn 
 to meet obligations of the state, second to those who failed 
 to receive the full amount of their original award, and 
 then the next highest bidders. (102 v. 33 Sec. 11.) 
 
 SEcTION 330-1. No bank or trust company shall have 
 on deposit at any one time more than its paid in capital 
 stock and in no event more than three hundred thousand 
 dollars ($300,000.00) as an inactive deposit. (102 v. 33 
 Sec, :12:) 
 
 SECTION 330-2. The treasurer of state may withdraw 
 any or all of the state funds on deposit for the purpose of 
 paying the appropriations and the obligations of the state; 
 when necessary to withdraw funds from the inactive de- 
 positories it shall be withdrawn from the banks and trust 
 companies paying the lowest rates of interest and in pro- 
 portional amounts as near as practicable. (102 v. 33 Sec. 
 
 13.) 
 
 SECTION 330-3. The treasurer of state before making 
 such deposits shall require that each and every approved 
 bank or trust company to deposit with him United States 
 government bonds, bonds of this state, county, township, 
 school district, road district, or municipal bonds of this 
 
53 
 
 state at not less than their par value, in an amount equal 
 to the amount of money to be deposited with such banks or 
 trust companies, or surety company bonds, which when 
 executed shall be for an amount equal to the amount de- 
 posited plus 5 per cent, conditional for the receipt and 
 safe keeping and payment over to the treasurer of state or 
 his written order of all moneys which may come into the 
 custody of such bank, or trust company under and by 
 virtue of this act, and the interest thereon when paid shall 
 be turned over to the bank or trust company so long as it 
 is not in default. And further, said bonds so given shall 
 include a special obligation to settle with and pay to the 
 treasurer of state for the use of the state interest upon 
 daily balances on said deposit or deposits, at the rate bid 
 for, but not less than 3 per cent. per annum for inactive 
 deposits and 2 per cent per annum for active deposits (on 
 a 365 day basis) payable quarterly on the first Monday of 
 February, May, August and November of each year, or any 
 time when withdrawals are made or the account is closed. 
 (102 v. 33 Sec. 14.) * 
 
 SECTION 330-4. Said banks and trust companies shall 
 also file with the treasurer of state demand certificates of 
 deposit in an amount equal to the total amount of the de- 
 posit and specify rate of interest to be paid. Said certifi- 
 cates shall be signed by the cashier or a duly authorized 
 officer of said bank or trust company. (102 v. 33 Sec. 15.) 
 
 SECTION 330-5. All surety company bonds and certifi- 
 cates of deposit shall be made out on blank forms furnished 
 by the treasurer of state. Said blank forms shall be ap- 
 proved by the attorney-general. (102 v. 33 Sec. 16.) 
 
 SECTION 330-6. If, on demand or order of the treas- 
 urer of state, a state depository fails or refuses to pay over 
 the deposit, or any part thereof made therein as provided 
 by law, the treasurer of state shall sell at public sale any or 
 all of the bonds deposited with him as collateral security 
 for such deposits. Thirty days’ notice of such sale shail 
 be given in a newspaper published and of general circulation 
 at the seat of government. Surety bonds shall contain a 
 clause obligating said surety company to pay and settle with 
 the state the amount due in full including interest within 
 sixty days after notice is given. (102 v. 3a Sec: 17.) 
 
 SECTION 330-7. When a sale of bonds has been made 
 by the treasurer of state, and upon payment to him of the 
 purchase money, the chairman and secretary of the board 
 of deposit shall transfer such bonds whereupon the abso- 
 lute ownership of the bonds shall pass to the purchasers 
 thereof. Any surplus remaining after deducting the amount 
 due the state and expenses of sale shall be paid to the bank 
 or trust company making the deposit. (102 v. 33. 5ec,, 18.) 
 
 Interest on 
 daily balances, 
 Payable quar- 
 terly. 
 
 Demand 
 certificates, 
 
 Blank forms. 
 
 Sale of securi- 
 ties; when, 
 
 Notice. 
 
 Transfer of 
 bonds. 
 
 Title. 
 
 Surplus, 
 
Non-liability 
 of treasurer, 
 
 Records and 
 accounts, 
 
 Daily state- : 
 ment to audi- 
 tor of state. 
 
 Surety. 
 
 Building and 
 loan associa- 
 tions in 
 flooded dis- 
 tricts made 
 depositories 
 for state 
 funds for 
 period of not 
 more than 
 two years, 
 
 54 
 
 SECTION 330-8. The treasurer of state shall not be per- 
 sonally liable for moneys lost by reason of the failure or ~ 
 insolvency of a bank or trust company selected as a state 
 depository in accordance with law. (102 v. 33 Sec. 19.) 
 
 SECTION 330-9. The treasurer of state shall keep in 
 his office a record showing an account with each depository, 
 both active and inactive, under which, entry shall be made 
 showing the amounts of each deposit, the date of each, the 
 rate of interest and withdrawals, the date thereof and the 
 balance on deposit. Each such account to show the date 
 and amount of interest received during each paying period. 
 (102 V.'33 Sec: 20.) 
 
 SECTION 330-10. The treasurer of state shall make out 
 and transmit daily to the auditor of state a statement of the 
 condition of all moneys in his hands and under his control 
 of each day’s business, and a copy thereof shall be trans- 
 mitted at the same time to the governor. Such statement 
 required shall show the amount in the inactive account, the 
 amount in the active account, the amount of cash on hand, 
 which shall include the amount in checks, drafts, post- 
 office orders and other evidences of money and also the 
 total of such items. (102 v. 33 Sec. 21.) 
 
 SECTION 330-11. No person engaged or interested in 
 the banking business as stockholder or otherwise shall be 
 accepted or approved as surety on the bond of the treasurer 
 of state. If said officer gives a surety company bond the 
 annual premium, or premiums accruing thereon after the 
 
 passage of this act shall be paid out of the funds in his 
 
 hands on the approval of the governor, and there shall be 
 appropriated out of any money in the state treasury to the 
 credit of the general revenue fund not otherwise appro- 
 priated, but the amount shall not exceed eighteen hundred 
 ($1,800.00) dollars in any one year. (102 v. 33 Sec. 22.) 
 
 SEcTION-I1. That in order to meet the emergency aris- 
 ing from the devastation caused by the unprecedented floods 
 OT ak ee RE eee 1913, in portions of the state of 
 Ohio, and in order to conserve and preserve the life, health 
 and peace of the people of those portions of the state of 
 Ohio, the state treasurer of the state of Ohio, with the ap- 
 proval of the governor, is hereby authorized to deposit funds 
 of the state of Ohio, not exceeding in the aggregate three 
 million dollars, with building and loan associations organized 
 under the laws of the state of Ohio and located in those 
 portions of the state of Ohio so affected by the said floods, 
 said sums to be deposited with said associations for a period 
 not to exceed two years from the passage of this act. (103 
 v. 148.) 
 
 Section 2. Such of said associations in said portions 
 of said state as desire to avail themselves of the provisions 
 
-55 
 
 of this act shall have the right at any time from the date 
 of the passage hereof to apply to become depositories of 
 said funds, and upon said associations being approved by 
 the state board of deposits, in writing, to be proper deposi- 
 tories for the state funds, the state treasurer shall appor- 
 tion and deposit said funds among said associations as in 
 his judgment may be in accordance with the respective needs 
 of, said associations and the territory in which they are lo- 
 cated, but in no case shall any association have on deposit 
 at any one time more than its paid-in capital stock, and in 
 no event more than three hundred thousand dollars. The 
 state treasurer shall apportion and deposit said funds from 
 time to time as applications are received therefor. (103 
 v. 148.) 
 
 SECTION 4. Said associations shall also file with the 
 state treasurer demand certificates of deposit in an amount 
 equal to the total amount deposited, which shall specify the 
 payment of interest at the rate of four per cent. payable 
 quarterly, and shall be signed by the secretary or other au- 
 thorized officer of said associations, and said associations 
 shall have the option of redeeming said certificates at any 
 interest paying period by repaying into the state treasury 
 the amount so deposited, or any portion thereof in sums 
 of not less than one thousand dollars with interest thereon 
 to the date of repayment. (103 v. 148.) 
 
 SECTION 5. For the purpose of making the deposits 
 provided for in this act, the treasurer of state is hereby 
 authorized and directed to withdraw from the inactive de- 
 positories funds therein deposited in an amount not ex- 
 ceeding in the aggregate that mentioned in section one of 
 this act; the treasurer of state is hereby authorized and di- 
 rected to withdraw from the inactive depositories funds 
 therein deposited in an amount not exceeding in the aggre- 
 gate that mentioned in section one of this act; such with- 
 drawals shall be made as far as possible from such inactive 
 
 Temporary 
 act not 
 requiring 
 sectional 
 numbering, 
 
Active and 
 inactive de- 
 positaries. 
 
 Commissioners 
 to designate; 
 when. 
 
 Limitation, 
 
 Time to 
 remain. 
 
 Increase de- 
 posits; addi- 
 tional security. 
 
 56 
 
 depositories not located in territories affected by the floods 
 mentioned in section one of this act, but in all other respects 
 shall be made in conformity with the provisions of section 
 330-2 of the General Code. (103 v. 148.) 
 
 SECTION 2715. The commissioners in each county shall 
 designate in the manner hereinafter provided a bank or 
 banks or trust companies, situated in the county and duly 
 incorporated under the laws of this state, or organized 
 under the laws of the United States, as inactive depositaries, 
 and one or more of such banks or trust companies located 
 in the county seat as active depositaries of the money of the 
 county. In a county where such bank or trust company 
 does not exist or fails to bid as provided herein, or to com- 
 ply with the conditions of this chapter relating to county 
 depositaries, the commissioners shall designate a private 
 bank or banks, located in the county as such inactive de- 
 positaries, and if in such county no such private bank exists 
 or fails to bid as provided herein, or to comply with the 
 conditions of this chapter relating to county depositaries, 
 then the commissioners shall designate any other bank or 
 banks incorporated under the laws of this state, or organized 
 under the laws of the United States, as such inactive deposi- 
 taries. If-there be no such bank or trust company incorpo- 
 rated under the laws of the state, or organized under the 
 laws of the United States, located at the county seat, then 
 the commissioners shall designate a private bank, if there 
 be one located therein, as such active depositary. No bank 
 or trust company shall receive a larger deposit than one 
 million dollars. (102 v. 59.) 
 
 SECTION 2715-1. The deposits in active depositaries, as 
 provided for in the next preceding section shall at all times 
 be subject to draft for the purpose of meeting the current 
 expenses of the county. The deposits in inactive depositaries 
 shall remain until such time as the county treasurer is 
 obliged to withdraw a portion or all of same and place it in 
 the active depositary or depositaries for current use. Each 
 bank or trust company, when submitting proposals as pro- 
 vided in section 2716 for the inactive deposits, shall stipulate 
 the amount of money desired by such bank or trust com- 
 pany; and when the aggregate amount placed with all the 
 banks and trust companies, qualifying for same, in any 
 county, does not equal the amount that may be placed into 
 inactive depositaries the county commissioners shall, upon 
 securing sufficient additional security from any or all of 
 such inactive depositaries authorize the county treasurer 
 to increase the deposits therein; or such county commis- 
 sioners shall in the manner herein provided designate a bank 
 or banks or trust companies, located outside of the county 
 in which the county treasurer shall deposit such excess 
 funds. (102 v. 59.) 
 
57 
 
 SECTION 2716. When the commissioners of a county 
 provide such depositary, or depositaries, they shall publish 
 for two consecutive weeks in two newspapers of opposite 
 politics and of general circulation in the county a notice 
 which shall invite sealed proposals from all banks or trust 
 companies within the provisions of the next two preceding 
 sections, which proposals shall stipulate the rate of interest, 
 not less than two per cent per annum on the average daily 
 balance, on inactive deposits, and not less than one per cent. 
 per annum on the average daily balance on active deposits, 
 that will be paid for the use of the money of the county, 
 as herein provided. Each proposal shall contain the names 
 of the sureties or securities, or both, that will be offered to 
 the county in case the proposal is accepted. (102 v. 60.) 
 
 SEcTIon 2717. At the hour of twelve o’clock noon on 
 the Monday next following the last insertion of such notice, 
 the commissioners in open session shal! open the sealed pro- 
 posals and award the use of such money to the bank or 
 banks or trust companies that offer the highest rate of in- 
 terest therefor on the average daily balance, provided proper 
 sureties, securities or both, are tendered in the proposal. 
 
 COSav. 274° Secy 3: ) 
 
 SECTION 2718. If, on account of the large amount of 
 money to be deposited, the highest bidder is not entitled to 
 all the funds of the county, the commissioners, after ac- 
 cording to the highest bidder all to which it is entitled, 
 shall award the balance to the next highest biddér or bid- 
 ders respectively. (98 v. 274 Sec. 1. 
 
 SECTION 2719. If two or more banks offer the same 
 highest rate of interest with proper sureties, securities, or 
 both, the use of the money shall be awarded to either of 
 them, or the commissioners may award a portion of such 
 money to each of such banks or trust companies. (08 v. 
 
 274, SEC. 3:) 
 
 SECTION 2720. If the award shall be to a bank or 
 banks or trust companies outside the municipality at which 
 the county seat is fixed, the expenses and risks of making 
 deposits therein by the county treasurer as hereinafter pro- 
 vided, shall be borne by such bank or banks or trust com- 
 panies. . (98 v. 274 Sec. 3.) 
 
 SECTION 2721. If no proposals are received offering 
 the rate of interest hereinafter prescribed, the commission- 
 ers shall at once again advertise in the same manner until 
 acceptable proposals are received. Each subsequent ad- 
 vertisement shall also state whether any proposal was re- 
 ceived under the preceding advertisement, and, if any, the 
 bank or banks or trust companies and the rate of interest 
 offered. (98 v. 274, Sec. 3.) 
 
 Publication 
 inviting sealed 
 proposals, 
 
 Rate on 
 deposits. 
 
 Opening of 
 proposals 
 and award. 
 
 When funds 
 may be 
 awarded to 
 other bidders. 
 
 Funds. 
 may be 
 apportioned 
 among high- 
 est bidders, 
 
 Expenses arid 
 risks of de- 
 posits outside 
 county seat. 
 
 Re-advertise- 
 ment; what to 
 contain, 
 
When award 
 not binding, 
 
 What sureties 
 required, 
 
 How under- 
 taking shall 
 be cancelled. 
 
 Effect of sur- 
 
 render or can- 
 
 cellation. 
 
 Form and 
 effect of 
 undertaking, 
 
 58 
 
 SECTION 2722. No award shall be binding on the 
 county nor shall money of the county be deposited there- 
 under until the hypothecation of the securities hereinafter 
 provided, or until there is executed by-the bank or banks 
 or trust companies so selected and accepted a good and 
 
 sufficient undertaking, payable to the county, in such sum 
 
 as the commissioners direct, but not less than the sum that 
 shall be deposited in such depositary or depositaries at any 
 one time. (99 v. 465 Sec. 4.) 2 
 
 SECTION 2723. Such undertaking shall be signed by at 
 least six resident free-holders as sureties or by a fidelity 
 or indemnity insurance company, authorized to do business 
 within the state and having not less than two hundred and 
 fifty thousand dollars capital, to the satisfaction of the com- 
 missioners, conditioned for the receipt, safe keeping and 
 payment over of all money with interest thereon at the rate 
 specified in the proposal, which may come under its custody 
 under and by virtue of this chapter and under_and by virtue 
 of its proposal and the award of the commissioners, and 
 conditioned for the faithful performance by such bank or 
 banks or trust companies of all the duties imposed by law 
 upon the depositary or deporistaries of the money of the 
 
 county. (99 v. 465 Sec. 4.) 
 
 SECTION 2724. Such undertaking shall be continuous 
 and remain in full force as to any and all deposits secured 
 by it until surrendered or cancelled by ten days’ written 
 notice to the county commissioners, the county auditor and 
 county treasurer, each separately, given by a surety there- 
 under to withdraw the money of the county in such de- 
 positary. If the money of the county so deposited is paid 
 by such depositary to the county treasurer on his demand 
 within such ten days, or if it furnishes and substitutes new 
 and satisfactory undertaking or securities, as provided 
 herein, such surety shall be released from his obligation, 
 but not before. (99 v. 465 Sec. 4.) 
 
 SECTION 2725. No surrender or cancellation shall oper- 
 ate to relieve any surety or liability for deposits made be- 
 fore such notice was given, until such deposits are secured 
 to the satisfaction of the county commissioners by resolution 
 spread on their journal or until such deposits are returned 
 to the county treasury. No such surrender or cancellation 
 shall be accepted until satisfactory undertakings in the same 
 amount shall be substituted therefor. (99 v. 465 Sec: 4.) 
 
 SECTION 2726. An undertaking substantially as fol- 
 lows shall be sufficient: ‘We obligate ourselves to the 
 
 COMeitay sOilgnea ers phatn uae , Ohio, for the receipt, safe keeping 
 and re-payment of deposits made or to be made by the 
 county treastiver of s7 eros county, with interest in 
 TG Ss See bank to:the aniount of <4. 7\ aan eee 
 
 dollars and interest and the performance of all duties re- 
 
59 
 
 quired by law.’ Recovery of such bond shall be in the name 
 of the county commissioners for the use of the county. No 
 informalities or failure of the depositary to sign such un- 
 dertaking shall impair it as a statutary undertaking and all 
 other matters may be treated as surplusage. The same 
 surety shall not be accepted on more than one undertaking 
 as to any one depositary at the same time. No fidelity and 
 indemnity insurance company shall be taken on any one 
 bond in excess of twenty per cent. of its paid-up capital 
 and surplus. By securing a deposit, a depositary shall be 
 obligated to return the amount thereof with interest irre- 
 spective of the value of securities or the amount of such 
 undertaking.. (99 v. 465 Sec. 4.) 
 
 SECTION 2727. Such undertaking shall not be accepted 
 by the commissioners until submitted to the prosecuting 
 attorney and certified by him to be in legal form, which 
 certificate shall be endorsed thereon. (98 v. 275 Sec. 5.) 
 
 SECTION 2728. If a bank or trust company to which an 
 award is so made fails to execute an undertaking or to 
 hypothecate bonds, as herein provided, within thirty days 
 of the time the award is made, the commissioners may award 
 the use of the money to any other bank or banks or trust 
 companies whose written proposal offers the same rate of 
 interest, as in the proposal of such defaulting bank or trust 
 company. If no other bank or trust company offers such 
 rate of interest in its proposal, the commissioners may award 
 the use of such money to a bank or banks or trust com- 
 panies whose written proposal offers therefor the next high- 
 est rate of interest. In either case, the undertaking and 
 hypothecation shall be required to be executed. In case 
 of such default, the commissioner shall advertise for others 
 in the maner provided. (98 v. 275 Sec. 5.) 
 
 SECTION 2729. Upon the acceptance by the commis- 
 sioners of such undertaking, and upon the hypothecation of 
 the bonds as hereinafter provided, such bank or banks or 
 trust companies shall become the depositary or depositaries 
 of the money of the county and remain such for three years 
 or until the undertaking of its successor or successors is ac- 
 cepted by the commissioners. (98 v. 276 Sec. 6.) 
 
 SECTION 2730. At any time they deem it necessary, 
 the commissioners may require additional securities from 
 the bank or banks or trust companies in such sum as they 
 designate. If for the period of five days thereafter such 
 bank or banks or trust companies refuse or neglect to give 
 such additional security, the commissioners may order the 
 removal of the county’s deposits therefrom to the county 
 treasury or designate some other bank or banks or trust 
 companies temporary depositary thereof at the same rate 
 of interest. 
 
 Approval of 
 undertaking, 
 
 Proceedings 
 
 if bank fails 
 to give bond 
 or hypothecate 
 securities. 
 
 When and for 
 what term 
 bank becomes 
 depositary, 
 
 Additional se- 
 curity; re- 
 moval of 
 deposits. 
 
Temporary 
 depositary 
 shall give se- 
 curity and 
 bonds, 
 
 Securities 
 specified, 
 
 Security may 
 be in part by 
 undertaking. 
 
 Form of 
 
 hy pothecation; 
 requisites as 
 to transfer. 
 
 Interest; 
 exchange of 
 securities, 
 
 60 
 
 Such removal and other removals ordered by the com- 
 missioners under the provisions of this chapter relating to 
 county depositaries, shall be made upon their written order 
 and the check of the county treasurer after thirty days’ 
 notice to such depositary. (98 v. 276 Sec. 6.) 
 
 SECTION 2731. If in case of such removal the money 
 be deposited in a bank designated as a temporary deposi- 
 tary, before the receipt by it of any such money, such bank 
 or trust company shall enter into an undertaking and hy- 
 pothecate the bonds as required herein. If no bank or trust 
 company be so designated, the money shall be kept in the 
 county treasury and the commissioners shall at once create 
 a new depositary under this chapter. (98 v. 276 Sec. 6.) 
 
 SECTION 2732. In place of the undertaking provided 
 for herein, the commissioners may accept as security for 
 money so deposited the following securities : 
 
 (a) Bonds or other interest bearing obligations of the 
 United States or those for the payment of principal and 
 interest of which the faith of the United States is pledged, 
 including bonds of the District of Columbia ; 
 
 (b) Bonds of the state of Ohio; 
 
 (c) Legally issued bonds of any city, village, county, 
 
 township or other political sub-division of this state and 
 
 as to which there has been no default of principal, interest 
 or coupons and which in the opinion of the treasurer are 
 good and collectible, provided the issuing body politic has 
 not defaulted at any time since the year 1880 in the pay- 
 ment of the principal and interest of any of its bonds. (101 
 
 Vv. 353-) 
 
 SECTION 2733. Deposits may be made in the deposi- 
 taries up to ninety per cent of the market value of such 
 securities. The county commissioners may accept such 
 securities as partial security and require an undertaking for 
 the remainder of the full amount of security required by 
 law, and in such undertaking such acceptance and the extent 
 thereof shall be set forth. (99 v. 466 Sec. 7.) 
 
 SECTION 2734. The hypothecation of such securities 
 shall be the proper legal transfer thereof as collateral which 
 shall stipulate that such securities shall be the property of 
 the county in case of any default on the part of the bank 
 in its capacity as depositary and that the negotiation or 
 release thereof by the commissioners shall require the sig- 
 nature of each member of the board. (99 v. 466 Sec. 7.) 
 
 SECTION 2735. The county commissioners shall make 
 ample provision for the safe keeping of hypothecated se- 
 curities. The interest thereon, when paid, shall be turned 
 over to the bank or trust company so long as it is not in 
 default. The commissioners may make provisions for the 
 
61 
 
 exchange and release of securities and the substitution of 
 other securities or of an undertaking therefor. (99 v.-466 
 Secs.) 
 
 SECTION 2736. Upon the receipt by the county treas- 
 urer of a written notice from the commissioners that a de- 
 positary, or depositaries, have been selected in pursuance 
 of law, and naming the bank or banks or trust companies 
 so selected, such treasurer shall deposit in such bank or 
 banks or trust companies as directed by the commissioners, 
 and designated as inactive depositaries to the credit of the 
 county all money in his possession, except such amount as 
 is necessary to meet current demands, which shall be de- 
 posited by such treasurer in the active depositary or deposi- 
 taries. Thereafter, before noon of each business day, he 
 shall deposit therein the balance, if any, remaining in his 
 hands after having paid out of the receipts of the preceding 
 business day, in cash, warrants presented to him for pay- 
 ment during such day, except as herein before provided. 
 Such money shall be payable only on the check of the treas- 
 liner, (103: V¥- 562°) 
 
 SECTION 2737- All money deposited with any depos- 
 itary shall bear interest at the rate specified in the proposal 
 on which the award thereof was made, computed on daily 
 balances, and on the first day of each calendar month or 
 at any time such account is closed, such interest shall be 
 placed to the credit of the county, and the depositary shall 
 notify the auditor and treasurer, each separately, in writing 
 of the amount thereof before noon of the next business day. 
 All such interest realized on the money belonging to the un- 
 divided tax funds shall be apportioned by the county auditor 
 to the state, cities, city school districts and county taxing 
 or assessing districts in the proportion that the amounts 
 collected for the respective political divisions or dis- 
 tricts bear to the entire amount collected for the respective 
 political divisions or districts bear to the entire amount col- 
 lected by the county treasurer for such undivided tax funds 
 and deposited as herein provided, due allowance being made 
 for sums transferred in advance of settlements. All inter- 
 est apportioned as the county’s share together with all in- 
 terest arising from the deposit of funds belonging speci- 
 fically to the county shall be credited to the general fund 
 of the county by the county treasurer. The county auditor 
 shall inform the treasurer in writing of the amount ap- 
 portioned by him to each fund, district or account. (101 v. 
 
