Treasurer's bilities. him to the same accountability required in respect to orders by him redeemed after his accession to office. SEC. 28. That the township treasurer, for making the annual settlement aforesaid, shall be entitled to the sum of fees and lia- one dollar, to be paid out of the county treasury on the order of the county auditor; and for failing to make such annual settlement within the time prescribed by this act, he shall pay a fine of ten dollars, to be recovered in an action of debt in the name of the State of Ohio, for the use of the common schools in the township where such treasurer may reside; and it is hereby made the duty of the county auditor to proceed forthwith, by suit against such treasurer, before any Justice of the Peace of his county, for the penalty aforesaid, in case such settlement is not made as aforesaid; Provided, that it shall be lawful for the Justice to discharge such treasurer, where it shall appear that sickness or unavoidable absence from home prevented his attendance to make settlement, and on such treasurer actually making settlement. SEC. 29. That any alteration, or new district hereafter New or alter- formed out of one or more original district or districts, shall receive a pro- be entitled to a proportionate share of all moneys due or paid portionate into the district, township, or county treasury, for the use of share of mo- said original district or districts, to be divided with and paid over to said new district in proportion to the number of youth in said detached part or new district, except so much as may have been raised for repairs, fuel, furniture, or for the erection of a school house, if such school house be retained in the original district. ed districts to neys. Common what to consist of. 2 STATE COMMON SCHOOL FUND. SEC. 30. The State common school fund shall hereafter consist of the interest upon the purchase money of the salt lands paid into the State Treasury, of the balance of the school fund-surplus revenue fund, after the payment of the seven per cent. stock for which it is now pledged, (said fund to be invested by the commissioners of the sinking fund in the stocks of this State, the interest upon which shall be annually credited to the common school fund,) of the interest upon the surplus revenue paid by the several counties, of all moneys paid into the State Treasury for licenses to pedlars, for auction duties, and for taxes upon lawyers and physicians, and upon banks, insurance and bridge companies, and of such taxes as shall be levied by the General Assembly, which shall be sufficient, with the revenues in this section specified, to produce for annual distribution, the sum of three hundred thousand dollars. SCHOOL TAX. SEC. 81. That hereafter the county commissioners of Commissionevery county in this State, shall levy not less than one mill ers to levy a on the dollar, as a county school tax; Provided, that the tax of at least Commissioners of Hamilton county shall not levy said tax the dollar. on the property within the corporate limits of Cincinnati. SEC. 32. That the act passed March 23, 1850, entitled one mill on "an act supplementary to the act for the appointment of a Act of 1850 aState Board of Public Instruction," be, and the same is here- mended. by so amended as to allow the granting of certificates for one year. ed. SEC. 33. That the fifth and eighth sections only of the act relating to school district tax, &c., passed March 7, 1850, and Acts and parts all other acts and parts of acts, inconsistent with the provi- of acts repealsions of this act, except an act to authorize the establishment of separate schools for the education of colored children, and for other purposes, passed February 10, 1849, be, and the same are hereby repealed; Provided, That this act shall not be understood to change or modify, in any respect, the several provisions of the act for the support and better regulation of Common Schools in the town of Akron, and the amendatory acts thereto, and "the act for the better regulation of the Public Schools, in cities, towns, &c.," and the amendatory acts thereto, and the several acts creating special school districts, except so far as to require of the clerk or secretary of the board of any such district, to report to the township clerk, the statistics specified in the eleventh section of this act; also, to require that no money shall be paid by any county treasurer, to the treasurer of any board of education, or other board having charge of the schools in any city, town, or township, organized either under a general or special law, except upon the order of the Auditor of the proper county, and no such order shall be drawn by the county Auditor, unless the Treasurer of such board shall first deposit with said Auditor an abstract of the records of all the schools under the charge of said board, from time to time, similar to the abstract required of Common School teachers by the proviso of the twenty-fifth section of this act; and provided, further, that the board of education of any city, town, or village, in which schools have been organized under the act for the support and better regulation of Common Schools in the town of Akron, or any other special act, may, at their discretion, adopt the provisions of the act "for the better regulation of the Public Schools in cities, towns, &c.," in part or in whole, as fully as though said Schools had originally been organized under said last named act. SEC. 34. That the provisions of this act shall not be con- District offi. strued so as to prohibit any school district officer, now in cers now in office, from serving out the term for which he was elected; office to serve out their terms and should the voters at any annual district meeting, held on the second Monday in April, of the present year, fail to elect a clerk and a treasurer, such officers may be appointed by the Directors, and hold their appointment until the next annual district meeting. JOHN F. MORSE, Speaker of the House of Representatives. Speaker of the Senate. March 24, 1851. Proceeds of sales of swamp lands to be added to school fund. the common AN ACT To increase the General Fund for the support of Common Schools, established by the sixth section of the Act to establish a fund for the support of Commou Schools, passed March 2d, 1831, by the appropriation of the proceeds of the swamp lands to that fund. SEC. 1. Be it enacted by the General Assembly of the Stute of Ohio, That the net proceeds which may hereafter be paid into the State Treasury, from the sales of swamp lands granted to the State of Ohio, by act of Congress passed Sep. 28th, 1850, be, and the same is hereby appropriated to the general fund for the support of Common Schools; and the State of Ohio is hereby pledged