 354.) 
 
 SECTION 2738. On the first business day of each month, 
 each depositary shall notify the county auditor in writing 
 of the amount of deposits made by the county treasurer for 
 the preceding month, giving the amount and date of each 
 deposit and the balance on deposit to the credit of the county 
 at that time. (098 v. 277 Sec. 9.) 
 
 Written 
 notice; duty 
 of treasurer. 
 
 Interest on 
 daily balances. 
 
 Apportionment 
 of interest, 
 
 Monthly 
 statement of 
 depositary. 
 
Monthly 
 statement of 
 auditor and 
 treasurer. 
 
 Comparison 
 of checks and 
 statements, 
 
 When county 
 treasurer 
 exempt from 
 liability. 
 
 Effect of these 
 provisions. 
 
 Penalty. 
 
 Effect of re- 
 ceiving bank 
 checks by 
 treasurer, 
 
 62 
 
 SECTION 2739. At such time the auditor and treasurer 
 of the county shall each prepare and submit to the com- 
 missioner a. sworn statement of the finances of the county 
 for the preceding month, which shall show the amount of 
 money received to the credit of each fund and account, 
 the amount disbursed from each, in the depositary or deposi- 
 taries, and the balance in the treasury. The commissioners 
 shall place such statements on file, together with the state- 
 ment from the depositary, and forthwith post a duly certi- 
 fied copy of each in the office of the county auditor, which 
 shall remain so posted at least thirty days for the inspec- 
 tion of the public. (98 v. 277 Sec. 9.) 
 
 SECTION 2740. On the first business day of each month, 
 an officer of the county depositary or depositaries shall file 
 with the county commissioners all checks of the county 
 treasurer paid and redeemed by it during the previous 
 month. The commissioners shall compare such checks with 
 the report of the county treasurer, and if the statements of 
 such depositary and of the treasurer do not agree, the com- 
 missioners shall forthwith give notice thereof to the treas- 
 urer and auditor, who shall thereupon ascertain and report 
 to the commissioners the cause of such discrepancy. (98 
 
 Virey7 Sec Oo) 
 
 SECTION 2741. A county treasurer who shall have 
 fully complied with all the provisions of this chapter re- 
 lating to county depositaries shall not be held personally 
 liable on account of any loss which the county may have 
 sustained by reason of the default or failure of any such 
 depositary. - (98 v. 277 Sec. 9.) 
 
 SECTION 2742. Nothing in this chapter relating to 
 county depositaries shall in any manner change or affect the 
 liability of treasurers of counties having depositaries under 
 and in accordance with these provisions, except that they 
 shall not be held liable for any loss of money deposited 
 by them in the depositaries as provided herein while such 
 money so deposited is in the custody of such depositary. 
 
 (99 v. 467 Sec. Io.) 
 
 SECTION 2743. An officer of a county having a county 
 deposit who willfully violates any provision of this chapter 
 relating to county depositaries or wilfully neglects or re- 
 fuses to perform any duties thereby imposed upon him 
 shall be fined not more than ten thousand dollars for the 
 use of the county or be imprisoned in the penitentiary not 
 less than one year, nor more than ten years, or both. (99 
 Vir GO Se ORT.) 
 
 SECTION 2744. A county treasurer may receive checks, 
 but such receipt shall in no manner be regarded as pay- 
 ment. No sum shall be considered paid until the money 
 therefor has been received by the treasurer or a depositary. 
 
63 
 
 No responsibility shall attach in any manner directly or in- 
 directly to a treasurer, his sureties or the county by reason 
 of the receipt of a check and collection of checks shall be 
 entirely at the risk of the person turning them into the 
 treasury. (99 v. 468 Sec. 13.) 
 
 SECTION 2745. Any provision of statute which con- 
 flicts with any provision herein relating to county deposi- 
 taries shall be held to be superseded by the latter as to any 
 inconsistency and not otherwise in counties having a de- 
 positary or depositaries for county funds under these pro- 
 visions. If, for any reason, any such county is without a 
 depositary for such funds, the money of its county shall be 
 placed and remain in custody of the treasurer until another 
 depositary is designated, and he shall be governed by the 
 general laws relating to county treasurers. (99 v. 467 
 Sec) T2:) 
 
 SECTION 2746. When, in his opinion, necessary, the 
 county treasurer may open not to exceed one office in each 
 township for the receiving of taxes. Such office shall be in 
 a city or village in which is located a bank of deposit. The 
 treasurer, his deputy or clerks, may attend at such office and 
 receive taxes on any day or days prior to the twentieth 
 day of June and the twentieth day of December of each 
 year.” They may remove from the county treasury to the 
 place of collection records necessary for the receiving of 
 taxes upon the day or days so fixed for that purpose. (100 
 Pre 70SEC... I.) 
 
 SECTION 2748. For the purpose of transportation, the 
 county treasurer may deposit temporarily in any bank of 
 deposit located at such place of collection any money re- 
 ceived in the payment of taxes. A bank or banks receiv- 
 ing any such deposits shall deposit with the county treas- 
 urer such securities as the treasurer deems sufficient, sub- 
 ject to the approval of the county commissioners. The lia- 
 bility of the treasurer for any losses of money so deposited 
 shall be the same as provided in this chapter in case of de- 
 posits by the county treasurer in county depositaries. (100 
 Mr e7Oc sec, 3.) 
 
 TOWNSHIP FUNDS. 
 
 __ SECTION 3320. The trustees of any township shall pro- 
 vide by resolution for the depositing of any or all moneys 
 coming into the hands of the treasurer of the township, 
 and the treasurer shall deposit such money in such bank, 
 banks or depository within the county in which the town- 
 ship is located as the trustees may direct subject to the 
 following provisions. (R. S. Sec. bog Be Pa | ; 
 
 SECTION 3321. The ‘trustees of the township shall de- 
 termine in such resolution the method by which bids shall 
 be received, the authority which shall receive them, and 
 
 What existing 
 law these 
 provisions 
 supersede. 
 
 County treas- 
 urer may 
 open tax- 
 receiving 
 offices, 
 
 Banks to fur- 
 nish securi- 
 ties, 
 
 Deposit of 
 township 
 funds. 
 
 Resolution, 
 what to 
 contain, 
 
Where funds 
 deposited, 
 
 Minimum 
 interest on 
 township 
 funds. 
 
 30nd to se- 
 cure deposits, 
 
 64 
 
 time for which such deposits shall be made, and all the de- 
 tails for carrying into effect the authority herein given, but 
 all proceedings in connection with such competitive bidding 
 and the deposit of such moneys shall be conducted in such 
 manner as to insure full publicity and shall be open at all 
 times to public inspection. (R. S. Sec. 1513.) 
 
 SECTION -3322. In townships containing two or more 
 banks, such deposits shall be made in the bank or banks 
 situated in the township that offer at competitive bidding 
 the highest rate of interest on the average daily balance on 
 such. funds, which in no case shall be less than two per 
 cent., for the full time the funds are on deposit. Such 
 bank or banks shall give a good and sufficient bond to be 
 approved by the township trustees, for the safe custody 
 of such funds in a sum at least equal to the amount de- 
 posited. No bank or depository shall receive a larger de- 
 posit of such funds than the amount of such bond and in 
 no event to exceed three hundred thousand dollars. The 
 treasurer of the township shall see that a greater sum than 
 that contained in the bond is not deposited in such bank or 
 banks, and such treasurer and his bondsmen shall be liable 
 for any loss occasioned by deposits in excess of such bonds. 
 
 (R. S. Sec. 1513.) 
 
 SECTION 3323. In a township in which but one bank 
 is located, and the location thereof is convenient to the 
 township treasurer, the funds of the township shall be de- 
 posited in such bank at a rate of interest not less than two 
 per cent. on the average daily balance, but when the trus- 
 tees have reason to believe that such bank is not a safe de- 
 pository, or when the location thereof is inconvenient to the 
 township treasurer, or when such bank refuses to pay at 
 least two per cent. interest on such deposits, or in a town- 
 ship in which no bank is located, after the adoption of a 
 resolution providing for the deposit of its funds, the trus- 
 tees may enter into contract with one or more banks within 
 the county, or in a county adjacent to the county of which 
 the township is a part, that are conveniently located and 
 which offer the highest rate of interest on the average daily 
 balance, and which in no case be less than two per cent. for 
 the full time the funds are on deposit. (R. S. Sec. 1513.) 
 
 SECTION 3324. Such bank or banks shall give good and 
 sufficient bond to the approval of the township trustees in a 
 sum at least equal to the amount deposited for the safe 
 custody of such funds, and the treasurer of the township 
 shall see that a greater sum than that contained in the bond 
 is not deposited in such bank or banks, and such treasurer 
 and his bondsmen shall be liable for any loss occasioned by 
 deposits in excess of such bonds. °(R. S. Sec. 1513.) 
 
65 
 
 SECTION 3325. Such resolutions and contracts shall set 
 forth fully all details necessary to carry into effect the au- 
 thority herein given. All proceedings connected with the 
 adoption of the resolution and the making of the contract 
 shall be conducted in such manner as to insure full publicity 
 and shall be open at all times to public inspection. 
 
 All interest money derived in pursuance of these pro- 
 visions shall be property of the township, and deposited as 
 other funds; CR. S. Sec. 1513.) 
 
 SECTION 3326. When such depository is provided and 
 the funds are deposited therein as herein directed, the treas- 
 urer of the township and his bondsmen shall be relieved of 
 any liability occasioned by the failure of the bank or banks 
 of deposit or by the failure of the guaranty company acting 
 as surety for such bank or banks, or by the failure of 
 either of them except as herein provided in cases of ex- 
 cessive deposits. (R.S. Sec. 1513.) 
 
 MUNICIPAL FUNDS. 
 
 SECTION 4294. Upon giving bond as required by coun- 
 cil, the treasurer may, by and with the consent of his bonds- 
 men deposit all funds and public moneys of which he has 
 charge in such bank or banks, situated within the county, 
 which may seem best for the protection of such funds, and 
 such deposits shall be subject at all times to the warrants 
 and orders of the treasurer required by law to be drawn. 
 All profits arising from such deposit or deposits shall inure 
 to the benefit of the funds. Such deposit shall in no wise 
 release the treasurer from liability for any loss which may 
 occur thereby. (97 v. 270 Sec. 135.) 
 
 SECTION 4295. The council may provide by ordinance 
 for the deposit of all public moneys coming into the hands 
 of the treasurer in such bank or banks, situated within the 
 municipality or county, as offer, at competitive bidding, the 
 highest rate of interest and give a good and sufficient bond 
 issued by a surety company authorized to do business in 
 this state, or furnish good and sufficient surety, or secure 
 said moneys by a deposit of bonds or other interest bearing 
 obligation of the United States or those for the payment 
 of principal and interest of which the faith of the United 
 States is pledged, including bonds of the District of Colum- 
 bia; bonds of the state of Ohio or of any other state of the 
 United States; legally issued bonds of any city, village, 
 county, township or other political subdivision of this or any 
 other state or territory of the United States and as to which 
 there has been no default of principal, interest or coupons, 
 and which in the opinion of the treasurer are good and col- 
 lectible providing the issuing body politic has not defaulted 
 at any time since the year 1900, in the payment of the prin- 
 cipal and interest of any of its bonds, said security to be 
 
 Oe Bet: 
 
 Proceedings 
 shall be open 
 to the public. 
 
 Liability of 
 treasurer, 
 
 Deposits of 
 moneys, 
 
 Deposit of 
 moneys may 
 be provided 
 for by ordi- 
 nance, 
 
 Security by 
 municipal 
 depository 
 required. 
 
 Interest bear- 
 ing obliga- 
 tions that may 
 be accepted 
 as security, 
 
 Approval. 
 
 Securities 
 accepted to 
 secure funds 
 of all political 
 subdivisions, 
 
Contents of 
 ordinance; 
 conduct of 
 bidding. 
 
 Competitive 
 bidding, 
 
 Maximum 
 account. 
 
 Publicity, 
 
 66 
 
 subject to the approval of the proper municipal officers, in 
 a sum not less than ten per cent. in excess of the maximum 
 amount at any time to be deposited. And whenever any 
 of the funds of any of the political subdivisions of the state 
 shall be deposited under any of the depositary laws of the 
 state, the sureties herein mentioned, in addition to such other 
 securities as are prescribed by law, may be accepted to se- 
 cure such deposits. (103 v. 113.) 
 
 SECTION 4296. In such ordinance the council may de- 
 termine the method by which such bids shall be received, 
 the authority which shall receive them, and which shall de- 
 termine the sufficiency of the surety offered, the time for 
 the contracts for which deposits of public money may be 
 made, and all details for carrying into effect the authority 
 herein given. Proceedings in connection with such com- 
 petitive bidding and the deposit of money shall be conducted 
 in such manner as to insure full publicity, and shall be open 
 at all times to the inspection of any citizen. As to any de- 
 posits made under authority of an ordinance of the coun- 
 cil pursuant hereof, if the treasurer has exercised due 
 care, neither he nor his bondsmen shall be liable for any 
 loss occasioned thereby! (97 v. .) 
 
 MUNICIPAL SINKING FUNDS. 
 
 SECTION 4515. At least once every three years the 
 trustees of the sinking fund shall advertise for proposals 
 for the deposit of all sums held in reserve and shall deposit 
 such reserve in the bank or banks, incorporated under the 
 laws of this state or of the United States, situated within 
 the county, which offer, at competitive bidding, the highest 
 rate of interest and best security and accommodation and 
 give a good and sufficient bond issued by a surety company 
 authorized to do business in this state, or furnish good and 
 sufficient surety in a sum not less than twenty per cent. in 
 excess of the maximum amount at any time to be deposited. 
 There shall not be deposited in any one bank an amount 
 in excess of the paid-in capital stock and surplus of such 
 bank, or to exceed in amount four hundred thousand dol- 
 lars except when such moneys are deposited for the pur- 
 pose of meeting the payment of some obligation. (101 
 
 Vni2A3n) 
 
 SEcTION 4516. The trustees of the sinking fund shall 
 determine the method by which such bids shall be re- 
 ceived, the authority which shall receive them, the suffi- 
 ciency of the security offered, the time for the contracts for 
 which the deposits of public money may be made and all 
 details for carrying into effect the authority here given, but 
 proceedings in connection with such competitive bidding 
 and the deposit of money shall be conducted in such man- 
 ner as to insure full publicity and shall be open at all times 
 
67 
 to the inspection of any citizen. As to deposits made under 
 this authority, neither the trustees of the sinking fund nor 
 their bondsmen, if such trustees of the sinking fund have 
 
 exercised due care, shall be liable for any loss occasioned 
 thereby. (101 v. 243.) 
 
 SECTION 4516-1. The provisions of sections 4515 and 
 4516 of the general code shall not apply where sums held 
 in reserve, by trustees of the sinking fund, are deposited in 
 the city treasury, so as to become part of the general city 
 balance to be deposited in banks as otherwise provided by 
 law. (102 v. 466.) 
 
 ~CHOOL FUNDS; 
 
 SECTION 7604- The board of education of any school 
 district by resolution shall provide for the deposit of any 
 or all moneys coming into the hands of its treasurer. But 
 no bank shall receive a deposit larger than the amount of 
 its paid in capital stock, and in no event to exceed three 
 hundred thousand dollars. (ror v. 290.) 
 
 SECTION 7605. In school districts containing two or 
 more banks such deposit shall be made in the bank or banks, 
 situated therein, that at competitive bidding offer the high- 
 est rate of interest which must be at least two per cent. for 
 the full time funds or any part thereof are on deposit. Such 
 bank or banks shall give a good and sufficient bond, or shall 
 deposit bonds of the United States, the state. of Ohio, or 
 county, municipal, township or school bonds issued by the 
 authority of the state of Ohio, at the option of the board 
 of education, in a sum not less than the amount deposited. 
 The treasurer of the school district must see that a greater 
 sum than that contained in the bond is not deposited in such 
 bank or banks and he and his bondsmen shall be liable for 
 any loss occasioned by deposits in excess of such bond. 
 (IOI v. 290.) 
 
 SECTION 7606. The board shall determine in such reso- 
 lution the method by which bids shall be received, the au- 
 thority which is to receive them, the time for which such 
 deposits shall be made and all details for carrying into effect 
 the authority herein given. All proceedings in connection 
 with such competitive bidding and deposit of moneys must 
 be so conducted as to insure full publicity and shall be open 
 at all times to public inspection. If in the opinion of a 
 board of education there has been any collusion between the 
 bidders, it may reject any or all bids and arrange for the 
 deposit of funds in a bank or banks without the district 
 as hereinafter provided for in districts not having two or 
 more banks located therein. (R.S. Sec. 3968. ) 
 
 When certain 
 provisions do 
 not apply. 
 
 Resolution of 
 board. 
 
 Competitive 
 bidding, 
 
 Bids. 
 
Contract of 
 board and 
 bank. 
 
 Maximum 
 deposit, 
 
 What reso- 
 lution to 
 contain, 
 
 Bank failure; 
 effect of. 
 
 Mortgage 
 loans security 
 for deposit 
 of public 
 money. 
 
 68 
 
 SEcTION 7607. In all school districts containing less 
 than two banks, after the adoption of a resolution provid- 
 ing for the deposit of its funds, the board of education may 
 enter into a contract with one or more banks that are con- 
 veniently located and offer the highest rate of interest, which 
 shall not be less than two per cent. for the full time the 
 funds or any part thereof are on deposit. Such bank or 
 banks shall give good and sufficient bond, or shall deposit 
 bonds of the United States, the state of Ohio, or county, 
 municipal, township or school bonds issued by the authority 
 of the state of Ohio, at the option of the board of educa- 
 tion, in a sum at least equal to the amount deposited. The 
 treasurer of the school district must see that a greater sum 
 than that contained in the bond is not deposited in such 
 bank or banks, and he and his bondsmen shall be liable 
 for any loss occasioned by deposits in excess of such bond. 
 (TOT “V2200.) 
 
 SECTION 7608. The resolution and contract in the next 
 four preceding sections provided for, shall set forth fully 
 all details necessary to carry into effect the authority therein 
 given. All proceedings connected with the adoption of such 
 resolution and the making of such contract must be con- 
 ducted in such a manner as to insure full publicity and shall 
 be open at all times to public inspection. (R.S. Sec. 3968.) 
 
 SECTION 7609. When a depository is lawfully provided, 
 and the funds are deposited therein, the treasurer of the 
 school district and his bondsmen shall be relieved from any 
 liability occasioned by the failure of the bank or banks or 
 deposit or by the failure of the sureties therefor, or by 
 the failure of either of them, except as above provided in 
 cases of excessive deposits. (101 v. 290.) 
 
 GENERAL. 
 
 SECTION 2288-1. Sec. 1. In addition to the under- 
 takings or security provided for in sections 330-3, 2732, 
 4295 and 7607, it shall be lawful to accept first mortgages, 
 or bonds secured by first mortgages bearing interest not to 
 exceed six per cent. per anum, upon unincumbered real 
 estate located in Ohio, the value of which is at least double 
 the amount loaned thereon. If the amount loaned exceeds 
 one-half of the value of the land mortgaged, exclusive of 
 the structures thereon, such structures must be insured in an 
 authorized fire insurance company, or companies, in an 
 amount not less than the difference between one-half the 
 value of the land, exclusive of the structures, and the amount 
 loaned, and the policy or policies shall be assigned to the 
 mortgagee. The value of such real estate shall be determined 
 by valuation, made under oath, by two resident freeholders 
 of the county where the real estate is located, who are con- 
 versant with real estate values. There shall be deposited 
 with said mortgage, an abstract of title made by some com- 
 
69 
 
 petent person or persons or company, accompanied by the 
 opinion of a competent attorney, which opinion shall certify 
 that the mortgage is a first lien upon the premises mort- 
 gaged, or said title shall be guaranteed by a company organ- 
 ized under, and which has complied with the provisions of 
 section 9850 of the General Code. (103 v. 719.) 
 
 TAXATION OF BANK STOCK. 
 
 Const wv Ane, ll Sec3.: 
 
 The general assembly shall provide by law, for taxing the 
 notes and bills discounted or purchased, moneys loaned, and all 
 other property, effects, or dues, of every description, (without de- 
 duction) of all banks, now existing, or hereafter created, and of 
 all bankers, so that all property employed in banking, shall always 
 bear a burden of taxation, equal to that imposed on the property 
 of individuals. 
 
 SECTION 5407. A company, association, or person, not 
 incorporated under a law of this state or of the United 
 States, for banking purposes, who keeps an office or other 
 place of business, and engages in the business of lending 
 money, receiving money on deposit, buying and selling 
 bullion, bills of exchange, notes, bonds, stocks, or other 
 evidences of indebtedness, with a view to profit, is a bank, 
 or banker, within the meaning of this chapter. (R. S. Sec. 
 
 2758.) 
 
 SECTION 5408. All the shares of the stockholders in 
 
 an incorporated bank or banking association, located in this 5 
 
 state, incorporated or organized under the laws of the state 
 or of the United States, and all the shares of the stock- 
 holders in an unincorporated bank, located in this state, the 
 capital stock of which is divided into shares held by the 
 owners of such bank, and the capital employed, or the 
 property representing it, in an unincorporated bank the 
 capital stock of which is not divided into shares, located in 
 this state, shall be listed at the true value in money, and 
 taxed only in the city, ward, or village where such bank is 
 located. (R. S. Sec. 2762.) 
 
 SECTION 5409. The real estate of a bank or banking 
 association shall be taxed in the place where it is located, in 
 like manner as the real estate of persons is taxed. GES; 
 
 Sec, 2763.) 
 
 SECTION 5410. There shall be kept in the office at all 
 times where the business of such bank or banking associa- 
 tion is transacted, a full and correct list of the names and 
 residences of the stockholders therein, and the number of 
 shares held by each, which at all times during business 
 hours shalt be open to the inspection of all officers who are 
 or may be authorized to list or assess the value of ‘such 
 shares for taxation. (R. S. Sec. 2764. ) 
 
 “Bank” and 
 “bankers” 
 defined, 
 
 Shares or 
 capital of 
 anks, incor- 
 porated or un- 
 incorporated, 
 
 Tax on real 
 estate of 
 bank, 
 
 Names of 
 stock-holders 
 and shares of 
 each. 
 
Return made 
 by cashier, 
 etc., to 
 auditor. 
 
 Auditor to fix 
 value of bank 
 shares or 
 property. 
 
 When bank 
 fails to make 
 return, 
 
 Penalty for 
 making false 
 return, 
 
 79 
 
 SEcTION 5411. The cashier of each incorporated bank, 
 and the cashier, manager or owner of each unincorporated 
 bank, shall return to the auditor of the county in which 
 such bank is located, between the first and second Mondays 
 of May, annually, a report in duplicate under oath, exhibit- 
 ing in detail, and under appropriate heads, the resources and 
 liabilities of such bank at the close of business on the Wed- 
 nesday next preceding the said second Monday, with a full 
 statement of the names and residences of the stockholders 
 therein, the number of shares held by each and the par value 
 of each share, and of the amount of capital employed by un- 
 incorporated banks, not divided into shares, and the name, 
 residence and proportional interest of each owner of such 
 
 bank (GRisD. Sees 2705.) 
 
 SECTION 5412. Upon receiving such report the county 
 auditor shall fix the total value of the shares of such banks, 
 and the value of the property representing the capital stock 
 of which is not divided into shares, each according to their 
 true value in money, and deduct from the aggregate sum so 
 found, of each, the value of the real estate included in the 
 statement of resources as it stands on the duplicate. There- 
 upon he shall make and transmit to the annual state board 
 of equalization for banks a copy of the report so made by 
 the cashier, a manager or owner with the valuation of such 
 shares or property representing capital employed as so 
 fixed by the auditor. (R. S. Sec. 2766.) 
 
 SECTION 5413. If a bank fails to make and furnish to 
 the county auditor the statement. required, within the time 
 herein fixed, the auditor shall examine the books of the 
 bank ; and also any officer or agent thereof under oath, with 
 such other persons as he deems proper, and make such 
 statement. The auditor shall have like powers, and the pro- 
 bate judge of the county shall exercise like powers, and 
 perform like duties in aid of the auditor in the perform- 
 ance of his duties under this section, as authorized by law 
 in cases where the county auditor is informed, or has 
 reason to believe, that any person has failed to make a re- 
 turn, or has made a false return for taxation. The state- 
 ment so made out by the auditor shall stand as its state- 
 ment required to be made by the cashier. (R. S. Sec. 
 
 2760. ) 
 
 SEcTION 5414. A bank officer who fails to make out 
 and furnish to the county auditor the return required by 
 section fifty-four hundred and eleven, or wilfully makes a 
 false statement in such return, shall forfeit not more than 
 one hundred dollars together with the costs and other ex- 
 penses incurred by the auditor or other proper officer in 
 obtaining such statement. (R. S. Sec. 2769.) 
 
71 
 
 SECTION 5603. The commission may increase or de- 
 crease the value of the shares of incorporated banks, and 
 also the shares of unincorporated banks, the capital stock 
 of which is divided into shares, each of which shares is an 
 aliquot part of the capital so divided, and of the property 
 representing the capital employed by unincorporated banks, 
 the capital stock of which is not divided into shares. 
 
 On or before the first day of June, annually, each 
 county auditor shall make and transmit to the commission 
 a copy of the report made by the cashier, manager or 
 owner of each bank, with the valuation of the shares, or 
 property representing capital employed of the bank, as fixed 
 
 by him. (102 v. 224 Sec. 136.) 
 
 SECTION 5604. On the third Tuesday of June of each 
 year, the commission shall examine the returns of such 
 banks to the county auditors, and the value of such shares 
 ana of the property representing the capital employed, as 
 fixed by the county auditors, and reported to the commis- 
 Sim (102-7) 224 Sec. 137.) 
 
 SECTION 5605. The commission shall hear complaints 
 and increase or decrease the value of such shares and 
 property representing capital employed, if in the judgment 
 of the commission, the value of all the bank property so re- 
 ported to the commission, by the county auditors, is not its 
 true value in money. (102 v. 224 Sec. 138.) 
 
 SECTION 5606. On the third Tuesday of July, the com- 
 mission shall certify to the auditors of the proper counties, 
 the valuations of the shares of, and property representing 
 capital employed by banks situated in such counties, which 
 valuation shall be placed upon the property tax duplicate. 
 
 SECTION 5607. Between the date herein fixed for the 
 examination of the returns of banks and the date herein 
 fixed for the certification of the valuation of the shares of 
 and property representing capital employed by such banks, 
 the commission may, on the application of any interested 
 person or bank, or on its own motion, review and correct 
 its findings. (102 v. 224 Sec. 140.) 
 
 SECTION 5672. Taxes assessed on shares of stock, or 
 the value thereof, of a bank or banking association, shall 
 be a lien on such shares from the first Monday of May in 
 each year until they are paid. It shall be the duty of every 
 bank or banking association to collect the taxes due upon its 
 shares of stock from the several owners of such shares, and 
 to pay the same to the treasurer of the county, in which 
 such bank or banking association is located, as other taxes 
 are paid, and any bank or banking association failing to pay 
 the said taxes as herein provided, shall be liable by way of 
 penalty for the gross amount of the taxes due from all the 
 
 Power to in- 
 crease or de- 
 crease value 
 of shares. 
 
 Report of 
 cashier or 
 manager, 
 
 Examination 
 of bank re- 
 turns. 
 
 Hearing. 
 
 Certificate 
 
 of valuations 
 to county 
 auditors. 
 
 Review; 
 corrections, 
 
 Tax a lien 
 upon bank’s 
 shares, 
 
 Collection 
 by tax, 
 
 Penalty. 
 
Banks may 
 deduct taxes 
 paid from 
 shareholders 
 when, 
 
 Embezzling or 
 misapplying 
 bank funds, 
 
 Failure to 
 keep secrets 
 by ban 
 examiner, 
 
 Further pen- 
 alty. 
 
 We 
 
 owners of the shares of stock, and for an additional amount 
 of one hundred dollars for every day of delay in the pay- 
 ment of said taxes. (102 v. QI.) 
 
 SECTION 5673. Such bank or banking association pay-. 
 ing to the treasurer of the county in which it is located, the 
 taxes assessed upon its shares, in the hands of its share- 
 holders respectively, as provided in the next preceding sec- 
 tion may deduct the amount thereof from dividends that 
 are due or thereafter become due on such shares, and shall 
 have a lien upon the shares of stock and on all funds in its 
 possession belonging to such shareholders, or which may at 
 any time come into its possession, for reimbursement of the 
 taxes so paid on account of the several shareholders, with 
 legal interest; and such lien may be enforced in any ap- 
 propriate maner. (102 v. QI.) 
 
 PENAL STATUTES APPLICABLE -TO BANKS ANv 
 BANKING. 
 
 SECTION 12473. Whoever, being an officer, employe, 
 agent or director of a corporation incorporated and doing 
 business as a commercial bank, savings bank, savings so- 
 ciety, society for savings, savings and loan association, sav- 
 ings and trust company, safe deposit company or trust 
 company or other corporation or association, except build- . 
 ing and loan associations, having power to receive and re- 
 ceiving money on deposit, embezzles, abstracts or wilfully 
 misapplies any of the money, funds, credit or property of 
 such corporation, whether owned by it or held in trust, shall 
 be fined not more than ten thousand dollars or imprisoned 
 in the penitentiary not more than thirty years, or both. (99 
 Vin BIOs ORC. 14S) 
 
 SECTION 12898. Whoever, being the superintendent of 
 banks, a deputy assistant, clerk in his employ or an ex- 
 aminer, fails to keep secret the facts and information ob- 
 tained .in the course of an examination, except when the 
 public duty of such officer requires him to report upon or 
 take official action regarding the affairs of the corporation, 
 company, society or association so examined, or wilfully 
 makes a false official report as to the condition of such 
 corporation, company, society or association, shall be fined 
 not more than five hundred dollars or imprisoned in the 
 penitentiary not less than one year nor more than five 
 years, or both. Nothing in this section shall prevent the 
 proper exchange of certain valuable information relating 
 to banks an1 the business thereof, with the representatives 
 of the banking departments of other states, or with the 
 national bank authorities. (102 v. 174.) 
 
 Section 12899. An official, violating any provision of 
 the next preceding section, in addition to the penalties 
 therein provided shall be removed from office and be liable, 
 
73 
 
 with his bondsmen, in damages to the person or corpora- 
 tion injured by the disclosure of such secrets. (99 v. 291 
 See 1G0.) 
 
 SECTION 13182. Whoever, being connected with or 
 serving a commercial bank, savings bank, safety deposit 
 company, trust company, or a combination of two or more 
 of such classes of business, receives, or, being an officer 
 thereof, permits an employe to receive money, checks, drafts 
 or other property as a deposit therein when he has knowl- 
 edge that it is insolvent, shall be fined not more than five 
 thousand dollars or imprisoned in the penitentiary not more 
 than five years, or both. (99 v. 293 Sec. 116.) 
 
 SECTION 13183. Whoever, being an officer, employe, 
 agent or director of a corporation incorporated and doing 
 business as a commercial bank, savings bank, savings so- 
 ciety, society for savings, savings and loan association, 
 savings and trust company, safe deposit or trust company 
 or other corporation or association, except building and 
 loan association, having power to receive and receiving 
 money on deposit, wilfully and fraudulently issues or puts 
 forth a certificate of deposit, draws an order or bill of ex- 
 change, makes an acceptance, assigns a note, bond, draft, 
 bill of exchange, mortgage, judgment or decree or makes 
 a false entry in a book, report or statement of such cor- 
 poration, shall be fined not more than ten thousand dollars 
 or imprisoned in the penitentiary not more than thirty 
 years, or both. (99 v. 278 Sec. 44.) 
 
 SECTION 13184. Whoever, being an officer, employe, 
 agent or director of such corporation as provided in the 
 next preceding section, fictitiously borrows or solicits, ob- 
 tains or receives money for the corporation not in good 
 faith intended to be and not the property of the corpora- 
 tion, with intent to defraud or injure the corporation or 
 another corporation or person or to deceive an officer of 
 the corporation, or agent appointed to examine the affairs 
 of the corporation, or publishes a false statement or report 
 relating to the financial condition of the corporation with 
 intent to defraud or injure it or another corporation or 
 person, shall be fined not more than ten thousand dollars 
 or imprisoned in the penitentiary not more than thirty years, 
 or both. (99 v. 278 Sec. 44.) Abe 
 
 SECTION 13185. Whoever, being an officer or employe 
 of a corporation conducting a commercial bank, savings 
 bank, safe deposit company, trust company or two or more 
 of such classes of business in accordance with the laws of 
 this state, wilfully certifies a check drawn on such corpora- 
 tion and fails forthwith to charge the amount thereof 
 against the account of the person, firm or corporation draw- 
 ing it, shall be fined not more than five thousand dollars or 
 imprisoned in the penitentiary not less than one year nor 
 more than five years, or both. (99 v. 275 Secs. 31, BoD) 
 
 Receiving - 
 money when 
 bank in- 
 solvent. 
 
 Unlawfully 
 issuing certi- 
 ficate of de- 
 posit, etc. 
 
 Fictitiously 
 borrowing, 
 etc., money. 
 
 Failing to 
 charge cer- 
 tified checks, 
 
Certifying 
 check when 
 not sufficient 
 fund, 
 
 Resorting to 
 unlawful de- 
 vice. 
 
 False state- 
 ment; penalty 
 for. 
 
 Authority 
 and power of 
 superintend- 
 ent of in- 
 surance. 
 
 74 
 
 Section 13186. Whoever, being an officer or employe 
 of such corporation as provided in the next preceding sec- 
 tion, wilfully certifies a check drawn upon the corporation 
 unless the person, firm or corporation drawing it has on 
 deposit with the corporation an amount of money subject 
 to the payment of such check and equal to the amount 
 specified therein, shall be fined not more than five thousand 
 dollars or imprisoned not less than one year nor more than 
 five years, or both. A check so certified by an authorized 
 officer thereof shall be a good and valid obligation against 
 the corporation. (99 v. 275 Secs. 32, 33:) 
 
 SECTION 13187. Whoever, being an officer or employe 
 of such corporation as provided in section thirteen thou- 
 sand one hundred and eighty-five, resorts to a device, re- 
 ceives a fictitious obligation in order to evade the provisions 
 of this section and the next two preceding sections, or cer- 
 tifies a check before the amount thereof has been regularly 
 entered to the credit of the drawer thereof upon the books 
 of such corporation, shall be fined not more than five thou- 
 sand dollars or imprisoned not less than one year nor more 
 than five years, or both. (99 v. 275 Sec. 33.) 
 
 SECTION 13383-1. Whoever, directly or indirectly, wil- 
 fully and knowingly makes or transmits to another, or cir- 
 culates, or counsels, aids, procures or induces another to 
 make, transmit or circulate, any false or untrue statement, 
 rumor or suggestion derogatory to the financial condition, 
 solvency or financial standing of any bank, savings bank, 
 banking association, building and loan association or trust 
 company, doing business in this state, or with intent to de- 
 press the value of the stocks, bonds or securities of any 
 corporation, directly or indirectly, wilfully and knowingly 
 makes or transmits to another, circulates, or counsels, aids, 
 procures or induces another to make, transmit or circulate, 
 any false or untrue statement, rumor or suggestion deroga- 
 tory to the financial condition, or with respect to the earn- 
 ings or management of the business of any corporation, or 
 resorts to any frauduient means with intent to depress in 
 value the stocks, bonds or securities of any corporation 
 shall be fined not more than one thousand dollars or im- 
 prisoned in the penitentiary not more than two years, or 
 both. (103 v. 469.) 
 
 BANKS TO FURNISH CERTAIN INFORMATION 
 TO SUPERINTENDENT OF INSURANCE. 
 
 SEcTION 627-1. The superintendent of insurance is 
 authorized and empowered to make written requisitions 
 upon the officers or directors of any national bank, state 
 bank, state bank and trust company or private bank, of this 
 state, for such information as he may require relating to the 
 financial transactions of any of such institutions with any 
 
75 
 
 insurance company, fraternal beneficiary association or as- 
 sessment association authorized to do business in this state. 
 (101 v. 102.) 
 
 Secrion 627-2. It shall be the duty of any officer 
 or director of any such bank or trust company upon the 
 receipt of such requisition, or within five days thereafter, to 
 furnish to such superintendent in writing all the informa- 
 tion called for in such requisition and in such manner an‘l 
 form as therein directed. (101 v. 102.) 
 
 Section 627-3. Any officer or director of any such 
 bank or trust company who fails, neglects or refuses to 
 comply with the provisions of section two of this act shall 
 be guilty of a misdemeanor and on conviction shall be fined 
 - not more than $500.00 nor less than $25.00. (101 Vv. 102.) 
 
 GENERAL PROVISIONS. 
 
 SECTION 9790. Not more than twenty per cent. of the 
 capital and surplus of a corporation doing business under 
 this chapter shall be invested in any one stock security or 
 loan unless it be in bonds or other interest bearing obliga- 
 tions enumerated in paragraphs b, c and d of section ninety- 
 seven hundred and fifty-eight, or in a building and vaults. 
 
 (99 v. 283 Sec. 64.) 
 
 SECTION 9790-1. When a deposit has been made, or 
 shall hereafter be made, in any bank, savings bank, bank- 
 ing association or trust company transacting business in 
 this state in the names of two persons, payable to either, or 
 payable to either or the survivor, such deposit, or any part 
 thereof, or any interest or dividend thereon, may be paid 
 to either of said persons whether the other be living or 
 not; and the receipt or acquittance of the person so paid 
 shall be a valid and sufficient release and discharge to the 
 bank for any payment so made. (101 v. 120.) 
 
 SECTION 9791. In proceedings connected with any au- 
 thority exercised under this chapter, or under the chapter 
 relating to the superintendent of banks, all accounts and 
 other papers may be signed and sworn to in behalf of such 
 corporation by any officer thereof duly authorized by it. 
 The answers and examinations under oath, of such officer, 
 shall be received as the answers and examinations of the 
 corporation. A court may order and compel any officers of 
 such corporation to answer and attend such examination the 
 same as if they, instead of the corporation were parties to 
 the proceedings or inquiry. (99 v. 286 Sec. 74.) 
 
 SECTION 9792. Any judge of a court in which such 
 corporation is acting in such trust capacity, if he deems it 
 necessary, or upon the written application of any party in- 
 
 Duty of 
 bank officers, 
 
 Penalty. 
 
 Investment in 
 one stock or 
 loan limited. 
 
 Deposits made 
 in name of 
 two persons 
 payable to 
 either. 
 
 Who may sign 
 papers. 
 
 Investigation; 
 report to 
 court, 
 
Corporations 
 governed by 
 this chapter, 
 
 Records to be 
 open to stock- 
 holders. 
 
 Foreign banks . 
 
 to lend money 
 only, 
 
 Exceptions to 
 this chapter, 
 
 76 
 
 terested in the estate which it holds in a trust capacity, 
 at any time, may appoint a suitable person or persons, who 
 shall investigate the affairs and management of such corpo- 
 ration concerning such trust and make sworn report to the 
 court of such investigation. The.expense thereof shall be 
 taxed as costs against the party asking for such examina- 
 tion, or the trust fund of such corporation as the court 
 decrees. Such court at any time may examine any officers | 
 of such corporation, under oath or affirmation, as to its trust 
 matters in the court, or as to its finances and management 
 while considering its appointment in such capacity; and for 
 any cause, applicable to natural persons in the same ca- 
 pacity, order that such corporation forthwith settle its trust. 
 
 (90-267 tC. 77H 
 
 SECTION 9793. Every banking company, savings bank, 
 savings and loan association, savings and trust company, 
 safe deposit and trust company, society for savings, savings 
 society, and every other corporation or association, except 
 building and loan associations, empowered to receive, and 
 receiving money on deposit, now existing and chartered or 
 incorporated, or which hereafter become incorporated shall 
 be subject to the provisions of this chapter except that no 
 such corporation or association having a less capital stock 
 than the minimum amount provided in section ninety-seven 
 hundred and four shall be required to increase its capital 
 stock in order to conform to the provisions of such section. 
 
 (99 v. 288 Sec. 91.) 
 
 No such association or corporation may avail itself 
 of any of the privileges or powers conferred by this chap- 
 ter until it has complied with the provisions of sections 
 9741 and 9742. No corporation or asosciation, shall be 
 required to comply with the provisions of this chapter 
 before April 1, 1910, but every such corporation and asso- 
 ciation, shall be subject to the inspection, examination and 
 supervision of the superintendent of banks, as provided 
 by Jaws. (oo Vv. 288 Sec. O12) 
 
 SEcTION 9795. The books and records, except books 
 and records of deposits and trusts, of every corporation, 
 society or association operating under this chapter, at all 
 reasonable times shall be open to the inspection of every 
 
 stockholder. (99 v. 288 Sec. 91.) 
 
 Section 9796. No bank or banking institution in- 
 corporated under the laws of any other state, shall be per- 
 mitted to receive deposits, or transact banking business of 
 any kind in this state, except to lend money. (99 v. 287 
 Sec. 80.) 
 
 Section 9797. Nothing in this chapter shall apply to 
 or affect building and loan associations. (99 v. 294 Sec 
 
 118.) 
 
 ; 
 
Ti 
 
 SAVINGS AND LOAN ASSOCIATIONS. 
 
 SEcTION 9798. The board of directors of any savings 
 and loan association may prescribe the terms on which de- 
 posits shall be received and paid out, and the mode of trans- 
 acting, managing, conducting the affairs and business of the 
 corporation. The rules and regulations relating to the re- 
 ceipt and payment of deposits, and the interest thereon, shall 
 be written or printed in the pass-books of depositors, not be 
 altered so as to affect any deposit previously made, and shall 
 be obligatory on such depositors. (R. S. Sec. 3799.) 
 
 SEcTION 9799. The officers of such corporation, other 
 than directors, before entering upon the discharge of their 
 duties, shall give a bond to the corporation, to the amount 
 required by the directors, with security to be approved by 
 them, for their fidelity, good conduct, for the safe-keeping 
 and proper application of the funds of the association, and 
 of such sums of money as may be placed in their charge by 
 the depositors or others. The directors may require an in- 
 crease of the amount of such bonds when they deem it neces- 
 SAT Vg bas t59s eC. SOOO.) 
 
 SEcTION 9800. When deposit is made in such an as- 
 sociation by a minor, it shall be held for the exclusive right 
 and benefit of such depositor, free from the control or lien 
 of any person, except creditors, and be repaid to the person 
 making the deposit. The receipt or, acquittance of such 
 minor shall be a sufficient release and discharge to the cor- 
 poration for such deposit. (R.S. Sec. 3801.) 
 
 SECTION 9801. No director or other officer of such 
 corporation shall borrow or use its funds except to pay the 
 necessary and current expenses, to an amount greater than 
 one-half of the amount of stock by him owned or held; nor 
 shall any officer or director be surety, or in any manner an 
 obligor, for a loan made by a corporation. (R. S. Sec. 
 3802. ) 
 
 SECTION 9802. Such corporation may require, hold 
 and convey only such real estate as is necessary and conve- 
 nient for the transaction of its business, and such as it is 
 necessary to purchase, at judicial sale or otherwise, to secure 
 debts due it, and which it shall not hold for a longer period 
 than five years. In all cases of loans upon real estate the 
 expense of searches, examination of certificates, and re- 
 cording of papers, shall be paid by the borrower. (R. S. 
 Sec, 3803.) 
 
 SECTION 9803. Such corporation may receive on de- 
 posit, for safe-keeping or investment, all money offered for 
 that purpose by tradesmen, clerks, mechanics, laborers, min- 
 
 Rules and regu- 
 lations relating 
 to deposits. 
 
 Bords of 
 officers. 
 
 Deposits by 
 minors. 
 
 Officers shall 
 not borrow 
 from corpora- 
 tion. 
 
 May acquire 
 real estate. 
 
 Interest may 
 be paid on 
 deposits, 
 
Distribution 
 of increased 
 stock, 
 
 Investment 
 of funds. 
 
 Discounts; in- 
 terest; adver- 
 tisements. 
 
 78 
 
 ors, or other persons, or by a religious or charitable society, 
 or municipal corporation, or that may be ordered to be de- 
 posited by a court in this state having custody of money, 
 and make investments thereof in the manner provided in this 
 chapter. It may credit and pay such rates of interest thereon 
 as are agreed upon, not exceeding the rate allowed by law; 
 also purchase and sell promissory notes, drafts, and bills of 
 exchange, at such rates as are agreed upon, and transact 
 such other business as properly pertains to the business of — 
 such associations not forbidden by the constitution and laws 
 of this state. (R.S. Sec. 3804.) 
 
 SECTION 9804. Upon an increase of stock, the stock- 
 holders at the time of such increase shall be entitled to a pro 
 rata share thereof, upon the payment of its par value; but 
 such right shall be forfeited if the amount be not paid within 
 thirty days of the time fixed therefor by the directors, by 
 public notice. (R.S. Sec. 3805.) 
 
 SECTION 9805. Such corporations may invest their 
 funds in the purchase of stocks, bonds or other evidence of 
 indebtedness of the United States, stocks and bonds of the 
 state of Ohio, bonds of a municipal corporation or school 
 bonds of such a corporation, special school district or body 
 politic in this state, issued pursuant to law, or in bonds law- 
 fully issued by county commissioners herein to such an 
 amount as is deemed proper, or the stocks or bonds of a state 
 of the United States that for five years immediately preced- 
 ing such investment has paid the interest on its bonded debt 
 in lawful money of the United States, to the extent of ten 
 per cent of their paid-in capital and deposits, or in bonds or 
 notes secured by mortgage or unincumbered real estate sit- 
 uated in the county where the association is located, or an ad- 
 joining county in this state, worth exclusive of buildings, 
 at least double the amount loaned thereon, unless accom- 
 panied with valid insurance upon the buildings thereon that 
 will make the value of the real estate and insurance at least 
 double the amount loaned thereon. But not more than sev- 
 enty-five per cent of the amount of the paid-in capital and 
 deposits of such an association shall at any time be invested 
 in such real estate securities. (R. S. Sec. 3806.) 
 
 SECTION 9806. Such associations, may discount notes 
 and bills of exchange, and take, receive, reserve and charge 
 upon a loan of discount made upon a note, bill of exchange 
 or other evidence of debt, interest at the rate allowed by law, 
 which interest may be taken in advance, at the time of mak- 
 ing the loan or discount. For interest taken directly or in- 
 directly in excess thereof, such associations shall be subject 
 to the same penalties as natural persons. But in the pur- 
 chase, discount or sale of a bill of exchange, payable at an- 
 other place than that of its purchase, discount or sale, the 
 current rate of discount or premium may be charged and 
 received in addition thereto. No such corporation shall ad- 
 
79 
 
 vertise by newspaper or letter-head or in any other way a 
 larger capital stock than has been actually paid in. (R. 5. 
 Sec. 3806. ) 
 
 SECTION 9807. The total liabilities of a person, com- 
 pany, corporation, or firm, to such an association, either as 
 principal debtor, or as security or indorser for others for 
 money borrowed, including in the liabilities of a company or 
 firm the liabilities of the several members thereof, at no time 
 shall exceed one-fifth part of its capital stock actually paid 
 in, but the discount of bills of exchange drawn against 
 actually existing values, and the discount of commercial or 
 business paper actually owned by the person, company, cor- 
 poration, or firm negotiating these, shall not be considered as 
 money borrowed. (R. S. Sec. 3807.) 
 