to pay the interest, annually, on any and all sums of money which may be paid into the State Treasury, from the sales of said lands, from the receipt of such money into the treasury aforesaid; and the interest arising as aforesaid, shall be funded, annually, until the first day of January, in the year eighteen hundred and fifty-five; after which time the said interest shall be annually distributed to the several counties in this State, in proportion to the number of white male inhabitants above the age of twenty-one, as by law shall be ascertained, for the apportionment of representatives; and the proportion of interest due to each and every such county, shall be distributed for the support of common schools in the respective counties, in the manner prescribed in the "Act to provide for the support and better regulation of Common Schools." JOHN F. MORSE, Speaker of the House of Representatives. March 24, 1851. Speaker of the Senate. AN ACT To authorize Free Banking. Who may en SEC. 1. Be it enacted by the General Assembly of the State of Ohio, That any number of natural persons, not less than three, may engage in the business of banking, with all the age in bankrights, privileges and powers conferred by and subject to the restrictions of this act. BANKS HOW ESTABLISHED. Certificate to SEC. 2. Persons associating to form a banking company, shall, under their hands and seals, make a certificate, which shall specify: First-the name assumed by such company, be made. and by which it shall be known in its dealings; also, the name of the place where its banking operations shall be carried on, at which place such banking company shall keep an office for the transaction of business and for the redemption of its circulating notes. Second-the amount of the capital stock of such company, and the number of shares into which the same is divided. Third-The name and place of residence, and the number of shares held by each member of the company. Fourth-The time when such company shall have been formed. Such certificate shall be acknowledged before a Justice of the Peace or Notary Public, and shall be recorded by the Recorder of the county where such company is to be established, in a book to be kept by him for that purpose, which shall, at all times, during office hours, be kept open for inspection of any person wishing to examine the same; and a copy of said record, duly certified, shall be by the Recorder transmitted to the Secretary of State, who Copy to be deshall record and carefully preserve the same in his office; posited with copies thereof, duly certified by either of those officers, may Secretary of be used as evidence in all courts and places, for and against State. any such company, and shall be conclusive evidence of the legal existence of such banking company. SEC. 3. The capital stock of each company hereby authorized, exclusive of the securities of such company, deposited with the Auditor of State for the redemption of the notes of circulation of such company, shall be at least twentyfive thousand dollars, and shall not exceed five hundred thousand dollars; and any such company may, from time to time, increase its capital stock to any amount not exceeding five hundred thousand dollars. SEC. 4. Every such banking company, before commen- Sixty percent. cing business, shall have paid in, and remaining in its pos- of stock to be sesion, bona fide, the property of such company, for the sole paid in. purposes of such company, sixty per centum of its entire capital stock, and the residue shall be paid in, in such installments as may be required by the directors of any such company. 5-G. L. ditor, and Sec to furnish company a certificate. Governor, Au- SEC. 5. Whenever any company herein authorized, shall retary of State furnish to the Auditor, Governor and Secretary of State, satisfactory evidence that such company has complied with the preceding sections of this act, said Auditor, Governor and Secretary, shall furnish to such company a certificate of such fact, under their hands, and under the great seal of the State, which shall be recorded in the office of the Secretary of State, in the same book in which is required to be recorded the certificate provided for in the second section of this State to cause act. SEC. 6. The Auditor is hereby authorized and required to Auditor of cause to be engraved and printed in the best manner, to notes to be en- guard against counterfeiting, such quantity of circulating graved, &c. notes, in the similitude of bank notes, in blank, of the different denominations herein authorized, as he may, from time to time, deem necessary to carry into effect the provisions of this act, and of such form as he may prescribe. Such blank circulating notes shall be countersigned, numbered and registered, in proper books to be provided and kept for that purpose, in the office of said Auditor, under his direction, by such person or persons as the said Auditor shall appoint for that purpose, so that each denomination of such circulating notes shall be of the same similitude, and bear the uniform signature of such register, or one of such registers. Auditor to stock. SEC. 7. Whenever any company, formed for the purpose furnish notes of banking, under the provisions of this act, shall lawfully or deposite of transfer to the Auditor of State, any portion of the public stock issued, or to be issued by the State of Ohio, or by the United States, such company shall be entitled to receive from the Auditor an equal amount of such circulating notes of different denominations, registered and countersigned as aforesaid; but such public stock shall in all cases be, or be made to be, equal to a stock of this State, producing at least five per centum interest per annum; and it shall not be lawful for the Auditor to take such stock at a rate above its par value, nor above its current market value; Provided, that the Auditor shall not furnish to such company circulating notes to an amount more than three times the amount of the capital stock of such company, actually paid in and remaining in such bank, undiminished by losses. The plates, dies and materials to be procured by the Auditor for the printing and making of the circulating notes provided for hereby, shall remain in his custody and under his direction; and the expenses necessarily incurred in executing the provisions of this act, shall be audited and settled by the Auditor, and paid out of any moneys in the treasury, not otherwise appropriated; and, for the purpose of re-imbursing the same, the said Auditor is hereby authorized and required to charge against and receive from such company applying for such circulating notes, such rate per centum thereon as may be sufficient for that purpose, and as may be just and reasonable. |