 SECTION 9808. As often as they deem proper, the di- 
 rectors may make and declare dividends of the profits of the 
 corporation, after paying its expenses, and reserving from 
 the net profits of the institution not less than one-tenth part 
 thereof, to be held and invested as a surplus fund to meet 
 contingencies in its business, which reservation shall con- 
 tinue until such surplus is equal to at least twenty per cent 
 of the amount of the full capital stock. Such dividends shall 
 be payable to the shareholders within ten days from the 
 time they are so declared. (R.S. Sec. 3808.) 
 
 SECTION 9809. When such an association ceases to do 
 business, or its directors determine to close up its affairs, the 
 assets thereof shall be distributed and disbursed by the di- 
 rectors, or other designated persons, as follows: 
 
 First. In payment of depositors. 
 
 Second. In payment of the debts of the corporation. 
 
 Third. The remainder, proportionately among the 
 shareholders. (R.S. Sec. 3809.) 
 
 UNKNOWN DEPOSITORS. 
 
 SECTION 9864. Every incorporated bank or banking 
 association located in this state, whether now or hereafter 
 incorporated or organized under the laws of this state, or of 
 the United States, and every company, association, or per- 
 son, who in this state keeps an office or other place of busi- 
 ness, and engages in the business of lending money, receiv- 
 ing money on deposit, buying and selling bullion, or bills of 
 exchange, notes, bonds, stocks, or other evidence of indebted- 
 ness, with a view of profit, annually, between the first and 
 second Mondays of January, shall make out and return to 
 the probate judge of the county in which such bank, office, 
 or other place of business is located, under oath of the 
 owner, or principal officer or manager thereof, a true and 
 complete statement, setting forth, in alphabetical order, the 
 names of all unknown depositors with such bank, company, 
 
 Limit of loans 
 to one person. 
 
 Dividends. 
 
 Distribution 
 when associa- 
 tion ceases to 
 do business. 
 
 Annual report 
 to probate 
 judge. 
 
Who are to be 
 deemed ‘“‘un- 
 known de- 
 positors.” 
 
 Record to be 
 kept by pro- 
 bate judge. : 
 
 Fees for 
 making such 
 record. 
 
 Unknown de- 
 posits to be paid 
 into county 
 treasury. 
 
 80 
 
 association or person, together with the amount due to every 
 such unknown depositor, including accrued interest and diy- 
 
 idends. (85 v. 65 1.) 
 
 SECTION 9865. Every corporation, company, associ- 
 ation, or person, in whose name a deposit of any money, bul- 
 lion, bill of exchange, note, stock, bond or other evidence of 
 indebtedness has been made with any bank, company, associ- 
 ation, or person, designated in the preceding section, shall be: 
 deemed an unknown depositor within the meaning thereof, 
 when the date of the last bona fide item of debt or credit to 
 the account of such depositor on the books of said bank is 
 more than seven years prior to the time fixed by such section 
 for the filing of such statement with the probate court of the 
 proper county. In fixing the date of the last item of credit . 
 to the account of a depositor, reference shall not be had to 
 any item of credit for interest or dividends accrued on such 
 deposit, unless it be entered upon a pass book presented by 
 and returned to the depositor, or unless the depositor be a 
 minor. (85 v. 75 2.) 
 
 SECTION 9866. The probate judge of such county, on or 
 before the third Monday of January, annually, shali record 
 in a book kept for the purpose, entitled “record of unclaimed 
 deposits ati Ahem ee County, Ohio,” and which 
 at all times shall be open to public inspection, all statements 
 returned to him for the preceding year under the above 
 provisions. Such judge shall designate in such book at the 
 head of each statement recorded therein, the name of the 
 bank, company, association or person by whom such state- 
 ment was returned. The original statement returned to him 
 shall be kept on file and preserved in his office. (85 v 65 3.) 
 
 SECTION 9867. There shall be allowed and paid to the 
 probate judge of each county, the sum of eight cents per 
 hundred words, for all statements recorded by him, as above 
 provided. The cost of recording the names and amounts due 
 to depositors, by whom such deposits were made, and who 
 are “Unknown”, shall be paid to such judge by the bank, 
 company, association, or person, as herein provided, at the 
 time such annual statement is returned, and by such bank, 
 company, association, or person shall be deducted from the 
 amount due such unknown depositor. (85 v. 65 4.) 
 
 SECTION 9868. When a corporation, company, associ- 
 ation, or person, in whose name a deposit is made with a 
 bank, company, association, or person designated herein, be- 
 comes unknown ‘within the definition and meaning hereof, 
 the amount due to such depositor shall be paid by such bank, 
 company, association or person, to the treasurer of the 
 county, in which such bank, company, or association is lo- 
 cated, and by such treasurer be credited to the general fund 
 of such county. But it shall not be paid until after the expir- 
 ation of eight years from the date of the first statement, in 
 
81 
 
 which the name and amount due such unknown depositor 
 was returned to the probate judge. The bank, corporation, 
 association or person so making such payment shall thereby 
 be released from any claim, demand, or liability to pay it or 
 . any part thereof to the depositor, his administrator, execu- 
 tors or assigns. (85 v. 65 5.) 
 
 SECTION 9869. If at an time thereafter proof is made 
 to the satisfaction of the probate court, or the county com- 
 missioners, of the right of any person or persons, by inherit- 
 ance or otherwise, to such funds or any part thereof, or so 
 paid to the treasurer, such court or commissioners shall so 
 certify to the county auditor, who thereupon shall draw a 
 warrant, on the treasurer of the county in favor of such 
 claimant or claimants, or the legal representative or duly 
 authorized agent thereof, for the sum so paid into the treas- 
 ury. If any such person or persons become aggrieved by 
 the decision, finding or action of the probate court or the 
 county commissioners, such person or persons may appeal 
 to the court of common pleas, in the manner provided by 
 law for appealing from the decisions of county commission- 
 ers, or from those of the probate judge. (85 v. 65 6.) 
 
 SECTION 9870. Every bank, company, association, or 
 person designated herein, who neglects or refuses to comply 
 with these provisions, shall forfeit and pay five hundred dol- 
 lars, for every such offense. (85 v. 65 7.) 
 
 SECTION 9871. The penalty so imposed shall be re- 
 covered by action in the name of the state, before any court 
 of competent jurisdiction; and when collected, shall be paid 
 to the treasurer of the county in which the judgment there- 
 for is recovered, One-half thereof shall be by such treas- 
 urer credited to the general fund of such county, and one- 
 half thereof be by him held for the use of the state. (85 
 v. 65 8.) 
 
 SECTION 9872. The action provided by the preceding 
 section may be instituted and prosecuted to judgment by any 
 citizen of the state. The prosecuting attorney of such 
 county hereby is required to institute and prosecute such 
 action against every bank, company, association or person so 
 designated, and located in such county, who fails to comply 
 with the foregoing provisions. (85 y. 65 9.) 
 
 COLLATERAL LOAN COMPANIES, 
 
 SECTION 9857. Corporations may be organized for the 
 purpose of making loans on pledges of goods and chattels 
 and upon mortgage thereof ; but they shall not receive money 
 on deposit, engage in banking, nor make loans upon security 
 other than herein is provided. The names of such corpor- 
 ations shall begin with the word “The” and end with the 
 word “Collateral Loan Company.” (97 v. 134425,,) 
 
 FOBT. 
 
 How such 
 deposits 
 reclaimed, 
 
 Penalty for 
 refusal or 
 neglect to 
 comply. 
 
 Recovery and 
 disposition of 
 penalties. 
 
 Who may sue; 
 duty of prose- 
 cuting attorney. 
 
 Powers and 
 limitations, 
 
Capital stock. 
 
 How loans 
 made. 
 
 Insurance, 
 
 Memorandum 
 of loans. 
 
 Redemption 
 of pledges. 
 
 Sale of 
 pledges. 
 
 82 
 
 SECTION 9858. The capital stock of such compary 
 shall not exceed five hundred thousand dollars in shares of 
 fifty dollars each. When twenty thousand dollars have been 
 duly subscribed and one-fourth of it actually paid in, the 
 subscribers thereto may organize and transact business. (97 
 
 Void 2a) 
 
 SecTION 9859. When such company has disposable 
 funds it shall loan on all goods and chattels offered, em- 
 braced within its rules and regulations, in the order offered ; 
 with the exception that it always shall discriminate in favor 
 of small loans to the indigent. It may loan to four-fifths of 
 the appraised value of gold and silver plate and ware, and 
 to two-thirds of such value on other goods and chattels. The 
 rate of interest charged shall not exceed eight per cent per 
 annum, and other charges, including insurance, investigation 
 of titles, and the expense of the custody and care of property 
 offered as security must not exceed ten per cent of the 
 amount loaned. (97 v. 134 3.) 
 
 SECTION 9860. Such company shall insure all pledged 
 property in its possession against loss or damage by fire, in 
 an amount equal to the appraised value thereof, to be ascer- 
 tained when the loan is made. In case of loss or damage by 
 fire it shall be liable to the pledgers of such property for the 
 amount thereof after paying the principal, interest, loan 
 charges and expenses. (97 V. 134 3.) 
 
 Secrion 9861. Such company shall give to each 
 pledger a card inscribed with its name, the article or articles 
 pledged, name of the pledger, the amount loaned, the rate of 
 interest, amount of loan charges and expenses, the date when 
 made and date when payable. (97 v. 135 5.) 
 
 SEcTION 9862. A person who has deposited property 
 with such company as a pledge to secure a loan, at any time 
 before the maturity of such loan may redeem it, on payment 
 of the principal sum borrowed with interest and other 
 charges which have accrued at the date of payment. (95 v. 
 
 135 4.) 
 
 Section 9863. If the property pledged is not re- 
 deemed upon the maturity of the loan it shall be sold at pub- 
 lic auction. Notice specifying the time and place of such 
 sale shall be mailed to the last known address of the pledger 
 at least one week previous to the time of such sale. The 
 net surplus from the sale, after paying loan charges and ex- 
 penses, shall be held three years for the owner ; when, if not 
 demanded, it shall be forfeited to the company. (97 V. 
 
 135 5.) 
 
83 
 
 INC TE 
 
 To grant additional powers to banking corporations organized 
 under the laws of Ohio and to amend section 9764 of the 
 General Code. 
 
 Be it enacted by the General Assembly of the State of Ohio: 
 
 SECTION 9796-1. Wherever the term “state bank”’ is 
 used in this act, the said term shall be held to include every 
 corporation or association having the power to receive, and 
 receiving money on deposit, chartered or incorporated under 
 any general or special law of Ohio, but shall not include 
 building and loan associations ; and wherever the term “Fed- 
 eral Reserve Act’ is used in this act the same shall be held 
 to mean the act of the 63rd Congress of the United States, 
 entitled “An Act to provide for the establishment of Federal 
 reserve banks, to furnish an elastic currency, to afford means 
 of rediscounting commercial paper, to establish a more 
 effective supervision of banking in the United States, and 
 for other purposes”, approved by the President of the United 
 States on December 23, 1913. 
 
 SECTION 9796-2. Every state bank, in addition to the 
 powers, rights and privileges possessed by it under the 
 laws of Ohio shall have the right and power to become a 
 member bank under the Federal Reserve Act upon the terms 
 and conditions set forth in said Federal Reserve Act, or 
 hereafter provided by law, in order to become a member 
 bank as contemplated by said Federal Reserve Act. Every 
 state bank shall have the right and power to do everything 
 required of or granted by said Federal Reserve Act to mem- 
 ber banks which are organized under state laws; and com- 
 pliance by state banks with the reserve requirements of said 
 Federal Reserve Act shall be accepted in lieu of the re- 
 serve requirements provided by the laws of Ohio. Nothing 
 contained in this section of this act, shall in any way or 
 manner affect or have reference to state banks which do 
 not become member banks under said Federal Reserve Act, 
 except as provided in this act. 
 
 SECTION 9796-3. No state bank or national bank shall 
 act as administrator, executor, trustee or registrar of stocks 
 and bonds. Provided, however, that trust companies or- 
 ganized under the laws of Ohio shall have the same powers 
 in the acceptance and execution of trusts which are now con- 
 ferred upon them by law, and other state banks and national 
 banks may have the same powers in the acceptance and 
 execution of trusts which are now conferred by law upon 
 trust companies, upon such state banks and national banks 
 complying with all the requirements, regulations and condi- 
 tions imposed by the laws of Ohio upon trust companies in 
 the matter of the acceptance and execution of trusts. 
 
 Terms defined. 
 
 State banks 
 may become 
 member banks 
 under Fed- 
 eral Act. 
 
 State banks 
 shall not act as 
 administrator, 
 executor, trus- 
 tee or registrar 
 of stocks and 
 bonds. 
 
Reserve of sav- 
 ings banks. 
 
 Who must be 
 licensed. 
 
 Securities 
 defined. 
 
 84 
 
 SECTION 4. That section 9764 of the General Code be 
 amended to read as follows: 
 
 SECTION 9764. Savings banks shall keep as reserve at 
 least ten per cent of their time deposits, and at least fifteen 
 per cent of their demand deposits; at least six per cent of 
 that part of such deposits which is payable on demand, and 
 at least two per cent of that part of such-deposits which are 
 time deposits shall be kept in the vaults of the bank in law- 
 ful money, national bank notes, or bills, notes, and gold or 
 silver certificates issued by the United States; not more 
 than three-tenths of such reserve for time deposits may be 
 invested in the securities named in paragraphs “b” and 
 “ce” of section 9758 of the General Code or the bonds of 
 any city or county within this state; that part of such re- 
 serve not so kept or invested, shall be kept, subject to de- 
 mand in other banks or trust companies, as designated by 
 resolution of the board of directors for that purpose, a 
 copy of which, upon its adoption, shall be forthwith cer- 
 tified to the superintendent of banks and the depositary thus 
 designated shall be subject to the approval of the superin- 
 tendent of banks. If the superintendent of banks with- 
 holds his approval, appeal may be made in the manner 
 provided in section 9759 of the General Code. 
 
 Section 5. That said original section 9764 of the 
 General Code be, and the same is hereby repealed. 
 
 BLUE SKY-LAW- 
 
 Gfarie: Anak, aL eSyer 
 
 Corporations may be formed under general laws; but all such 
 laws may, from time to time, be altered or repealed. Corpora- 
 tions may be classified and there may be conferred upon proper 
 boards, commissioners or officers, such supervisory and regulatory 
 powers over these organizations, business and issue and sale of 
 stocks and securities, and over the business and sale of the stocks 
 and securities of foreign corporations and joint stock companies 
 in this state, as may be prescribed by law. Laws may be passed 
 regulating the sale and conveyance of other personal prope-ty, 
 whether owned by a corporation, joint stock company or individual. 
 
 SECTION 6373-1. Except as otherwise provided in this 
 act, no dealer shall, within this state, dispose or offer to dis- 
 pose of any stock, stock certificates, bonds, debentures, 
 collateral trust certificates or other similar instruments (all 
 hereinafter termed “securities”) evidencing title to or in- 
 terest in property, issued or executed by any private or 
 quasi-public corporation, co-partnership or association (ex- 
 cept corporations not for profit,) or by any taxing sub- 
 division of any other state, territory, province or foreign 
 government, without first being licensed so to do as here- 
 inafter provided. 
 
 SECTION 6373-2. The term “securities”, as used in 
 this act, shall not be deemed to include conveyances of 
 real estate; or, where the same have not been judicially 
 
85 
 
 declared invalid, and where, at the time of such sale, there 
 is no default in payment of any part of the interest or prin- 
 cipal of the same: 
 
 1. Mortgage bonds and notes (other than corporate 
 bonds where more than fifty per cent. of the entire issue is 
 not included in a sale to one purchased) secured by a 
 bona fide mortgage on real estate; 
 
 2. Securities of quasi-public corporations, the issuance 
 of which has been authorized by the public service com- 
 mission of this state; 
 
 3. The stock or obligation of any national bank, or of 
 any bank, trust company or building and loan association, 
 organized under the laws of this state and subject to exam- 
 ination and supervision by the proper authorities thereof. 
 
 The term “dealer’’, as used in this act, shall be deemed 
 to include any person or company, except national banks, 
 disposing, or offering to dispose, of any such security, 
 through agents or otherwise, and any company engaged in 
 the marketing or flotation of its own securities either di- 
 rectly or through agents or underwriters or any stock 
 promotion scheme whatsoever, except: 
 
 a. An owner, not the issuer of the security, who dis- 
 poses of his own property, for his own account; when such 
 disposal is not made in the course of repeated and succes- 
 sive transactions of a similar character by such owner; or 
 a natural person, other than the underwriter of the se- 
 curity, who is the bona fide owner of the security and dis- 
 poses of his own property for his own account; 
 
 b. One, who in a trust capacity created by any law of 
 the United States or of this or any other state or by ju- 
 dical authority, lawfully disposes of any property embraced 
 within such trust; 
 
 c. A bank or trust company, organized under the laws 
 of this state and subject to examination and supervision 
 by the proper authority thereof, selling a security for a 
 licensee, other than the issuer or underwriter thereof, at a 
 commission of not more than two per cent., where such 
 bank or trust company is not a regular dealer in securities; 
 
 d. One, not the issuer, who disposes of securities to a 
 licensee under this act or to a company which, as a part 
 of its regular business, deals in or holds such securities; 
 
 e. A pledgee selling, in the ordinary course of busi- 
 ness, a security pledged to him as security for debt in good 
 faith and not for the purpose of avoiding the provisions of 
 this act; 
 
 f. The issuer, organized under the laws of this state, 
 where the disposal, in good faith and not for the purpose 
 of avoiding the provisions of this act, is made for the sole 
 account of the issuer, without any commission and at a 
 total expense of not more than two percentum of the pro- 
 
 Dealer defined. 
 
 Who are not 
 dealers. 
 
%5 filing fee 
 to accompany 
 application. 
 
 Names and 
 addresses. 
 
 Location. 
 
 Business to 
 be conducted 
 under this 
 license. 
 
 Foreign cor- 
 porations to 
 furnish copy 
 of articles. 
 
 86 
 
 ceeds realized therefrom plus five hundred dollars and 
 where no part of the issue to be disposed of is issued, di- 
 rectly or indirectly, in payment for patents, services, good 
 will, or for property not located in this state; provided 
 that the president and secretary, or the incorporators if done 
 before organization, of the issuer shall, prior to such dis- 
 posal, file with the “commissioner” a written statement 
 setting for the existence of all such facts and that such 
 issuer is formed for the purpose of doing business within 
 this state. 
 
 As used in this act, the term “company” shall include 
 any corporation, co-partnership or association, incorporated 
 or unincorporated, and whenever and wherever organized; 
 “dispose of” shall be construed to mean “sell, barter, pledge 
 or assign for a valuable consideration or obtain subscrip- 
 tions for’; “issuer”, the original issuer of the security; and, 
 where the context demands it, words in the present tense 
 include the future tense; in the masculine gender include 
 the feminine and neuter gender; in the singular number 
 include the plural, and in the plural, the singular number ; 
 the word “whoever” includes all persons, natural and arti- 
 ficial, principals, agents and employees; “and” may be read 
 “OF Fy atid: Of, 1 anes 
 
 SECTION 6373-3. Before such license shall be issued to 
 any dealer, there shall be filed by him with the superinten- 
 dent of banks, herein termed the “commissioner”, together 
 with a filing fee of five dollars, an application for such 
 license, together with information, in such form as shall 
 be determined by such “commissioner”, setting forth: 
 
 a. The names and addresses of the directors and offi- 
 cers if such applicant be a corporation or association, and 
 of all partners if it be a partnership, and of the person if the 
 applicant be an individual, together with the names and 
 addresses of all agents of such applicant assisting in the 
 disposal of such securities ; 
 
 b. Location of the applicant’s principal office and of 
 his principal office -in the state, if any; 
 
 c. The general plan and character of the business of 
 said applicant, together with references, which the “com- 
 missioner” shall confirm by such investigation as he may 
 deem necessary, establishing the good repute in business of 
 such applicant, directors, officers, partners and agents; 
 
 If the applicant be a corporation organized under the 
 laws of any other state, territory or government, or have 
 its principal place of business therein, it shall also file a 
 copy of its articles of incorporation, certified by the proper 
 officer of such state, territory or government, and of its 
 regulations and by-laws; and if it be an unincorporated 
 association, a certified copy of its articles of association, 
 or deed of settlement. 
 
87 
 
 The applicant at the same time shall also file with said 
 “commissioner” a duly executed written instrument, ir- 
 revocable, consenting that any action brought against such 
 applicant, arising out of and founded upon the fraudulent 
 disposal of such securities by him or his agents, may be 
 brought in Franklin County, and that, in the event that 
 proper service of process cannot be had upon such appli- 
 cant in such county, service of process made therein by the 
 sheriff of such county, by sending a copy thereof by regis- 
 tered mail, at least thirty days prior to taking judgment in 
 such case, addressed to such applicant at the place of his 
 principal office named in his application or such other place 
 as the applicant may thereafter designate in writing filed 
 with the “commissioner”, shall have the same effect as if 
 personally made upon the applicant, according to the laws 
 of this state. 
 
 SECTION 6373-4. Notice of all applications for regis- 
 tration as a licensed dealer in such securities shall be pub- 
 lished in a daily newspaper of general circulation in the 
 city where the applicant’s principal place of business in the 
 state is located, or in the city of Columbus, if the applicant 
 has no such place of business in the state, and no such 
 application shall be acted on by the “commissioner’’ until 
 the expiration of one week from the date of such publication, 
 but shall be acted upon within twenty days after proof of 
 such application has been filed with him. If the “commis- 
 sioner” be satisfied of the good repute in business of such 
 applicant and named agents, he shall, upon the payment of 
 an annual fee of fifty dollars, and an additional fee of five 
 dollars for each agent named in the application, register the 
 applicant as a licensed dealer in such securities, and issue 
 to him a license, containing the name of the applicant and 
 all such agents, renewable annually upon payment of such 
 annual fee, unless revoked as herein provided. The ex- 
 pense of all publications provided for in this act shall be 
 paid by the applicant for license. Pending a final dispo- 
 sition of such application the “commissioner” may grant 
 temporary permission to such applicant to transact busi- 
 ness as a dealer under this act. All such renewals shall be 
 made as of the first day of January in each calendar year 
 upon proper application therefor, filed not less than twenty 
 nor more than sixty days next preceding such date. 
 
 SECTION 6373-5. Such license shall be taken out at the 
 beginning of each calendar year, but it may be issued at 
 any time for the remainder of such year, and in such case 
 the annual fee shall be reduced four dollars for each ex- 
 pired month but in no case shall it be less than ten dollars. 
 Upon the payment of a fee of five dollars for each speci- 
 fied agent not named in such license the same may at any 
 time be amended or supplemented to include such agent. 
 Upon the written request of such applicant, accompanied 
 by a fee of two dollars, such license shall be revoked as 
 
 Applicant must 
 publish notice 
 of application. 
 
 Annual fee $50. 
 
 Agent’s fee $5. 
 
 Renewable 
 annually. 
 
 May grant 
 temporary 
 permit. 
 
 Renewals must 
 be made on or 
 before Jan- 
 uary first. 
 
 License may 
 be taken out 
 for remainder 
 of year. 
 
 Minimum 
 fee $10. 
 Additional 
 
 agents. 
 
 Revocation 
 of agency. 
 
License to be 
 revoked when. 
 
 Notice of 
 revocation, 
 
 Petition for 
 reversal of 
 commissioner’s 
 ruling. 
 
 Court’s de- 
 cision final, 
 
 88 
 
 to any agent or agents of such applicant, and an amended 
 license shall thereupon be issued for such applicant and his 
 remaining agents; and thereafter the applicant shall not be 
 bound by the acts of the agent whose license has been re- 
 voked. Notice of such amendments shall also be pub- 
 lished as aforesaid. 
 
 SECTION 6373-6. Such “commissioner” may at any 
 time revoke any such license, or refuse to renew the same, 
 upon ascertaining that the licensee: 
 
 a. Is of bad business repute; 
 
 b. Has violated any provision of this act; or 
 
 c. Has engaged, or is about to engage, under favor 
 of such license, in illegitimate business or in fraudulent 
 transactions. 
 
 No dealer whose license has been revoked shall be 
 relicensed within six months from the date of such revoca- 
 tion. , 
 The “commissioner” shall at once lay before the pros- 
 ecuting attorney of the proper county any evidence which 
 shall come to his knowledge of criminality under this act. 
 
 SECTION 6373-7. At least five days before revoking or 
 refusing to grant or renew, a license, the “commissioner”’ 
 shall send by registered mail to the licensee, at the address 
 named in the application written notice of his intention 
 so to do, specifying therein the reasons for such revocation 
 or refusal. 
 
 SECTION 6373-8. Any one whose license shall be re- 
 fused or revoked, or to whom a renewal of license may 
 be denied, may file, within thirty days thereafter, in the 
 court of common pleas of Franklin county, a_ petition 
 against the “commissioner”, officially, as defendant, alleg- 
 ing therein, in brief detail, the plaintiff’s qualifications to 
 be licensed and praying for a reversal of the official action 
 complained of. Upon service of summons upon said de- 
 fendant, returnable within three days from its date, but 
 otherwise made as in civil actions, he shall, within one week 
 from such return day, file an answer, in which he shall 
 allege by way of defense the grounds previously assigned 
 in his notice to such applicant or licensee, and such other 
 grounds as shall, in the meantime, accrue or be discovered. 
 All allegations of the answer shall be deemed to stand de- 
 nied without further pleading and, upon application of 
 either party, the cause shall be advanced and heard without 
 delay. Merely technical irregularities in the procedure of 
 such “commissioner” shall be disregarded and the burden 
 shall rest upon the plaintiff to disprove the grounds assigned 
 and specified in the official action complained of. The 
 court’s decision shall consult only the rights of the plaintiff 
 an the protection of the public and the “commissioner” 
 shall prosecute no proceedings to obtain a reversal, modi- 
 fication or vacation of a judgment rendered in favor of the 
 
89 
 
 plaintiff and in such event, shalf forthwith issue the license 
 applied for. A judgment sustaining the refusal of the 
 “commissioner” to grant or renew a license shall not bar, 
 after thirty days, a new application by plaintiff for a license, 
 nor shall a judgment in favor of the plaintiff prevent such 
 “commissioner” from thereafter revoking such license for 
 any proper cause which may thereafter accrue or be dis- 
 covered. 
 
 SECTION 6373-9. Before such licensee shall dispose of 
 any of such securities, within this state, he shall file with 
 such “commissioner”, in such form as shall be determined 
 by him, the following information concerning such securi- 
 ties: If issued by any company, 
 
 (a) The name, location of principal office of the issuer 
 and the names of its officers and directors, or if a co- 
 partnership, the partners; 
 
 (b) A statement of the issuer, showing, in general 
 detail, the assets and liabilities, and capital stock of the 
 issuer, as of a date as late as the close of its last fiscal year, 
 and of its gross income, expenses and fixed charges, for 
 one year last prior thereto, or for such time as the issuer 
 has been in business, if less than one year; 
 
 (c) <A pertinent description of such securities, and 
 the purpose of said issue, and 
 
 (d) Unless the foregoing information be excused 
 under the provisions of the following section, the approxi- 
 mate price at which the licensee purposes to dispose of such 
 securities. 
 
 If the securities be of a taxing subdivision of amy other 
 state, territory, province or foreign government, and are 
 not an obligation of the entire taxing subdivision and pay- 
 able out of the proceeds of a general tax, there shall be 
 filed the information required by paragraphs (c) and (d) 
 of this section and, in addition thereto, a statement of the 
 licensee, setting forth the nature of the obligation of such 
 securities, how payment of the same is secured and that, 
 to the best of his knowledge, there is no default in the pay- 
 ment of any part of the interest or principal of such se- 
 curities and are no adjudications adversely affecting, or 
 pending suits questioning the validity of the same. 
 
 _ SECTION 6373-10. The information required in the pre- 
 ceding section need not be filed: 
 
 (a) Unless required by the “commissioner”, if the 
 same has been filed by any other licensee; or 
 
 (b) If actual current sales of the securities, at prices 
 quoted, shall have been, from time to time, for not less than 
 six months next preceding such disposal, published in the 
 regular market repotts of the news columns of a daily 
 newspaper of general circulation in this state; or 
 
 Must file 
 statement 
 of condition 
 of issuer. 
 
 Statement 
 
 of condition 
 of issuer need 
 not be filed, 
 when. 
 
Circulars, ete., 
 
 to be filed. 
 
 Insurance 
 companies. 
 
 go 
 
 (c) Where there is a disposal of securities, the price 
 paid or consideration rendered for which, in a single trans- 
 action, by one disposee, shall amount to five thousand dol- 
 lars or more; or 
 
 (d) Where the securities disposed of are those of 
 manufacturing or transportation companies, or of common 
 carriers or other public utilities, issued and outstanding in 
 the hands of bona fide purchasers for value, prior to March 
 Ist, 1914, where such companies were, on said date, and 
 shall be, at the time of sale, actual going concerns, either 
 directly or through lessees, and where there shall be at the 
 time of sale no default in payment ot any part of the 
 interest or principal of such securities; or 
 
 (e) Where the information required, other than the 
 approximate selling price, is contained in any standard man- 
 ual of information, approved by such “commissioner”; or 
 
 (f) Where the disposal is made for a commission of 
 less than one percentum of the par value thereof, by a 
 licensee who is a member of a regularly organized and 
 recognized stock exchange and who has an established and 
 lawfully conducted place of business in this state, regularly 
 open for public patronage as such, 
 
 SECTION 6373-11. Every dealer, before or at the time 
 of circulating the same, shall furnish to the “commissioner” 
 one copy of each prospectus, circular or other document 
 of like nature and of each advertisement, circulated by him 
 in connection with the sale of any securities concerning 
 which information is required to be filed under the pro- 
 visions of sections 6373-9 and 6373-10 of the General Code. 
 
 SECTION 6373-12. No person or company shall, for the 
 purpose of organizing or promoting any insurance com- 
 pany, or of assisting in the flotation of its stock after or- 
 ganization, dispose or offer to dispose, within this state, of 
 any such stock, unless the contract of subscription or dis- 
 posal shall be in writing, and contain a provision substan- 
 tially in the following language: 
 
 “No sum shall be used for commission, promotion and 
 organization expenses on account of any share of stock 
 
 in “this scompany in “excess Gotan es ee oy per center 
 the amount actually paid upon separate subscriptions, or, 
 in lieu thereof there may be inserted, ‘$...:.......¢.. per 
 
 share from every fully paid subscription’, and the remainder 
 of such payment shall be invested as authorized by the law 
 governing such company and held by the organizers (or 
 trustees as the case may be) and the directors and officers 
 of such company after organization, as bailees for the sub- 
 scriber, to be used only in the conduct of the business of 
 such company after having been licensed ard authorized 
 therefor by ‘proper authority,” 
 
gI 
 
 The amount of such commission, promotion and or- 
 ganization expenses shall in no case exceed fifteen per cent. 
 of the amount actually received upon the subscription. 
 
 Funds and securities held by such organizers, trustees, 
 directors or officers, as bailees, shall be deposited with a 
 bank or trust company of this state or invested as provided 
 in sections ninety-five hundred and eighteen and ninety-five 
 hundred and nineteen of the General Code until such com- 
 pany has been licensed as aforesaid. 
 
 SECTION 6373-13. Whoever, with intent to secure fi- 
 nancial gain to himself, advises and procures any person 
 to purchase any security and receive for such advice or 
 services any commission or reward from the owner or sales- 
 man thereof, without disclosing to the purchaser the fact 
 of his agency or his interest in such sale shall be liable to 
 such purchaser for the amount of his damage thereby, 
 upon ten7er of such security to, and suit brought against, 
 such adviser, within one year subsequent to such purchase. 
 
 SECTION 6373-14. For the purpose of organizing or 
 promoting any company, or assisting in the flotation of the 
 securities of any company after organization, no issuer or 
 underwriter of such securities and no person or company 
 for or on behalf of such issuer or underwriter shall, within 
 this state, dispose or attempt to dispose of any such security 
 until such commissioner shall issue his certificate as pro- 
 vided in section 6373-16 of the General Code, which shall 
 not be done until, together with a filing fee of five dollars, 
 there be filed with the commissioner the application of such 
 issuer or underwriter for the certificate provided for in 
 section 6373-16, General Code, and, in addition to the 
 other information hereinbefore required by paragraphs (a), 
 (b), (c) and (d) of section 6373-9 of the General Code, 
 
 the following: 
 
 (a) A certified copy of the articles of incorporation 
 or association of the issuer, its regulations and by-laws; 
 
 _ (b) Certified copies of all minutes of stockholders and 
 directors relative to the issue of such securities : 
 
 (c) A sworn statement made by the president and sec- 
 retary of the issuer, showing in detail the items of cash, 
 property, services, patents, good will and any other con- 
 sideration for which such securities have been or are to 
 be issued in payment; 
 
 (1) Like certified copies of all contracts or agreements 
 between the issuer and any underwriters of such securities, 
 and, if disrosel of by the issuer, all contracts and agree- 
 ments relative to the sale and disposition thereof; and any 
 such contracts:or aereements made subsequent thereto shail 
 he filed immediately upon the execution thereof: 
 
 fe) All contracts made between such underwriters and 
 any calesmen, arent or broker. 
 
 Expense not 
 to exceed 15%. 
 
 Liability of one 
 who counsels 
 
 or advises the 
 purchase with- 
 out disclosing 
 agency. 
 
 Statement of 
 information 
 to be filed 
 by issuer. 
 
 Five dollar 
 filing fee. 
 
Does not ap- 
 ply to certain 
 issuers. 
 
 Licensed 
 dealer only 
 may deal in 
 foreign real 
 estate. 
 
 Filing fee $5. 
 
 Q2 
 
 This section shall not apply where the issuance of the 
 securities has been approved by the public service commis- 
 sion or like body of any state of the United States or any 
 province of the Dominion of Canada, or where the sale is 
 made by or on behalf of an underwriter who, in good faith 
 and not for the purpose of avoiding the provisions of this 
 act, purchase the securities so afterward sold by him and 
 pays therefore, in cash or its equivalent, before attempting to ° 
 sell the same, not less than hinety per centum of the price at 
 which such securities are thereafter sold by him; nor where 
 the securities are those of a common carrier or of a com- 
 pany organized under the laws of this state and engaged 
 principally in the business of manufacturing, transporta- 
 tion, coal-mining or quarrying, and the whole or a part of 
 the property upon which such securities are predicated is 
 located within this state; nor of a real estate or building 
 company all of whose property, upon which such securities 
 are predicated, is located in this state; nor in the case of 
 an issuer excepted under paragraph (f) of section 6373-2, 
 General Code; nor in cases where the filing of information 
 is dispensed with under the provisions of paragraphs (b), 
 (d), (e) or (f) of section 6373-10, General Code. 
 
 The information required by paragraphs (d) and (e) 
 of this section shall be for the information of the com- 
 missioner only, and shall not be disclosed by him except 
 when lawfully required in a judicial proceeding. 
 
 SECTION 6373-15. No person or company, unless li- 
 cense | in the manner and under the conditions applicable 
 thereto hereinbefore provided for dealers, shall, within this 
 state deal in real estate not located in Ohio of which he is 
 not the actual and bona fide owner and unless the ‘‘commis- 
 sioner” shall issue his certificate as provided in the follow- 
 ing section, and prior to such issuance there shall, together 
 with a filing fee of five dollars, be filed with the “commis- 
 sioner” an application for such certificate, and a written 
 statement of the applicant containing a pertinent description 
 of the real estate the sale of all or a part of which is sought 
 to be made, the nature and source of the title of the owner 
 thereto, and the amount or value and the nature of the 
 consiteration paid or allowed by him therefor, it shall, 
 within this state, be unlawful: 
 
 (a) For any corporation, association or co-partner- 
 ship doing business under any name other than the name or 
 names of such person or of all the members of such asso- 
 ciation or co-partnership to sell any real estate not located 
 in Ohio. 
 
 (b) For any person or company engaged in the busi- 
 ness of dealing in real estate to sell or offer for sale any 
 such real estate, the title to which is or is represented to 
 the purchaser to be in the name of a corporation or unin- 
 corporated company, or of a person doing business under 
 a fictitious name. 
 
93 
 
 This section shall apply where the title to such prop- 
 erty is held in the name of a trustee for any corporation 
 or for any such described person or company, but it shall 
 not be deemed to prohibit the disposal by an owner of his 
 own property, in good faith and not for the purpose of 
 avoiding the provisions of this act, where the transaction 
 is not one of repeated transactions of a similar nature, 
 performed as a part of the business of dealing in real es- 
 tate; nor shall it be deemed to prohibit a railroad com- 
 pany having an immigration bureau or department from 
 advertising either directly or through its accredited rep- 
 resentatives, the fact that there are along its route lands for 
 colonization or sale; provided that such advertising be not 
 of specific tracts of real estate, and not for the purpose of 
 avoiding the provisions of this act. 
 
 SECTION 6373-16. Said ‘‘commissioner’’ shall have 
 power to make such examination of the securities or of the 
 property named in the two next preceding sections as he 
 may deem advisable; and if it shall appear that the law has 
 been complied with and that the business of the applicant 
 is not fraudulently conducted, and that the proposed dis- 
 posal of such securities or other property is not on grossly 
 unfair terms, and in the case of securities that the issuer 
 is solvent, upon the payment of a fee of ten dollars, the com- 
 missioner shall issue his certificate to that effect, authoriz- 
 ing such disposal. But if it shall not affirmatively so ap- 
 pear he shall so notify the applicant, in writing, and of his 
 refusal to issue such certificate. Such certificate shall be 
 issued or refused within a reasonable time after the filing 
 of the application therefor, which shall be within not more 
 than 30 days from and after the applicant has fully complied 
 with all requirements of this act precedent thereto. Such 
 applicant shall have the same right of review of such find- 
 ing as is given to a dealer by section 6373-8. The fee 
 provided for in this section shall not be required of an ap- 
 plicant who is licensed as a dealer. 
 
 SEC. 6373-17. Such certificate shall recite in bold type 
 that the “commissioner” in no wise recommends such se- 
 curities or other property; and no person or company shall 
 advertise, in connection with the sale of such securities, the 
 fact that such certificate has been issued unless such ad- 
 vertisement also contains in bold type a copy of such re- 
 
 Cia (1O9--V, 743.) 
 
 SEC. 6373-18. In addition to the liability now imposed 
 by law, any person or company that, by written or printed 
 circular, prospectus, statement or advertisement of any kind, 
 shall offer for subscription or purchase any security, or re- 
 ceive the profits accruing from the disposal of securities so 
 advertised, shall be liable to any person who, on the faith 
 of such advertisement or document, acquires such security, 
 for the loss or damage sustained by him by reason of any 
 
 Exceptions. 
 
 Immigration 
 bureau exempt. 
 
 Commissioner 
 in no wise 
 recommends 
 securities 
 certificated. 
 
 Additional 
 liability. 
 
If issuer 
 be an in- 
 
 Surance com- 
 
 pany, must 
 apply to in- 
 surance 
 department 
 for certifi- 
 cate in sec- 
 tion 16, 
 
 Penalty 
 for false 
 statement, 
 etc. 
 
 94 
 
 untrue statement contained therein, unless such person or 
 company shall establish that he or it had no knowledge or 
 notice of the publication of such advertisement prior to the 
 transaction complained of, or had just and reasonable 
 grounds to believe the statements thereof to be ‘true. 
 Wherever any corporation shall be so liable, the directors 
 thereof shall also be, under like limitations, jointly and 
 severally liable. Any such director, upon the payment of a ° 
 judgment so obtained against him, shall be subrogated to 
 the rights of the plaintiff against such corporation and shall 
 have the right of contribution for the payment of such judg- 
 ment, under like limitations, against any of his fellow di- 
 rectors. Lack of reasonable diligence to ascertain the fact 
 of such publication or the falsity of any statement therein 
 contained, shall be deemed to be knowledge of such publica- 
 tion and of the falsity of any untrue statement thereof. Any 
 action brought against such director, based upon the liability 
 hereby imposed, shall be brought within two years after the 
 acquisition of the security by any person so damaged or 
 after payment of the judgment for which contribution is 
 
 sought. (103 v. 743.) 
 
 SEc. 6373-19. If the issuer of such securities be a com- 
 pany incorporated, organized or formed to make any insur- 
 ance named in subdivisions I and II, division ITI, title 1X 
 of the General Code, the “commissioner”, for all the pur- 
 poses named in sections 14 and 16 of this act, shall be the 
 superintendent of insurance of this state. In addition to the 
 powers given to, and the duties prescribed to be performed 
 by, such “commissioner”, under said sections, the superin- 
 tendent of insurance shall have, over any such company 
 disposing or attempting to dispose of any of its securities 
 within this state, the powers of regulation, supervision and 
 examination conferred on him by law, with reference to 
 companies licensed to transact the business of insurance 
 within this state. (103 v. 743.) 
 
 SEc. 6373-20. Whoever knowingly makes any false 
 statement of fact in any statement or matter of informa- 
 tion required by this act to be filed with the “commissioner”, 
 or in any advertisement, prospectus, letter, circular or other 
 document, containing an offer to dispose or solicitation to 
 purchase, or commendatory matter concerning, such securi- 
 ties or real estate, with intent to aid in the disposal of the 
 same, or whoever knowingly violates any of the provisions 
 of sections 12, 14 or 15 of this act, or for the purpose of 
 aiding in the disposal of any security or real estate, know- 
 ingly makes any false statement or representation concern- 
 ing any license or certificate issued under the provisions 
 hereof, shall be fined not less than one hundred dollars nor 
 more than five thousand dollars, or imprisoned in the peni- 
 tentiary not more than one year, or both; and whoever 
 violates any of the other provisions of this act shall be fined 
 not less than fifty dollars nor more than one thousand dol- 
 
95 
 
 lars, or imprisoned in the county jail or workhouse not 
 more than sixty days, or both. (103 v. 743.) 
 
 SEC. 6373-21. In any prosecution brought under this 
 act, the accused shall be deemed to have had knowledge of 
 any matter of fact where, in the exercise of reasonable dili- 
 gence, he should, prior to the commission of the offense 
 complained of, have secured such knowledge. Information 
 and indictments under this act need not negative any of the 
 exceptions enumerated in sections two, ten and fourteen 
 Hered. | (IO? Ve 743. ) 
 
 SEc. 6373-22. Nothing herein contained shall limit or 
 diminish the liability of any person or company now im- 
 posed by law, or prevent the prosecution of any person 
 or company violating any of the provisions of this act, for 
 the violation of any other statute or of any other provision 
 hereof. (103 v. 743.) 
 
 SEC. 6373-23. Nothing herein contained shall be so con- 
 strued as to impair the obligation of prior contracts. (103 
 
 Vv. 743-) 
 
 SECTION 6373-24. The superintendent of banks, as 
 “commissioner” under this act, is hereby authorized to ap- 
 point an assistant commissioner and such clerks as are 
 actually necessary to carry out the provisions of this act 
 and to fix their salaries; such appointments and salaries to 
 be subject to the approval of the governor. Subject to the 
 supervision of such “commissioner’’, the assistant commis- 
 sioner may perform all-the duties imposed upon, and have 
 all the powers granted to, such “commissioner” under the 
 provisions of this act. All fees received hereunder by the 
 “commissioner” shall be deposited by him with the treas- 
 urer of state upon the warrant of the auditor of state. 
 
 Accused 
 presumed 
 to have 
 knowledge. 
 
 Act does 
 not limit 
 other lia- 
 bility. 
 
 Fees paid into 
 state treasury. 
 
INDEX. 
 
 ACCOUNTS— Section. 
 Must Keep Separate Accounts of the Different Kinds of 
 Seah NSS ag BT Tae a oO a ne ee ear 9740 
 RPI NE er aig ae Ce Seki wid oc sche seek eee ences. 9770 
 A OEE Sig lcs 28.0, Pe hee ana Sos PO kb ok Cae sh 9738 
 Bee emer WMOCNIAG NAW. Sd fe is 5s coos wa dee aloaaaocaee 9741 
 AMENDMENTS— 
 Gere athe GE CUMCOTPOTALION taciae ok «onc ord die cks bed leon. 9743 
 OME tee Oe NER GIRMONS Jo cie cco cscs cay es aud pees So ses dh sath 9709 
 ANNUAL ELECTION— 
 ys PPI RERTOES 2 se cis Chay LOT TCLS, CELRER AN SE Pa ae Der a 9713 
 ANNUAL MEETING— 
 ee re Ee he eer Uc ee atc al oi Soka we oo ok eke Ack 9713 
 ANNUAL REPORTS— 
 eer ernerineenderntt at Basis... these ova i doves clock bees 743 
 LUT TORS, RSP ee A ele oe ae 744 
 APPOINTMENTS— 
 Pee sumetintcndent ak Banks; 6.00... oc. cc ccna ok ce ES 710 
 peeeen Gels. nd Clerksie ek ease cies ceed. ea 712 
 ARTICLES OF INCORPORATION— 
 era IOML SLES Kats Salli aleees «Souls aon aoe dns ee. ees 9703 
 ee ON ny 8 Fe Poa Gu ss Voc. EL ee 9748 
 Pe ee Re hig Oo a5 Fores ic ts od Baas a hata 9703d 
 Certimetion. by County Clerk... . oss cc ccls ks cg eee OO 
 eee eGR OL ny cc i van go oo wade seo ee 9705 
 pa eiwreand Wheres. ic ceet oo64s eo ov odun 9705 
 Exceptions in Filitie..:...c2:..-.. Maral opi BE a Rael ec SEC im: 9706 
 Peereoi roche Biled 66.5 cin enki ecvscusacici ok. 9706 
 Or OMOPaLiOn Sr... case So ses we eee 970384 
 coy Sa SS Re ep el at fe leg = Ae ar pC OCS 9703b 
 Bee ores We ra oy bv aseme ine sid, Lise 9703¢ 
 ay ASS PS at Be a ee a a aah et a 9707 
 ASSETLS— 
 2 SE Are POSS TE to) ye a 737 
 Of Consolidated Banks, Transfer of......................... 9748 
 BANKS— 
 ONS OYE MS SS) Sy fe oe a rr 9706 
 Incorporated in Other States, Can Do No Business Except 
 LS SIT S06 aa ae a 9796 
 Privileges and Powers of this Act Conferred Upon, When.... 9741 
 Must Conform to this Act Peete ee Og tek oe es he kk 9742 
 Books and Records of Open to Inspection of Stockholders... 9795 
 Must Make and Publish Statements.......................... 737 
 renee GM OSINESE. 0 cs s. esi ceces ce. 9721 
 BANKING HOUSE AND LOT— 
 1 te a 9753 
 SS IRIE ae ORR ei a 9762 
 Be COMER ince.) hawks he 9772 
 ESTEE, SEER laren nate et aa 9774 
 
 eae 
 
98 
 
 BOARD OF DIRECTORS—(See Directors.) Section. Page. 
 BONDS— 
 Investments— 
 Commercial Banks: .ske ee ee aoe eee 9758 Sin) 
 DAVIES: aus. eerie aka ere marae SoG tere Ne 9765 36 
 T¥ust. Companies=? cece pas See eee ae eee 9781 49 
 Registering, etc., by Sate Deposit ‘Companies... 5...02 2 enw ee 9773 39 
 As* Savings: Banks Résérver sh. Gane hee oa eee eee 9764 36 
 Deposit of — By Trust Company with State Treasurer....... 9778 48 
 BONDS (OFFICIAL)— 
 OL OMe ts 50. pastes Pinte wc dsd eo alae SRO Ce a 9734 29 
 Of Superintendent. of: Banks. ce, a. 2. GS. ood ks ee ae 716 4 
 OF -Foxamiiners'\ 5.2. vires se ncn ote eka ae « salts Bae ee 716 4 
 Ditectorsas. Such: Not sRequired to (Give. 2 sen eee eae 9734 29 
 BILLS OF EXCHANGE— 
 DDiSCOUNE Cl tee sia et cas ore FO Io ee ba ae 9754 33 
 BLUE SKY LAW—(Article 13, Const. 77)— 
 Securities, Dealers in must -be Licensed 2 <n. 501.0 se ae ee oe 6373-1 8&4 
 Securities ~ehned’ if iss fond se os ik ae ee ee 6372-2 84 
 Dealere Deities 5 S28 tint eevee nce chaos aoe ne ee 6373-2. -85 
 Bankerssnot“Deéalets; “Wiheittsncn. tao cinceeere ee es 6378-2 85 
 Corporations, Domestic, Must File Statement............... 6373-2-f 85 
 License, Application for and Keer so.ks Hos ohne eee 6373-3 86 
 Pablieation< Of Notices... ce Abeea a ob eae nd Pek ee me eee 6373-4 87 
 Ieicenses Renewal Tons. ate. na secede cite oe Uncen cere eee ee 6373-4 87 
 HEC Sierra ah Se to ba A laa le acest Fie Aue eas serene aie ancnicne ere 6373-5 8&7 
 License Revocation: Of: tec. ciasienOe cn eee ne ree 6373-6 8&8 
 Revocatione = NOtICeWO lige viack retest ole tie cote oer Reyer 6373-7 88 
 Kulme .of ‘Commissioner,,, Review Gl.Pas oa. sadis aoe 6373-8 88 
 Issuer of Securities, Statement of Condition........10.. «cen: 6733-9 89 
 6373-2 85 
 ERemiPelonsw ace schoweuia aahe foe eee eee oe ee 6373-10 89 
 6373-14 91 
 NdviertiSements: eter © sic thtciate aah ties cae ieee eee 6373-11 90 
 6373-17 938 
 Tastimande+Comipanies mic... iol eeinntec tian so eerie ORE ane 6373-12 90 
 6373-19 94 
 Agéucy,.. Failure. to* Disclose —— Penalty s,s eo. < sen eeeeeees 6373-13 91 
 Certificate Applica torte tOn oak oe ne ane ities in ee ee 6373-14 91 
 Reali-tsinte, Weale® ants... secccar, aancsney ceeiaor bon aoe 6373-15 92 
 Examinahlonmote issuer on). OWNETlcres sie aecueraieren reeiael eee 6373-16 98 
 Gertificate: What Shalt Genta tint tna. .c0: ce ean eee {. (6373-17 98 
 lt 6873-16 98 
 Via abibitig: "Sy. isarac ciwecrsiacs a gp cavore oh Win 0 8 Bue bn ORT era 6373-18 98 
 PaiseuStatement; seria Pity for -s.:\4 ..G ota eters Spee eee 6373-20 94 
 Know ledges Pesan) <0 00/5. .acs area whats lerazs eras oe gk ee 6373-21 95 
 Liabitity.” NOt. LAURE si.tsic cs Ganag Beene 5 Al nse et etek ake Ore ee 6373-22 95 
 CAPITAL STOCK— 
 IM GTabienhbusauglauicOlEN MOM AMA any MOT UIIO AO TAS OOCO GG On Oo ko} Ke 9704 23 
 Sharest Amount Obass cases t wails 0 io st erate Rnktina eee 9703 23 
 How Subsetibed -and > Patd itr, .c. ctv vvawinac ae oe anise Shee ee) 25 
 Payments of, How Certified: (i wacestivyo.geeeneatne ce mate 9711 25 
 Must Have Fifty Per Cent. Paid in Before Authorized to 
 Bewiir Brsisiesse 57 5.5 ass. ace ata pln cutie a ete eaeane en ene 9716 26 
 Balance. How eatd and: Gertitied s..cce a te tener a ieee eee 9716 26 
 When Subscriber Fails to Pay, How Soldaus thee ae 9717 26 
 TO CHEASE NOP es crise Figueras sh sr eh coe ol eualishen eet ota eh care ere oleae 9725 28 
 REGUCHOR EOF ai. cory age ot nator ve ah te neon a See 9726 28 
 T PATISDOE OL oleh cole c cams sia» ele baste ko at onan cin 9724 28 
 Must NotAdvertise More Than is Paid im... .......00enen 9745 82 
 
 Payments on Certified to the Superintendent of Banks........ 9716 26 
 Subscription Books, How. Openedsc%. cigs an. Gain oc ae 9710 25 
 
99 
 CAPITAL STOCK—Concluded. Section. 
 eee eet OEIC Wh canis fg a e's oe viene. o vi oles ed Uo bs'ce Dus 9716 
 Meee er MRO WED UALOUs GV. 0 o's ais onic Seo sete aS ares ve eae bees 9719 
 RUNS ULF Seeley Mess Ses 2 re ere ae gaan ey oe 9738 
 Cannot be Taken as Collateral or Purchased Except to Secure 
 Bee een rs eR Ie AS EN kp ahs AiR ako Vue eden ale 9761 
 WAM MMR ACR R Mire art ei sche Ving eG <6 Bo OES Kae aice deca bee blake es 9723 
 CASH RESERVE—(See Reserve.) 
 CERTIFICATES— 
 To Begin Business, When May Be Issued by the Superin- 
 PLS OSE OAS 02 US ok eee 2 ar, Ce ae 9721 
 UG-wwepin business Must Be Published... .ccdcad oe ve clveec es 9722 
 CERTIFIED CHECKS— 
 Wee Mime ternal aan. Svacer ics oelcad awe veins den uk 13185 
 Peta eeronalrancdulent Losue- Of. 2... js cws cee ene cade oavunces 13186 
 
 CHARTER—(See Articles of Incorporation.) 
 CODE OF REGULATIONS— 
 
 BMH CE OR aH tos See Mn neat Net ie hice ce opine Meee 9709 
 
 NEES ics HES ETE: eS JR, eigen ree a gS ee a Aa 9709 
 CONSOLIDATION— 
 
 Site NATO SOT Aras c. Os ac oS + hosd Ble ccete conkieo, 9752 
 
 RSet Cr ONS rae aac winds iS os Ra. ES oh ea ee 9748 
 COMMERCIAL PAPER— 
 
 Pen MER on Ce OE Rad i. oe toile books gee eee SRE eh wes a 9754 
 
 CASHIER—(See Officers.) 
 CERTIFICATES OF DEPOSIT— 
 
 CRASS GEC pe ye Soe aa Oe nae Re eS 9769 
 BP MMC RERaatieeOn Go. Gat one ee oh d kee 13183 
 COLLATERAL LOAN COMPANIES — 
 POmers eas Limiratione te.) oc oe Ole CO ovnc cc Ree Ble 9857 
 ee Gr ape Perna care ie hn Bie dwe ca el eh 9858 
 PROM Mote ACen 2 oo iG a< ecg esc, 9859 
 LO ECR SELES SNe es Gre teased UP tsa a a aS 9860 
 Deiat EONS. ie acne oe Cie «ete sk Saws cco, 9861 
 PreMemE Mon. GInMeGPEs. 0.2.7 2k fat, eho Oo els Goce ke. 9862 
 SECO UISES SNCS ae ae an ee ae eee Pe 9863 
 CONSOLIDATION— 
 Consolidation Companies May How................... a 9844 
 Dest OL VLOCKIONCTS 0 lo tece ol .0 vu oud Leon ed ck cs bore, 9843 
 pPVepe tod Vist COmMmanies..o. ys os sss. ies cu aac. 9842 
 UOTE OCS Ss SSS. ath Oe eens at Ae ead 9845 
 Birra tiere COneOMMAtion © 6s) Piec<42 cel... +15 tec 9846 
 Officers of Consolidated ae SRL eat ee ab, hte pe Re 9847 
 TSCA UE SRS So Re 9848 
 STO RCTES ed rd ag oP SO aa A 9849 
 aaile (steranty @,Urdst Companies. 2........:-0.0..0.0.. 9850 
 SPECS LTS US ara el a en ea 985] 
 ee ym AN i Soros s Rint ont Voce hun ooecce ce 9852 
 AO aM AHONS OE 0d. oes sa varie soo en ne 9853 
 Be PO oa Et ine ok CLR Foes esta Gocoawi nn 9854 
 RMI Mii ager PR Counts, sco bc te ee 9855 
 STIS EG SBIR oS a oe On aad Sn 9856 
 COMMERCIAL BANKS— 
 Pe I Oho ction 2s Pee ees PET 98s kek ws, 9702 
 I TNS SORRY 2 aa eA a 9704 
 ICUS lg TN Gr) ne rr 9753 
 
IOC c 
 
 COMMERCIAL BANK—Concluded. 
 
 Loans— Section. 
 Not to Exceed Twenty Per Cent. to One Person, Firm or 
 COEPOLAEION,.. o3.500 2 F< tim dome Cum ape eae ee 9754 
 Mortgage on Real: Hetates: >. e055. ke eee eee 9756 
 Personalor Collaterals Security.. ies ce eee ae ene e 9758 
 On U. S. Bonds or those Secured by the U. S............ 9758 
 Bonds of Any State.of the Ui Sat ves cso earer a dee eee 9758 
 Municipal Bonds: of U.S; or Canadalon - eee ee eae 9758 
 Bonds of Regularly Incorporated Companies............- 9758 
 RESOLVES fis%s, Lisle diese eches ss, coe aheveadle 0 wletehe te crests sei ie varcioteter en eee eee 9759 
 Deposits— 
 in. Other: than |Resérve Banks ..s.. tas.) ose eae eee 9755 
 May Allow Interest Gn; .:...c2e22 sce ooh Be een 9757 
 Payable on Demand Unless Otherwise Agreed........... 9757 
 Real Estate— 
 How. Bone Held): hrscnlcaht aoe enpom aee Coe ee 9753 
 TSH OE 5 Sercep aieievee long staves ate B uelare Sette le lef het RT eee ee ene 9758 
 CORPORATIONS— 
 POW ErS: Gi Ss wars aie ante cow eels ae nies ee Sle, alee tid are 9708 
 Increase of POWETS. 0.2.0 s eee ee eee eee eee ges Bren eg eae 9743 
 Decresse Of -POWerS sn. ais de he's > Sav eos eee hale Me Eee 9743 
 Shall Not Transact Business Until Authorized by Superin- 
 feTrdenit (OL = BAS Fos nies Chews ak Seneca ak eal ho lake ee 9715 
 May Do the Several Kinds of Business, but Must Keep Sepa- 
 LATE ACCOUNTS” ate cass aie'crety les a Sink oo see eign Sig state Re ee 9740 
 Governed Same as Other Corporations if Not Inconsistent 
 SACI cid ee eo Marcie nba 2 hen Gracies eae Rag oe et 9714 
 May Come Under New Law, TROW UAiee% > 325 tirana eet 9741 
 Must Conform to the “Thomas Law,” Aprilsl, S910 ee haces 9742 
 Reports of Condition to Superintendent Of Banks-suitore cs 737 
 Loans, Limit of to One Person, Firm or Corporation......... 9754 
 Shall Not Make Loans on Own Stock. 0... kes xk. oy: ike hee 
 Consolidation: Of. .\i &-2cermsa tiene es ae gre ae oe 9748 
 Articles Of -Incorpotation 04; oc0\ a0. + os ree op Settee eee 9703 
 INIMBEP KOTe LNCOLDOLALOLS ania lsettrons aeevere tolerant Mi, caterers 9702 
 Namie. 61 CRrovisions } sh ..« see saatacg) Wage orate sos Tee 9703 
 PaO CaliOn OL» x gcx ca gee ie aw wards se HN Reon eee Rear Seen een 9703 
 Porposéo0f oo os Peis 200 ae aiatels aia seh eae ee eee 97038 
 New, Preliminary Examination ‘fs: '0.s%ccu.. sen ace ou neta 9720 
 Capital Mast Haveis iin: «Oran oc caneinetinnmamiat ate eu caiman ate 9704 
 Capital, Must Not Advertise More than™is Paid in. sts cece 9745 
 Regulations, How Adopted and Amended...., .............- 9709 
 DEPOSITS— 
 Interests May. be Allowed son i..<.5..5 set ae ae sia eee ania 9757 
 Refusal to: Pav? ass Aoveed oe sake placa ater ae te ee 9749 
 Directors: Shall Preschibes Terms co. sas att ea ee eee 9767 
 Of Trust: Company With State Treasurer. ©. . ool .ccse niece cn ee 9778 
 W hes /Not'-to be Received: .nasog stares as ee een on Mes 13182 
 Winkino was ice oak lo eles Pe roe On ee ee 9864 
 DEPOSITARY LAWS— 
 Board tot. Deposit: Officers... +... wane an oaeek nee ee Ske Mere 
 Expenses of? Board -How. Paid... os. seca aaa aetna 322 
 IMC OEIIOS 22 Monta onal te on she. ata Olagaisy ore sntaualere tion te oa eeac ee eee 323 
 Application ter, Deposits. 72 cack cease feces Oe eee 324 
 Action of Boartl..-cstsas cos san ait ae oer nee 325 
 Reserve.in Créasury, Amount: Ofty..0. oct oetenice nan eerste eee 326 
 Depositories; “Active and inactive. . to. crtanetcte ata ements Bat - 
 Competitive Bidding for 0), s:t% win ate nats 6 ong etnaele eae tate ane 328 
 Bids: Opened) How: > ..02.. sc. Saale poate glk oben Fee 329 
 Rejection -of Bids2 o.s....oes we cda oak on cts lee cee 329-1 
 Awarded, When. io. «seis de taeintele.e4 ties Winie Pits neleininie anos 330 
 
10! 
 
 DEPOSITARY LAWS—Continued. Section. 
 CR ST Ea (15 Ca i 330-3 
 Sarr Itc hrreiyaral | meee a ere Men cre ope Ses sya eteleco ccramarel oie wie see Seite 6 19 vo 330-2 
 NOC EE VVIOUD crayon as a esc's as ola ciece disieeiwre ay ae ecm eda BOU-3 
 BV crit one @e re RIIT eee S = teas Oe cok cic wos, Si cusvelf Go ls semis wae card wie Staie 330-4 
 Bishvat ormcabimbnishned: Dy IsreaStnreny .o.a7 cise tvs wteie'sccinwe soles « 330-5 
 PTR TES SS TSS VN ee ee 330-6 
 Maier rp ener tee) He nT Sine cine Rees ie anes Sots crc eiovaretes me/us, Weare Mle sv diotasie oN 330-7 
 a ene a aeatei nh anita Nity OF ction. ps cba cw Ge ae eaves es nale 330-8 
 Meroe etSueedtl Cae NGC OUMILS situate fie a. civic, « avevctiave oilers ov evel dts o-.a 2 Susi eosong oe 330-9 
 Statement Daily ...... Ree e a IS OS Sins areioyciiO a RUNES eee 330-10 
 Pe ee RE tl nao Se Va: occ sons slaves vans sib wes baie 6 0% os 300-11 
 Building & Loans Associations Temporary Act Sec. 1l........ 
 og AOE EASE OS Sas oe i 9 en 2715 
 “TMi SiG al RACE De 2 Gee eee ea ae ee Oe a nr a a ae 2715-1 
 RabitcationeemvipimemlotOPOSAlS soe che ci cs dois. S 48 ecceueis 13 as oyahens 2716 
 Rime PEE pce hw acid) | Ske ayaa gia sie cates cies on came d PAUL 
 TENWUCUGLS . GANNVENRE LETC Re CR Rate Spek eer ae eee Sa ee 2718 
 Oy ie OURO Aor ae et thea cas vid Dee le Ces oa Rigs oe eee 2719 
 OES VRE RTS Nol eS er 2720 
 eee ee MEOMINE MES hn trie oid ca tind sa can tec ma eee anoles cei s 2721. 
 ANCE AGL UN ROMS EN Tul 5 ee gate pat ae ore ee Gee Ge oe 2722 
 Undertaking Sureties Required Ree est 5 pan See cs 2723 
 Mee het MONCH OT Poulos sins a webls bee ee Hale od See Paes 2724 
 Surrender of When Accepted Poe Le OAT TMT ane ne 2725 
 Bio raeinisno ies @) Dn crtl@ttnrs tet o oa ecue cual as aginst dco Giecsls sraiels wi eieeervw aoe 2726 
 pubimission. to “Prosecuting Attorney. .... 0.25.06. cst eves re es 2727 
 Baile to Hypothecate Proceedings on: .. scccsc.css sete es 2728 
 ersihooe, DEPOSIAT YS. vnc acs es Dela ihamene eral Ries SR aE SS 2729 
 eine Wal tr ICs aS. l’ na ak eS cduiee ate ohne a eles eh eee 2730 
 Bera eeemiy IC IMOSIPAT sin cats racic SK misc tewink UES SBE es 2731 
 SS Ei GIBU tam NBC LAU HCLG ip en PRP Re 2732 
 Securities, Accepted by County Commmiss.....5.........0006% 2783 
 Hypothecation, DOIN RE aed Fe Sc re te eG ee ee ee FL hE 2734 
 Sate Keeping of Securities; ...2..0...0 0.05% Ee A teignn sees 2735 
 re Me ae OG I a cee 2736 
 PNG OCMEMOMENCLE OL I TtETESt is oc ssc dvina eo Sein Ghwe salen awe bene 2737 
 Wiowie Sorsvemenh Ot JCpOSita4ry. .s i.-% 5 c.-s o es waynie losin’ sv ks 2738 
 Monthly Statement of Auditor and Treasurer.............. 2739 
 ripen tend! i Doe at CIMEDES A < soces occ as SUA oie Seam avatars 2740 
 County. -dreasurer. Exempt from Liability. poi. sone. sce sae ee 2741 
 eae ad Ga IA GAR TOIO ase OV ole Soe cwe''e bys, o Wad 8 eae ward Giallo s weds 2742 
 ey aig WARAL BOI Ses ofc ih Gs awe ok Oeuieah 6+ + sivig eG oa + trae 2743 
 a reasiter misy, inecetye::CMecks.oi5 sok, alk siebees Sian oe acti 2744 
 Te ie tid ACCS Ware eens aya Vina wie ae ed soa ees 2745 
 BE eee eeG FATS CUMIEED 5.4 poh wily s > FituiG.Wee. Ska PRN De kd esas 2746 
 Sectriiessto be Purnished-by Banks 2.00 8..6.. 05s ce eas. ach s 2748 
 
 Township Funds— 
 
 (EUSP tes SIRS eS Se ee ie gee A 3320 
 CECI elitn WTGBTCES st Af < Sstdt.a ick oy wiev vavales Kec ckes 3321 
 Peres we OP eiec WVAIETC.., ¢ -co mu. be kn ie BAR wed de ee 8322 
 lveenesiee Viti etOs Dee P ald yc soe wet ec ecoermaee come 3323 
 Pectmiteom Orme CPOSIES saartiinr ss Ooon on et cea. bc hn ee 3324 
 SUES Seo Accra’ sya gb Ca Ft se a og a 3325 
 Wei vc  POUSMIE TS costo etnies ba he v's v.glarcsb easly g tate oe 5 « 3326 
 
 Municipal Funds— 
 
 PSO ONE Oso gig. eos G- pire icew sa bechalbade cons 4294 
 
 Repaimancesr TOVIGINY -LOr Deposits. 5 oss. ccccveececedi ee 4295 
 
 pean rie es ACOMET TS. Ol errien' vic t vsale-sic-cs. caw hose ocd s oo 4296 
 Municipal Sinking Funds— 
 
 aCe OME tes ays civ rales turd wid oe ss Svcs a 8 4515 
 
 Ng SMR Sas ao ia ie cede o's ease d's Ke ein 0% 4516 
 ea OMS INO ALD NOCADICy geen slog vananaies terse coceens 4516 
 
102 
 
 DEPOSITARY LAWS—Concluded. 
 
 School Funds— Section. Page. 
 Resolution of Board. 2.448. > . Ve eee 7604 67 
 Competitive Bidding.: -s:.. 5... dgeetaacate sen pe ee ee 7605 67 
 3) (ta eee rare er wter mrean eer eh eT 7606 67 
 Contract of ‘Board*and Bank... 480.60. 7607 68 
 Resohition,. What ‘to “Gontainn... o1s ss eecc ee ee 7608 68 
 Failure of Bank, Effect of..... Hee IO pte crn ay 7609 68 
 
 General Provisions— 
 
 Corporations: Governed »52)...58.s0te so ene. be ee 9793 76 
 
 Deposits in. Two ~Naines “was.c cen dane gece eee 9790-15 275 
 
 Security for Deposit of Public Money. .....260. dees 2.2.5 6288-1 68 
 DIPOSMIORS — 
 
 talc taOiwtnn -c rt acta a ise Kok eek vie ooo akin s Kae ae ot 9864. 79 
 
 Who Are Unknow oo: 2 os. .ie eet eae an ee ee 9865 80 
 
 IRECOTASOS: tO’ be: Kepty 2.3 Vile oe hy eae ees oe Se 9866 80 
 
 Beesc tor: Recogd citrate c ) eee Ceeige ck Lee 9867 80 
 
 Paid sto. County Preastirer...2o.\shy sense eee a Oe eee 9868 80 
 
 FLO WidRee lawned. Asis. Yash wie dance adie ackenis See Ean eee 9869 81 
 
 Penalty for Neglect....... Ere ga nee 9870 81 
 
 DIRECTORS— 
 
 furst board, How. Chosen:. ares. eanan ne eee eer 9712 25 
 
 ANptialleetign® OF5 fe. owt ve eve Oi ea eon seen eee 9713 25 
 
 ASR Ong Ae Ra ty ee a $d slalth <1 eee baevetoatsl Spare Ro oS SR Pate ome aie aS 9727 28 
 
 Voting for—Each Share of Stock Entitled to One Vote...... 9730 29 
 
 May Appoint an Executive Committee...........cnccececceee 9728 28 
 
 Dire OF x Ges Sales dw oe eS aa Pe te eee ee ee 9727 28 
 
 Residents of this State, Three-fourths Must be............... 9731 29 
 
 PAGO crs as 5 x AER, we Veh ae eee ee ee 9732 29 
 
 MiSGting Sr OF ys O85 Re Law ae Peak So at ee eee 9727 28 
 
 LoansycAetion son. 82). Ah acl sae coe be Sree ee 9728 28 
 
 Must Each Own at Least Five Shares of Stock.............. 9731 29 
 
 MACAMEIOR: 850 5501; x Peds kcohle Mbie ove So ee Oe ea ee 9733 29 
 
 Bond — Directors as Such Not Required to Give............. 9734 29 
 
 May Declare. Dividends) Wheniiics ates oat eee 9735 29 
 
 Examining Committee, How ~Appointed..... 2.20.0. Seodngoe en 9736 30 
 
 May Authorize Loans on Real Estate by a Two-thirds Vote.. 9756 34 
 May Authorize Purchase of Mortgage Bonds or Collateral 
 
 ‘Etist- Bonds. by, Commerctal Barks: 7: adanveck aan 9758 34 
 May Authorize Purchase of Stocks by Savings Banks........ 9765 36 
 May Authorize Purchase of Stocks by Trust Companies...... 9781 49 
 - May Approve Collateral Securing Promissory Notes......... 9781 49 
 No Investments Made Except Upon Approval of............. 9784 49 
 May Appoint Réserver Banks: 21.4, «aoc. 2) eee a ee 9759 35 
 ‘DIVIDENDS— 
 Wien and How: Declared: jha.os. »ooct eee ne ee 9735 29 
 PCONIDIONS, FOL Vis Oise. o 5512 eWoks © anlp Beisel 9735 29 
 EXECUTIVE COMMITTEE— 
 PPPOMIMENCOT «25.00 Cia ak bade ee On Rea ee 9728 28 
 INSTDIEY FC. “tq naka aintiacd cress oe Aan Bone ete en Ge 9728 28 
 Duties and Powmers- Of. oii ovine Otero le debe oie Ae 9728 28 
 IMCEHBES OL; ccc cme Mime iceiagh wkd Ooh uate 9728 28 
 Record-of Procéedinesiok és css so, voi oven e pean eee 9728 28 
 Loans: fo. Members: 08 ¢: .k:4 avn siene oe ews ah ee 9729 28 
 
 ELECTIONS — (See Also, Appointments.) 
 Of wDirectars 7 oid. bat okew oa wart ae ee ee 9713 25 
 Of* Directors. =~Vaeanciés: si 14d hosts cs ora i eee 9733 29 
 
EARNINGS— 
 TCIM Er sie FISTS sca ces cow alee eS bn be Reels Sheers 
 Weep Mee napeciy a ties hiv sk bk + o's AS cae Be gee ae: 
 EXPENSE— 
 Department of Banks and Banking.............--.---seesees 
 Department of Banks and Banking, Report of............... 
 ae Gee ATI ITS Sie oa, She nena gain fn ken otter, oie diated gig <e 
 EXAMINERS— 
 PUG IEC TE Cs Cree Wy 5 Sere ely licences als viaqn's kwon, sae ow aie 6.88 tres e's eis 
 2) SS A SE SP Mr a OO ee ee area 
 Ue CVSS) DO Sa a | ria eee ar carer te ee ea Saree 
 Shalevecept -No- Other: Compensation. 3... csi ohae estwe soe 
 IMageta N@tehe. Litebested if) BankSics vic os ccieis cco ofdert sche som.e ole henes 
 Pe me eMBMA ETS CST MAND Sh ot ine eke ete pp wim nw pace. Byes ake Son ens 
 MGS tata wGv Cal siINEOE ING TION «ccs srsih sis ec 6 oie oin: scsreioiele ols. sepere ore 
 EX AMINATIONS— 
 pal by seseainining COMmMUuttee.. cay. c pce canoes ew scene 
 emp nagtal, hy State EOXATINMENS. oi. veh case cnnea eis coeus 
 Preiminatya ol NeW GCORDOEATIONS.. b%.8e. ving tee ve asup ed cee et 
 Special, Upon Request of Stockholders or Directors.......... 
 DATE ILHOUL PE reviOls, NOTICES) wos ccc ete Belees Ce ebucees 
 EXAMINING COMMITTEE— 
 Ber eC EERE tayo ae eo anc Ae als ae tc anions cape Soh ee Te 
 Ie ses oY ihn cee clatitaccsetin ite sb stewld ocean and 6 @ pares bles eee ais 
 Petit oir Vl fONADELING ACT . nts accom ec ae 
 FEES— 
 PrraletouWe nial: BY <DADKS os ce We as «oleate atta oe Os 
 Annual to be Paid by Dealers in Securities.................. 
 Woceicne 6 Pils GOMPanles:, cen oica.e dehss. cs baits te Raabe a oe 
 Micitisieal Ma eee Ls aime eee neca Sie eck rdtis wy Grvhacaials scars seein ables imaiets 
 Pic atabe. UT SA GUTY ee doce Spas nniv’s sola tee eonnk ahr | 
 Penalty 1f Not Paid on or Before November 16:.......5.0... 
 Soe eet ead Set IGT IOMS Wiech ioyecaiels a0 a 2 Sieber e akvale actin .e Wie covers Sto s50 
 
 FINES — (See Penalties.) 
 
 FOREIGN CORPORATIONS— 
 Incorporations of Other States Not Allowed to do Banking 
 BME Re! KCN ETO LOSI» WLONCYs Scien 0.2 h.cdm ernie acre Rabe ee 
 
 INVESTMENTS— 
 Kinds Permitted (See Loans) Not Invalidated by This Act 
 Meter ier toomnmactment<of 1 his" baw.) i). Sock rents dscns 
 
 INCORPORATIONS — (See Corporations). 
 
 INCORPORATORS— 
 
 PMI EDRC TRI ORT IEV ERE 5 rvcce Wl 5 4 vierda Gates evtw ine swede hiepe cs wesc 
 
 Residents of this State Majority. Must be... .cc. Ve uc scenes as 
 
 INFORMATION— 
 Superintendent of Insurance, to be Furnished to 
 Oe regrO mee MIS WHER! S. eiesc i Pare ewalnes wake pba eweds s« 
 Peete sor shaiiitesto. FUtmiSiiwis 6 fas ccs «oo .teeeeak vexees co 
 Superintendent of Banks, Must Furnish to 
 Superintendent of Banks, Must Furnish to 
 Superintendent of Banks, Must Furnish to 
 
 A Gem eOR ee O10 e 6 wr etels ° 
 
 Section. 
 9735 
 9735 
 
 713 
 743) 
 721 
 
 6373-24 
 722 
 726-2 
 736-1 
 720 
 
 9739 
 9744 
 
 Page. 
 29 
 
 30 
 
 eo) 
 
 ie) 
 Craonm= ADOW 
 
 76 
 
 30 
 32 
 
INTEREST— 
 Allowed on Deposits. 2.522.) sh pea eee 
 
 INCREASE OF CAPITAL STOCK— 
 
 Provisions fOr od see ae ee ee FEES ity eee 
 
 LIABILITIES— ; 
 Reports of Condition’ of.) .lscasie eae eee 
 
 LIQUIDATION — (Voluntary.) 
 Provisions: £60 ong. 23 ins cde ote eee 
 
 LIQUIDATION BY AGENT— 
 Discharge of Superintendents; . $F .<.... jonas cae 
 
 LIQUIDATION BY SUPERINTENDENT OF BANKS— 
 Possession = "When: May) Take. 447... cceae eee ae 
 
 INDUCE JOT? iocge cd ctee fic a fhe pa ete he ee \ 
 
 Special Deputy— 
 May PA pOInt ic. 2m. dimen dancen ok aaa eee eee 
 PROTA EST oa Pande och 6 mal agate Siafee ibetexela la. ek Aa ater et rae eM ROE te 
 Certificate of Appomstments, <..4% on kom 2a ee 
 Expensesot, Liquidation si. oc. ok woe tae oe tee eee ee 
 Claims of Creditors— 
 Présentation and: Praofic. cases coche nc aes a 
 Rvepection: Of. fice ecdue a ee eae dee ee ee 
 
 Obj éction: to. bys Others... 2 scs-cen es meee ee 
 lnventory+q Where Filed. sc indo in «nee a 
 Moneys Collected — Where Deposited.........0..c.esccceeece 
 Dividends —Whensand ‘How Paidcs. oss. cd dacecnoeeneete 
 Receiver — When Courts: May Appoint. .0.....++. 0. ietecren 
 Receivership — When Vacated-. .: pi0-tart.. 4 ote 
 When’ Proceedings ‘May. be™tinjoined }..->. ..e.,. eeee 
 Meeting of Stockholders— 
 
 When; Galled. by “Saperinterident.=.. 3. ..5:2..d.., as ee oe 
 
 PCTION a SIG 7 to hea than eee ere He ae 
 When Bank May Restme Business... ds. 4. ant ae em 
 Distribution = Final, oy ancton eos of a ee ae 
 
 LOANS— 
 Commercial, Banister ts sons c htas Be aoe a ee ee 
 DAVitiven PanNks” ie Fateh ie ead mente aie eee 
 Sate Deposit. Compaiiess....).\. fe. atte eaeoes oe ee 
 Brust Companies. ccna ata t kes AeA ee 
 On Real Estate— 
 Commercial Baky.c.03.¢ A. sstwote yh nae ees eee 
 Savings Barks, «hae tos acs sts visthtks ee, 
 Safe: Deposit Companies «5.44 1sarecsroase ieee ton 
 Trust Companies: 3.20. Sivccas le, 4 eee eee 
 Limit to Amount of —To Any One Person, Firm or Corpo- 
 FACOG 40s ccc elbierx: Gaines Pulley SF oe lake ee ina aie ie ae 
 Personal:‘or. Collateral’ Sectiritv..- 2... ost. pce ee 
 Bonds — U. S. or Those Guaranteed by the U. S.............. 
 Bonds — Of. Any’ State'of the UhaS.5: os tee eee 
 Bonds —— Munticipal 4.2.5 .ccvck iuilnc Soe 
 Bonds — Mortgage Bonds or Collateral Trust Bonds........ 
 Discontinue Making — Until Reserve is Restored............ 
 Cannot ‘Loan ‘on “Own ‘Stock? 4, /0ae iss Gen ae ete 
 
 Section. 
 9763 
 
 9725 
 9725 
 
105 
 
 LOANS — Concluded. . Section. 
 
 Deposits in “Other Than Reserve Banks” Held to be-a Loan.. 9755 
 pm OCU SOM MOICECLOTS a oak ne-ss ols cea abies Sui ew sek ba venus 9729 
 Renewal or Extension of Loans Made Prior to the Passage of 
 
 This Act Must First be Approved by the Superintendent 
 
 Gadi. ISN ATES 5 Ses te Ser emcee aR Ns aa oir acc er e 9744 | 
 
 COLLATERAL — (See Collateral Loan Companies.) 
 
 NAME— 
 SUES SS Wl Sis | ats G5) 8 ae ee ee ee a 9706 
 Must Begin With “The” and End With “Bank” or “Com-— 
 PRM eee ficial ys eee os Fs ae es Cee ee 9703a 
 OFFICERS— 
 eee Cee Nets ee eS Tee vient ciao Go wick ch Rinne rvs bas OS CASES 9713 
 Ble NA Aeros! nea os TAG as ete 6 orks 4.8 TOS ws Os CE 9734 
 ee eee ee Sore ag Ne heen ws Sdii@ece Kee was Bin dv sie ae 9729 
 aco mietion-ot — Under Wath... sec cock secs oc coc es ccusn 725 
 EEE SESS Yosser ee oe a 738 
 Pe ICT SICA CAIY Ss cre sty lid asc voto Cae uh cosh ek owe eee 9791 
 OATH— 
 eae Re RAI. beeen c Stic ite oc nea Fe ee olen don ook eee oe 9732 
 Superintendent, Clerks and Examiners — Must Take......... 716 
 Superintendent and Examiners May Administer............. 725 
 PROXY— 
 pre enuieen oe Mate Wote Dyson's cnn, s.e sv ehe aves es ca, cowie 9730 
 
 PRESIDENT ~— (See Officers.) 
 PROFITS — (See Earnings.) 
 
 PENALTIES— 
 Greener tee ROL AANON Po hooces oasis was siete cated Robi ee 12898 
 een MIRE TIES “REC. oy ela hy Ge rend oa os ann bh 12473 
 Meera aie RNR CDOIE SS cco it, oc: «.. beiy Salo cake se ca hoe 741 
 Re mun Chee Mee yt bee ie ie fe, Oe 2 Sai So RES 9746 
 ae Ce ee ese ets are wk Cece. oon See oad 9746 
 False Statement Derogatory to Condition of Banks........... 13383-1 
 Per MEY EE OTLOWINE.- CEC 0 fe cies Se. Sebo ance lawccle coed 13184 
 Mer emmiGentc mr eras Fl es va, nk See Le 13187 
 PASS BOOKS— 
 SPIE TEC FSS 0 COS Es oe a 9768 
 PRIVATE BANKS— 
 Pankwasecan Word Prohibited -Wheéen:.......0.: oc. ssclesnes 744-1 
 Certificate of Authority to Commence Business.............. 744-3 
 . Detailed statement Mist Be Filed. oo. oc sce ese cca ece scence 744-2 
 Miepositors.hirst bien Upon Assets. ....%s....s c+ cececcs ceed 744-6 
 MMT OP a ir Sy vas cS es ihr ee hic we wisls iv chm eats 744-8 
 Pipe Me eriimedivon OF CHECK. cs osc. ok co ns be vaca owlawe, 744-10 
 General. Code Sections of Applicable..............0seeceeces 744-9 
 OS oT ERE TET a ge 744-5 
 Penalty for Certifying Check Without Dengsitn. okt, cena 744-10 
 Penalty for Receiving Deposit When Insolvent.............. 744-11 
 oT PEN 2 ae 744-11 
 Pmemwinie, Pight-to: Bids Oris. << iis in cc sa sees coe couck 744-12 
 dah 2 Ss EAN lin il (oe a 744-7 
 Dae ISBORUICN Sia nv acs bas comiicn Oe oo vec s ook ck wk 744-18 
 Superintendent May Take Possession..........scccecececees.. 744-4 
 Statement of Information Filed With Secor state, e. 6s 744-9 
 
 Page. 
 28 © 
 
106 
 
 PUBLICATION— Section. 
 Annual Report of Superintendent of Banks..:......0....0:-+ 744 
 Report--of ‘Condition. of “Banks: sinks wees stoke steer 739 
 Certificate of Authority 16 Begin Businéses.;. -. 5c ence 9722 
 
 REAL ESTATE — (Provisions. ) 
 
 Commercial Banks... 28cc saeges fants cee at eee ee 9753 
 Saviness Bak Sry cciagote cre wee tesla eae Ce oie eee eee ee 9762 
 Sate: Deposit: COmpanhles:c shaw sa cotinlee hope aie anata ere 9772 
 A fst ~COMPANIGS Vis. scala Pues Uoekis on ha ee eee 9774 
 
 REGULATIONS — (See Code of Regulations.) 
 
 REPORTS— 
 Annual— 
 OF Superintendent. |. astouv'sc eins sec euns 4 oe tote eee eee 743 
 Printed 6232-70 ied oa otis heen eee ere eee eee 744 
 Or Examining Committees. }ticccse uate oneae Renee - 9736 
 Of Condition— 
 Superintendent Shalk" Call) Fors i.) s,) 5.200 sees pee 737 
 Miastpibes eturnedetnt ens lay Gerdes) seta sere ee alee eter (fear 
 Renalivystore  ailirer to eGomplyn sacl.cranis ante eraeilan ries 741 
 PEbWiGatronaO fy we tre, oc mae ee Te nen aR cnc eee 739 
 SOME ES MO Be ete fe are Sela pasate oes Dee oe eos Oe 738 
 SOC tals Cok, hg, cnc eroca' ok ate naan nated tes tenet: tal gD ak tie ee 740 
 MASEANE SS WO HIINEO.o.- tow o/s brad bee bapendis a Banca nO teres ae 738 
 Samen Mate stor. all san ccs wtvaneteieica concrete teers haar 738 
 REDUCTION OF CAPITAL STOCK— 
 EPPOUISLONG.. LOL, 5, >. xc dreds Rtagnin dala ha ula ke Sete aeaeel epee ae aa 9726 
 IN Git as Clo we eM ninn utile Otic Ceratercreceyeie slave ke atetel terarais mice erations 9726 
 INOTIGE MOE FG ire cuckoo aie teces Stake sole e ah eect aaa cuore ene eee 9726 
 Must Have Approval of the ‘Superintendent. .\.. 2. ces. sec + a 9726 
 RESERVE— 
 Of Commurercial Banks 0s. 2. Wir nthe ack nate ea one Meee eae 9759 
 QiisSavimes «Bankes tiets.c nace sais ghia toledo cee ehe oe aero eee 9764 
 OLS E rust Companies oi... ¢.ctasate ome vere ec eterno 9787 
 Wile 1D eheteniter’s thins «waders wieteton omecete acento entries 9760 
 RESERVE BANKS— 
 ADP OMUTMIEMEN OD ue ross atotautte aecto's, ateusce earn ante ws ocegel vou etnneue dinette 9759 
 Federal > Reserve | Provishons’s: fo... kor casts alge tales toy shake 9796-1 
 RESIDENCE— 
 OualiicationvoLlncopporators: . ner cee ciaccessecioe cee eRe 9702 
 : 9731 
 Owaiieations sok OMmectOLsrve vacaeis susie ee wal dues cael eee 9732 
 SALE— 
 STO CIS aot cca) ss nhs esc N aL ells eo 6 ai Serer a CR COCOA Teen SS er ec 9718 
 STOCKHOLDERS— 
 Barst’ Meeting wots Proc h it aus hie-sicia wiisvars) succes te one ole nai eaten eee 9711 
 Annisal WMieeting* OF slavish gos orccnteled teeters Glee een eee 9713 
 Voting, One. Vote for Each Share of; Stockty wan manuee same 9730 
 Proxy, May. Vote: by isin wan iin in, le abaak ticle ean ee 9730 
 Books Open to Inspection of (except certain)..............- 9795 
 SAVINGS BANKS— 
 Capital Stock 3 Of «1c. c+. ssacerah fo atn gates Bice ove atti ae a Ee 9704 
 PIVSPOSHES |S ps5 deen hatin 7s sn dean a opie Oe Riaaste ac tee celle ee nn, « 9763 
 
 RGS er Vie OF Misses rake orecske ous Se OREO orale) ce I eae eee 
 
 Page. 
 
 =— (J) 
 cee Soret 
 
 WOOO OH 
 
SAVINGS BANKS — Concluded. Section. 
 UT ike Resa aR ere Oe le ee . 9765 
 PEGE mE M ERR ree hd Mon, Me aNd, & NEL Box tebe. Bele ha he 9765 
 Terms of Deposit, Directors Shall Prescribe................- 9767 
 Hoss eds mons WiTseibe TISSHeGs ss... eee Rl te hht fas a bh acat eee 9768 
 ENCGOM UGH R@ keel IMO Pare own ore ge es nie onisnnh ota Pais Bek, ook Oo eR 9770 
 Metta Crett te SI GOR. ou, Of pees gh Pn one ie ew wean wh alee an lure 9762 
 
 9765a 
 Limit to Amount of Loans, To One Person, Firm or Corpo-} 
 
 PREMIERE PSO Re at Key ea, oe nee pe Er whe 9771 
 Real Estate Owned, Other than Banking House and Lot...... 9762 
 HOOP Et Pegs Sok a Tein IG RRS anime it ar on ee 2 ae ac 9764 
 Meee OT AIG © so, ns hal cion Beko ech Pn ilo m. 9769 
 Pneotporatea wader Nct OF~ 1860 cc oseg ete oe bck v antes scne. 9810 
 err Or rl tat Watte si as hi Port wine ween ee oe ns ee 9811 
 UNIS ASE US NS Soop 0 Si D5 aoa en ee a 9812 
 Re PR mee Oy es iid Geek Saas had soe cor: ca 9813 
 Nil, SISO Ge) Seat RU eS OC ag Pan Nea eee Sr ie ed 9814 
 Old Charter, may Continue Business Under................. 9815 
 
 STATEMENTS — (See Reports.) 
 
 } 9752-1 
 Doreen horse Of VV OF dea ds. es Gran. ieee Cy 9752-2 
 
 SAFE DEPOSIT COMPANIES— 
 ee ite meee CeO Pere Hla ern ook ss #04 Mouths choca cerca re 9704 
 CES OSES aT SRY TS Sf | SA ng a SE ER tet 9772 
 May Receive Property for Safe Keeping................0000. 9773 
 May Act as Agent, In Registering, etc., Stocks, Bonds, etc.... 9773 
 DR oe Pee ESN ce tie ee dyeie dah a, Oo ho Gage cds JOR oe 9772 
 Be sO Mee a Met ak SA oes wide occa ee eo 9816 
 ITN (EB 1s eed ore aa aad i {cl rr rl Rn 9817 
 Court May Order Money Deposited With................... 9818 
 May Receive Money or Property in Trust......-............ 9819 
 Trust Money May be Loaned or Invested How.............. 9820 
 Limitation of Loans and Investments..............0.c00000.. 9821 
 wieatusbipaMorigages«May Invest-in... 2... -.6. ieee coe. 9822 
 DAS Sethe) Ge Gre ee ee a DRE igs Se ee tea, Acer 9823 
 inemraneevor Mortgaged- Property... s ueskc sock boo ceo, 9824 
 ruse MoneyAccounts Kept Separate. io. oo. 0.02. ccc cee ck. 9825 
 tener ee E NS ae ers nn yas 51a Mee ks 9826 
 PRESCOVE CU UMOS. oicc cic Poon. ns ction acs eR Pee zor a na Nei Reade: ar 9827 
 Lg SiS SRE Eee ee Seg nat Rea aa ok hg ae 9828 
 Popuelareuieds SCCHTILY.\cc coo. ts see ieee Sd hee, 9829 
 Oticers,Compelled to: Answer. in Court. oo... ccs ove ce cance cs 9830 
 edmeteoney. vow Invested’ i... os eeee< yk cakcc ccs occ ke 9831 
 Prust Money: ta bes Kept, Separate. sis oie. eos cos cc vee che. ck 9832 
 reece aera ability OT xs MeoG vvsickn esc ageee ot cence 9833 
 riper Wy NOY AMttOl pis os coy. Coes fcceda lee coe cole 9834 
 SETAE Sa ts Ny eel a ene 9836 
 omiaat meine sais lln is crc... b. oo vee ou A Rae Secs Cook 9837 
 TSTET CO 7 foi ey Ea Rae Se A ee 9838 
 amr eaeo elit at omtiater « SPOCI Es his ou ps bea when octet 9839 
 Papen meat dik PrushsMOney os oss ivan s oo Ses ok cs wee eens 9840 
 Investment Limitation ........... Sodoh cet uate ea I be ae 9841 
 Pperer ei eCe NECA LO WS hii os incon s ons eee ee, 9830 
 
 SECURITIES — (See Blue Sky Law.) 
 
 SHR PLUS — 
 
 Deh E TY CA ang SR, Cy en a a ea er eA Se 9735 
 
 STOCK LEDGER— 
 
 ETS SMU 0 ae oe a a 9738 
 Sipenmsto-inspection of Stockholders.....)....es.cs00). 00... 9738 
 
 STOCKS— 
 
 Brmpmeteaenta. sh Ltn biGh ao. soca ve osu bees powectecese ess. 9790 
 
108 
 
 STOCKS — (See Capital Stock.) 
 SECRETARY — (See Officers.) 
 SPECIAL EXAMINATION — (See Examinations, )- 
 
 SEAL— 
 Of Superintendent: of Banks. . :>.cc-220t-nase seme teen ae ee ete 
 OF Corporations. fo 22. va re oes = sie se eee eee 
 SUPERINTENDENT OF BANKS— 
 Appointed: by the: Governor \...5.).nk ss ses we bale ee 
 Tertix Gi: Ofce oo. ear ced oh Gece ae ee 
 PY UGIES SOEs iSicscapcia te lanes es shae wis reer ote eee lone eee ee eer ee 
 Salary Of. obs Gatien aerate ca hte are ee ee 
 (elon an eee OES Aner ae apr rt RAR Soro’ She. cdeisceda cute 
 mxpenses of, How Pata oni ot Sesion dea yn ee ee eee 
 BOmdS OF 3s Saein Fe es (ha ow ao Mlaresl see ee eee 
 GED MOTs 510k oses shee Kain es, Gen pe Nae, ce 
 Seal: Gi cers oun Whe Date pce ale als Oe el an i eee 
 Ofhee Of TLOCarion, 232 2 vies eee cose Aine heer ee ee 
 Gettificates ot, Received in) Evidence: fa... <0 one eee 
 Clerks: “May Baiploy . 0... fem jsisken saad crane wen eee ne eer ae 
 Examiners; cay Pimploy os Az «ios Wisins o's elt ie ee 
 Examinations, Must Examine at Least Twice Each Year..... 
 Special Examination, May Make on Request................. 
 Fee and Expense, For Special Examination Shall Collect..... 
 Copies of Records and Certificates of, Good for Evidence..... 
 Notte Reveal iniormiatiOn: « sin cri. ier oe caterer eee ee 
 Mast not Accept Extra: Comipensation. /o. 7 aves ovemaeens 
 May Summon, i Writifio: naiss <ay< coc t 1p ee pails ae aoe 
 Subpeena, .May Ask* Probate. Cott £0¢ .c) v.ct m.cane cee een 
 Penalty for Refusal to Obey. Subpoena... .cciesc case eee 
 Must be Allowed to Inspect meek chitinase snk eset k these So ee 
 Must-not:be: Interested in. any Bank in sinuy secede oa 0 08 eee ee 
 Articles of Incorporations, Copy of Must be Filed With...... 
 Reduction of Capital Stock, May Apprave.of:..... 0.2 1h ee oe 
 Report of Examining Committee, Must be Filed With........ 
 Sale of Securities; May Reéquite- Sale efvicw sci cc aan cnedon | 
 Examinations Must be Without Previous Notice............. 
 Impairment of Capital, Must Require Made Good............ 
 May Apply for Receiver on Failure of Bank to make Good 
 its RESELVG. 0 os visninss a bae's belkin ere ni 4-0y Unk sen ph eaMonrte 
 Suits, Must be in the Name of the State of Ohio............. 
 Calls’ for Reports of Condition, Not Less than Four Each 
 Woe a Gla spel eiek aa rca te hee spare ola oat ote ee iia a ee 
 Special Call for Report of Condition, May Make............. 
 Penalty for Failure to Report, Must. Impose... <2... «sis. sa snes 
 Preliminary Examination of New Corporations.............. 
 Certificate to Begin Business, May Issue. .....0....0.20.03 00> 
 Certificate to Begin Business, May Withhold................ 
 Anmial Report-Shall Makes. . ceo. cal et bee Roane shoe ee 
 AnnialsReport, ShalloPrint rsa aus: te eee vee 
 Voluntary Liquidation of Banks, Notice of Must be Filed 
 Wk (dc ee aera te rawn Men nee CSN Roads ak GW OG boa o: 
 When May ‘Take’ Possession, of Bank: ...s35 ane neers 
 TAXATION OF BANK STOCK—(Article 12, Const. 69)— 
 Banksvand* Bankers “Defined... \ ccs .au. alc tm nate cel oie eee 
 Capital. Shares sof 12 sc3 ms cn. 5 olaeitinue antes te oATne e 
 Real Estate, Taxconsic.. «Ges sil ct Sp ans ee eee tee 
 Namies of- Stockholders. (iic..0.% 5 case op aa enets sre eiee white eee 
 Réturns:. by cashiers faGcsac eng dale afininp hoe gon 
 Valuation of -Shares, How Fimedy. i... <n.ins sates Ose ee 
 
 Section. 
 
 Page. 
 4 
 24 
 
 mM 
 C9 CO He He HR OD GO OT HE CO CO CO 
 
 J 
 RATA AADNOLOD”H 
 
109 
 
 TAXATION OF BANK STOCK — Concluded. Section. 
 
 eetitiiiver ettirehcetom Via keer tint. cc? Dies ben okie vaccine. 5413 
 False Return, Penalty for............... Bertman Suet a 5413 
 Walpe Oleares, Power to Increase... os cs seen nies kee e's 5603 
 Peeters OCATITALIGHY ON S54 oc fas he ve biel dos pe ss eb auoid os 5604 
 AR eee ete nc des oe din ore he hea ebb cde bi wevags 5605 
 ELT SASS ol CT cay a a 5606 
 PE Le CNet oh aire AG ER oe: is, eae ence S'S Alameda Fa oo Caen Ba vies 5607 
 Paveotien ODO Mae Silat CSarcr were keswick ao aectoteiterdie retierho on bees 5672 
 Paxes~ lay so eauct tont olareholders..1. oo. pis sss ae ens s 5673 
 
 TRANSFER OF STOCK — (See Capital Stock.) 
 TREASURER — (See Officers.) 
 TRUST COMPANIES— 
 
 eee AS ee Ses dan es ihc Pa signs Sedo we he cobivbis oveecn. 9704 
 OOM TCE) 02 9774 
 Pe RRM rat A rhs Ek ee gs ee OF inice cike coi, BO Reis kena es 9775 
 Pottery wirece. Denosteiins, 0... soa. dun sceescoadcecoeet 9776 
 Paar eisai eats. Tables. |i hivcs ks oon oo Seen mcs 9777 
 Ere etn Vee state: EV CASUT EE o73.2 5c ices wig Uidiv'c veloc Sev coee ok 9778 
 eyepeste aid lrusis, tow loatied.;<.o5<.5. onc cn conve wdenn, 9781 
 rman, Were, Isevectinen te fre resco hoc boob Cocke cade 9782 
 Loans, Limit in Amount to One Person, Firm or Corpora- 
 
 UO Se Ree Cee Lois a Pee ees Ses Eee ces. 9783 
 Mortgage Loans on Real Estate, Only Upon Approval of 
 
 1S lsh SSIES Fe glo RA oi a a a A 9784 
 CoE UII WSS We sc SNS ne a Ce 9785 
 PM aee OTe: MACK. Casstat wicks « wdke shh ic ples ad ek ce dl, 9785 
 Cisne Punts oblow. Matiag ed ios coco see ccc os a ow weno 9788 
 ier col May nswer liv La W reise. «cake ev foes Sake en, 9791 
 RM in ee ic ys an ks bahia Se 9787 
 Investigation, Judge of Court May Order.................... 9792 
 Trust Department, Must Have Pare ep Tt oe: vote ee 9786 
 wuiten rust Deed ar*Morteage Void:...<.5..0:.. 2,-5.0... 9780 
 Trust Department Not Liable for Other Debts.............. 9789 
 Prepoet Wa Preasurer of States. .s.... 06.4 sesso secs eee. 9779 
 
 VACANCIES— 
 
 In Board of Directors 
 
 VICE-PRESIDENT — (See Officers.) 
 
Section. 
 
 see ee ewes 
 
 INDEX BY SECTIONS. 
 
 Page Section. 
 rea awiaeba st? Deca CQO ved aa Wai Ha eae 
 ere ea eck eR an 50 1O0: SBS cette ne earaa 
 Fe sate dhe antag aor 51 CAO Fe ns Pee ee eae 
 hid sataeiaie Sanern one 51 TAS ee ene 
 ae, Sie heat a aces 51 CEOS coe sane nee 
 WE saree lage ONE eee ol VA IR en i PR 5 
 PE Ki Bee 51 T4222 O25 2 eeenee 
 Lew Won ARN otek 51 (4223? Vianna teas 
 PEE epee aie aye 51 TARA oa cie Piano ee 
 See aes ewe ee 52 ThE. ee ois ace en colons 
 Fee EN EEF 52 TALS wisn ten tae Pee 
 pakeeete Rea cieitetecs 52 PTs Varare ae ene 
 Stat hex etapa che agers 52 TARAB* Sache oe 
 tet oer ah tea cereale) oe 52 C4239) 5 kn ce 
 Be rene aie rits ealetets 52 (ABA ie Wis ag pees 
 Bhan AU ee Caen 53 CAD TA Hes the Seapets 
 OPE ee poker eee 53 fc UE PND De ey FF 
 ee eae 53 CATR Ce se ccakte Seas 
 Pi See I OEE A 53 Ea Sao, ante oe po 
 Soa caec Marca eis BO 54 BaD 1S eS ae sc em een 
 a Gyw ae sin le Biase ae ROOD 54 T42=16" ... dade Rowe 
 Ce retro Un a Sate eee 54 148 coe. tote 
 Se Resee sere eee POST c 54 TA 6 55 Roads eee 
 Bale Merce coer aaa ee 74 TAAL 5 sa sissncston ae 
 ALPINE ET 75 T4b Dasa ces eee 
 Otc Pore cre. 75 (Co ee Pa eet ee Ope 
 ny Bia ebeouy ao aa ewe 3 TEA A aS ocetpatg tinue 
 Dety sa Wawapeas secs diets 3 TEARB Ss inte s Fe SE 
 BPP he Ren: 3 144-67 Seawee cca 
 Sener ye ce pbspeaienes 3 TART as shears Ee wiles 
 AS ie Pe ce eT Na 3 TAARB ES. crc aend OREN 
 EE Oe a OES «a 3 (44R 9. eos s paloma ak 
 Sedenern te ci Paes Fann 4 CABS Lae ws ae A 
 stele tua Mercure eta 4 TAAeIE Oe anaes 
 COU eee Cle es 4 ON sae his oe ae 
 a cicha teigisivieste ek oes 4 CAAA TBS | IONS os atin 
 ewlace gies Salers arsine 5 ZOO aa cnd hatte ee eee 
 eicets gina tas ek uae 6 2ZG0P 5 BEA casei 
 ihe casdoge: Sha pranaee an take 6 BOB de ole ive, cote innate 
 Lye alaietete benietsheterlaleeis 6 EM aebecrine Glare aeie hee 
 asia tacases artis 6 pia Li os eee Sears ate ty. 
 Be. cits tanh atees ate chants 6 ATG Wie htoee cate ie 
 POW iter ve ee 6 PS Cae PER Sl 
 Ce RIO ee 7 BULB SM ics tote neha eee 
 ble caalee A ontnmiees if Val PI A coe seo i 
 bie'a stateiavay tialsie nit hia 7 PP Meera ate Perry cee 
 PE CATT SOR EEG. 7 ER EMRE SOE LS ree 
 Dacihs < Wanha daciaatren 7 pH pe Ran ore a pM ey ce 
 Pe ee em 4 TON icc rcere elaine Oe 
 Rant haats-s. ae yee pasa 4 Dak Us de vege Meo 
 ase ne aeny alate aad eae 7 DAU cine eartad Oise 
 Fatae Hanan oth lene stars 8 STAG Sl hinwy eta annee 
 iv ats co PAT Pan 8 2 C4 SER ORR Lic 
 Luca pega, &: oohe late aes 8 DYER. hale ae ae 
 yeicista pacts eres 9 TO oN ase Sc aa 
 “oh caaenie Catemaeer 9 BY BOs at ats,» Waser ema 
 
 see e eee eeee 
 
 we eeerereee 
 
 soe ee ee eees 
 
 a 
 
 ey 
 
 eee eee reson 
 
 eee ewww mone 
 
 CC Cm Car Si 
 
 ed 
 
 Che: Oe Sie @ siete a 
 
 oy 
 
 66,0: 6 0) 8%e 6) CaS 
 
 ee eT 
 
 eee ee en ewee 
 
 ove" hel e(6 4656/0 8 
 
 oa ee eee se 
 
 © elere.o eleres ein 
 
 ee hee een eeene 
 
 ee 
 
 9) © 6.8 ele ee sls 6 
 
 Ce aCe ONC uC a a} 
 
 ee 
 
 weet eee eens 
 
 eee eres eves 
 
 & eves es) .¢'s eS 6 
 
 eee er oe ew ene 
 
 eve ei bliae 6-6 eel a 
 
 eee wer ee toe 
 
 re 
 
 ry 
 
 * e/e\els jae 6 ah eis 
 
 eee eres eee ce 
 
 oe See) 8 8168.0 16 
 
 ee 6 « ee ¢ 0 e676 
 
 eo) age 06.0 Ser ese le 
 
 ee er ey 
 
 ee 
 
 see oe eee eee 
 
 stew ee eweoe 
 
 see eee oeeee 
 
 ee ee wee eee 
 
 ey 
 
 ee 
 
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 ee 
 
 oe sqelioh® ae sale 
 
Section. Page 
 ARV e leaky ali oes 60 
 RSS ie RON Rae a ea 60 
 SS ae SS OR SRE eet geeenae 60 
 LUE os RO ie A PR a a 60 
 2 LPS RS A ie a 60 
 Pee ENG oo ges, ha Sung eaaS 6] 
 a Ss SSE i ar eae 61 
 Eee ein oe epee kc A nies ne 61 
 BR he eta Fae SP okee Sst as 62 
 ECSU Sis oe Ny ea a eee as 62 
 PS RR es oe Oe ee a 62 
 CHO oe lg en a a aa 62 
 eu eS ey aac ere GAT G «ou ee Ses 62 
 BU eer re Gad rakes ooh ce ek cad is ee 62 
 P5.Te GB FS eg Sg Oe RR oe 63 
 Bag oR ce ee aidiin Cae woe ona 63 
 21H pangs Pe Bethe Foe Sa agen a 63 
 ee Matas Sick ac oid oe vie ons Oe 63 
 OL POMP RO i aga Cha Chee 63 
 ey Sean od ewes Se 64 
 oe GORE SI a ial ae 64 
 SEL oe gil Goyer a 64 
 Meee ee ek 5 ce a ae 65 
 ee Ponts foe Ute ren a Se, eae 65 
 Ce hes en Eee 65 
 Be ee eer yee eet ean Oe 65 
 - le, 5 Ere ee Ae ee Re 66 
 DIL Gg Uh eae oe 66 
 Re a ec ea mire Ske 66 
 MU aaa cele oe ty Woe = 67 
 DMM NG ero? ot os ae oss eRe s 69 
 CNCAA.SS guaed Se Oe A er RE ea 69 
 BR eee ORE hc ee te in oe 69 
 1 SL ois a a ey a 69 
 EE SRC are Fe ok, 70 
 SLES OE ae AR eee 70 
 TaN HN A rt ne a ae 70 
 ‘2 © GA dah a oe 70 
 DG eats bina Site, Skt ce eee, (A 
 Abe Bene re Nene a Gy ee trie eet val 
 eles CPF As Oa cen ee 71 
 Bere Wa aaa A oe cae cae 71 
 Oe Fara Ace ooh. Ass ede 
 ere Sach rye e cr. ce wehw eee: 71 
 Mt eta os i coors eke te 
 eee ratty ee ee sare eank: 77 
 ere ate Se Secs a Bde Oe 77 
 Bes mcaet sake ieee es eee 79 
 Renee rie tes he Ooty ee, ce 79 
 NSU aR Sie ti ete ae I ee ees 80 
 Pape SP ue overs. Sout 80 
 Bin here Rive es Sree ke reso Soe 80 
 CE ESR SO ae Sane ee ae 80 
 ie eee oe cae tes 81 
 TEESE SUS IRE i eat en 82 
 Ys ee ne ee an a eee 82 
 GMS LAR ier eos ce ect Peo unde: 82 
 oy aol he eA Se eae ae a a 83 
 ieee oy ee ee 83 
 SLM ities oe oes Syd ok hen 84 
 or 1) EA do ae et eee ae 85 
 Ree ao. 2) aS a 85 
 Dred Migr esters cid Cv chk 86 
 Dee Ue tics shoe KE Diels ete 86 
 CE EYL eg ae ae a MO 86 
 
 Section. Page. 
 USS A Rae FCT in ie a ne 87 
 OO Cae aie CUE Ghee on a coke Se 87 
 Oi CO at lee Sarees kp Ck ee eee 87 
 COLO ata Sha re oe backs eae eee 87 
 TOME hs ey Beata. Maren coe 67 
 OOD eerie elects cel ys a ee 67 
 POO recs ion Ghee a eee Pee 67 
 TOU pe is sae. ae hee oN ae 68 
 OU tere eae, < Puy aetna aA aa 68 
 OUD sit labs Ai ee ta nae ee eee 68 
 DAM AS patie elle ials Cee. ee 23 
 DIOS ee tok ou Gees ne AER 23 
 CAGE EO ay gear Peete beatae pee a 23 
 LEU See Sy is Cea ee ewes ok CRS 24 
 MOS Achat ten Du ercig fat ot 754 ate ome 24 
 DUE et ie das SOc Se EERIE 24 
 DUB: Categttee oui tis marek See 24 
 DUO raat a al, Ce ae mae eee 25 
 OIG ae Pade ctw Saks Aiea 25 
 A eg dhe oa tN oe ey cb ee 25 
 De TA Oe aiciais Sia cme eee 25 
 SAGE ia ie raters eee © edt ae 25 
 Ate ewer Bek es ee 25 
 PID Lay tamara ers act a eae 26 
 LO Bes af Spates ee ae eta eae 26 
 Dds Olen is rts See axe ee 26 
 DIOLS 355 0b isce gi acratcns aes ee 26 
 li UR gee are AM eee oa ee 26 
 WAI. Sine Se ole Fp eels a Se 27 
 Oris en aati tenis cae eee 27 
 Vie a aeons ees tie een aT ee 27 
 DUO eka Waie react eee ase ee 27 
 EDA ation cats. na eee ator eee 28 
 LAU poston tia S Cae e Oe at ae 28 
 D haras ha Bes eS one ate ase ieee ae 28 
 Uiealaetns Odi eit ge ayaa ie ee ee 28 
 Dean anne teed ey, Pre oe 28 
 Hd Tos PRR Seen See ae pot 28 
 PAUSE Rice nce Lee tc th pes ee eee 29 
 ea tie soar od oie oeaake eee 29 
 CT GIOG Late eect Doc ae eee 29 
 LOM 15M aos Boer deta Cet Re ee 29 
 UAE. Se ae = Vache v= Plain One ee 29 
 DAO tee Shiden. ts oe ee Ewe Ree ee 29 
 DiOO ps nein ces wines Leu soe ne 30 
 Rhee Seb sw Wk eee a eg Se 380 
 WEES Sutin wo ic as scp 3 ene eae 30 
 is aE ee ed ae oe Rs | an tad 30 
 MA ic swiss arate te 2: tae 31 
 SIR se SE re ee ee SEER Ls 31 
 DIP ete fant Dar aly Rog Fe A Meebo ee 31 
 GAY estan a Sorat Ree eee 31 
 DUE ie Pisin pc Ole pk Sate RT 32 
 NUD Seed cooks oe PPE oe cee 32 
 Lae Gee ih ae oe oa anaes 32 
 Alea aiag sat ee Aye RP eee 22 
 DUO anh Notes te dies hy ae ae eee 32 
 PLA eRe oatin get rience ma ta tenes 2] 
 SVG ane et Mite PR ER as 2 22 
 AP RST acre Oey ie ete tent ys 32 
 Dad Meter mee tae ke el ate 32 
 Diner rir aut teas Rielew owen eee 38 
 DRO IAT sve hte esc oe 33 
 Da les Phe die casks ee 33 
 DON Wins iy sk Sapte A 34 
 
Section. Page. 
 ONE ie crarortne a sitomsoce Gitnetoieiere everett 34 
 ds | Oe OE Oe ee nr 34 
 Esta WES COIN EE OL ABE, 84 
 STO ae te Be 3 epee nike 35 
 ORG SoS cco. con Suh eee 35 
 Ay roca oh asestes trapafetontegen sve rsianeectetornrere Caer 36 
 PU. Sk See yee iicteree Poe teeta 36 
 foe iar Mgr Wee ears es ne 36 
 OA: Se eh ays tert. des sak Pe eoee dete ae ee 84 
 210 Seti Sa a a ee AO 36 
 STOR oe RR Se coi tea ee 37 
 GL re crabastse © < ssin,cuekieh ee bonecein nies ot 
 OF Geert te sivas Leconte Cen aE 37 
 DT GO Mercredi cho pahs eu ekckelon ores co hehe vore abaraaete 37 
 BU Ue Se Xo stig: 0 WOR Lies oS oo ae 38 
 ek... Sx uted ne Rae 38 
 A a a RO SRE ce ae AS ENS ois 39 
 SEIS> sis oe ones are hae: ae ee 39 
 TTA sia Re Maca a RATS) vlate ikke asmals 47 
 LIES ae ERC REN SIS Sr Mra aceon AEN AT 
 PTE sae aint RRs ee Vale SSO 48 
 2 Sa Ea RS Re eee de 48 
 DAT Bee og API ae ie Se OT 48 
 la Maeno Gone Malate aidinkers ae eisverate whee 48 
 Ls: \ It ar ice a ea for tds 48 
 ON Re Ae ei anh keatto aac create _ 49 
 hg SARIS RE eS a ne Poe Re me 49 
 QT oR rie eran ddterae acai 49 
 ea Reiss. Bete oy ees od eaten oe Bee 49 
 LESS Sy a eS op AIC 49 
 eerie bs «cot dinle Matec Raa 50 
 OL ee alee: sat a js Raha Se SEO 50 
 Oe ano nast & ee ta ie ee 50 
 20 LET OLE ERC inte eae 50 
 Michie hs vested stars Aa ear or Pawar 75 
 Fe Se (OR ORR SP ip SCP 75 
 SERIA MUNI ic ers chive abe Sides tect Bn eee 75 
 OT ax so to.e: sh eee Nat ele ek 65) 
 PR a5 ots ante 2 miata nue woe Ge 76 
 PETES acer ching SRT aw ee hamein Oa RO 76 
 DED Ge eo ecole WM etoe tienes sR 76 
 PU OL ok ene tins eet ae oes Re 83 
 OTOGHO RE Ss cntrerrae we cieuctare eae iee 83 
 DING so ile lace éctadd SR OUe AT See 83 
 DEES dchc ooo aah ita ra mee eee 76 
 DS Lees sei cao, ere eotsrsrepeivenetnrerttorat ere terns 38 
 DL. ado ne yi wine ean ER 38 
 SSE) is, a Petal trek code tesrnian amber enank ease 38 
 2 i aR oe PR SR rT 38 
 Okc etn nS Gieee O EOOEG 39 
 antl. visits Rats ated rsterae oa oe 39 
 DEIR cic ches wivicteyntelaie attics aOR aan 40 
 BEUN Sc.cicnc te Wars: Sal ten alar ace tees 40 
 3 2h Re ee Man eee Pn Penge int 40 
 ROA Os. a tcrtiei coeds, «'s sot anata aaa ertaee 40 
 as sb ccd distor, cares ene Te 40 
 1 Ey Oe SEE i, 41 
 COs oie suchaPsraic.osaig kiavole, deepaloa ae teeeette 4] 
 
 Section. | Page. 
 
 ee, EES eT ns 41 
 QSQI éig.0.0 wis-00s o c7tiotaia eine 42 
 So PURO ee Sty nek > | 42 
 OB 27 |. woichie a ayaretetel galt esate nee 42 
 JEQG 6 Sivas owls m0 att Aya deena one eee 42 
 DBO ogiernts ia\6 es Sina hfe Op eee ee 42 
 DEBI 5 'aeavoteen soscsahe psacsyaeh 3 shale ae ee 43 
 OST 2. s alee sion ins ils a esa 43 
 DEBE cals Site, cteeece biahake tance earanee set ere 43 
 DG ek crs ojala eae cat taya pie bekasepey oar 43 
 DRS. oswisi chen cyaiae ne ates ete bem Ram 43 
 QS ED -—. oss araconataie ney atecned aie Ogee 43 
 So Re Mere are A 44 
 OST. a= eialei ginko) shacks pap tanimeaienr ate 44 
 DBAS, *.\ cians aici siotagaeta ala sy te pieata aun aoe 44 
 QED. She: 2 <(llca igsl beatae a ostnee eae 44 
 DBAQ..... sas tomas Sigetarenate eigenen 44 
 od Mei te PER re ac BS ae 44 
 lo VAIS oe eT ron es PN a, 45 
 DBAS aia sinia wie iteatara Be asaya Seana eee 45 
 DRAG LS scores ote biavertna sient Seinehehers eee 45 
 QBAR paidcore i Win dha tral preemie epatesecaietes 45 
 GBA Gn sarsin whine stale rena pie creme 45 
 DAT ace taase rorsin eran! a) aia dapiate a tae area 46 
 OE ABs bis wep <aytinae Saree Racal 46 
 DB AD oe fia eeinioialevn areca eae oe 46 
 OSA aringy vente ances cyanate’ tial Shae nema 46 
 ORE sia stalnrs Siamaeeels relate cieaaars eines 46 
 GR52~ 5.3 ales cousin tin Se sea aes 47 
 GSB: - js ais Knaint plane apeiactasule Mea inten intents 47 
 DOA 2. acu. asta ain. tata aint oer aaa 47 
 OBE «A nie.cre aveinictemta ape aia eiasats Stat 47 
 (sts Eon Mp essen rc 47 
 QB STAN. Faced i itu ataerare pale oa 81 
 OBES: sarsiakv icin sdi-< tichalataininl CRIs Pe eae 82 
 DRO! Siem Picrivars asap ointetesats ete eaten 82 
 GBH orcincs agave Sieae sts eee el ate 82 
 QSGL \avwion = Gd trem colens Ste ee eee 82 
 QRGZ ae Stra distaes o a ten oer ees one 82 
 ORG ins csntn ck sihtraa ian ant Stace 82 
 DRG «5 ome consisaa vest etauas srdenet ereicieerage irre 79 
 DOGS S019, claves telat yRey ames hoe oer ee 80 
 DS BE hegre caters live ig anes eee 80 
 ot) Gap aoe peewee sertee ee. 80 
 ORGS» nse ets, acta ate nin ole ee bate 80 
 GSG9® ...c, cug hha een nen nee eee 81 
 OB T.O s<, onyapacs Savas ota Oia ase ae 81 
 OBL: id's scans ats ee ao aa 81 
 OB satin awn neta te ale ee 81 
 LOATE 5d wi ace Sree cebeiete eee rea 72 
 12898 ~ « «cis sonia pipes Sey teal tn care ete 72 
 12809 os odcd.. tenet hee eS 72 
 19182 so. Ss. ccs Get ie eee 73 
 LS 18S |G s0-2 5020 fern iegeneg ae 73 
 WSLBA.... cau Sigel sles ee ne 73 
 TE LSS 2155 case anther outer eS 73 
 WSLS By 5ccdisinsd yi gtla i cones ae 74 
 IBIST. .. ins co Sean Sorc base oe nas 74 
 1BB84a1> < Oho. se hearee serene penne 74 
 
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 Compiled under supervision of 
 Department of Banks, 1913. 
 
 EMERY LATTANER 
 Superintendent